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Stock prices tumble as Macau casinos close
Saturday, 13 Jul, 2022
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Macau casino stocks took a hit this week after the Macau government ordered them to close for a week until July 18.
Sands China Ltd initially dropped 8.1%,and Wynn Macau Ltd fell 6.7%.
MGM China was down 5.4%.
Last week the government said operations of non-essential businesses will be suspended, including casino resorts.
It follows a cluster of Covid-positive cases at the Grand Lisboa Macau Hotel, and about 1,400 new infections since mid-June.
The Grand Lisboa became the first gambling facility to be locked down since the pandemic started
Gambling is a key sector for Macau.
The sector generates about 80% of tax revenues.
Ray Monty
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