Macau Casino Shares Fall as COVID-19 Ravages China
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Sands China shares dropped 9.2%, Melco International Development's fell by 9%. The biggest casualty was SJM Holdings, down 10%.
Macau's casino operators are worried about the impact of the COVID-19 virus on their business. China has imposed a lockdown on Shanghai and Shenzhen as it fights the worst outbreak of COVIH-20 in two years. The biggest fear for Macau operators is the potential for border closures if the virus breaks out again in the gambling hub.
Macau introduced a quarantine measure for travelers arriving from Hong Kong. Visitors from the Hongkong account for around 15% to 20% of business for Macau's six casino operators. Maca 2021 gaming revenue saw a 44% improvement year-on-year, but it's still 70% down on pre-pandemic levels.
Macau Casino Shares Fall as COVID-19 Ravages China. New York Times diplomatic correspondent Edward Wong warns of the "big impact" China's new COID- 19 fallout could cause on a global scale.
