Macau Casino Stocks Fall as COVID Cases Boom
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36 cases of COVID outbreak in Macau have been reported. New restrictions, social distancing and a huge amount of testing resulted in falling casino stocks on June 20. Public services, parks, schools and many businesses were closed.
Wynn Macau stocks were the biggest loser with a decrease of 3.3%. SJM Holdings was down 3%. Sands China and MGM China faired moderately. Galaxy Entertainment was the least affected with decrease just under 1%.
Macau Casinos have suffered because of the pandemic and strict measures on visas. The gambling industry in Macau provides 80% of government's revenue and 50% to the city's GDP. There are investigations into gamblers and government officials. Maca declared plans to make underground banking illegal and put government on the casinos' boards.
