Macau Casinos Shut Down

Macau has shut all 30 of its casinos for the first time since 2020 when the city closed the outlets for 15 days due to Covid-19, this time cases have risen to new highs with authorities struggling to cope with the situation.

The forced shutdown has resulted in the gaming company’s shares tumbling after businesses were just picking up for the island state. Under the guideline, all businesses will have to be closed for one week while residents have been ordered to stay home except for essentials.

Cases have surged to 1500 while 19,000 are still under quarantine, Macau adheres to China’s zero policy and initiated trigger points when cases start going up. However, this position does not fare well for the economy as the state’s high reliance on casino revenue will be severely impacted by the latest move.

Analysts predict any revenue from gaming can only be seen in late quarter three or even quarter four, shares in Sands plunged 9% while Melco International and Wynn saw their valuation come down as well.

Close to 90% of Macau’s 600,000 residents have been fully vaccinated against Covis-19, however the latest fast-spreading Omicron variant if causing havoc in the city.

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