Macau Gaming Shares Nosedive as All Casinos Close Amid COVID Crisis

Worst-ever outbreak

As Macau’s COVID-19 situation hits crisis point, authorities have ordered all casinos to shutter across the special administrative region (SAR). The move has caused shares in the casino hub’s gaming firms to tank.

ordered Macau’s 40+ casinos to suspend operations

Macau chief executive Ho Iat-seng ordered Macau’s 40+ casinos to suspend operations for one week beginning on Saturday. Only supermarkets, healthcare facilities, and restaurants selling takeaways may operate in the region currently.

Adding to Macau investor uncertainty, neighboring Hong Kong is mulling the adoption of China’s stringent COVID-19 health code system. Hong Kong’s new health minister Lo Chung-mau told RTHK radio on Monday that: “Infected people should not have the freedom to go wherever they want and affect our health.”

Steep drops all round

Shares in all six gaming giants operating in Macau dropped Monday. According to Reuters, Las Vegas Sands subsidiary Sands China suffered the most significant drop, tanking 9%. Shares in Melco International, Wynn Macau, MGM China, and SJM Holdings fell between 6% and 7%.

Two SJM Holdings-owned casinos, The Grand Lisboa and the casino hotel Fortuna, closed last week. On the back of this, shares in SJM promptly fell 0.6% at HK$3.40 (US$0.43) on July 6.

Despite more than 90% of Macau’s residents having had at least two vaccinations, the SAR has registered 1,526 COVID-19 cases since mid-June, with around 19,000 people now in mandatory quarantine. This is the gambling mecca’s first encounter of the highly infectious Omicron variant.

Macau’s lifeblood

Casinos are vital to Macau’s economic growth and employment, which is why authorities have permitted them to continue operating while cinemas, bars, and other public places started shuttering in late June.

over 80% of government revenues”

Ho said in the past that closing down all Macau’s casinos “would affect many employees.” According to Reuters, the gambling industry employs most of the population “directly and indirectly and accounts for over 80% of government revenues.”

Even at the height of the first wave of COVID-19 in Macau in February 2020, casinos only closed for 15 days.

The post Macau Gaming Shares Nosedive as All Casinos Close Amid COVID Crisis appeared first on VegasSlotsOnline News.

Casino Provider
Using cutting-edge innovation, data and a never-ending drive to push forward, Ezugi is the partner you need for the best live casino experience.
Play’n GO is an award-winning supplier of high quality gaming content to many of the world’s leading casino brands. Their genuine omni-channel solution can be tailored to suit the needs of individual online and land-based partners, regardless of geographical, regulatory, or market-specific requirements.
Microgaming games are an absolute must for a successful online casino. The provider is the inventor of online slots and progressive jackpots, it has over 20 years of experience on the market, and it has the widest product portfolio. By integrating Microgaming you will attract players with any preferences.
Allbet is an online sportsbook also offering baccarat, blackjack, esports, live dealer games, live/in-play betting, other games, roulette, scratch cards, video poker, and virtual sports using 1X2 Network, BetGames, Betsoft Gaming, Kiron, and Playson software It is owned by Allbet Sports Betting (Pty) Ltd. The site's primary language is English. A download is not required to place a wager.
Gold Deluxe is an Asian-facing developer of live dealer games established in 2011. The company is based in Philippines and currently employs more than 100 individuals. They’ve made their portfolio available at many of the leading gaming sites in Asia, and while still focused on Asian markets, the provider is also starting to deploy their products in other parts of the world.