Hong Kong The world’s largest gambling hub Macau started its second day of the month COVID-19 Testing on Monday after dozens of locally transmitted cases were discovered over the weekend, with most businesses closed but casino remains open.
The testing of Macau’s nearly 600,000 residents is expected to end on Tuesday as the Chinese-ruled former Portuguese colony adheres to China’s “zero COVID” policy, which aims to eradicate all outbreaks at any cost.
Analysts said most residents are told to stay home, restaurants will remain closed for dine-in and border restrictions have been tightened, meaning casino revenue will be near zero for at least a week. and in the coming weeks, analysts said.
Macau Casino shares fell on Monday morning with Sands China falling more than 8%, its biggest drop since March 15.
MGM China, Wynn Macau, Galaxy Entertainment, Melco and SJM Holdings fell between 4%-7%.
Macau’s government depends on casinos for over 80% of its income, with the majority of the population employed directly or indirectly by the casino industry.
The latest outbreak came suddenly and is spreading rapidly with a still unknown source, Macau’s chief executive Ho It Seng said in a statement on the government’s website.
Macau’s last coronavirus outbreak occurred in October last year. An outbreak in the neighboring Chinese region of Hong Kong this year saw more than 1 million confirmed infections, and more than 9,000 deaths, in hospitals and public services.
While Hong Kong has seen an increase in daily cases to more than 1,000 over the past week, officials have said they are unlikely to further tighten restrictions as the pressure on medical services has not increased.
There is only one public hospital in Macau and its services are already expanded on a daily basis. The region’s swift plan to test its entire population comes as it keeps the border with mainland China open, with many residents living and working in the neighboring Chinese city of Zhuhai.
In contrast China has not opened its borders to Hong Kong, the financial center largely isolated from the mainland and the international world.
Macau’s legislature is due to approve a revised gaming law this week that requires multibillion dollar casino operators to continue operating.
“With how quickly Macau is able to get the latest outbreak under control, gaming law amendments and subsequent delays in finalizing the concession tender process risk delays,” said Sanford C Bernstein analyst Vitaly Umansky.
The testing of Macau’s nearly 600,000 residents is expected to end on Tuesday as the Chinese-ruled former Portuguese colony adheres to China’s “zero COVID” policy, which aims to eradicate all outbreaks at any cost.
Analysts said most residents are told to stay home, restaurants will remain closed for dine-in and border restrictions have been tightened, meaning casino revenue will be near zero for at least a week. and in the coming weeks, analysts said.
Macau Casino shares fell on Monday morning with Sands China falling more than 8%, its biggest drop since March 15.
MGM China, Wynn Macau, Galaxy Entertainment, Melco and SJM Holdings fell between 4%-7%.
Macau’s government depends on casinos for over 80% of its income, with the majority of the population employed directly or indirectly by the casino industry.
The latest outbreak came suddenly and is spreading rapidly with a still unknown source, Macau’s chief executive Ho It Seng said in a statement on the government’s website.
Macau’s last coronavirus outbreak occurred in October last year. An outbreak in the neighboring Chinese region of Hong Kong this year saw more than 1 million confirmed infections, and more than 9,000 deaths, in hospitals and public services.
While Hong Kong has seen an increase in daily cases to more than 1,000 over the past week, officials have said they are unlikely to further tighten restrictions as the pressure on medical services has not increased.
There is only one public hospital in Macau and its services are already expanded on a daily basis. The region’s swift plan to test its entire population comes as it keeps the border with mainland China open, with many residents living and working in the neighboring Chinese city of Zhuhai.
In contrast China has not opened its borders to Hong Kong, the financial center largely isolated from the mainland and the international world.
Macau’s legislature is due to approve a revised gaming law this week that requires multibillion dollar casino operators to continue operating.
“With how quickly Macau is able to get the latest outbreak under control, gaming law amendments and subsequent delays in finalizing the concession tender process risk delays,” said Sanford C Bernstein analyst Vitaly Umansky.