The tests of Macao’s estimated 600,000 residents are expected to be completed on Tuesday, as the former Chinese-ruled Portuguese colony adheres to China’s “zero COVID” policy of eliminating all outbreaks at any cost. Most residents are being asked to stay home, restaurants will be closed for food and border restrictions have been tightened, meaning casino revenue is likely to be close to zero for at least a week and most likely in the coming weeks, they said. the analysts. Sign up now for FREE unlimited access to Reuters.com Register Macau casino shares fell on Monday morning with Sands China (1928.HK) leading the slide to fall more than 8%, the biggest drop since March 15. MGM China (2282.HK), Wynn Macau (1128.HK), Galaxy Entertainment (0027.HK), Melco (0200.HK) and SJM Holdings (0880.HK) fell between 4% -7%. The Macau government relies on casinos for over 80% of its revenue, with the majority of the population employed directly or indirectly by the casino industry. The latest outbreak came suddenly and is spreading rapidly with the source still unknown, Macao CEO Ho Yat Sheng said in a statement on the government website. People walk in front of Casino Lisboa in Macau, China, December 21, 2019. REUTERS / Jason Lee / File Photo The previous outbreak of the coronavirus in Macau was in October last year. An outbreak in neighboring China’s Hong Kong this year has left more than 1 million confirmed infections and more than 9,000 deaths in hospitals and public services. While in Hong Kong there was an increase in more than 1,000 daily cases last week, officials said it was unlikely to further tighten restrictions, as pressure on medical services has not increased. Macau has only one public hospital and its services are already expanding on a daily basis. The area’s quick plan to test its entire population comes as it maintains an open border with mainland China, with many residents living and working in the neighboring Chinese city of Zhuhai. By contrast, China has not opened its borders to Hong Kong, with the economic hub largely isolated from the mainland and the international community. Macau’s legislature is set to pass an amended gambling law this week that will lay the groundwork for what multibillion-dollar casino operators need to keep running. read more “Depending on how quickly Macau manages to contain the latest outbreak, there is a risk of delays in finalizing amendments to the gambling law and subsequent concessions. competitive process, “said Vitaly Umansky, an analyst at Sanford C Bernstein. Sign up now for FREE unlimited access to Reuters.com Register Report by Farah Master. Editing by Michael Perry and Stephen Coates Our role models: The Thomson Reuters Trust Principles.
