Jakarta –
Macku closed all gambling establishments in the area to cut the chain of the spread of COVID-19. COVID-19 is back in Hong Kong and Macau.
This is the first time this has been done in the last two years. As a result, the shares of the casino, aka the gambling place, fell.
Macau’s more than 30 casinos will be closed for a week and the public has been asked to stay at home although they are still allowed to make short trips in essential sectors.
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The police will regulate the rate of movement of people outside their homes and provide sanctions for those who violate the rules, the government said in a statement, quoted by Reuters on Monday (11/7/2022).
Although most casinos have been closed for the past three weeks with only a few staff left, this move has hit the casino’s investors hard. Analysts even predict, income from this sector will not recover until the third or fourth quarter.
“Looks like we’ll have to forget about July and August,” said JP Morgan analyst DS Kim.
Some of the casino stocks that went down include:
Sands China fell 9%, Melco International, Wynn Macau, SJM, Galaxy and MGM China fell between 6% and 7%.
The number of COVID-19 cases in Macau has increased by 1,500 since mid-June. A total of 19,000 people are now required to quarantine amid the Chinese government’s zero Covid policy.
Watch Videos “Macau Residents Mass Test Covid-19, Schools Closed Except Casinos“
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