Macau to reimpose Covid restrictions, casino stocks to waver
Macau lockdown
Over the weekend, officials in Macau reimposed some of the strict Covid-19 regulations including imposing a lockdown on a major casino after a couple of cases were detected in the world’s biggest gambling hub. This comes amid China announcing an ease in visa restrictions which led to a climb in Macau’s gaming stocks despite the recent uptick in the Covid cases.
The city’s authorities, on Sunday, imposed a lockdown in the MGM Cotai resort owned by MGM China, this includes their casino, restaurants and shops, which ordered all the staff and guests to stay inside till November 1. Additionally, the government has also mandated Macau’s 700,000 residents to take a rapid antigen test daily till Tuesday.
ALSO READ:Slump in Chinese stocks continues after CPC, hit new low on Hong Kong index since 2008
On Monday, China’s immigration bureau said mainland residents will be able to use the online visa system from November 1 to travel to Macau. This move comes after the Covid situation was stable and an increase in demand to visit the city, which led to the government’s decision to offer e-visas.
Meanwhile, the gauge for casino shares on the Hong Kong stock market closed at more than 3% higher which had reportedly been oscillating between gains and losses in the past weeks, said a report by Bloomberg. Additionally, the shares of Hong Kong listed casinos in Macau rose between 2% to 5%, on Monday.
ALSO READ:COVID-19: Macau to extend its partial lockdown for one week
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Reports also suggest that in the past due to the stringent zero-Covid policy casino closures for more than two and half years have led to the loss of millions of dollars monthly. Notably, until last week Macau had been Covid-free for at least three months, but asof Sunday, the city has logged at least ten Covid cases.
(With inputs from agencies)
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