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Macau Casino Stock Prices Declined Again as China Intensifies Covid-19 Measures
Macau casino stock prices declined again as mainland China extended its countermeasures against a rise in Covid-19 cases. Wynn Macau’s shares fell 15%, Sands China’s 13% and Galaxy Entertainment and SJM Holdings by about 12 %.
The drop in casino operators’ share prices comes after China imposed a week-long lockdown in Macau’s two neighbouring provinces, Shenzhen and Dongguan, preventing travel from those areas, due to a sharp rise in Covid-19 cases. Countermeasures have been reintroduced for inbound travellers entering Macau from Guangdong.
Sanford C. Bernstein Ltd has reported that Macau’s gross gaming revenue (GGR) for the second week of March was down 37% with the average daily rate declining to MOP114m (US$14.1m).
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