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Macau is shutting down all its casinos in an effort to curb the outbreak of a highly transmittable omicron variant. While the closure of casinos will no doubt have a negative impact on the city’s economy, officials believe that it is necessary in order to prevent the further spread of the virus.
Macau is a special administrative region of China located on the southern coast of the country. The city is known for its casinos, which are a major tourist attraction and source of revenue. Its proximity to Hong Kong means many high rollers are attracted to Macau. It is referred to as the Las Vegas of China. Many people are attracted to the VIP rooms of Macau’s casinos.
There are some 658,000 people in Macau. Despite over 90% of the population being vaccinated the Chinese Government is committed to imposing a strict lockdown.
Macau casino shares slumped on Monday as the world’s largest gambling hub shut almost all business premises, including gaming venues, to try and contain its worst-ever Covid-19 outbreak.
The decision is likely to have a significant impact on the city’s economy, which is heavily reliant on gaming revenue. Shares in casino operators have already fallen sharply in response to the news, and it is unclear how long the shutdown will last.
According to the Bloomberg gauge, “.. of the city’s six licensed casino operators fell as much as 6.3%, and is down 20% this year. Sands China Ltd. led losses, tumbling more than 9%, while Wynn Macau Ltd. fell as much as 7.8%.”
Forbes has reported that “In afternoon trading on Monday, Hong Kong-listed stocks of casinos Wynn Macau, Sands China, MGM China Holdings and Melco International were down 7.06%, 8.47%, 6.29% and 7.66%, respectively.”
The net worth of Hong Kong billionaire and casino impresario Lui Che Woo has dropped by 28% since the start of the pandemic. With all these financial losses confidence in the market will be shaken. The Hong Kong Stock Exchange will have to be watched so investors don’t lose out.
In Macau, a week-long citywide shutdown begins on Monday that bans residents from leaving their homes, except for essential services. The closure of casinos in Macau is a result of the coronavirus and has caused a decline in gaming revenue.
The government has ordered all non-essential businesses, including casinos, to close for one week and imposed strict punishments for those who disobey.
As of July 14, Macau has recorded 1,500 Covid-19 infections and around 19,000 people in mandatory quarantine. With some 30 zones under lockdown, it is fair to say Macau is closed in line with China’s policies. The Macau government has been hesitant to close casinos, but they were closed in February of 2020 for 15 days.
Frustration is mounting in Macau as the government tries to handle the Covid outbreak. The government of Macau is requiring residents to participate in mass Covid tests four to six times this week.
A casino shutdown could mean a loss of nine months to two years of revenue.
Macau’s new gaming law would require operators to set aside 5 billion patacas for bidding for new licenses, which would shorten the time the business could remain solvent.This could have a major impact on the global gaming industry, which is worth billions of dollars.
The closure has caused casino stocks to tumble on Wall Street The long-term impact of this move is still unknown, but it could be significant. This could have a major impact on the global gaming industry, which is worth billions of dollars. What impact will the shutdown have on casino stocks around the world?
Maybe its time to concentrate on online casinos where people can play covid risk-free?
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