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The Rise and Fall of Macau’s Gambling Hopes
By Shane Addinall Nov 01, 2022 IndustryMacau casinos saw their stocks rise and fall in a matter of days as renewed lockdowns and transmission scares rock the gambling hub. China remains dedicated to keeping the region's travel options open.The Macau casino and resort community breathed a sigh of relief as China recently loosened its travel restrictions for the global gambling destination. The lifting of the travel ban comes hot on the heels of Macau celebrating more than three months of being Covid-free.
While China intends to abide by its zero-Covid policy until at least 2024, it was believed that Macau had earned the right to reopen its borders.
Macau’s Emotional Rollercoaster
These celebrations were, however, short-lived as on the eve of welcoming a slew of local and international visitors, the gambling hub detected several new cases of infection. Acting swiftly, local authorities locked down the MGM Cotai casino and resort, with more than 1,500 guests and staff being forced to isolate in the resort.
It is believed that new medical cases were a result of the Chinese immigration bureau lifting its in-person visa application requirement in favour of a renewed e-visa process. Despite these initial new cases, the bureau has decided to continue with online applications to re-energise the region’s ailing travel and tourism industry.
Stock Market Stumbles
Shortly after China announced that it had reopened visa applications for Macau, shares in the various Hong Kong-listed casino groups rose sharply. Across the board, operators like Galaxy Entertainment, Wynn Macau, MGM China, and Sands China saw their individual share prices climb by up to 5%. The spike in consumer trust and corporate value was a welcome respite after losing millions over the past few years due to the region’s harsh lockdown protocols.
The news of the Cotai lockdown, however, knocked the wind out of their sails, as by Monday morning, most companies had lost most of their short-term gains. Reuters reports that Galaxy Entertainment and Wynn Macau were the hardest hit, with share prices dropping more than 3% within minutes of the stock exchange opening.
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