By Ben Otto
Macau-focused casino stocks fell after city officials announced a week-long closure of gambling halls and other businesses to tackle a rise in Covid-19 cases in the Asian gambling hub .
Monday morning in Hong Kong, Sands China Ltd. fell 7.2%, Wynn Macau Ltd. fell 5.9%, SJM Holdings Ltd. lost 5.2% and Galaxy Entertainment Group Ltd. lost 6.1%. The declines pushed companies’ 12-month losses to 25%-60%.
Macau officials said on Saturday they would close casinos and other businesses and force residents to largely stay at home as part of efforts to contain Covid-19. The closure of all casinos in the city is the first since early 2020 during the early stages of the pandemic.
The gaming center has recorded hundreds of virus cases in recent weeks, marking its worst outbreak after sticking to China’s zero-Covid strategy for most of the pandemic. Officials said Monday that more than 50 new cases of the virus had been detected in the city in 24 hours, bringing the total number of cases since June 18 to more than 1,500.
Losses in Casino shares led to declines among major Hong Kong-listed stocks, dragging the benchmark Hang Seng down 2.2% in early trading.
Write to Ben Otto at [email protected]
(END) Dow Jones Newswire
July 10, 2022 10:50 p.m. ET (02:50 GMT)
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