Macau casino stocks tumble as city shuts down to tame virus

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 90%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Macau started a week-long citywide shutdown on Monday in a return to its toughest pandemic restrictions.

All residents are banned from leaving their homes unless they have valid reasons such as buying groceries and taking care of elderly people living separately. Essential services such as water and gas utilities, as well as businesses like supermarkets, pharmacies and hotels, will remain open.

The city reported 59 new cases for Sunday, bringing the total number of infections in the latest outbreak starting June 18 to 1,526. Macau’s repeated rounds of mass testing to weed out transmission as early as possible, and now its shutdown,The shutdown -- the first since an unprecedented 15-day closure in February 2020 -- deals a substantial blow to an industry that accounts for 80 per cent of government income and a large portion of employment.

Still, Macau’s new gaming law requires operators to set aside 5 billion patacas for bidding for new licenses, which would shorten the liquidity runway, Mr Kim said. SJM Holdings would only have one month of liquidity under the extreme scenario and Sands China six months, though Mr Kim said he expects the companies to get extra funding from their parents.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Anyone curious as to why China continues to strive toward Covid Zero when the rest of the world is learning to live with Covid?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines