Casino Stocks Fall as Macau Shuts Businesses Amid Covid-19 Outbreak

The latest restrictions in Macau come as the city struggles to contain an outbreak that had already shuttered venues such as cinemas, salons and swimming pools. The Chinese gambling hub has recorded hundreds of cases in recent weeks, its worst-ever outbreak after keeping to China’s zero-Covid strategy for most of the pandemic. Macau’s chief executive, Ho Iat-seng, had said last month that shutting down all casinos “would affect many employees,” and as such the city’s more than 40 casinos had been allowed to continue operations. Macau relies on the gambling sector for much of its economic growth and employment. Macau has a population of about 650,000. Throughout the pandemic, it has maintained strict Covid-containment measures. At one point, quarantine for travelers from what it deemed very high-risk countries was as long as 28 days.