Gambling Stocks Surge as Macau Eases Covid Test Rules
Gambling stocks jumped Tuesday after Macau eased Covid-19 test requirements for travelers entering from Guangdong province.
Starting Wednesday, people entering Macau from Guangdong must hold negative nucleic acid test results issued within seven days, a relaxation from the 48-hour requirement in place since Aug. 10.
People entering Macau from other ports of entry still must have test results issued within 48 hours, according to health authorities.
Macau declared a “state of prevention” and tightened cross-border travel rules Aug. 3 after a family of four was confirmed infected with the delta variant of Covid-19. Local health authorities said Monday that the family was still in a hospital in Macau and in good condition. The city has reported no new cases for 20 days since then.
Hong Kong-listed gambling stocks including Wynn Macau, SJM Holdings Ltd., Sands China Ltd., Galaxy Entertainment Group and Melco International Development Ltd., surged 7.3% to 10.5% Tuesday.
As the only part of China where casino gambling is legal, Macao has relied on mainland visitors to drive its gambling business. Since February, the city’s gambling revenue has rebounded from pandemic-led downturn.
Contact reporter Denise Jia (firstname.lastname@example.org) and editor Bob Simison (email@example.com)
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