Three Vegas-based casino companies experience ripple effects of Macau shutdown
Early trading data from the Hong Kong Stock Exchange shows rates are down between 5% and 6%.
The recent Macau casino resorts shutdown due to the ongoing Covid-19 pandemic has started to affect three Las Vegas-based casino companies.
Macau Secretary for Administration and Justice Andrew Cheong Weng Chun recently called for all nonessential businesses to close due to a spike in Covid-19 cases. The shutdown will last until July 18.
Until then, Macau residents have been ordered to stay inside and under quarantine this week. A small number of essential employees connected with food markets, electricity, water, natural gas and fuels, as well as telecommunications, public transport and garbage collection services are permitted to go to work, according to Asian media reports.
The Las Vegas Sands Corp., Wynn and MGM Resorts International have all been affected by the Macau closures. The Hong Kong Stock Exchange reported all three US-based companies were down this morning.
Las Vegas Sands has five properties in Macau. Wynn and MGM Resorts have three and two Macao properties respectively.
Sands China Ltd, which is affiliated with Las Vegas Sands, showed a decline of 6.6% in its stock value, dropping to $17.42 a share. Wynn Resort’s Wynn Macau Ltd. shares fell by 5.7% to $4.94. MGM China Holdings Ltd., connected with MGM Resorts International, saw a decrease as well, with a 5.6% decline, to $4.05 a share.
A Wynn Resorts spokesman issued a statement from the company and said it would not likely offer any additional comments.
The statement said: “We will follow the government’s direction in its efforts to contain COVID-19 in Macau.”
Both MGM Resorts International and Las Vegas Sands representatives have not commented yet. According to a Las Vegas Sands spokesman, the company will address the current closings during its second-quarter earnings call that is on the calendar for later this month.
The question of whether resort employees will continue receiving pay during the shutdown has not been addressed by any of the companies.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
