Tuesday, July 12, 2022

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Big US casino operators like Wynn and MGM stand to lose millions after China's gambling capital of Macau shut down operations to curb COVID-19

Interior of Cotai Sands casino in Macau
  • Big US casino operators could lose millions of dollars after Macau temporarily shut down operations.

  • Macau, which is China's gambling capital, is seeing its largest COVID-19 surge yet.

  • China's government recently reaffirmed its strategy of lockdowns and testing to try to curb cases.

Casino operators are not out of the woods yet when it comes to COVID-19 lockdowns.

China's gambling capital on the island of Macau has shut down operations for the first time in more than two years, according to a report from Reuters, potentially costing US-based casino operators like Wynn, MGM, and Las Vegas Sands millions of dollars.

Macau, the world's largest gambling hub, is seeing its most significant surge of COVID-19 to date.

US-based casino operators have poured billions of dollars into Macau in recent years, and the Chinese region has grown into a major gambling destination. But the casino operators are struggling to maintain steady growth amid China's virus-mitigation policies.

Wynn, MGM, and Las Vegas Sands derive hundreds of millions of dollars in revenue from their China businesses, but they saw Macau revenues decline in the first quarter of 2022 compared with last year. In their quarterly earnings reports, all three companies partially attributed this slump to travel-related restrictions in China.

Reuters reports that casinos in Macau will be shut down for one week and stringent punishments will be imposed on those who leave home except for essential services. The Chinese government recently reaffirmed its "zero COVID" strategy, which involves sudden lockdowns and mass testing where COVID-19 cases are detected.

Wynn, MGM, and Las Vegas Sands couldn't immediately be reached for comment.

Read the original article on Business Insider

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