Macao shuts most businesses as Covid cases surge, but casinos stay open [CNN]
WYNN MACAU LTD UNSP/ADR (WYNMY)
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Source: CNN
Casinos have been allowed to remain open, however, analysts say their bottom line will still be hit as the government has urged residents not to visit entertainment venues.Macau is totally closed to all visitors except residents of Hong Kong, Taiwan and mainland . Most of these must quarantine for 10 days on arrival, though some from low-risk areas in mainland are exempt.These restrictions have threatened the business model at the heart of Macao's economy, which traditionally depends on millions of visitors from mainland .Shares of Macao casinos tumbled on Monday morning. Sands led the slide, falling over 8% in the biggest decline since March 15. MGM , Wynn Macau, Galaxy , Melco and SJM Holdings dropped between 4% and 7%.Macao's government relies on casinos for more than 80% of its income, with most of the population employed directly or indirectly by the casino industry.The rise in infections came suddenly, with cases spreading rapidly, and the source is still unknown, Macao's Chie
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