Macao Casino Hopes Rise After Travel Quarantine Policy Lifted
Macao casinos may have gotten their first real break since the COVID-19 pandemic first began in China and spread to the rest of the world. Authorities for the district lifted their requirement that visitors from the mainland to the city undergo medical observation and quarantine for two weeks.
Casinos are hoping this policy change will encourage VIP gamblers and others to visit once again. Monthly gambling revenue plunged 80% in 2020 and was still down 64% in January, though that was the best showing in a year.
Wynn Resorts (NASDAQ: WYNN) stock is up 13% this week on the development as it is heavily invested in VIP and mass premium gambling and derives most of its revenue and profits from Macao. Melco Resorts & Entertainment (NASDAQ: MLCO) is similarly dependent upon the upscale gambler and its stock is up 9% since Friday's close.
Source Fool.com
