Macao Casinos to Reopen After 2-Week Shutdown
After a forced 15-day closure due to the coronavirus outbreak, casino operators in Macao are scheduled to open their doors again on Feb. 20. MGM Resorts (NYSE: MGM) said it was losing $1.5 million a day during the shutdown while Wynn Resorts (NASDAQ: WYNN) said it was losing $2.5 million a day.
The peninsula, which is the only place in China where it's legal to gamble, derives 80% of its revenue from tourism, but during the crisis visitations plunged by 98% with visits tumbling to about just 2,000 people a day.
Image source: Getty Images.
Source Fool.com
