Casinos rally as Covid curbs ease

Arita Peng and Reuters

Shares of casino operators jumped amid eased Covid curbs in many mainland cities, though Macau's gaming revenue slumped 55.6 percent yearly to about 3 billion patacas (HK$2.91 billion) in November.

MGM China (2282) jumped 10.69 percent to HK$5.8 while Wynn Macau (1128) gained a 9.40 percent to HK$6.52. Melco International Development (0200) rose 4.47 percent to HK$6.55 and Galaxy Entertainment (0027) rose 3.43 percent to HK$48.3.

SJM (0880) closed at HK$3.8, up 2.70 percent, while Sands China (1928) saw a 2.14 percent increase, rising to HK$21.45.

Gross gaming revenue in the first 11 months plunged 50.9 percent year over year to 38.716 billion patacas, Macau's Gaming Inspection and Coordination Bureau said.

Six incumbent casino operators have been given new licenses to operate in the world's biggest gambling hub from January, with Malaysian operator Genting being booted out.

The market expects Covid lockdowns would be relaxed as "dynamic zero Covid" was not mentioned in the government's statement published after the National Health Commission's meeting on Wednesday.

The statement said strengthening immunization of the population, particularly the elderly was a priority.