Macau casino shares hammered amid empty streets

Streets in Macau were largely empty yesterday, with all casinos and other nonessential businesses shut on the first day of a week-long suspension to fight the Covid wave, while Hong Kong reported 2,863 infections and seven deaths.

As the gambling city raced to contain a growing outbreak - with 59 new cases, taking the tally in this wave to 1,526 - residents were ordered to stay at home unless they needed to buy daily supplies or get tested.

Only employees at essential businesses and services such as supermarkets, restaurants and medical facilities are allowed to go to work.

Police have issued 63,000 "work permits" for these people, which must be checked when they take public transport.

They must also wear KN95 masks or ones of equivalent protection, instead of surgical masks, when they go out.

Transport authorities said that between 5.30am and 9am, 430 buses took 7,200 passengers to work, but drivers rejected 126 passengers who failed to present their work permits.

Taxi drivers were required to wear face shields when working.

Asked if the plastic shield, which can reflect light, obstructed their vision, a spokesman for the traffic bureau said: "If the face shield disrupts driving, drivers can ditch it for safety concerns."

But he added they must comply with other measures such as not allowing passengers to sit in the front seat, maintain good ventilation and sanitize the back seats.

Police officers were also deployed for high-profile patrol on the streets.

By yesterday afternoon, 905 people who were running, sitting in parks, walking their pets, or not wearing their masks properly had been warned, but no one was fined.

Macau casino shares plunged.

The city's six licensed casino operators fell 5.5 percent, down 20 percent this year. Sands China tumbled 8.2 percent, while Wynn Macau dropped 6.7 percent.

Dollar bonds from SJM Holdings and Melco Resorts Finance fell as much as 2 cents on the dollar.

The shutdown is a blow to the industry that accounts for 80 percent of government income and a large portion of employment.

Gaming revenue has already fallen more than 50 percent every month since March amid a dearth of visitors after the mainland rolled out strict curbs to get its own outbreak under control.

In Hong Kong, Secretary for Health Lo Chung-mau said the number of new cases has been high recently, while more than 900 patients have to be treated in hospitals.

He added the numbers of critical and serious cases are also on the rise, putting the Hospital Authority under tremendous pressure.

The authority reported seven more deaths in the past 24 hours - four men and three women aged 65 to 90.

Three of them were residents of elderly care homes.

The death tally of the fifth wave now stands at 9,206.

Chuang Shuk-kwan of the Centre for Health Protection said 2,611 of the fresh cases were locally transmitted while 252 were imported. In addition, 627 positive cases in 527 students and 100 teaching staff were reported by 454 schools.

Meanwhile, commissioner for transport Rosanna Law Shuk-pui tested positive for Covid. She attended a phone-in radio program.

jane.cheung@singtaonewscorp.com