Why Macao's Casino Stocks Jumped Today
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Melco Resorts, Las Vegas Sands and Wynn Resort shares are up today. MGM Reserves is down 4.2%. China and Macao are mulling changes to COVID-19 restrictions.
Macao's casinos generated $960 million in revenue in February 2022, down from $3.17 billion in 2019. Gambling has started to recover from shutdowns that began early in 2020, but it's still nowhere near what it was three years ago. Macao casinos have been at best breakeven from a cash flow perspective.
U.S. casinos report record gambling numbers. Macao has been more strict with COVID-19 restrictions. Restrictions will end someday, but this bounce could be given back if China doesn't open up soon. The gambling concession question is looming over all operators in Macau until at least this summer.
