Macau casino stocks are under pressure after 34 positive covid cases were reported, adding to the 21 from a day ago. It's the first outbreak in the area in 8 months.
A mass testing of residents will take place through Tuesday and schools and non-essential businesses have been closed. That doesn't include casinos, restaurants and bars, which haven't been shut down since Feb 2020.
Gross gaming revenue is likely to hit “near-zero levels” for at least a few weeks until the situation is under control, JPMorgan analysts wrote in a note on Sunday.
