Shares of Macau casino operators added to declines in the week ahead of the 20th National Congress of the Chinese Communist Party on Sunday.
The drop on the day comes as the party-backed People’s Daily once again indicated its support for draconian anti-pandemic policies.
"Lying flat is not to be advised, and to win [the struggle against COVID] while lying flat is not possible," the paper wrote on Wednesday.
The report comes only days after the Zhuhai government reported five confirmed cases of COVID-19, raising the threat of more lockdowns to come. The paper also reported 374 cases on the Chinese mainland, concentrated in the western province of Xinjiang.
Shares of Las Vegas Sands ( NYSE: LVS ) -0.39% , Melco Resorts & Entertainment ( NASDAQ: MLCO ) -0.41%, Wynn Resorts ( NASDAQ: WYNN ) -3% , and MGM Resorts ( NYSE: MGM ) -0.39% , all slid modestly in Wednesday’s trading. Each stock has marked a stark decline since the start of the week.
Macau specific casino stocks include Wynn Macau ( OTCPK:WYNMF ) ( OTCPK:WYNMY ), Sands China ( OTCPK:SCHYY ) ( OTCPK:SCHYF ), MGM China ( OTCPK:MCHVF ) ( OTCPK:MCHVY ), Galaxy Entertainment ( OTCPK:GXYEF ), SJM Holdings ( OTCPK:SJMHF ) ( OTCPK:SJMHY ), and Studio City International ( MSC ).
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Macau casino stocks continue to tumble ahead of Communist Party Congress