Chinese New Year in Macau is likely to be hampered by COVID restrictions again

Buildings in Macau, China

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  • COVID remains a major obstacle in Macau with new cases on the Mainland and the crucial Guangdong region once again threatening to push out the recovery timeline.
  • Jefferies says it expects the delay of the long-awaited China-Hong Kong border reopening and any further travel restrictions to set a disappointing context for the Chinese New Year, which starts on February 1. "Given the lack of visibility into the near-to-medium-term recovery, we continue to prefer U.S. stocks," reiterates analyst David Katz.
  • Macau casino stocks: Melco Resorts & Entertainment (MLCO -5.7%), Wynn Macau (OTCPK:WYNMF), Sands China (OTCPK:SCHYY), MGM China (OTCPK:MCHVF), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF), Studio City International (NYSE:MSC).
  • Earlier today, Bank of America cut its rating on Las Vegas Sands (LVS -4.4%) due largely to the zero-tolerance COVID policy in China.
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