China’s bet on Covid-zero worsens odds for Macau


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China’s commitment to a Covid-zero policy turns Macau into a roll of the dice. Beijing’s draconian restrictions easily could be in place through most of 2022. Resorts in the gambling hub sit half-empty, with gaming revenue at 30% of pre-pandemic highs. They can live without foreign tourists, but local visitors are their lifeblood. A robust rebound is anticipated despite mounting nerves over casino licence renewals and the emergence of the Omicron Covid-19 variant. The six publicly traded operators, including Wynn Macau (1128.HK) and Sands China (1928.HK) , are forecast to grow their top lines on average by some 80% next...