Shares in several casino stocks traded lower Monday after Chinese cities COVID-19 lockdowns reinstated amid surge in cases over National Day
Wynn Resorts Ltd WYNN, Las Vegas Sand Corp I AGAINST and Melco Resorts & Entertainment Ltd MLCO were among the biggest losers on Monday.
According to Reuters report Citing government data, China reported 422 million tourist trips during its week-long National Holiday, down 18.2% from a year earlier.
12 positive COVID-19 Cases of Omicron variants were reported last week, prompting fresh lockdowns in Xishuangbanna, a city in China’s Yunnan province. Several districts even prevented tourists from leaving the country after the outbreak.
The report says the region has ordered three rounds of testing and will deliver emergency food to tourists unable to leave their hotels. Urumqi, the capital of the far-northwestern Xinjiang region, has suspended outbound flights from Oct. 4.
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WYNN, LVS, MLCO Price Action: Wynn ended Monday down 12.3%, while Las Vegas Sands ended down 7.52% and Melco Resorts down 7.29%.
Photo: DanMSchell from Pixabay.
