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Macau casino stocks saw selling pressure again on Monday after a flareup of COVID cases in China led to officials in Beijing and Shanghai ramping up testing policies again
The tide turned swiftly on Friday last week in Suncity Group’s VIP rooms across casinos in Macau, where millions of US dollars are bet on blackjack and baccarat every night.
As the news broke that Chinese authorities had issued an arrest warrant for Suncity CEO Alvin Chau (周焯華), high rollers scurried to leave, fearing police raids on the exclusive arenas that have helped make the Chinese territory the largest gambling hub in the world.
Suncity’s gaming rooms were nearly empty last weekend, with punters not wanting to be associated with Macau’s largest junket operator, according to people familiar with the matter