By Yi Wei WongHong Kong-listed casino stocks fell Monday morning after Macau said it would begin mass Covid-19 testing following an outbreak of Covid-19 cases in the Asian gambling hub. Sands China Ltd. shares slid 3.9%, while Wynn Macau Ltd. lost 5.2% and SJM Holdings Ltd. shed 4.4%. Macau said Sunday that it would begin testing after news of the city's first Covid-19 outbreak in eight months. AllianceBernstein said it maintained a positive long-term outlook on Macau-based casino stocks, with Sands China and MGM China as its top picks. JPMorgan has Sands China as its top pick, citing the company's cash-rich parent company, and said it also likes Galaxy Entertainment due to its strong liquidity position.
Source: Wall Street Journal June 20, 2022 04:15 UTC