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 fell 3.9%, while Wynn Macau Ltd. lost 5.2%, and SJM Holdings Ltd. fell 4.4%. Macau said Sunday it would begin testing after news of the city’s first Covid-19 eruption in eight months. AllianceBernstein said it maintained a positive long-term outlook for Macau-based casino stocks, with Sands China and MGM China as its top picks. JPMorgan has Sands China as its top choice, citing the company’s cash-rich parent company, and said it also likes Galaxy Entertainment because of its strong liquidity position.

Source: Wall Street Journal June 20, 2022 03:45 UTC