Loans
Loans
HomeNewscoronavirusMacau reimposes COVID curbs with casino lockdown as infections creep up

Macau reimposes COVID curbs with casino lockdown as infections creep up

Authorities locked down the MGM Cotai casino resort owned by MGM China on Sunday with staff and guests ordered to stay inside until November 1.

October 31, 2022 / 10:05 IST
Representative image.

Macau authorities reinstated tough COVID-19 curbs including locking down a major casino over the weekend after a handful of cases were detected, even as China announced a loosening of visa rules for visitors to the world's biggest gambling hub.

Authorities locked down the MGM Cotai casino resort owned by MGM China on Sunday with staff and guests ordered to stay inside until November 1. All of Macau's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said.

The casino closure deals a blow to operators who have already been grappling with China's "zero COVID" restrictions for more than two and a half years, losing millions of dollars monthly.

Macau has been coronavirus-free for more than three months until last week. The swift return of curbs marks a potential setback for industry executives and investors who were keen for a quick recovery in gambling revenues in the Chinese special administrative region.

The prospects for travel to Macau have improved, however, with China's immigration bureau saying on Monday that mainland residents would be able to use an online visa system from Nov. 1 to travel to the former Portuguese colony.

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

In-person applications have been required for the past two and a half years due to COVID-19 restrictions, but the bureau said that as the current COVID situation in Macau was stable and demand to visit the city was increasing, the government had decided to offer e-visas.

Shares in Hong Kong-listed Galaxy Entertainment and Wynn Macau dropped more than 3% early in Monday's session but later reversed course to trade in positive territory.

Macau casino executives also said a decision on new licences could come as early as this week.

Macau's six casino operators – Sands China, Wynn Macau, Galaxy Entertainment, MGM China, Melco Resorts and SJM Holdings – are awaiting a government decision on whether they will be granted new licences that would allow them to continue operating in 2023.

Any operators unable to secure a new licence would be required to return their premises to the government. New licence terms will be 10 years versus 20 years previously, giving operators a shorter horizon to make back billions of dollars they have to invest under the government's mandate.

Reuters
first published: Oct 31, 2022 10:05 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347