Macau Publishes Draft Rules For New Casino Bidding Process

After a dismal first half of the year, U.S.
stocks started July on an upbeat note, however, market participants fear that upcoming quarterly results could trigger another selloff, with earnings potentially falling short of estimates.

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HONG KONG, July 5 (Reuters) - Macau's executive council on Tuesday published draft rules for a retendering of casino licences ahead of the year-end expiration of such rights granted to gaming companies in the world's biggest gambling hub.

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HONG KONG, July 5 (Reuters) - Macau reported 89 new coronavirus cases on Tuesday, taking the total to more than 900 infections since mid-June, as authorities in the world's biggest gambling hub race to contain its largest outbreak since the pandemic began.

July 11 (Reuters) - U.S. stock index futures fell on Monday, bracing for the start of the earnings season which could see profits come under pressure at a time of growing fears of an economic downturn due to aggressive interest rate hikes.

HONG KONG, July 8 (Reuters) - Macau authorities have added two hotels in popular casino resorts to be used as COVID-19 medical facilities from Friday as they try to increase capacity to handle a surge of infections in the world's biggest gambling hub.

Sealed buildings include the landmark Grand Lisboa hotel on Macau's bustling main peninsula.
More than 500 people were locked inside the hotel for at least five days from Tuesday after infected cases were found there.
Frustration is mounting amongst residents at the government's handling of the outbreak. Some residents have had to queue for more than 20 hours to access healthcare facilities, and many are desperate to go back to work again. "There is so much anger in the community," said one casino executive who declined to be named due to company policy.

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The report, which signaled a still strong labor market helped alleviate some fears about an immediate recession, but added to worries about more aggressive monetary policy tightening by the Fed to stamp out soaring inflation.

While the government has not imposed the type of citywide lockdown seen in mainland Chinese cities, Macau is effectively closed with most facilities shut. Residents have been asked to stay home, public transport is curtailed and restaurants are only providing takeaway.

casino operators Las Vegas Sands, Wynn Resorts and Melco Resorts fell between 4.6% and 5.7% after Macau shut all its casinos for the first time in more than two years in a bid to contain the spread of COVID-19. (Reporting by Amruta Khandekar in Bengaluru; Editing by Shounak Dasgupta)

LOCKDOWN RUMOURS Residents thronged to food markets and grocery stores on Thursday, spooked that the city would be fully locked down. The government denied the rumours and urged the public not to panic and hoard food, according to local broadcaster TDM.

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