Macau Shuts Casinos And Other Businesses To Contain COVID Outbreak

HONG KONG, July 9 (Reuters) - Macau will shut almost all commercial and industrial businesses including its casinos for one week from Monday, as authorities race to curb a surge of COVID-19 infections in the world's biggest gambling hub.

year. Authorities announced a week of lockdowns starting Monday after recording more than 1,500 infections in the past three weeks despite multiple rounds of compulsory mass testing of the city's 650,0

NEW YORK, July 11 (Reuters) - The S&P 500 fell on Monday as dearth of catalysts left market participants warily embarking on a week back-end loaded with crucial economic data and the unofficial kick-off of second-quarter earnings season.

With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is the biggest of four multibillion-dollar casino-resorts operating in the capital of the Philippines, which has one of Asia's most freewheeling gaming industries. (Reporting by Neil Jerome Morales Editing by Edwina Gibbs and Mark Potter)

unes Macau casino shares plunged on Monday as the Chinese city embarked on a week-long lockdown to curb its worst coronavirus outbreak while neighbouring Hong Kong said it was mulling a mainland-style health co

Later in the week a raft of economic data - including consumer prices, retail sales and factory output - should provide a glimpse of the extent to which inflation has peaked and the economy has cooled down as the Federal Reserve moves closer to next week's policy meeting, which is expected to culminate in the second straight 75 basis point interest rate hike.

Tiger Resort, owned by Japan's Universal Entertainment Corp , said Okada Manila's growth was driven by a recovery plan developed by previous officials, and influenced by the pent-up demand for leisure activities.

ystem. Share prices of six gaming conglomerates -- Sands China, Galaxy Entertainment, SJM Holdings, Melco International, MGM China and Wynn Macau -- dropped by between six and nearly nine percent in Monday morn

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Filipino associates of Japanese tycoon Kazuo Okada seized the $3.3 billion casino, which is owned by Tiger Resort, Leisure & Entertainment, ousting its previous management with the help of private security guards and When you loved this short article and you want to receive more information concerning look at here please visit our own internet site. local police.

Universal has agreed to merge Okada Manila with 26 Capital Acquisition Corp, a Nasdaq-listed blank check firm, for $2.5 billion and has extended its deadline for the merger to Sept. 30 in the wake of the takeover of the property.

The market currently expects that the central bank will raise the Fed funds futures rate by 75 basis points in its latest salvo against red-hot inflation, a tactic which some fear could tip an already cooling economy into recession.

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Risk-off sentiment, further stoked by Macao's first casino shutdown in over two years to curb the spread of COVID-19, also sent the Nasdaq into negative territory, with market leading tech- and tech-adjacent megacap stocks weighing heaviest.

"With the economy and borders opening up, Okada Manila is expected to sustain the momentum," management said in the statement as it held its first news conference since it took physical control of the casino on May 31.

"There´s nervousness about earnings season and the CPI report, but I think the market has a sense as to what CPI is going to bring this week," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.

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.
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.

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)

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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.