Macau Closes Casinos Most Businesses As Covid Outbreak Worsens

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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.

The lawsuit says the lobbying effort was done on behalf of senior Chinese government officials, including Sun, who sought Wynn´s help in trying to get a Chinese national´s visa application denied, according to the complaint.

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.

rence. Some public services and businesses such as supermarkets and pharmacies can stay open, but casinos -- which in normal times accounted for around 80 percent of government revenue -- will need to close th

parent companies. They are also trying to showcase their role in society in Macau, where the industry accounts for more than 80% government tax income, by not firing tens of thousands of staff with no gamblers to deal cards to or otherwise serve.

The closely watched casino licence rebidding process comes amid Macau's worst coronavirus outbreak, with the government shutting down casinos for the first time on Monday in more than two years and locking down the city.

In an announcement last year on Sun's expulsion from the party, he was accused of having displayed "extremely inflated political ambition and very poor political integrity," issuing groundless criticisms of the Party´s policies and spreading political rumors.

k yet. Macau will enter "static management" for a week starting July 11 and residents must stay home, with rulebreakers liable to be jailed for up to two years, top city official Andre Cheong said at a press c

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President and head of the ruling Communist Party Xi Jinping has waged a decade-long campaign against corruption that has ensnared numerous serving and retired high-ranking officials in what some see as politically motivated prosecutions.

Justice Department against Las Vegas casino mogul Steve Wynn last month to compel Wynn to register as a foreign agent because of lobbying work it says he performed at the behest of the Chinese government.

Sun, who is also accused of abandoning his post amid the COVID-19 outbreak, has pleaded guilty, state broadcaster CCTV said in a report on the trial, which is being held at the Intermediate Court in the northeastern city of Changchun.

Not legally required to pay staff during a mandated closure, casinos have nevertheless continued to do so.
Operators have also tried to burnish their social responsibility credentials by supporting local businesses and offering use of their hotel rooms for quarantine.

Gambling centres around the world like Las Vegas, a sixth of Macau's size in revenue, are cranking up business as years of COVID curbs fade.
But Sands China, Wynn Macau , MGM China, Galaxy Entertainment, SJM Holdings and Melco Resorts face zero revenue for the near future in locked-down, Chinese-ruled Macau - and their operators' contracts expire at the end of this year.

Having invested billion in Macau over the last two decades, they are soaking up losses as they prepare to bid for new licenses by next month in a business that generated $36 billion in revenue in 2019, the last year before COVID curbs slammed the sector.

gence. Last month Macau closed most of its businesses, ranging from bars to cinemas, as it adheres to China's zero-Covid strategy which seeks to stamp out the virus through lockdowns, strict border controls and mas

"It's a geopolitical, national security issue, because the situation where Americans dominate 50% of Macau's primary industry is probably an unacceptable national security risk," said Ben Lee, founder of gaming consultancy IGamiX.

Excluding money set aside for rebidding - $600 million - SJM has about one month left in cash reserves if casinos remain closed, according to DS Kim, analyst at JP Morgan in Hong Kong, who expects the company to tap its parent STDM for a HK$5 billion ($637 million) loan.

doors. Macau on Saturday reported 71 new Covid cases, bringing the total of infections to 1,374 since the latest wave began on June 18, low by global standards but the city follows mainland China's strict zero-Cov