In COVID Closedown Macau Casinos Take Billion-dollar Hit Holding...

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.

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.

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"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.

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.

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.

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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.

Hargreaves Lansdown equity analyst Matt Britzman said the company's BetMGM division 'has been a shining light' that is likely to benefit from expansion into more American states and additional gains in market share. 

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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.

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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.