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Shares of several casino stocks traded lower Monday after Chinese cities reimposed COVID-19 lockdowns amid a spike in cases over its national holiday.
Wynn Resorts Ltd WYNN, Las Vegas Sands Corp LVS and Melco Resorts & Entertainment Ltd MLCO were among the biggest losers on Monday.
According to a Reuters report citing government data, China reported 422 million tourist trips over its week-long national holiday, which was down 18.2% year-over-year.
12 positive COVID-19 omicron variant cases were reported last week, which sparked fresh lockdowns in Xishuangbanna, a city in China’s Yunnan province. Several districts even prevented tourists from leaving following the outbreak.
The report indicates that the region has ordered three rounds of testing and will be delivering emergency food supplies to tourists unable to leave their hotels. Urumqi, the capital of the far northwestern region of Xinjiang, suspended outbound travel beginning on Oct. 4.
See Also: What Are Whales Doing With Wynn Resorts
WYNN, LVS, MLCO Price Action: Wynn closed Monday down 12.3%, while Las Vegas Sands closed down 7.52% and Melco Resorts closed down 7.29%.
Photo: DanMSchell from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.