Hong Kong Casino Stocks Slide As Macau Clamps Down On Covid Spread With Fresh Lockdown
ForbesDec 28, 2022
The Facts
On Mon., Macau closed all of its casinos for the first time in nearly two years. The special administrative region of China is closing more than 30 casinos and buildings for one week as the government issues restrictions aimed at controlling an ongoing COVID spike.
Since mid-June, the city has reported 1,526 cases. In response, 19K people have been quarantined. Under restrictions imposed previously, schools and entertainment facilities like bars and movie theaters had already been shuttered.
The Spin
Anti-China narrative
China has signaled that it may keep its controversial zero-COVID policy in place for a staggering five more years. There are significant economic and social consequences to this wildly unpopular policy. The longer China isolates itself from the world, the more it will harm itself and the world economy by becoming a nation in solitude.
Pro-China narrative
China has made hard-fought achievements against COVID, and they must be sustained to protect the most vulnerable. It's vital to rapidly stamp out any outbreaks to ensure the virus is both manageable and controllable. There are many public health tools in play to support the PRC's successful dynamic zero-COVID efforts.