Why Melco Resorts Stock Was a Lousy Bet Today

One of the more prominent casino complex operators in the Chinese gambling enclave of Macao, Melco Resorts & Entertainment (NASDAQ: MLCO) took a big hit to its share price on Wednesday. Fears of new lockdowns and stricter testing in the face of the resilient coronavirus were the key reason for this, and at the end of the day Melco stock had declined by 8%.The coronavirus has been difficult to tackle throughout China, and Macao is no exception. On Tuesday, it was powerful enough for the local authorities to impose a full lockdown on the Grand Lisboa, a large casino resort in the enclave. This move trapped 500 guests inside the complex, and it was the first shutdown of a Macao casino in over two years.Macao also imposed a lockdown on three floors of a shopping center within the Las Vegas Sands resort Plaza Macao, following the discovery of a coronavirus cluster there. Continue reading
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