Casino stocks fall as Macau closes business amid COVID-19 outbreak

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Shares of casino companies operating in Macau’s gambling enclave fell after city officials ordered all businesses except essential services to close for a week In an effort to mitigate the outbreak of COVID-19.

Las Vegas Sands which also owns several properties in Macau through its subsidiary sand china It fell $2.17, or 6.3%, to $32.21 per share on Monday. The stock is down more than 14% so far this year, yet outperformed the S&P 500’s 19% decline over the same period.