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China Pushing Towards Covid Rebound & Casinos To Watch

January 9, 2023 4

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China Pushing Towards Covid Rebound & Casinos To Watch

It looks like China is getting closer to living with Covid as many people have begun walking the streets and taking the subway again, pointing towards the country regaining its economic footing. Data from the chief China economist at Macquarie, Larry Hu, shows that major cities have already started their rebound process, passing the “peak” of Covid and looking to be back to almost normal by the end of March. A quote from Hu states, “The dramatic U-turn in China’s Covid policy since mid-Nov implies deeper short-term economic contraction but faster reopening and recovery… The economy could see a strong recovery in Spring.” Last Sunday China formally ended their quarantine requirement for travelers which in turn will lead to an increase in leisure activities like casinos with Macau having one of if not the largest gaming markets in the world. A few casino operators that could look to gain off of the rebound are, Las Vegas Sands (LVS), Melco (MLCO), Wynn Resorts (WYNN), and MGM Resorts (MGM). With all of the recent news, the iBet Sports Betting and Gaming ETF (IBET) has added additional holdings of these companies as well as adding a few in Chinese casino operators, SJM Holdings, MGM China, Wynn Macau, and Sands China.

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