Macau casinos were the first in the world to close in late January 2020 when the pandemic was detected in the SAR. And even when the casinos reopened in February, business disappeared when China imposed a lockdown prohibiting travel to Macau from its largest markets. Since that time, the recovery has been spotty as travel restrictions were relaxed and later reimposed as Covid surged yet again. Even in September, a new variant of the disease appeared in the province of Fujian, threatening another revenue slump for Macau casinos. But there’s light at the end of the tunnel as restrictions surrounding travel from Hong Kong, Guangdong and Zhuhai have been relaxed, even if the Fujian outbreak continues since that province provides less that 5 percent of Macau revenue. So the hope is that the lucrative “Golden Week” (October 1-7) will be pulled off with a dramatic increase in visitation to Macau. Jefferies provided an estimate of the revenue roller-coaster to its investors in a report to investors in September.