Las Vegas Sands (NYSE: LVS US) was downgraded to hold from buy at Jefferies, which questioned the company’s recovery prospects given the tightening restrictions in Macau, the region’s zero-tolerance policy toward Covid and steps to exit the U.S. market. The shift in policy in Macau is expected to have the biggest impact on gaming revenue for VIP and high-end tables, which made up 60% of Las Vegas Sands’s Macau revenue in 2019. LVS shares are 36% down this year.