Stock Track | Melco Crown Entertainment Plunges Over 10% on China Stimulus Disappointment

Stock Track10-08

Shares of Melco Crown Entertainment, a major casino operator in Macau, plummeted over 10% in pre-market trading on Monday as China failed to unveil forceful stimulus measures following a week-long national holiday.

The lack of details from Chinese authorities on potential stimulus steps triggered a sharp sell-off in Hong Kong stocks and a lackluster start for Shanghai shares. U.S. casino companies with significant operations in Macau were among the hardest hit, given their heavy reliance on Chinese customers for revenue.

Melco Crown Entertainment, which owns and operates several resorts in the world's largest gambling hub, saw its stock tumble amid concerns that the absence of robust economic stimulus could further dampen consumer sentiment and spending in China, the world's second-largest economy.

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