Stock Track | Melco Crown Entertainment Soars 5% Amid Macau's Recovering Tourism and Gaming Revenue

Stock Track10-02

Shares of Melco Crown Entertainment (NASDAQ:MLCO), the casino resort operator with properties in Macau, surged over 5% on Monday after new data showed Macau's gaming revenue topped expectations in September as the Golden Week holiday kicked off.

According to Macau's Gaming Inspection and Coordination Bureau, gross gaming revenue rose 15.5% year-over-year in September to 17.3 billion patacas ($2.2 billion), beating the consensus estimate of a 14.2% increase. While down 12.7% from August, the September figure marked around 78% of the pre-pandemic 2019 level.

The strong gaming revenue figures coincided with the start of China's Golden Week holiday on October 1, a key travel period that typically drives tourism to Macau's casinos and resorts. Advanced bookings for hotels were reported as strong, with bigger gamblers making reservations earlier than usual. China's Ministry of Transport projected nearly 1.94 billion inter-city trips during the holiday, slightly higher than last year.

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