Why Melco Resorts & Entertainment Is Soaring Today

Shares of Melco Resorts & Entertainment (NASDAQ: MLCO) were soaring 11% higher in afternoon trading Tuesday after Macao's Public Security Police announced travel restrictions between the gambling mecca and Guangdong province were easing.

Visitors from the nearby province on mainland China must show proof of a negative COVID-19 test taken within the last seven days, a relaxation from the previous 48-hour window that had been imposed on Aug. 9. A 12-hour threshold was initiated on Aug. 4 after a Macao family became infected with the delta variant of the coronavirus.

Image source: Getty Images.

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Source Fool.com