Why Melco Resorts Stock Was a Big Winner on Thursday
Melco Resorts & Entertainment (NASDAQ: MLCO), the casino resort operator whose stock has really taken it on the chin this year, had an uncharacteristically excellent day on Thursday. Thanks to some good news regarding its major market, the company's shares climbed by a robust 11%.
An article published that day on regional casino industry website Inside Asian Gaming reported that the number of visitors to Macao grew by over 43% week over week in the Aug. 18 to Aug. 24 stretch. The article cited data from the casino-heavy enclave's Public Security Police Force as the source of that figure.
Although the jump was welcomed with great relief, especially by Melco investors, it wasn't entirely a surprise. At the beginning of the month, a requirement mandating travelers from Macao to mainland China crossing via a key border post to quarantine for seven days was rescinded.
Source Fool.com
