125% surge in shares during this year
Melco Crown Philippines is the world's best-performing casino stock - report
The company is posting the steepest gains among casino operators in Manila with a market value of at least USD 500M this year.
2017-05-22
Reading time 42 seg
The company is posting the steepest gains among casino operators in Manila with a market value of at least USD 500M this year.
Since 2015, Melco Crown Philippines has returned almost eight times more than a Bloomberg Intelligence index of global casino stocks.
Gross gaming revenue, meanwhile, rose 20 percent in the first nine months of 2016, from the same period a year earlier, according to the latest data available from the Philippine Amusement & Gaming Corp, BloombergMarket reported.
““The close connection with Macau puts Melco Crown Philippines in the box seat to benefit from PresidentRodrigo Duterte’s bid to ease tensions with Beijing.
”
At the same time, an anti-corruption drive in the former Portuguese colony is sending gamblers south to Manila.
The equity gains reflect the strength of the Philippine gaming market and the success of City of Dreams Manila, Melco Resorts Chairman Lawrence Ho said in an e-mailed response to questions from Bloomberg News.
““Our successful investment in Manila reinforces our confidence in identifying and investing in new markets.
”
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