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Hong Kong’s Melco Crown Entertainment Reports Rise in Shares

Industry experts have been monitoring the developments of several major international firms following the publication of new statistics earlier this month. Melco Crown Entertainment, one of Hong Kong’s most powerful casino operators, represents just one of a string of organisations to make headlines with its latest figures. The company revealed that its Melco Crown Gaming Limited subsidiary has refinanced its credit facilities in response to the emergence of the City of Dreams and Altira ventures. The organisation, headed by Lawrence Ho, went on to announce that shares had drawn close to $14.47 within the past few days alone and had reached a high of $14.50. Such results contrast with previous figures which showed ADRs trading at a value of $14.36 with a volume of 6.26 million.

Leading gaming organisations have been enjoying promising second quarter results as stocks continue to rise.

The newly released results have prompted comparisons with Wynn Resorts Limited – a Las Vegas based operator of luxury destination casino resorts. The firm is hoping to be able to report excellent second quarter financial results which some suggest could exceed expectations by as much as 3.5%. Wynn Resorts has also been enjoying higher trading figures with stock trading up by 1.61% in anticipation of the promising results.

Meanwhile others will be keeping a close watch on MGM shares which are steadily climbing in value on the market. The latest reports revealed increases of 1.29% with a volume of 12.33 million. The figures arrive in the wake of a recent $300 million private offering deal which has inspired fresh confidence across the board. Net proceeds will now be used to pay off a proportion of outstanding debts under the company’s senior credit facility.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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