Bloomberg News

Melco Heads for Biggest Gain Since 1999, Leading Macau Stocks

October 21, 2008

Melco International Development Ltd. (MPEL:US), part-owner of a Macau casino venture, is heading for its biggest daily gain in Hong Kong since December 1999. Other Macau-related stocks also rose.

Melco, controlled by Lawrence Ho, son of billionaire Stanley Ho, surged 43 percent to HK$1.47 at 12:20 p.m in Hong Kong today. The stock had dropped in each of the last four trading days.

Amax Entertainment Holdings Ltd., (959) which has an agreement to bring high-roller gamblers to the Crown Macao, the casino part- owned by Melco, jumped 13 percent to 13 Hong Kong cents. Galaxy Entertainment Group Ltd., (27) the casino operator controlled by billionaire Lui Che-woo, rose 5.9 percent to 90 Hong Kong cents.

To contact the reporter for this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net;

To contact the editor responsible for this story: Tom Kohn at tkohn@bloomberg.net


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Companies Mentioned

  • MPEL
    (Melco Crown Entertainment Ltd)
    • $25.58 USD
    • -0.35
    • -1.37%
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