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Melco Crown (MPEL) Stock Higher on Macau Tourism, Stimulus

NEW YORK (TheStreet) -- Melco Crown Entertainment (MPEL - Get Report) stock is up 10.96% to $17.21 in midday trading on Monday, as Macau, the world's biggest gambling hub, benefits from an uptick of tourists and reports of a stimulus from Beijing.

Many casino stocks are higher on Monday, as more visitors head to Macau during China's Golden Week holiday that lasts until Wednesday. Visitors from China increased 22% to 276,557 when the holiday began on Thursday and Friday, up from a 4.3% increase for the year ago period, Bloomberg reports.

Total visitors increased 13.4% to 327,186 from the same period in 2014, Bloomberg adds.

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Macau's economy has been lagging as China's economy struggles and an anti-corruption campaign drives away VIP gamblers.

"I believe that the mass-market trend over the holiday was pretty good," Grant Govertsen, an analyst at Union Gaming Group, told Bloomberg, referring to the lower-end players. "The gaming revenue number will show us sequential increase from September. But the VIP I think is still...


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