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Melco Crown (MPEL) Stock Higher on Macau Revenue, New Gaming Tables

NEW YORK (TheStreet) -- Melco Crown Entertainment (MPEL - Get Report) stock is increasing by 4.32% to $18.23 in late morning trading on Tuesday, on better-than-expected gaming revenue in Macau and after the possible approval of 210 new gaming tables, Bloomberg reports.

Gaming revenue in the world's largest gambling hub was 9.1 billion patacas, or $1.1 billion, during the first 11 days of October, according to data from Credit Suisse, Bloomberg notes. The daily average gaming revenue was 827 million patacas, above the estimated 750 million patacas to 800 million patacas.

Additionally, Melco Crown might have won approval for 210 new gaming tables for its Studio City property that is slated to open on October 27, as well as an additional 40 tables by the year end, according to Bloomberg.

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Melco Crown, based in Hong Kong, is a developer, owner and operator of casino gaming and entertainment resort facilities.

Separately, TheStreet Ratings team rates MELCO CROWN ENTMT LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about...