Melco Crown Philippines is the best-performing casino stock in the world this year, according to a report from Bloomberg overnight.
Shares in Melco Crown Philippines Resorts Corp – a subsidiary of Lawrence Ho’s Melco Resorts & Entertainment Ltd – have surged 117% in 2017 on the back of closer ties between Beijing and Manila, which has seen an influx of Chinese visitation to the Philippines capital.
Bloomberg reported that since the end of 2015, Melco Crown Philippines has returned “seven times more than a Bloomberg Intelligence index of global casino stocks.”
“The company is posting the steepest gains among casino operators with a market value of at least $500 million this year — and it only just started turning a profit,” it said.
Melco’s City of Dreams Manila reported net revenue of US$157.4 million for the first three months of 2017, a 64.9% increase compared to US$95.4 million 12 months earlier, while Adjusted EBITDA grew to US$61.1 million for US$28.6 million in the comparable period of 2016.
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