The continued recovery of an important market is a possibility that has excited Melco Resorts & Entertainment (NASDAQ: MLCO) investors over the past few days -- so much so that, amid the general stock market gloom, Melco shares glowed like a bright neon sign. They rose by 25% across the week, according to data compiled by S&P Global Market Intelligence .
In particular, those Melco shareholders are happy that tourists from mainland China might be returning to Macao in large numbers in the very near future. On Monday, Macao's chief executive Ho lat-Seng said that the enclave -- Asia's gambling mecca -- and Chinese government authorities have agreed to resume the issuance of visas for package tours coming from the mainland.
That caught many Macao casino-watchers off guard, as the general expectation was for such a resumption to occur sometime next year at best. Package tours from the extremely populous mainland were, at least in the pre-pandemic times, a crucial source of revenue for the enclave's foundational casino industry.
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Why Melco Resorts Stock Surged 25% Higher This Week