NEW YORK (TheStreet) -- Shares of Melco Crown Entertainment (MPEL) were jumping 7.17% to $13.91 in early-afternoon trading on Thursday after Macau gaming posted its first growth in more than two years.
In August, gross gaming revenue at Macau increased 1.1% to $2.4 billion, which beat analysts' estimates for a drop of 1.5%.
This comes after the opening of Wynn Resorts' (WYNN) $4 billion Wynn Macau resort in the southern Chinese territory, Reuters reports.
Additionally, gambling revenue came in at 18.8 billion patacas ($2.4 billion) last month, according to government data today. That figure surpassed analysts' expectations that ranged from a decline of 3% to an increase of 1%, Reuters noted.
Melco Crown is a Hong Kong-based owner and operator of casino gaming and entertainment resorts.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and growth in earnings per share.
But the team also finds weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MPEL