NEW YORK (TheStreet) -- Melco Crown Entertainment Ltd. (MPEL) shares were up 4.8% to $40.49 in trading Tuesday.
The jump follows an announcement that the company plans to hire up to 5,000 employees for its sprawling casino resort City of Dreams Manila at the Entertainment City in Paranaque, Philippines.
The Hong Kong-based gaming company had $8.8 billion in assets and generated $1.3 billion in EBITDA in 2013.
"We believe City of Dreams Manila offers the ultimate in world-class entertainment, gaming, hotel, retail and F&B career opportunities," City of Dreams COO Kevin Sim said. "Our strategic mix of international partners including Crown Hotels and Nobu Hotels are set to diversify and elevate the hospitality service excellence in the city and will provide the opportunity for employees to build truly world-class careers."
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TheStreet Ratings team rates MELCO CROWN ENTMT LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MELCO CROWN ENTMT LTD (MPEL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins."