NEW YORK (TheStreet) -- Shares of Melco Crown Entertainment (MPEL) are rising higher by 6.09% to $18.99 in early afternoon trading on Tuesday, as some casino stocks get a jolt from reports that China is relaxing its restrictions on local tourists visiting the country's Macau gambling hub.
Tourists holding passports from mainland China may now stay seven days in Macau, up from the current five day limitation, China's Xinhua News agency said, Bloomberg reports.
Last year, China's government began restricting the length of time tourists from the mainland may spend in the gambling district as part of its anticorruption and cheating crackdown, Bloomberg noted.
The anticorruption initiative has kept many high stakes players away from the gambling tables and as a result the Macau district has faced a year of consecutive monthly revenue declines.
Melco Crown Entertainment is a Hong Kong-based resorts and casinos operator.
Other casino stocks getting a push into the green today include Las Vegas Sands (LVS), up by 3.69% to $51.98, Wynn Resorts (WYNN), gaining by 3.69% to $97.40 and MGM Resorts (MGM), advancing by 2.84% to $18.09 this afternoon.
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 their recommendation:
"We rate MELCO CROWN ENTMT LTD (MPEL) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."