Melco Heads for Biggest Gain Since 1999, Leading Macau Stocks
Melco International Development Ltd. (MPEL), part-owner of a Macau casino venture, is heading for its biggest daily gain in Hong Kong since December 1999. Other Macau-related stocks also rose.
Melco, controlled by Lawrence Ho, son of billionaire Stanley Ho, surged 43 percent to HK$1.47 at 12:20 p.m in Hong Kong today. The stock had dropped in each of the last four trading days.
Amax Entertainment Holdings Ltd., (959) which has an agreement to bring high-roller gamblers to the Crown Macao, the casino part- owned by Melco, jumped 13 percent to 13 Hong Kong cents. Galaxy Entertainment Group Ltd., (27) the casino operator controlled by billionaire Lui Che-woo, rose 5.9 percent to 90 Hong Kong cents.
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