China-based casino and resort operator Melco Resorts & Entertainment (MLCO) reported first-quarter results on Thursday.
Estimates: Earnings per share of 11 cents, a 57% jump, on revenue of $1.180 billion, up 7%.
Results: EPS surged 229% to 23 cents as revenue grew to $1.277 billion.
Stock: Shares of the company, which last month changed its name from Melco Crown Entertainment to its current one, rose nearly 6% to 23.80 before the opening bell on the stock market today, which would be a fresh two-year high.
The stock has been on a tear since March. Global gaming hub Macau, where Melco operates its City of Dreams and Altira Macau casinos, turned out higher gaming revenue during the quarter.
Stronger sales from rooms, food and other amenities — as well as an expanding economy in the Philippines — were also seen helping the company, Zacks noted. Potential weakness in VIP gaming has been a concern, Zacks said.