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Stock Market & Financial Investment News

News Breaks
January 11, 2013
10:42 EDTMPELTaiwan probes illegal money transfers for use in Macau casinos
Taiwanese prosecutors in the Taipei district said yesterday they were investigating an unnamed firm they suspected of circumventing forex rules to carry out huge money transfers for use in Macau casinos, according to report from Macaubusiness.com, citing the AFP. Prosecutors declined to identify the firm, but Wells Fargo said in a note to investors this morning that press reports suggest MCE International, a subsidiary of Melco Crown (MPEL), may be one company in question. Wells analyst Cameron McKnight said any weakness in Melco shares following the news of the investigation would present a buying opportunity, as the probe may not be may not be specific to gaming or to Melco Crown. McKnight said Melco may report strong Q4 results when it announces earnings in early February and kept an Outperform rating on shares. Melco Crown declined 36c, or about 1.9%, to $18.70 in morning trading.
News For MPEL From The Last 14 Days
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September 1, 2015
07:03 EDTMPELMacau reports August casino revenue down 35.5% to 18.62B patacas
Information on monthly gross revenue from games of fortune published on Macau government website. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Melco Crown (MPEL) and Wynn Resorts (WYNN).
August 21, 2015
07:17 EDTMPELMacau developments negative, says Wells Fargo
Wells Fargo says that its checks on Macau for August indicate that the region's revenues are trending flat to down this month. According to Wells, in August the region's revenues are historically up 4% versus July. The firm adds that comments by Macau casino owner Galaxy suggest that the market has not yet bottomed. Wells believes that the market has not yet stabilized and remains neutral on Macau stocks, although it remains upbeat on their long-term outlook. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Melco Crown (MPEL) and Wynn Resorts (WYNN).

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