Melco Resorts Shares Are Rising Today: What's Going On?

Melco Resorts & Entertainment Ltd MLCO shares are trading higher Monday after China announced an e-visa system for Chinese tourists to travel to Macau.

According to several reports, China’s immigration bureau has announced that mainland residents will be able to travel to Macau using an online visa system, starting Nov. 1.

Over the past two years, travelers to Macau were required to use in-person applications due to COVID-19 restrictions. The new e-visa option comes as the immigration bureau called the COVID-19 situation in Macau "stable" this week. 

The bureau reportedly said it plans to "launch exit-entry management policies and measures to promote economic and social development" in Macau.

Still COVID-19 concerns continue to pressure Macau. Over the weekend, authorities locked down the MGM Resorts International MGM Cotai casino resort and ordered all of Macau’s 700,000 residents to take rapid antigen tests during the lockdown period. 

All of Macau's casino operators are currently awaiting a government decision for new licenses. Macau executives reportedly said the decision could come as soon as this week.

Melco Resorts is one of the six licensed casino operators in Macau.

See Also: S&P 500, Nasdaq Futures On Backseat As Fresh Trading Week Starts With Spotlight On Fed Decision

MLCO Price Action: Melco Resorts has a 52-week high of $11.81 and a 52-week low of $4.06.

The stock was up 4.32% at $5.55 at time of publication, according to Benzinga Pro.

Photo: Stefan Schweihofer from Pixabay.