NEW YORK (TheStreet) — Shares of Melco Crown Entertainment (MPEL – Get Report) 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 countrys Macau gambling hub.
Tourists holding passports from mainland China may now stay seven days in Macau, up from the current five day limitation, Chinas Xinhua News agency said, Bloomberg reports.
Last year, Chinas 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, Bloombergnoted.
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