James Packer's Crown Is On A Tear After Investors Get Good News From Macau

James Packer. Adam Pretty/Getty Images

Crown, billionaire James Packer’s listed casino and resort company, is being chased by investors in an otherwise weak market.

Its shares are trading up almost 7% to $13.62 after rising more than 4% yesterday.

Crown is benefiting from a recommendation by analysts that investors start buying back into Macau gaming stocks.

Stocks in Macau casino operators have been battered over the last year, losing almost 50% in value, and commentators believe they have reached bottom.

The Chinese government has recently increased oversight on gambling in Macau to fight corruption. This has reduced the number of high-roller VIP players but analysts see the move as a long-term positive for the business.

Investors also welcomed local Macau industry statistics showing gaming revenue for tables rose 6% for the week ending January 25 from a week earlier.

In Macau, Packer’s Crown resorts has the half-owned joint venture Melco Crown.

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