Why Melco Resorts & Entertainment Stock Is Shooting Higher Thursday

Melco Resorts & Entertainment Ltd MLCO shares are trading higher by 12.12% to $11.66 going into the close of Thursday's session amid overall strength in stocks with China-related exposure. Shares of several Chinese stocks at large are trading higher as China eases some zero-Covid restrictions.

Melco's China-exposure comes from the company's Altira Macau resort, per the company, is an award-winning hotel and casino offering the pinnacle of contemporary luxury and the highest standards of entertainment and hospitality services for the high-end Asian market.

What's Going On In China?

China began relaxing some of its COVID-19 restrictions on Wednesday, following large protests late last month in response to the country's rigorous "zero-COVID" policy.

China's National Health Commission said it will discontinue the frequent required testing for the bulk of the population and would no longer require negative tests in most public places, according to the Wall Street Journal.

Additionally, in the case of a positive test the government won't lock down entire apartment buildings and those who have COVID-19 infections won't need to isolate in state quarantine facilities...Read More

According to data from Benzinga Pro, MLCO has a 52-week high of $12.05 and a 52-week low of $4.06.