By SectorWire desk ·
Texas Capital analyst David Bain downgraded Melco Resorts from buy to hold. Melco shares were down 2.31% in Friday midday trading, with volume exceeding twice the daily average.
The downgrade accompanied a decline in Melco’s shares on above-average trading volume.
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Operators recorded monthly revenue growth and higher cumulative receipts despite August’s annual decline.
City of Dreams Manila management is considering entry into the Philippines’ online gaming market.
An online launch could allow Melco to compete alongside Philippine integrated resorts that already offer digital gaming, according to Seaport.
Moody’s expects Macau gaming market expansion and stable market share to support Melco Resorts’ revenue growth.