13 Best Vacation Stocks to Buy Now

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10) Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Number of Hedge Fund Holders: 19

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) offers casino gaming, restaurants, bars, and resort facilities. The company operates City of Dreams, which is an integrated resort in Cotai serving both mass-market and premium-end patrons.

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) should see strong revenue growth in the upcoming years mainly because of the sectoral tailwind. The Macao gaming sector appears to be well-positioned to benefit from the reopening of China. This should enable the sector to restore profitability. Wall Street believes that expansion in Thailand appears to be a generational opportunity.

Also, the company is expected to be aided by the rising middle class in China. Despite increased competition in the region, Melco Resorts & Entertainment Limited (NASDAQ:MLCO) should be able to drive top-line growth as a result of new strategies. For example, the company focuses on opening a new exhibition in the White Gallery to increase footfall and emphasize service quality over promotional spending. This might also help in capturing traffic from competitors.

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) released its 2Q 2024 financial results, with total operating revenues coming at US$1.16 billion, exhibiting ~22% growth from US$947.9 million in the same period in 2023. This increase was mainly because of improved performance in the mass market segment and non-gaming operations as a result of continued recovery in inbound tourism to Macau during 2Q 2024.

As per Wall Street, the shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have a price target of $9.56. By the end of this year’s second quarter, 19 out of the 912 hedge funds surveyed by Insider Monkey had bought a stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO).

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