Paradise hits 52-week high as most gaming stocks fall

    Published in: Latest IntelligenceShares in Paradise Entertainment (1180.HK), one of three licensed casino-service firms in Macau, rose 10 percent to reach a fresh 52-week high this week amid optimism over U.S. growth.The gain provided a rare positive note among regional stock markets, which have been shaken by concerns China’s economy may be heading for a hard landing after an 18.1% drop in February exports, shaky consumer confidence in Japan and ongoing outflows from emerging Asian markets.Paradise shares closed at HK$7.6 on Wednesday, slightly off the 52-week high of HK$7.85 set on Tuesday.Shares in the mass-market driven gaming firm, controlled by Macau businessman Jay Chun, who has close ties to the Stanley Ho family, have risen more than 700 percent in the past 12 months, with a gain of 84 percent year-to-date. Under a collaboration agreement with SJM (880.HK) dating from August 2008, the firm operates a satellite casino in Kam...

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