Shares of Philippine-listed Melco Crown Philippines Resorts Corp. are selling like hotcakes these past few months as a result of warming relationship between Beijing and Manila.

Melco Philippines shares are so in demand that Bloomberg declared it as the best-performing casino stock in the world. The business news agency reported that shares of Melco Philippines jumped 122 percent as mainland Chinese high rollers descend upon the Southeast Asian island nation.

The casino operator also recorded the steepest gains with an estimated market value of US$500 million – beating other casino operators. This was a turnaround in the 83 percent shares slump in 2015, at the height of Beijing’s anti-corruption campaign.

But what is driving the bull run that sends Melco Philippines’ eight times more than other casino stocks in the world?