Boston, MA 05\/15\/2014 (wallstreetpr) \u2013 The Hong Kong-based Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL)<\/b> exceeded the estimations made by the analysts for the first quarter profit. The company could beat the predictions as the Macau casino mission of billionaires Lawrence Ho and James Packer lured more “premium mass” gamblers to Melco’s resorts.<\/p>\n
Higher profits<\/b><\/p>\n
The profit of Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) scaled up 31% to reach $387.5 million, the company said in a statement. The profit figure of the company compares with the median prediction of $359 million by the analysts. The score reflect adjusted property earnings before taxes, interest, amortization and depreciation.<\/p>\n
Company courts high-stakes players<\/b><\/p>\n
Melco Crown and its competitors like MGM China Holdings Ltd. and Wynn Macau Ltd. have been encouraging high-stakes “premium mass” parties who shell out directly for chips as well as generate over the average margins than high-rollers, or VIP customers.<\/p>\n
Financial earnings<\/b><\/p>\n
\u00a0It is not the end of good fortune of Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL). It also announced superior financial results.<\/p>\n
On May 8, 2014, Melco Crown, a developer operator and of course owner of entertainment resort facilities in Asia and casino gaming, announced its unaudited quarterly earnings for the first quarter of 2014. Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) recorded net revenue of $1357.3 million on the 1Q2014, which reflects a hike of around 19% over $144.9 million for the same period a year ago. The scaling up of net revenue was mainly because of the enhanced group-wide revenues accrued from all gaming divisions, especially from the mass-market table game section.<\/p>\n
EBITDA<\/b><\/p>\n
In the first quarter of this year, adjusted property EBITDA of Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) was $387.5 million. In comparison, the same was $294.9 million for the comparable quarter previous year. It needs special mention that the 31% YOY increase in adjusted property EBITDA was driven by rolling chip revenue along with solid mass market, accompanied with the company’s existing commitment to cost cuts.<\/p>\n
Net income<\/b><\/p>\n
The net income attributable to Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) for the 1Q2014, on the U.S. GAAP basis, stood at $239.5 million, or $0.44 per adjusted diluted share. The figure clearly reflects a phenomenal improvement over the first quarter of 2013 where it was reported to be $53.8million or $0.10 per ADS. The net loss during the 1Q2014 was $14 million, which is related to the City of Dreams Manila and Studio City.<\/p>\n
The CEO and CO-Chairman of the company stated that it delivered one more quarter with strong performance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/15\/2014 (wallstreetpr) \u2013 The Hong Kong-based Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) exceeded the estimations made by the analysts for the first quarter […]<\/p>\n","protected":false},"author":12,"featured_media":22404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[6635,6436],"stock_ticker":[],"class_list":["post-22402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-melco-crown-entertainment-ltd-adr-nasdaqmpel","tag-nasdaqmpel","entry"],"acf":[],"yoast_head":"\n