Melco Resorts and Entertainment Ltd (MLCO)

[MCArmel1]

Melco Crown Entertainment misses by $0.10, misses on revenue

Aug 7 2014, 08:18 ET | About: Melco Crown Entertainment Limited (MPEL)

Melco Crown Entertainment (NASDAQ:MPEL): Q2 EPS of $0.26 misses by $0.10.
Revenue of $1.2B (-7.7% Y/Y) misses by $100M.
Shares -2.9% PM.
Press Release

http://seekingalpha.com/news/1912615-melco-crown-entertainment-misses-by-0_10-misses-on-revenue?uprof=45#email_link


Melco Crown Entertainment Announces Unaudited Second Quarter 2014 Earnings
Thu August 7, 2014 8:08 AM|GlobeNewswire | About: MPEL

MACAU, August 7, 2014 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited (MPEL) ("Melco Crown Entertainment" or "the Company" or "we") (SEHK:6883) (Nasdaq:MPEL), a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, today reported its unaudited financial results for the second quarter of 2014.

Net revenue for the second quarter of 2014 was US$1,199.5 million, representing a decrease of approximately 7% from US$1,295.0 million for the comparable period in 2013. The decline in net revenue was primarily attributable to lower group-wide rolling chip revenues, partially offset by improved mass market table games revenues.

Adjusted property EBITDA(1) was US$313.6 million for the second quarter of 2014, as compared to Adjusted property EBITDA of US$350.8 million in the second quarter of 2013. The 11% year-over-year decline in Adjusted property EBITDA was attributable to lower group-wide rolling chip volumes and rolling chip win rate, partially offset by growth in the mass market table games segment.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the second quarter of 2014 was US$143.6 million, or US$0.26 per ADS, compared with net income attributable to Melco Crown Entertainment of US$181.0 million, or US$0.33 per ADS, in the second quarter of 2013. The net loss attributable to noncontrolling interests during the second quarter of 2014 of US$17.0 million related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, "In the second quarter of 2014 we delivered solid underlying financial performance, driven primarily by our mass market table games business at City of Dreams where revenues increased approximately 38% on a year-over-year basis.

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http://seekingalpha.com/pr/10704605-melco-crown-entertainment-announces-unaudited-second-quarter-2014-earnings