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Casino operator Melco Crown posts 4Q profit - BusinessWeek

Tuesday, 22 February 2011 19:33 administrator
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NEW YORK

Melco Crown Entertainment Ltd. on Tuesday reported a profit in the fourth quarter as revenue grew at its City of Dreams and Altira Macau properties.

Melco Crown develops and owns casino gaming and entertainment resort facilities in Macau. It posted a profit of $16.3

million, or 3 cents per American depositary share. A year ago, the company took a loss of $89.7 million, or 16.9 cents per ADS. Revenue climbed 93 percent, to $733.7 million from $400.2 million.

Analysts expected a profit of 2 cents per ADS and $740.2 million in revenue, according to FactSet.

Melco said revenue from City of Dreams more than doubled to $488.7 million, and Altira Macau revenue rose 85 percent to $245.1 million.

For the full year, the company pared its loss to $10.5 million, or 2 cents per ADS, from a loss of $308.5 million, or 63.1 cents per ADS. Its revenue nearly doubled to $2.55 billion from $1.3 billion.

Shares of Melco Crown declined 16 cents, or 2.2 percent, to $7.03 Tuesday.




Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFhod0Crmg8r2WEuRutxgqdV3ztXA&url=http://www.businessweek.com/ap/financialnews/D9LI41QG0.htm

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