Melco Crown Q1 Profit Grows, Tops Estimates - Quick Facts

(RTTNews) - Casino operator Melco Crown Entertainment Ltd. (MPEL) Thursday reported a rise in earnings for the first quarter as revenues from all gaming segments, especially the mass market table games at City of Dreams, increased from last year. Earnings also surpassed analysts' estimates.

Melco Crown's City of Dreams is an integrated urban casino resort located in Cotai, Macau. The mass market table games in City of Dreams generated $1.29 billion in the period, up from $1.04 billion a year ago.

For the three months to March, net income attributable to the company surged to $239.54 million or $0.144 per share, from $53.78 million or $0.032 per share a year ago. Net earnings per ADS increased to $0.431 from $0.097 in the comparable period last year.

Excluding certain items, earnings were $251.29 million or $0.151 per share, compared with $134.5 million or $0.081 per share a year ago. Adjusted earnings per ADS were $0.452 per share, compared with $0.243 per share last year.

On average, 8 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.41 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted property EBITDA grew to $387.5 million from $294.89 million a year ago.

Net revenues for the first quarter increased by 19 percent to $1.36 billion from $1.14 billion in the same quarter last year. Analysts expected revenues of $1.36 billion.

The company also declared a dividend of US$0.1293 per ADS, or HK$0.3341 per ordinary share.