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Melco Crown Entertainment Q1 Profit Surges - Quick Facts

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5/9/2012 8:16 AM ET

Melco Crown Entertainment Ltd.'s (MPEL: Quote) first-quarter GAAP net income attributable to the company jumped to $122.1 million or $0.221 per ADS from $7.2 million, or $0.013 per ADS last year, as a result of the enhanced gaming and non-gaming operating performance at City of Dreams, reduced non-operating expenses, including lower net interest costs, partially offset by the amortization of land use right at Studio City and higher fixed asset depreciation across all operating assets. Quarterly net income per share was $0.074, significantly higher than $0.004 a year earlier.

On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.17 for the quarter. Analysts' estimates typically exclude one-time items.

Net loss attributable to non-controlling interests for the quarter of $3.6 million was related to Studio City, the company added.

Net revenue for the recent quarter was $1.03 billion, an increase of around 27% from $806.6 million for the comparable period in 2011, mainly attributable to improvements in the mass market table games segment, as well as improvements in rolling chip and non-gaming revenues at City of Dreams. Six analysts estimated revenues of $1.02 billion for the quarter.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After reporting a bigger than expected increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Thursday that once again showed stronger than expected durable goods orders growth in the month of March. The report said durable goods orders surged up by 2.6 percent in March after jumping by a revised 2.1 percent in February. First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 19th, according to a report released by the Labor Department on Thursday, with initial jobless claims climbing further off their recent lows. The report said initial jobless claims rose to 329,000, an increase of 24,000 from the previous week's revised figure of 305,000. After giving back some ground in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 40 points.
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