Melco Crown Entertainment Earnings: Swing to a Profit but Still Misses Estimates

Melco Crown Entertainment Limited (NASDAQ:MPEL) swung to a profit in the first quarter, but still came up short of analyst expectations. Melco Crown Entertainment, Ltd. is a holding Company, which through its subsidiaries, develops, owns and operates casino gaming and entertainment resort facilities focused on the Macau market.

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Melco Crown Entertainment Earnings Cheat Sheet for the First Quarter

Results: Swung to a profit of $7.2 million (one cent/diluted share) in the quarter. The resort and casino company had a net loss of $12.5 million or a loss of 2 cents per share in the year earlier quarter.

Revenue: Rose 42.1% to $806.6 million YoY.

Actual vs. Wall St. Expectations: MPEL fell short of the mean analyst estimate of 6 cents/share.

Quoting Management: Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, “Our results from the first quarter of 2011 continue to illustrate our success in leveraging our high quality portfolio of assets, with record gaming and non-gaming revenues, synergies from our new management structure, and our focus on margin enhancement, which drive continuing improvement in operating leverage.”

Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of more than twofold, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose more than twofold from the year earlier quarter.

Competitors to Watch: Melco Crown Entertainment Ltd. (NYSE:MAS), Wynn Resorts, Limited (NASDAQ:WYNN), MGM Resorts International. (NYSE:MGM), Las Vegas Sands Corp. (NYSE:LVS), Century Casinos, Inc. (NASDAQ:CNTY), Ameristar Casinos, Inc. (NASDAQ:ASCA), Asia Entertainment & Resources Ltd. (NASDAQ:AERL) and Pinnacle Entertainment, Inc (NYSE:PNK).

Stock Performance: Shares of MPEL are up over 7% today from the previous close of $10.10.

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