Shares of Melco Crown Entertainment (NASDAQ: MLCO) surged 6.79% in pre-market trading following the release of its impressive third-quarter earnings report. The casino and resort operator significantly outperformed analyst expectations, demonstrating robust growth across its key markets.
Melco reported quarterly earnings of $0.21 per share, handily beating the analyst consensus estimate of $0.12 by 84.35%. This represents a substantial 152.38% increase from the $0.08 per share reported in the same period last year. The company's revenue also exceeded expectations, coming in at $1.309 billion, surpassing the estimated $1.282 billion by 2.10% and marking an 11.40% year-over-year increase.
The strong performance was driven by improvements in both gaming and non-gaming operations. Notably, Melco's adjusted Property EBITDA reached $380.4 million, significantly beating analyst estimates of $320.71 million. The company's Macau properties showed particular strength, with Macau Property EBITDA improving 21% year-over-year, aided by new gaming areas and stable margins. Additionally, Melco reported impressive EBITDA growth in its Philippines (45% quarter-over-quarter) and Cyprus (53% year-over-year) operations. The introduction of new gaming areas and facilities contributed to a differentiated customer experience and revenue growth across the company's portfolio.
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