- Melco Crown Entertainment Announces First Quarter 2011 EarningsGlobeNewswire(Thu 8:03AM EDT)
Net revenue for the first quarter of 2011 was US$806.6 million, representing an increase of approximately 42% from US$567.6 million for the comparable period ended March 31, 2010. The increase in net revenue resulted primarily from the continuing ramp up of the rolling chip, mass market and hotel operations at City of Dreams, contribution from The House of Dancing Water, as well as significant improvement in Altira Macau's rolling chip volume.
Adjusted EBITDA<1> was US$121.3 million for the first quarter of 2011, as compared to Adjusted EBITDA of US$86.9 million in the first quarter of 2010. The year-over-year increase in Adjusted EBITDA in the first quarter of 2011 was attributable to the significant increase in gaming volumes, combined with strict cost controls that drove operating leverage.
On a U.S. GAAP basis, Melco Crown Entertainment recorded net income for the first quarter of 2011 of US$7.2 million, or US$0.01 per ADS, compared with a net loss of US$12.5 million
First Quarter 2011 Financial Highlights:
- Revenue increased 137%, from $4.85 million in Q1 2010 to $11.46 million in Q1 2011
- EBITDA improved 155% from $0.99 million in Q1 2010 to $2.52 million in Q1 2011
- Net income grew 139%, from ($0.86 million) in Q1 2010 to $0.33 million in Q1 2011
- Adjusted net income rose 91%, from $0.33 million in Q1 2010 to $0.63 million in Q1 2011
|Book Value Per Share (mrq):||2.06|
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