Melco Crown Widens Quarterly Loss

Melco Crown disappoints, missing Wall Street's fourth-quarter expectations.
By Jeanine Poggi ,

NEW YORK (

TheStreet

) --

Melco Crown Entertainment

(MPEL)

has given its first look into the Macau gaming market in the fourth quarter, and the hand it revealed was not a winning one.

Melco Crown widened its loss to $89.7 million, or 17 cents a share, missing analysts forecast of a loss of 15 cents a share. In the year prior, Melco reported a loss of $18.9 million, or 4 cents a share.

And while Melco's revenue surged 58% to $400.2 million, this still fell short of Wall Street's consensus of $447.8 million.

Macau, the Chinese gambling enclave where Melco has operations, saw a 63.3% surge in gaming revenue in January to a record $1.58 billion.

Ameristar Casinos

(ASCA)

,meanwhile, is set to report its fourth-quarter results on Wednesday, and

Penn National Gaming

(PENN) - Get Report

is expected to post its results on Feb. 4.

Despite missing expectations, Melco is still advancing 4.5% to exchange hands at $3.92 in morning trading.

-- Reported by Jeanine Poggi in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Loading ...