Melco Crown Widens Quarterly Loss
NEW YORK (
) --
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.
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