Melco Posts Surprise Profit
NEW YORK (
) --
Melco Crown Entertainment
(MPEL)
is surging, after third-quarter earnings handily topped expectations, reporting a surprise profit.
During the quarter, the Macau-based casino operator earned 3 cents a share, compared with analysts estimates of a loss of a penny. Revenue jumped 45.4% to $727 million, better than consensus estimates of $672.9 million.
Shares are being led higher given the solid results out of Melco's City of Dreams property. Revenue at the casino ballooned 75% to $504 million from $287.7 million in the third-quarter last year.
City of Dreams generated a profit of $114.9 million, compared with $46.6 million in the year prior.
The report comes after
Macau government reported gaming revenue in October hit a record high
, climbing 50% to $2.4 billion.
Shares of Melco are advancing 5.2% to $6.86 in early morning trading.
--Written by Jeanine Poggi in New York.
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