NEW YORK (TheStreet) -- Shares of Melco Crown Entertainment Ltd. (MPEL) are down 4.5% to $35.50 after an early check on casino revenue growth by Wells Fargo suggests revenue growth for Macau Gaming for April is in the low to mid-teens.
"Based on checks through April 6, we estimate April Macau Gaming revenue growth is trending in the low to mid-teens. Our checks suggest ADR for the first six days of April is tracking in the 900-950MM MOP range, down 17-21%from March's ADR of 1,144MM MOP," said Wells Fargo analyst Cameron McKnight.
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TheStreet Ratings team rates MELCO CROWN ENTMT LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MELCO CROWN ENTMT LTD (MPEL) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins."