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Melco Crown Entertainment Limited reported second-quarter 2016 earnings per share of 5 cents, which outpaced the Zacks Consensus Estimate of 3 cents by 66.7%.
On the other hand, quarterly net revenue of $1.07 billion missed the Zacks Consensus Estimate of $1.13 billion by over 5%. However, the figure improved 16.8% on a year-over-year basis.
The year-over-year improvement in the top line was primarily driven by contributions from Studio City, which was launched in Oct 2015, as well as higher casino revenues at City of Dreams Manila. These upsides were, however, partially offset by lower casino revenues at City of Dreams and Altira Macau.
Adjusted Property EBITDA was $245.3 million in the second quarter of 2016, up 19.7% year over year. The upside came mainly on the back of increased contribution from the newly launched Studio City and fully-operating City of Dreams Manila.
City of Dreams
Net revenue at City of Dreams was $629.9 million, down 3.7% year over year. Adjusted EBITDA was $177.7 million in the second quarter of 2016, representing a mere 0.7% year-over-year decrease.
Rolling chip volumes totaled $9.9 billion in the second quarter, down 10.8% year over year. The rolling chip win rate was 3%, as compared with 2.7% in the year-ago quarter.
Altira Macau
Net revenue at Altira Macau was $98.7 million, down 31.4%. Altira Macau generated adjusted EBITDA of $1.7 million in the second quarter, down a substantial 73.8% on a year-over-year basis. The decline was primarily due to lower rolling chip revenues.
Rolling chip volume was $4.2 billion in the second quarter of 2016, down 35.4%. The rolling chip win rate was 2.7%, flat year over year.
Mocha Clubs
Net revenue from Mocha Clubs stood at $28 million, down 15.7% year over year. Adjusted EBITDA of $4.8 million was also down 32.4%.
Studio City
Studio City started operations on Oct 27, 2015. For the second quarter, net revenue at Studio City was $183.8 million. Studio City’s adjusted EBITDA was $24.6 million in the quarter under review.
Mass-market table games drop was $592.2 million, while the mass-market table games hold percentage was 22.8% in the second quarter of 2016. Total non-gaming revenue at Studio City in the quarter was $51.1 million.
City of Dreams Manila
For the second quarter, net revenue at City of Dreams Manila was $120.2 million, up 60.3% year over year. Adjusted EBITDA was $36.5 million, up substantially from the year-ago quarter, thanks to increased casino revenues, including the junket operations which began in mid-2015.
Rolling chip volume totaled $1.7 billion, up substantially from $495.8 million in the year-ago quarter. The rolling chip win rate was 3.4%, compared with the year-ago level of 2.4%.
Melco Crown presently has a Zacks Rank #3 (Hold). Better-ranked stocks in the gaming industry include Isle of Capri Casinos, Inc. , Monarch Casino & Resort Inc. (MCRI - Free Report) and Churchill Downs Inc. (CHDN - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy).
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Melco Crown (MPEL) Beats Q2 Earnings, Misses Revenues
Melco Crown Entertainment Limited reported second-quarter 2016 earnings per share of 5 cents, which outpaced the Zacks Consensus Estimate of 3 cents by 66.7%.
The year-over-year improvement in the top line was primarily driven by contributions from Studio City, which was launched in Oct 2015, as well as higher casino revenues at City of Dreams Manila. These upsides were, however, partially offset by lower casino revenues at City of Dreams and Altira Macau.
Adjusted Property EBITDA was $245.3 million in the second quarter of 2016, up 19.7% year over year. The upside came mainly on the back of increased contribution from the newly launched Studio City and fully-operating City of Dreams Manila.
City of Dreams
Net revenue at City of Dreams was $629.9 million, down 3.7% year over year. Adjusted EBITDA was $177.7 million in the second quarter of 2016, representing a mere 0.7% year-over-year decrease.
Rolling chip volumes totaled $9.9 billion in the second quarter, down 10.8% year over year. The rolling chip win rate was 3%, as compared with 2.7% in the year-ago quarter.
Altira Macau
Net revenue at Altira Macau was $98.7 million, down 31.4%. Altira Macau generated adjusted EBITDA of $1.7 million in the second quarter, down a substantial 73.8% on a year-over-year basis. The decline was primarily due to lower rolling chip revenues.
Rolling chip volume was $4.2 billion in the second quarter of 2016, down 35.4%. The rolling chip win rate was 2.7%, flat year over year.
Mocha Clubs
Net revenue from Mocha Clubs stood at $28 million, down 15.7% year over year. Adjusted EBITDA of $4.8 million was also down 32.4%.
Studio City
Studio City started operations on Oct 27, 2015. For the second quarter, net revenue at Studio City was $183.8 million. Studio City’s adjusted EBITDA was $24.6 million in the quarter under review.
Mass-market table games drop was $592.2 million, while the mass-market table games hold percentage was 22.8% in the second quarter of 2016. Total non-gaming revenue at Studio City in the quarter was $51.1 million.
City of Dreams Manila
For the second quarter, net revenue at City of Dreams Manila was $120.2 million, up 60.3% year over year. Adjusted EBITDA was $36.5 million, up substantially from the year-ago quarter, thanks to increased casino revenues, including the junket operations which began in mid-2015.
Rolling chip volume totaled $1.7 billion, up substantially from $495.8 million in the year-ago quarter. The rolling chip win rate was 3.4%, compared with the year-ago level of 2.4%.
MELCO CROWN ENT Price, Consensus and EPS Surprise
MELCO CROWN ENT Price, Consensus and EPS Surprise | MELCO CROWN ENT Quote
Zacks Rank & Stocks to Consider
Melco Crown presently has a Zacks Rank #3 (Hold). Better-ranked stocks in the gaming industry include Isle of Capri Casinos, Inc. , Monarch Casino & Resort Inc. (MCRI - Free Report) and Churchill Downs Inc. (CHDN - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>