Brean Capital restated a “buy” rating and issued a $26.00 target price on shares of Melco Crown Entertainment in a report on Monday, August 10th.
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The company said in the third quarter, net revenues reached P4.24 billion, up from P26.82 million in the same quarter in 2014.
Melco Crown Entertainment (NASDAQ:MPEL) last announced its quarterly earnings data on Thursday, November 5th.
Total operating costs and expenses more than tripled year-on-year to P4.68 billion in the three-month period from P1.39 billion, mainly driven by a full quarter of resort operations. Melco Crown Entertainment Limited has dropped 6.92% during the last 3-month period. Finally, Sterne Agee CRT reiterated a “buy” rating and issued a $28.00 price target on shares of Melco Crown Entertainment in a research note on Friday, October 9th. The stock’s 50-day moving average is $17.24 and its 200-day moving average is $19.24. The higher price target estimate for the stock has been calculated at $29 while the lower price target estimate is at $17. “I think it’s a bit early to speculate”, Lawrence Ho, Melco Crown’s billionaire chairman, said in a briefing held after the results. The heightened volatility saw the trading volume jump to 4,284,454 shares. The business had revenue of $945.73 million for the quarter, compared to analyst estimates of $953.79 million.
Analysts had expected the company to earn $0.10 per share, according figures compiled by Thomson Reuters.
The company said revenue for the quarter fell 15.2% to $0.95 billion.
-EPS (Q3): $0.111 vs. $0.283 a year ago.
Galaxy Entertainment Group Ltd. opened two projects in May, featuring a 3,000-seat theater, while Sands China Ltd.’s $2.7 billion Parisian Macao will showcase a replica Eiffel Tower when it opens next year. The Company is primarily engaged in the hospitality and gaming business in Asia and its primary operating and developmental tasks happen in two geographic areas: Macau and the Philippines. Last year’s comparison didn’t include City of Dreams Manila.
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To reduce its reliance on gambling, Melco Crown opened the Hollywood-themed Studio City on October 27, touting non-gaming facilities such a Batman ride to attract families and tourists. The other premises of the Company’s contain a casino on Taipa Island, Taipa Square Casino, Macau managing within Hotel Taipa Square, such as the fit-out and gambling associated equipment.
