Melco Crown Entertainment Q2 Profit Down - Quick Facts

(RTTNews) - Melco Crown Entertainment Limited (MPEL), a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, reported that its net income attributable to the company for the second quarter of 2014 was $143.6 million or $0.26 per ADS, down from $181.0 million or $0.33 per ADS, in the second quarter of 2013.

Adjusted net income per ADS was $0.304 lower than the prior year's $0.347. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted property EBITDA was $313.6 million, compared to Adjusted property EBITDA of $350.8 million in the second quarter of 2013. The 11% year-over-year decline in Adjusted property EBITDA was attributable to lower group-wide rolling chip volumes and rolling chip win rate, partially offset by growth in the mass market table games segment.

Net revenue for the second quarter was $1.20 billion, representing a decrease of approximately 7% from $1.30 billion for the comparable period in 2013. The decline in net revenue was primarily attributable to lower group-wide rolling chip revenues, partially offset by improved mass market table games revenues. Wall Street analysts had a consensus revenue estimate of $1.30 billion.

The Company's Board of Directors has approved the implementation of a US$500 million stock repurchase program, complementing its ordinary dividend policy announced earlier this year.