Melco Crown Entertainment 4th-qtr loss widens
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NEW YORK (AP) - Macau-based Casino operator Melco Crown Entertainment Ltd. said Tuesday that its fourth-quarter loss widened as revenue climbed - helped by the opening of a new casino - but the company's results were hurt by a large depreciation and amortization charge.
For the quarter ended Dec. 31, Melco Crown reported a loss of $89.7 million, or 17 cents per American Depositary Share, compared with a loss of $18.9 million, or 4 cents per ADS, in the same quarter last year. Excluding special items, the company's loss totaled 16 cents per ADS in the latest quarter.
Analysts polled by Thomson Reuters, who typically exclude one-time items from their estimates, expected a loss of 15 cents per ADS.
Revenue rose 58 percent to $400.2 million, missing analysts' forecast of $447.8 million.
The company also said it had $71.2 million in depreciation and amortization costs and $15.4 million in interest expenses during the quarter.
For the full year, Melco Crown reported a loss of $308.5 million, or 63 cents per ADS, compared with a loss of $2.5 million, or less than a penny per ADS, in 2008. Revenue fell 6 percent to $1.33 billion from $1.42 billion.
Melco Crown's U.S.-traded shares rose 33 cents, or 8.8 percent, to close at $4.09. The stock has ranged from $2.27 to $8.45 over the past year.
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