EmailMelco Crown (MPEL $12.20 +0.65) reported second quarter GAAP earnings
of $0.12 per share, $0.01 better than the Capital IQ GAAP Consensus Estimate of
$0.11.
Revenues rose 67.4% year/year to $960 million versus the $922.1 million
consensus.
"As recently announced, we have successfully completed the acquisition of a 60%
interest in the Studio City project on Cotai. This project is another
significant milestone for the Company, and we believe its completion will
complement and expand our current portfolio of gaming assets in Macau. Our
interest in Studio City represents a unique and attractive opportunity for our
shareholders and employees that further demonstrates our long term commitment to
Macau. We continue to work on our design plans and are currently evaluating
financing plans, including a bank loan and other debt financing, to fund this
project. We look forward to working closely with the Macau government to bring
this project to completion. We are also excited about the recently announced
dual listing proposal. Upon completion of our Hong Kong initial public offering,
our dual listing will provide our existing shareholders with much enhanced
liquidity and will also broaden the co's investor universe. We believe the dual
listing will make a major contribution towards the dynamic development and
growth of the Company in the long term."
than one year.
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