Melco Crown posts US$16 million profit

Melco Crown Entertainment announced yesterday it recorded net income for the fourth quarter of 2010 of US$16.3 million (MOP130 million), compared with a net loss of US$89.7 million a year earlier. It was the company’s second straight quarterly profit. The improvement in bottom-line results was driven by the year-over-year improvement in the operating performance at City of Dreams and Altira Macau, the company said. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was US$133.8 million for the fourth quarter of 2010, as compared to adjusted EBITDA of US$2.7 million in the fourth quarter of 2009. Lawrence Ho, co-chairman and chief executive officer of Melco Crown Entertainment, said “our fourth quarter results demonstrate our success in driving operating leverage and in improving the profitability of our portfolio of assets. “Our mass market table games business continues to grow” and “our rolling chip segment remains strong,” he said.