Melco Crown H1 profit jumps on mass market gains

Melco Crown Entertainment is reporting positive results for the first six months of the year with net profit, earnings per share all up on the back of a 4.8 percent increase in revenue from $2.44 billion to $2.56 billion.
Net profit rose 63.2 percent from $234.8 million to $383 million for the six months to 30 June 2014 while earnings per share rose from 14.2cps to 23.2cps. The interim reports says EBITDA for the six months was $701 million an increase of $56 million (8.6 percent) on the June 2013 figure of $646 million.
The company reports, “The mass market table games segment remains the major driver of market-wide growth rates, expanding 35.6 percent on a year-over-year basis. This contrasts with an increase of just 3.3 percent in the rolling chip segment.
The mass market segment represents 34 percent of company GGR compared to 28 percent in the previous year. It adds, “This mass market exposure is set to increase meaningfully over the foreseeable future with the development of Studio City and continual enhancements to City of Dreams, most notably the property’s fifth hotel tower which is due to open in the first half of 2017.”