Melco Crown Q1 edges ahead of estimates

    Melco Crown said Q1 revenue gained 19 percent to $1.35 billion, helped by mass market tables, while group EBITDA rose 31 percent to $359 million, slightly above the consensus view for $355 million. “Our group-wide profitability continues to be driven by the mass market segment at City of Dreams,” Co-Chairman and CEO Lawrence Ho said in a release. Despite Melco’s comments that mass table continues to drive results, UBS said in a note that the segment at the company had underperformed the market, being essentially flat quarter on quarter, compared with the industry average for growth of 5-6 percent. Net revenue at City of Dreams was US$1.1 billion compared to $836.0 million in the first quarter of 2013, while net revenue at Altira Macau fell to $229.8 million compared from $265.0 million in the year-ago quarter. Net revenue from Mocha Clubs rose 16 percent to $39.5 million.