Melco Crown Entertainment Ltd. (NASDAQ: MPEL) is surging higher on strong pre-market volume after beating earnings estimates and posting a profit. The Macau casino operator posted earnings of $0.03 EPS and a 45% gain in revenue of $727 million versus Thomson Reuters estimates of -$0.01 EPS and revenues of $672.9 million.
What gets interesting is that reports were out Monday that Macau as a whole had seen a surge by 50% in revenues from gambling. This is also a profit ahead of schedule as next quarter is expected to show -$0.02 EPS.
Shares were already up against 52-week highs as the $6.52 close Momnday compared to a 52-week range of $3.26 to $6.55. The pre-market trading has shares up 7.5% at $7.01 on more than 175,000 shares with over an hour until the market opens.
JON C. OGG