Rochester, NY 7/14/2009 10:25:35 PM
MPEL - Melco Crown Entertainment Suffers a Hard Day On The Stock Market
Melco Crown Entertainment
Melco Crown Entertainment Limit, MPEL
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Melco Crown Entertainment had one of those days on the stock market that gaming companies would like to forget. They saw their stock drop by almost nine percent, falling to $4.25 a share. The drop came after JPMorgan withdrew its price target for the casino operator on Tuesday. Melco Crown has two casinos in Macau that are performing poorly, which caused the analyst to lower some of their estimates. The initial estimates for the second-quarter for Melco were four percent, according to analyst Carlo Santarelli. After analyzing the early results from the City of Dreams casino in Macau, the analyst upped the loss to thirteen percent.
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