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Also traded in: Germany, Hongkong

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash-to-Debt 0.42
MPEL's Cash-to-Debt is ranked lower than
60% of the 720 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.75 vs. MPEL: 0.42 )
Ranked among companies with meaningful Cash-to-Debt only.
MPEL' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.12  Med: 0.52 Max: No Debt
Current: 0.42
Equity-to-Asset 0.36
MPEL's Equity-to-Asset is ranked lower than
73% of the 708 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.53 vs. MPEL: 0.36 )
Ranked among companies with meaningful Equity-to-Asset only.
MPEL' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.07  Med: 0.5 Max: 0.83
Current: 0.36
0.07
0.83
Interest Coverage 1.62
MPEL's Interest Coverage is ranked lower than
86% of the 753 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 12.55 vs. MPEL: 1.62 )
Ranked among companies with meaningful Interest Coverage only.
MPEL' s Interest Coverage Range Over the Past 10 Years
Min: 0.83  Med: 4.27 Max: N/A
Current: 1.62
Piotroski F-Score: 5
Altman Z-Score: 1.56
Beneish M-Score: -2.54
WACC vs ROIC
13.25%
4.36%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating Margin % 8.03
MPEL's Operating Margin % is ranked higher than
51% of the 719 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 7.92 vs. MPEL: 8.03 )
Ranked among companies with meaningful Operating Margin % only.
MPEL' s Operating Margin % Range Over the Past 10 Years
Min: -54.6  Med: 5.77 Max: 16.51
Current: 8.03
-54.6
16.51
Net Margin % 3.89
MPEL's Net Margin % is ranked lower than
55% of the 719 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 5.12 vs. MPEL: 3.89 )
Ranked among companies with meaningful Net Margin % only.
MPEL' s Net Margin % Range Over the Past 10 Years
Min: -49.68  Med: 3.28 Max: 12.67
Current: 3.89
-49.68
12.67
ROE % 4.81
MPEL's ROE % is ranked lower than
52% of the 691 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 5.01 vs. MPEL: 4.81 )
Ranked among companies with meaningful ROE % only.
MPEL' s ROE % Range Over the Past 10 Years
Min: -12.55  Med: 3.52 Max: 16.7
Current: 4.81
-12.55
16.7
ROA % 1.83
MPEL's ROA % is ranked lower than
56% of the 726 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 2.53 vs. MPEL: 1.83 )
Ranked among companies with meaningful ROA % only.
MPEL' s ROA % Range Over the Past 10 Years
Min: -6.59  Med: 1.4 Max: 7.61
Current: 1.83
-6.59
7.61
ROC (Joel Greenblatt) % 5.16
MPEL's ROC (Joel Greenblatt) % is ranked lower than
64% of the 721 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 9.83 vs. MPEL: 5.16 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
MPEL' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -28.38  Med: 4.07 Max: 20.99
Current: 5.16
-28.38
20.99
3-Year Revenue Growth Rate -1.00
MPEL's 3-Year Revenue Growth Rate is ranked lower than
64% of the 667 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 2.80 vs. MPEL: -1.00 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
MPEL' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 0  Med: 30.3 Max: 360.2
Current: -1
0
360.2
3-Year EBITDA Growth Rate -8.10
MPEL's 3-Year EBITDA Growth Rate is ranked lower than
71% of the 573 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 4.80 vs. MPEL: -8.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
MPEL' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: 0.95 Max: 177.9
Current: -8.1
0
177.9
3-Year EPS without NRI Growth Rate -33.00
MPEL's 3-Year EPS without NRI Growth Rate is ranked lower than
86% of the 490 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.70 vs. MPEL: -33.00 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
MPEL' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 0  Med: -31.85 Max: 494.4
Current: -33
0
494.4
GuruFocus has detected 2 Warning Signs with Melco Crown Entertainment Ltd $MPEL.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» MPEL's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q1 2016

MPEL Guru Trades in Q1 2016

John Burbank 75,000 sh (New)
Mason Hawkins 416,587 sh (+152.17%)
David Herro 21,919,000 sh (-24.02%)
» More
Q2 2016

MPEL Guru Trades in Q2 2016

Jim Simons 1,575,400 sh (New)
David Herro 27,358,000 sh (+24.81%)
Mason Hawkins 416,587 sh (unchged)
John Burbank Sold Out
» More
Q3 2016

MPEL Guru Trades in Q3 2016

Howard Marks 132,423 sh (New)
Leucadia National 30,958 sh (New)
Mason Hawkins 7,425,432 sh (+1682.44%)
David Herro 24,659,000 sh (-9.87%)
Jim Simons 110,000 sh (-93.02%)
» More
Q4 2016

MPEL Guru Trades in Q4 2016

Steven Cohen 24,700 sh (New)
Leucadia National Sold Out
Jim Simons Sold Out
Howard Marks 90,639 sh (-31.55%)
Mason Hawkins 3,047,976 sh (-58.95%)
» More
» Details

Insider Trades

Latest Guru Trades with MPEL

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Business Description

Industry: Travel & Leisure » Resorts & Casinos    NAICS: 721120 
Compare:OTCPK:GEBHY, OTCPK:GIGNY, NYSE:MTN, OTCPK:MCHVY, OTCPK:WYNMY, NAS:WYNN, NYSE:VAC, NAS:RRR, OTCPK:GMVHF, OTCPK:MDEVF, NYSE:BYD, OTCPK:NGCRY, NAS:CZR, NAS:PENN, OTCPK:EIHDF, NAS:ISLE, NAS:PNK, OTCPK:TPCA, NAS:NYNY, NYSE:MGM » details
Traded in other countries:MAS.Germany, 06883.Hongkong,
Melco Crown Entertainment Ltd is an owner and developer of casino gaming and entertainment resort facilities in Macau.

Melco Crown Entertainment Ltd was incorporated under the name of Melco PBL Entertainment (Macau) Limited on December 17, 2004. It completed its initial public offering in December 2006. The Company is developer, owner and operator of casino gaming and entertainment resort facilities in Asia. Its operating business segments are City of Dreams, Altira Macau, Studio City, Mocha Clubs, Corporate and Others, and City of Dreams Manila. The City of Dreams operates gaming tables and gaming machines, hotel rooms & suites, restaurants and bars, retail outlets, a wet stage performance theater, recreation and leisure facilities, including health and fitness clubs, swimming pools, spas and salons and banquet and meeting facilities. The Altira Macau is designed to provide a casino and hotel experience that caters to Asian rolling chip players sourced through gaming promoters. The Studio City is a cinematically-themed integrated entertainment, retail and gaming resort located in Cotai, with gaming facilities, luxury hotel offerings, and various entertainment, retail and food and beverage outlets to customers with focus in Asia and, in particular, from Greater China. The Mocha Clubs focus on general mass market players, including day-trip customers, outside the conventional casino setting. The Corporate and Others includes Taipa Square Casino, a casino on Taipa Island, Macau, operating within Hotel Taipa Square, which the company operates under a right-to-use agreement, and other corporate costs. The City of Dreams Manila operates slot machines, electronic table games and gaming tables. It also includes branded hotel towers, several entertainment venues and features a wide selection of regional and international food and beverage offerings as well as extended retail shops. The Company's operation are subject to the Foreign Corrupt Practices Act.

Guru Investment Theses on Melco Crown Entertainment Ltd

Longleaf Partners Comments on Melco - Feb 15, 2016

As mentioned above, Macau casino and hotel operator Melco (NASDAQ:MPEL) gained 22% in the fourth quarter but remained among the Fund’s largest detractors for the year, down 31%. The stock benefited from improved sentiment regarding Macau during the quarter among indications that the higher margin mass market is stabilizing. In addition to relaxation of transit visa, the Macau government softened its stance on the smoking ban on the gaming floors. While Beijing will continue its anti-corruption campaign (which has hurt VIP business in Macau), the mass-focused infrastructure spending (high speed trains, ferry terminal, bridge from the HK airport, light rail) continues unabated. More than 90% of Melco Crown’s earnings before interest, taxes, depreciation and amortization (EBITDA) comes from mass business, where margins are 4X that of VIP business. Melco Crown opened its new mass-focused casino Studio City in late October, which helped increase market share in the all-important mass segment. This $3.2 billion project (relative to Melco’s market cap of $9 billion) has just started generating cash flow. We expect Studio City to receive an additional 50 table allocation in early 2016 in addition to its initial 200 table allocation. With a strong balance sheet, increasing EBITDA, and declining capital expenditure profile, the company is well positioned to buy back shares or buy out minority owners of Studio City. Melco International CEO, Lawrence Ho, bought about $25 million worth of shares in the fourth quarter.





From Longleaf Partners' International Fund commentary on the fourth quarter 2015.



Check out Mason Hawkins latest stock trades

David Herro Comments on Melco Crown Entertainment - Apr 09, 2015

An additional detractor for the quarter was Melco Crown Entertainment (MPEL) (Hong Kong), which is a developer and owner of casino gaming and entertainment resort facilities in Asia. Casino revenues in Macau were weak due to China’s anti-corruption campaign, difficult year-over-year comparisons and a weaker macro environment. Although we continue to monitor the market, we remain optimistic about Macau’s long-term prospects, given low penetration of Chinese visitors, continued wealth creation of Chinese citizens and large infrastructure projects, which should help facilitate the growth of Macau.

From David Herro (Trades, Portfolio)'s Oakmark International Fund 1Q 2015 Letter.

Check out David Herro latest stock trades

Ratios

vs
industry
vs
history
PE Ratio 47.43
MPEL's PE Ratio is ranked lower than
79% of the 532 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 21.67 vs. MPEL: 47.43 )
Ranked among companies with meaningful PE Ratio only.
MPEL' s PE Ratio Range Over the Past 10 Years
Min: 13.13  Med: 32.76 Max: 842.31
Current: 47.43
13.13
842.31
Forward PE Ratio 26.74
MPEL's Forward PE Ratio is ranked lower than
83% of the 170 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 18.05 vs. MPEL: 26.74 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 47.43
MPEL's PE Ratio without NRI is ranked lower than
79% of the 529 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 21.88 vs. MPEL: 47.43 )
Ranked among companies with meaningful PE Ratio without NRI only.
MPEL' s PE Ratio without NRI Range Over the Past 10 Years
Min: 13.08  Med: 32.91 Max: 99999999.99
Current: 47.43
13.08
99999999.99
Price-to-Owner-Earnings 1240.76
MPEL's Price-to-Owner-Earnings is ranked lower than
98% of the 367 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 18.94 vs. MPEL: 1240.76 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
MPEL' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 316.92  Med: 466.15 Max: 1249.22
Current: 1240.76
316.92
1249.22
PB Ratio 2.34
MPEL's PB Ratio is ranked lower than
63% of the 689 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.60 vs. MPEL: 2.34 )
Ranked among companies with meaningful PB Ratio only.
MPEL' s PB Ratio Range Over the Past 10 Years
Min: 0.45  Med: 2.28 Max: 5.88
Current: 2.34
0.45
5.88
PS Ratio 1.79
MPEL's PS Ratio is ranked lower than
52% of the 721 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.75 vs. MPEL: 1.79 )
Ranked among companies with meaningful PS Ratio only.
MPEL' s PS Ratio Range Over the Past 10 Years
Min: 0.77  Med: 2.24 Max: 143.55
Current: 1.79
0.77
143.55
EV-to-EBIT 35.70
MPEL's EV-to-EBIT is ranked lower than
79% of the 565 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 17.34 vs. MPEL: 35.70 )
Ranked among companies with meaningful EV-to-EBIT only.
MPEL' s EV-to-EBIT Range Over the Past 10 Years
Min: -408.1  Med: 20.45 Max: 217
Current: 35.7
-408.1
217
EV-to-EBITDA 12.74
MPEL's EV-to-EBITDA is ranked lower than
53% of the 605 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 12.17 vs. MPEL: 12.74 )
Ranked among companies with meaningful EV-to-EBITDA only.
MPEL' s EV-to-EBITDA Range Over the Past 10 Years
Min: -481.9  Med: 15.4 Max: 804
Current: 12.74
-481.9
804
Shiller PE Ratio 54.33
MPEL's Shiller PE Ratio is ranked lower than
73% of the 183 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 29.13 vs. MPEL: 54.33 )
Ranked among companies with meaningful Shiller PE Ratio only.
MPEL' s Shiller PE Ratio Range Over the Past 10 Years
Min: 15.79  Med: 69.05 Max: 137.7
Current: 54.33
15.79
137.7
Current Ratio 1.54
MPEL's Current Ratio is ranked higher than
56% of the 674 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.36 vs. MPEL: 1.54 )
Ranked among companies with meaningful Current Ratio only.
MPEL' s Current Ratio Range Over the Past 10 Years
Min: 0.16  Med: 2.17 Max: 2.83
Current: 1.54
0.16
2.83
Quick Ratio 1.52
MPEL's Quick Ratio is ranked higher than
62% of the 674 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.19 vs. MPEL: 1.52 )
Ranked among companies with meaningful Quick Ratio only.
MPEL' s Quick Ratio Range Over the Past 10 Years
Min: 0.16  Med: 2.16 Max: 2.82
Current: 1.52
0.16
2.82
Days Inventory 3.90
MPEL's Days Inventory is ranked higher than
83% of the 581 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 25.14 vs. MPEL: 3.90 )
Ranked among companies with meaningful Days Inventory only.
MPEL' s Days Inventory Range Over the Past 10 Years
Min: 0.57  Med: 1.72 Max: 3.9
Current: 3.9
0.57
3.9
Days Sales Outstanding 18.21
MPEL's Days Sales Outstanding is ranked higher than
63% of the 524 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 27.77 vs. MPEL: 18.21 )
Ranked among companies with meaningful Days Sales Outstanding only.
MPEL' s Days Sales Outstanding Range Over the Past 10 Years
Min: 18.21  Med: 26.83 Max: 71.8
Current: 18.21
18.21
71.8
Days Payable 2.04
MPEL's Days Payable is ranked lower than
96% of the 430 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 48.43 vs. MPEL: 2.04 )
Ranked among companies with meaningful Days Payable only.
MPEL' s Days Payable Range Over the Past 10 Years
Min: 0.77  Med: 1.66 Max: 7.17
Current: 2.04
0.77
7.17

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 0.49
MPEL's Dividend Yield % is ranked lower than
72% of the 792 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 2.35 vs. MPEL: 0.49 )
Ranked among companies with meaningful Dividend Yield % only.
MPEL' s Dividend Yield % Range Over the Past 10 Years
Min: 0.31  Med: 0.74 Max: 1.73
Current: 0.49
0.31
1.73
Dividend Payout Ratio 0.25
MPEL's Dividend Payout Ratio is ranked higher than
76% of the 448 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 0.83 vs. MPEL: 0.25 )
Ranked among companies with meaningful Dividend Payout Ratio only.
MPEL' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.23  Med: 0.25 Max: 0.6
Current: 0.25
0.23
0.6
Forward Dividend Yield % 0.60
MPEL's Forward Dividend Yield % is ranked lower than
52% of the 763 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 2.50 vs. MPEL: 0.60 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 0.49
MPEL's 5-Year Yield-on-Cost % is ranked lower than
73% of the 952 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 2.82 vs. MPEL: 0.49 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
MPEL' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.31  Med: 0.74 Max: 1.73
Current: 0.49
0.31
1.73
3-Year Average Share Buyback Ratio 4.20
MPEL's 3-Year Average Share Buyback Ratio is ranked higher than
95% of the 419 Companies
in the Global Resorts & Casinos industry.

( Industry Median: -1.80 vs. MPEL: 4.20 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
MPEL' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -10.5  Med: 0.4 Max: 0
Current: 4.2
-10.5
0

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 3.68
MPEL's Price-to-Tangible-Book is ranked lower than
75% of the 607 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.72 vs. MPEL: 3.68 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
MPEL' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.74  Med: 3.63 Max: 8
Current: 3.68
0.74
8
Price-to-Intrinsic-Value-Projected-FCF 1.92
MPEL's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
62% of the 357 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.40 vs. MPEL: 1.92 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
MPEL' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 1.32  Med: 1.88 Max: 3.85
Current: 1.92
1.32
3.85
Price-to-Median-PS-Value 0.81
MPEL's Price-to-Median-PS-Value is ranked higher than
75% of the 584 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.10 vs. MPEL: 0.81 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
MPEL' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.44  Med: 1.02 Max: 62.53
Current: 0.81
0.44
62.53
Price-to-Graham-Number 2.79
MPEL's Price-to-Graham-Number is ranked lower than
77% of the 412 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 1.41 vs. MPEL: 2.79 )
Ranked among companies with meaningful Price-to-Graham-Number only.
MPEL' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.77  Med: 2.51 Max: 3.48
Current: 2.79
1.77
3.48
Earnings Yield (Greenblatt) % 2.81
MPEL's Earnings Yield (Greenblatt) % is ranked lower than
62% of the 721 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 4.60 vs. MPEL: 2.81 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
MPEL' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.5  Med: 3.1 Max: 7.7
Current: 2.81
0.5
7.7
Forward Rate of Return (Yacktman) % -4.77
MPEL's Forward Rate of Return (Yacktman) % is ranked lower than
77% of the 416 Companies
in the Global Resorts & Casinos industry.

( Industry Median: 7.56 vs. MPEL: -4.77 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
MPEL' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -94.8  Med: -3.9 Max: 62.1
Current: -4.77
-94.8
62.1

More Statistics

Revenue (TTM) (Mil) $4,519
EPS (TTM) $ 0.34
Beta2.02
Short Percentage of Float4.93%
52-Week Range $11.91 - 20.00
Shares Outstanding (Mil)487.84

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 4,727 5,200 5,550
EPS ($) 0.95 0.75 0.95
EPS without NRI ($) 0.95 0.75 0.95
EPS Growth Rate
(Future 3Y To 5Y Estimate)
17.11%
Dividends per Share ($) 0.35 0.30 0.40
» More Articles for MPEL

Headlines

Articles On GuruFocus.com
Mason Hawkins Boosts Chesapeake, Buys Alphabet Nov 17 2016 
Is Now a Good Time to Bet on Macau Gaming Revenue Ramp? Mar 09 2016 
Longleaf Partners Comments on Melco Feb 15 2016 
Longleaf Partners International Fund's Shareholder Letter Jan 25 2016 
A 4% Yielder Down 50% Apr 22 2015 
Mason Hawkins' First-Quarter 2015 Commentary Apr 16 2015 
David Herro Comments on Melco Crown Entertainment Apr 09 2015 
David Herro's Oakmark International Fund 1Q 2015 Letter Apr 08 2015 
Herro Adds One Stake to Portfolio in Fourth Quarter Mar 02 2015 
David Herro' Biggest International Stock Buys and Ads of Q4 Feb 26 2015 

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