Melco Crown Entertainment (NASDAQ: MPEL) reported Q4 EPS of $0.09, $0.04 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.16 billion.

Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, “We delivered a strong set of results in the fourth quarter of 2016, highlighted by record mass table gross gaming revenues in Macau and a 29% year-on-year increase in group-wide Adjusted property EBITDA.

“Our Flagship property in Macau, City of Dreams, generated Adjusted property EBITDA of approximately US$190 million, an increase of over 10% compared to the prior quarter, despite an increase in supply in Macau, highlighting the property’s ongoing position as a leader in the premium gaming segments in Macau.

“Studio City’s mass table games revenues continued to expand, increasing almost 10% from the prior quarter which, combined with the rolling chip operations that began in November 2016, delivered a strong improvement in underlying earnings. While the recently opened rolling chip operations broaden the property’s gaming proposition, Studio City’s core focus remains on its mass market offerings which are ideally aligned to the demand landscape in Macau.

“Macau continues to show signs of a broader recovery, with January 2017 representing the sixth month in a row of year-on-year increases in Macau’s gross gaming revenues. We believe that Macau’s long term success relies on its ability to cater to the rapidly evolving demands of leisure and entertainment seekers from around the region, most notably from Mainland China. Our world-class portfolio of properties in Macau gives us a unique ability to cater to a wider spectrum of gaming customers, including mainstream mass, premium mass, junket and direct VIP customers, while also offering tourists a vast non-gaming and entertainment proposition which is unrivalled in Macau.

“City of Dreams Manila, our integrated resort in the fast growing gaming market of the Philippines, continues to increase its gaming market share by delivering another strong quarter fueled by revenue growth across all gaming segments. The improvement in gaming operations together with cost efficiencies identified through our company-wide focus on managing reinvestment and other operating expenses, resulted in our Adjusted property EBITDA in Manila increasing by 224% on a year-on-year basis.

“As previously announced, we have changed our ordinary dividend policy to one targeting a quarterly cash dividend payment of US$0.03 per ordinary share (equivalent to US$0.09 per American depositary share (“ADS”), each representing three ordinary shares) of the Company, providing a larger, stable and more predictable ordinary dividend payout. In addition, we recently announced and paid an approximately US$650 million special dividend to shareholders, highlighting our continued commitment to returning surplus capital to shareholders, while retaining significant financial flexibility to pursue other value-accretive development opportunities.

“Our Company has undergone an exciting transformation over the past several months. Melco International Development Limited, a company of which I am Chairman and Chief Executive Officer, has completed the acquisition of an additional 13.4% of the shares of Melco Crown Entertainment earlier today, increasing its ownership in the Company to approximately 51.3%. This transaction highlights the steadfast confidence and commitment I have in the markets where we operate, the development and expansion opportunities that are available to our Company, the positioning of our world-class properties and, most importantly, our tremendous employees and current management team that continue to deliver a level of service and experience which underpins our Company’s success.”

For earnings history and earnings-related data on Melco Crown Entertainment (MPEL) click here.