Snake Eyes and Jackpot in a Matter of Hours (MPEL)

Shares of Melco Crown Entertainment

are jumping higher this morning after the company reported Q1 earnings results, but not after shares took a dive in the pre-market. Currently, shares are higher by 3.18%, trading at $10.42. They were off over 5% in the pre-market, touching lows south of $9.50. Melco Crown Entertainment reported Q1 EPS of $0.013 on revenues of $806.6 million; this compares to last year's $0.02 loss on revenues of only $567.6 million. For the quarter ended March 31, 2011, net revenue at Altira Macau was $265.5 million versus $197.2 million in the quarter ended March 31, 2010. Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, "Our results from the first quarter of 2011 continue to illustrate our success in leveraging our high quality portfolio of assets, with record gaming and non-gaming revenues, synergies from our new management structure, and our focus on margin enhancement, which drive continuing improvement in operating leverage.” Melco Crown Entertainment Limited is a developer, owner and, through its subsidiary Melco Crown Gaming, operator of casino gaming and entertainment resort facilities focused on the Macau market. Melco Crown Gaming is one of the six companies licensed, through concessions or sub-concessions, to operate casinos in Macau.