The "growth" that was anticipated once made MPEL look cheap relative to it's peers. Now that reality has set in, it's the most expensive of the group and lacks the diversification the others provide. Packer bailing doesn't bode well, while he was silent, the backing of the Crown was substantial to securing financing.
Factor in what should now be obvious to everyone, a massive portion of VIP revenue was money laundering. That business will most likely not return. $10.00 is a fair price for MPEL to account for the risks associated with it. WYNN/LVS/MGM all offer a better risk profile at this time, imo.