MPEL is by far Melco's biggest holding. It's not even close. So his "real empire" is MPEL. You may be bearish on MPEL but this should not be the reason.
The stock trades with BABA. YHOO core is terrible and the earnings hardly matter. Mayer is on her way out and the business is getting sold. There is no reason to bid up or sell off the stock based on earnings.