The Collaborative International Dictionary of English v.0.48:

laurel-tree \laurel-tree\ n.
   A small tree (Persea borbonia) of the Southern U. S. having
   dark red heartwood.

   Syn: red bay, Persea borbonia.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

laurel-tree
    n 1: small tree of southern United States having dark red
         heartwood [syn: laurel-tree, red bay, Persea
         borbonia]