Melco Crown posts first-quarter loss

21 May 2009

As reported by Bloomberg: "Melco Crown Entertainment Ltd., the casino venture between Australia's richest man and the son of gambling billionaire Stanley Ho, posted a first-quarter loss, driving down its parents' shares.

"Melco Crown turned to a net loss of $35.3 million, or 8 cents per American depositary share, from a profit of $43.2 million, or 10 cents, a year earlier, the Hong Kong-based company said in a statement yesterday.

"Macau's declining gambling revenue and visitor arrivals augur badly for Melco's $2 billion City of Dreams casino complex opening in 11 days. The global recession and travel restrictions have hurt the gambling industry in Macau, the only place in China where casinos are legal.

"...Lawrence Ho's Melco International fell 10 percent to HK$5.38, the most in four months, before trading at HK$5.41, down 9.2 percent, at the midday break. That trimmed its gain this year to 109 percent, compared with a 20 percent climb for the benchmark Hang Seng Index.

"...James Packer's Crown Ltd., Australia's biggest casino owner, fell 0.3 percent to A$6.97 in Sydney trading, trimming its rise this year to 17 percent, compared with 2.5 percent for the benchmark S&P/ASX 200 Index..."

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	Melco Crown posts first-quarter loss 21 May 2009 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> As reported by Bloomberg: "Melco Crown Entertainment Ltd., the casino venture between Australia's richest man and the son of gambling billionaire Stanley Ho, posted a first-quarter loss, driving down its parents' shares. "Melco Crown turned to a net loss of $35.3 million, or 8 cents per American depositary share, from a profit of $43.2 million, or 10 cents, a year earlier, the Hong Kong-based company said in a statement yesterday. "Macau's declining gambling revenue and visitor arrivals augur badly for Melco's $2 billion City of Dreams casino complex opening in 11 days. The global recession and travel restrictions have hurt the gambling industry in Macau, the only place in China where casinos are legal. "...Lawrence Ho's Melco International fell 10 percent to HK$5.38, the most in four months, before trading at HK$5.41, down 9.2 percent, at the midday break. That trimmed its gain this year to 109 percent, compared with a 20 percent climb for the benchmark Hang Seng Index. "...James Packer's Crown Ltd., Australia's biggest casino owner, fell 0.3 percent to A$6.97 in Sydney trading, trimming its rise this year to 17 percent, compared with 2.5 percent for the benchmark S&P/ASX 200 Index..."