The loss was blamed on the cost of gambling licences
PBL joint venture loses us$ 142 million on Macau casinos
2007-11-19
Reading time 24 seg
Despite the setback however, the media and gaming group saysan increase in VIP gambler numbers will initiate a turnaround for Melco PBL Entertainment, operator of the Crown Macau casino.
The loss was blamed on the cost of gambling licences and the 6 star hotel-cum-casino's opening extraveganza. Analysts had expected the company to break even in the quarter.
The news sent Melco PBL's shares down 46 cents to us$ 14.15, well below its listing price of us$ 19.
The joint venture, which is 37 per cent owned by PBL, incurred costs of us$ 160 million in the third quarter and posted us$ 113 million revenue.
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