Melco PBL lost 50% of its value in the past three months
The slide continued in the US last week, when the shares fell a further 3.8 per cent to close at us$ 9.95, slightly above a recent record low of us$ 9.49.
The fall has been attributed to various factors including uncertainty surrounding predicted earnings due to a flurry of casino and hotel openings squeezing revenues, a us$ 400 million shortfall in development funds, and fears of Chinese authorities changing gambling policies arbitrarily.
Melco PBL has also delayed the final purchase of the land for the third project on the Macau Peninsula, Trinity, and says it is unlikely to secure the land until the middle of this year. Falls in Melco PBL’s share price in November and early December were blamed on concerns its junket agency, AMA, would not get funding.
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