Melco Crown posts first-quarter loss
Melco Crown turned to a net loss of us$ 35.3 million, or 8 cents per American depositary share, from a profit of us$ 43.2 million, or 10 cents, a year earlier, the Hong Kong-based company said in a statement this week.
Macau's declining gambling revenue and visitor arrivals augur badly for Melco's us$ 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 % to us$ 0.69, the most in four months, before trading at us$ 0.69, down 9.2 %, at the midday break. That trimmed its gain this year to 109 %, 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 % to us$ 5.39 in Sydney trading, trimming its rise this year to 17 %, compared with 2.5 % for the benchmark S&P/ASX 200 Index."
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