Melco Crown widens third quarter loss even as revenue rises
Melco, owner of Altira Macau casino in Cotai, Macau, lost us$$ 39.5 million, or 8 cents per share, in the quarter that ended September 30. A year earlier, it lost us$ 21.1 million, or 5 cents per share. The latest quarterly result beat a consensus estimate of analysts polled by Thomson Reuters who expected a loss of 9 cents per share.
Revenue rose 70 % to us$ 500.3 million from us$ 295.2 million, but fell short of an analyst prediction of us$ 520 million in revenue. The revenue got a boost from the June of this year opening of the City of Dreams and the recent opening of the Grand Hyatt Macau.
Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, Lawrence Ho, said, “Our third quarter results reflect the first full quarter of contribution from City of Dreams. Rolling chip and premium mass volumes at City of Dreams hit the ground running, and continue to perform in-line with our expectations”.
“We remain confident in our outlook for Macau and believe our assets are strategically positioned to capitalize on the expected growth in the market”, he added.
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