In the first-quarter
Melco Crown profit falls 56 % on project financing costs
2013-05-10
Reading time 34 seg
(Macau).- Melco Crown Entertainment, the casino venture between a son of casino mogul Stanley Ho and Australian billionaire James Packer, reported a 56 % drop in first-quarter profit on financing costs related to its new Macau project. Net income fell to us$ 53.8 million from us$ 122.1 million a year earlier for the three months ended March, according to a filing.
Adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, rose to us$ 273.5 million from us$ 242.5 million.
Melco Crown is building the new Studio City casino resort on Macau’s Cotai strip, the city’s equivalent of the Las Vegas strip, to compete with bigger rivals including Sands China and Galaxy Entertainment Group who have been adding new attractions to woo gamblers.
Net interest expense almost doubled to us$ 41.4 million in the quarter. Net revenue increased about 11 % to us$ 1.14 billion.
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