n a statement filed with the HKSE on Monday, the operator confirmed its net profit was down to HK$111m (US$14.3m) for the first six months of the year, compared to US$185m achieved the prior-year period.
The company, which is one of the 100 oldest companies in Hong Kong and is run by Lawrence Ho, produced the negative results as a by-product of the falling gaming revenues in Macau. Gaming revenue in the Chinese enclave was down 35.5pc in August over the previous year, making it the 15th consecutive month of declining revenues.
Melco Crown Entertainment, the joint venture between Melco International and Australia’s Crown Resorts, reported net revenue of US$1.9bn for the first half of 2015, representing a 23pc drop of the same prior-year period. The Company explained the decline was primarily due to lower rolling chip revenues and mass market table revenues in Macau.
“In the near future, the gaming industry in Macau anticipates facing strong headwinds with market conditions expected to remain unfavourable,” said Ho, who acts as Group Chairman and CEO of the joint venture. “Further support is expected from the government in line with its strategy to diversify Macau’s economy to non-gaming tourism facilities.”