High rollers stem Crown Macau losses
MACAU – Melco PBL Entertainment, an associate company of Macau casino operator Melco International Development, said losses widened to US$96.4 million in the first half as costs increased.
The Nasdaq-listed casino venture between Lawrence Ho and James Packer announced net loss rose more than six fold from US$12.8 million last year, The Standard newspaper in Hong Kong reported.
Revenue was US$64.3 million, up US$54.5 million over the same period last year, while operating costs surged US$149.7 million to US$177.9 million.
The opening of Crown Macau, the beginning of amortisation of the company’s gaming sub-concession and pre-opening costs for City of Dreams added to costs.
“The results reflect the partial opening of Crown Macau in mid- May with VIP facilities, hotel room inventory and other facilities becoming available,” said Ho, chief executive and co-chairman.
He said market share for the casino, in terms of gaming revenue, was edging up. “In May and June, Crown Macau’s market share of total gaming revenue was roughly 1.7 percent and 2.7 percent, respectively. In July, its market share increased to 4.9 percent.”
High rollers have become a major contributor to Crown Macau’s take. Average daily VIP rolling chip volume hit US$55 million this month. But the mass market gaming segment is a challenge, Melco noted.
Ian Jarrett
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