Melco remains upbeat despite loss, by Simon Liddle - Intergame - 14th November 2008

Casino gaming and entertainment resort operator Melco Crown Entertainment continues to maintain its positive outlook for the company's future, despite recording a loss during the quarter ended September 30, 2008.

The firm announced that it made a net loss of $21.1m or $0.05 per share during the three-month period, although this compared favourably with the net loss of $45.2m or $0.11 per share recorded during the third quarter of 2007. Meanwhile, net revenue stood at $295.2m, up from $113.3m a year earlier and adjusted EBITDA rose to $20.8m from a loss of $9.8m.

“Our capital raising efforts in 2007 in both the equity and debt markets have put us in a strong position relative to most of our peers in the industry,” said Lawrence Ho, co-chairman and chief executive officer of Melco Crown.

“Phases I and II of City of Dreams are fully funded and the project remains on timetable to open Phase I in the first half of next year,” he continued.

“Our outlook for the Macau market remains strong and we are confident that City of Dreams will set a new standard for casino development in Macau.”

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