Gaming | Melco net revenue drops by 22 pct in Q1

Lawrence Ho

Melco Crown Entertainment Limited net revenue dropped 22 percent year-on-year to USD1,054.3 million in the first quarter of this year, the company revealed in a press release yesterday.
The decline can be attributed to lower group-­wide rolling chip revenues and mass market table games revenues.
The gaming operator reported its unaudited financial results for the first quarter of 2015 yesterday. Adjusted property EBITDA reached USD253.3 million, representing a 35 percent year-­on-year decline.
Net income attributable to Melco Crown Entertainment for the first quarter reached USD60.6 million.
“I am pleased to report a solid operating and financial performance for Melco Crown Entertainment in what continues to be a challenging period in Macau,” said the company’s co-chairman and CEO, Lawrence Ho.
Mr Ho assured the media that Studio City, the company’s development project in Cotai due to open later this year, remains on budget and on schedule. “It signifies our company’s commitment to the diversification of Macau and it highlights our ability to bring unique, market-leading attractions to Macau,” he stressed.
He recalled that Studio City will provide a diverse mix of entertainment options, including a “Batman-themed motion ride, a 40,000-square-foot family entertainment center, Asia’s highest Ferris wheel, a TV production studio, a 5,000-seat multi-
purpose live entertainment center, a live magic show precinct and Pacha nightclub.”
“With a market-leading array of premium non-gaming amenities, Melco Crown Entertainment once again received more Forbes-5 star awards than any other company in Macau. We believe this highlights City of Dreams and Altira’s unique appeal to the most discerning and sophisticated customers in Macau,” he noted.