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Macau Casino Operator Melco Continues to Suffer Losses
On March 31, 2007, it was announced that Macau Casino Operator, Melco PBL Entertainment Ltd, suffered losses in 2006 due to the expenses of their 2 new casino projects which have soared high.
Melco, based from Hong Kong, went on public listing on the NASDAQ in December and reported a net loss of around $73.5 million or an equivalent of $0.12 per share, compared to the loss that the company experienced back in 2005, which was around $3.3 million.
The company's profits have improved to about $36.1 million because of a change in reporting their revenues on their Mocha Clubs Unit. Operating expenses for this year rose up to $93.8 million from about $2.1 million back in 2005. Melco commented that they are expecting to launch their Crown Macau Hotel Casino this May 9, 2007.
Construction for Melco's City of Dreams Resort can be found in the Cotai Strip in Macau. The Cotai Strip is the only area in China where casino gambling is permitted. The shares by Melco are at a premium to other casinos in the area like the Wynn Resorts Ltd and the Las Vegas Sands Corporation.
Harry Curtis, an analyst from JP Morgan, commented that with the large interest rate and if the Crown Macau Hotel performs well, they will be expecting a good performance from the short covering. The shares of Melco have improved to about $0.22 or equal to 1.4% on NASDAQ. Melco is a joint partnership between Melco International Development Ltd from Hong Kong and the Australia Publishing and Broadcasting Ltd.
Sunday, April 08 , 2007
Brian Letendre