Melco reports strong holiday week

 

Lawrence Ho, chief executive and co-chairman of Melco Crown Entertainment Ltd., said the month had gotten off to a fast start. “Unlike last May, the Golden Week this year was much stronger than expected.” The company is preparing this year to begin construction of another hotel tower, with 140,000 square meters of space, at its City of Dreams complex on Cotai. It reported an 11 percent rise in revenue to $1.03 billion on higher VIP betting volumes and mass-market table revenues for the first quarter. Net profit fell 55.9 percent to $53.8 million because of finance costs. Ho said revenues from mass tables at the City of Dreams rose 35 percent.

Analysts project that Macau gaming revenues will rise 13 percent to 17 percent in May from a year earlier. Wells Fargo cited data showing that growth slowed after the May 1 labor day holiday.