Melco International Development 2010 net loss down 86% to HK$209.5 million

By Kate O’Keeffe

Dow Jones Newswires

HONG KONG (Dow Jones)–Entertainment company Melco International Development Ltd. (0200.HK) said Thursday its 2010 net loss narrowed 86%, as strong casino gambling revenue in Macau boosted performance at its associate, casino operator Melco Crown Entertainment Ltd. (MPEL).

The company, controlled by Lawrence Ho, son of Macau gambling kingpin Stanley Ho, said its net loss for the 12 months ended Dec. 31 narrowed to HK$209.5 million from HK$1.45 billion in 2009.

Revenue fell 2.9% to HK$125.2 million in 2010 from HK$128.9 million.

The Hong Kong-listed company said 33.4%-owned Melco Crown contributed a HK$13.4 million loss to the group, compared with an attributable loss to the group of approximately HK$803.4 million a year earlier.

Melco Crown accounts for about 90% of Melco International’s net asset value, according to Bank of America Merrill Lynch.

The company’s directors didn’t recommend a final dividend.

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