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Melco share sights lowered

Newsdesk by Newsdesk
Tue 7 Jul 2009 at 16:00
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(Associated Press) NEW YORK — Disappointing results from two of Melco Crown Entertainment Ltd’s Macau casinos led a JPMorgan analyst to withdraw the casino developer’s price target and lower some of his estimates Tuesday.

The Hong Kong-based company, which develops and owns Macau casino resorts, had a “very poor” June VIP hold of 0.8 percent at its City of Dreams complex, according to analyst Carlo Santarelli. The hold is the amount won by the casino as a percentage of the total wagered.

The $2.1 billion City of Dreams – which has three hotels, more than 500 gambling tables, Las Vegas-style shows, an upscale shopping mall and restaurants – opened in Macau on June 1. Macau is the only place in China with legalized gambling.

At the Altira Macau, the rolling chip hold percentage, which measures VIP play, was a lackluster 2 percent.

Santarelli said the results, combined with a likely slow ramp-up at City of Dreams, prompted him to reduce his second-quarter estimate to a loss of 13 cents per share from a loss of 4 cents per share. He revised his 2009 forecast to a loss of 29 cents per share from a loss of 17 cents per share and lowered his 2010 estimate to a loss of 20 cents per share from a loss of a penny per share.

Analysts surveyed by Thomson Reuters forecast a second-quarter loss of 12 cents per share, 2009 loss of 22 cents per share and 2010 profit of 22 cents per share. Analysts’ estimates generally exclude one-time items.

Santarelli withdrew Melco’s $5 price target but maintained its “Neutral” rating.

Shares of Melco Crown Entertainment added 3 cents to $4.59 in morning trading.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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