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CR87-p75-business2:SJC-Casino Review 23/12/09 18:28 Page 1
internationalcasinoreview
M Resort looking up
The classy M Resort, which opened in March
Business
2009 south of Las Vegas on the I15, has seen
an improvement business in the last two months
of the year, a senior officer of the company has
said. Advance bookings at the 400-room resort
for both the next two quarters are “good” said
NEWS Matt Woodhead, chief legal officer. “We have
seen an uptick.”
The opening of so
large a project as
City of Dreams has boosted
revenues but has also been a
City Dreams plays
heavy weight on the
havoc with the
intangibles, keeping Melco
Crown deep in the red.
accounts for a while:
Melco Crown’s
revenues are up but
so are losses as
costs and liabilities
flip across the
columns of balance
sheet.
Melco Crown
losses
worsened by
City of Dreams
accountingthecost said: “Our third quarter having a positive impact on
MELCO CROWN results reflect the first full performance.”
quarter of contribution from The growing importance
Melco Crown has reported an City of Dreams. Rolling chips of the mass market will be
increase in casino revenues in and premium mass volumes supported by the opening of
its third quarter of almost 68 as City of Dreams hit the entertainment attractions in
per cent to US$491.2m ground running and continue the first half of 2010, includ-
(E343.3m) compared to the to perform in line with our ing in June of a spectacular THE OFFICIAL SHOW
previous year. The huge leap expectations.” Dragone-inspired show in the
is entirely due to the opening He continued: “We are espe- Theatre of Dreams. CATALOGUE & BUYERS GUIDE
of City of Dreams in June. cially pleased that we have Ho’s justification for his
Overall, revenues totalled delivered strong rolling chips expression of confidence in
2010
$500.3m (E349.7m), an performance at City of Dreams the Altira Macau is a little hard
increase of 69.5 per cent. without any negative impact to find: the high-end venue saw
The bottom line loss experi- on volumes or operations at net revenues reach $182.6m
enced by the company in Altira Macau.” (E127.6m), down 31.4 per cent
Q3/2008 of $21.1m (E14.7m) Rolling chip volume at the on the same quarter last year.
widened this year by more than VIP tables of City of Dreams Rolling chip volume was down
To advertise please contact
87 per cent to $39.5m (E27.6m), totalled $9bn (E6.3bn) and the 31 per cent to $9.8bn Andrea Murphy e: amurphy@gbmedia.eu
also due entirely to City of drop at mass market table (E6.85bn), while mass market
Dreams, as the company had games reached $390m table games drop was down
or
to start taking into account (E272.6m). The drop at the slots 38 per cent to $56.4m (E39.4m). Neil Judson e: njudson@gbmedia.eu
depreciation and amortisation. totalled $285m (E199.2m). Room occupancy bore up rea-
CEO Lawrence Ho, who is Ho continued: “Our grind sonably well reaching 93 per
also co-chairman of the mass market business has cent (down from 95 per cent a Tel: +44 (0) 1204 396 397
company with James Packer, demonstrated sequential year earlier) with an average
volume improvements across daily rate of $215 (E150), down
the reporting quarter and this from $238 (E166).
trend has continued into the “We remain confident in our
fourth quarter of this year. We outlook for Macau and believe
have not yet reached our full our assets are strategically
potential in this segment and positioned to capitalise on the
the recent opening of the expected growth in the
Grand Hyatt Macau is now market,” concluded Ho.
January 2010 • businessnews 75
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