71
has also been on a slide. Its stocks have toward gaming companies could lead to pects City of Dreams to be the only new
fallen more than 50 percent this year. In higher prices for the shares.’’ property to open in Cotai this year.
late February, the company announced In late February, the company an-
a loss of US$159.6 million in the fourth MPEL – competitive advantage? nounced a 2008 fourth-quarter net loss
quarter of 2008. of US$18.9 million, or US$0.04 a share,
KeyBanc Capital analysts said in a re- Melco Crown (NASDAQ:MPEL), less than the US$36.5 million loss in the
cent report on Wynn Resorts that they are which plans to open its City of Dreams comparable period ending December
“afraid” Wynn’s shares will underperform casino and hotel complex in Cotai in 31, 2007. However, net revenue rose to
over the near term, after saying the “skit- early June, saw its share price increase US$2,53.5 million, from US$179.7 mil-
tish investment climate today does not au- 30 percent in one month. The value on lion in the same comparison basis.
gur well for any gaming company’’. March 15 NASDAQ trade was US$3.24, For the full year ending December
The analysts consider that the com- against US$2.49 a month earlier. 31, 2008, Melco Crown reported revenue
pany could be helped by “a surprising “As some of our competitors have sus- of US$1.41 billion versus US$3,58.5 mil-
improvement in the US economy and/ pended the development of their integrated lion in 2007. The year-on-year revenue
or the competitive situation in Macau, resort projects in Cotai, the supply growth increase was driven by improved operat-
which could positively impact the funda- outlook in Macau has shifted in our favour,” ing performance and a full year of opera-
mentals and therefore the shares’’. They Co-Chairman and CEO Lawrence Ho said tions at Crown Macau, which opened in
add: “A change in investor sentiment in March, adding that Melco Crown ex- May 2007, said the company.
Mapril 2009arCH 2009
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