Gambling company Melco PBL Entertainment no longer on red

The Macau gambling company Melco PBL Entertainment (NASDAQ:MPEL) reported Q1 earnings of $43.2 million, no longer on red, compared with the loss of $27.2 million for the same period last year. Melco PBL Entertainment is a joint venture between Australia's richest man James Packer, via his Publishing & Broadcasting Ltd., and Lawrence Ho, the son of Macau gambling mogul Stanley Ho. The joint company is building three casinos in Macau, the only place in China where gambling is legal, including the already functional Crown Macau Casino, which opened in May of last year. The higher gaming volume at Crown Macau is the main reason for the increased earnings in 2008 - "In the span of a few short months, Crown Macau has become the busiest casino in the world in terms of gaming volume. The dramatic improvement in the core rolling chip business at Crown Macau in the first quarter has been maintained into the second quarter," Lawrence Ho said in a statement. Gambling revenue from Crown Macau rose to $459.9 million in the first quarter, three times higher compared to Q4 of 2007.

Published on 05/16/2008