Macau casino operator Melco Crown Entertainment recorded a 560 per cent increase in net income in the fourth quarter of 2011.
The company, which operates the City of Dreams complex and Altira Macau, saw net income soar to $107.5m during the three-month period, up from $16.3m in the fourth quarter of 2010.
Net revenue for the period stood at $1.1bn, representing a 30 per cent increase on the $773.7bn recorded in the corresponding quarter a year earlier. This increase was attributed to group-wide improvements in gaming volumes and significant contributions from mass table games, and other entertainment segments.
For the full year, MCE achieved net revenue of $3.8bn, compared with $2.6bn a year earlier. Net income, meanwhile, stood at $294.7m, from a loss of $10.5m in 2010.
Lawrence Ho, co-chairman and chief executive officer of MCE, said the results capped off a "remarkable year" for the company.
"Our strong results in the fourth quarter of 2011 further demonstrate our ability to build on the meaningful improvements made earlier in the year, while at the same time executing on a range of strategically important milestones," he said. "The meaningful ramp up in our mass market operations over the past year, which is evident in the sustained improvements in margins and group-wide profitability, is particularly pleasing.
"We have continued to execute on our premium strategy, both in the rolling chip and mass market gaming segments, as well as in our world-class entertainment and other non-gaming amenities."
MCE is "well positioned" for the future thanks to its development plans for the Studio City project and exposure to the fast-growing Cotai region of Macau.
