Melco Crown Entertainment has announced its financial results for the first quarter ending March 31, 2009.
For the first quarter, net revenue was $216.5m, down from $482.9m for the corresponding period in 2008. The decrease in revenue was primarily driven by an abnormally high win rate and greater rolling chip volume at Altira Macau. Adjusted EBITDA was $21.3m for the first quarter, compared with $77.4m in the first quarter of 2008. The company recorded a net loss for the first quarter of 2009 of $35.3m, compared to a gain of 43.2m in the first quarter of 2008.
"As previously announced, City of Dreams is scheduled to open on June 1 and the budget is unchanged," said Lawrence Ho, co-chairman and chief executive officer of Melco Crown Entertainment. "The opening of City of Dreams is a turning point for our company and a major milestone for Macau in its transformation into Asia’s premier leisure destination.
"Our financial position remains strong and our balance sheet is one of the best in the gaming industry. We held approximately $755m in cash, excluding cage cash, at the end of the first quarter, and we expect to spend approximately $244m on construction activities and pre-opening preparations at City of Dreams from the start of the current quarter through its opening."
