Melco Crown Entertainment reported net revenue of $400.2m for the fourth quarter of 2009 ending December 31, an increase of approximately 60 per cent on the figure recorded a year earlier.
The company attributed this rise to the opening of its City of Dreams resort in June.
Adjusted EBITDA stood at $2.7m for the fourth quarter, compared with $22.4m in the corresponding period in 2008. The company-wide mass market table games hold percentage in the fourth quarter was 17.5 per cent, which was in line with the operator’s target hold percentage range of 16 per cent to 18 per cent. The combined rolling chip table games hold percentage across City of Dreams and Altira Macau during the three-month period was 2.4 per cent, below its expected rolling chip hold percentage range of 2.7 per cent to three per cent.
Lawrence Ho, co-chairman and chief executive officer of Melco Crown Entertainment, said: "I am pleased to report that gaming volume has bounced back in January at Altira Macau to approximately MOP30bn for the month which, combined with reduced junket commission rates, is driving much improved profitability at Altira Macau. Additionally, our efforts to accelerate growth in our mass market business at City of Dreams have gained traction over the past two months. Bolstered by a moderate benefit from high rolling chip hold percentage in the past four weeks, our market share in gross gaming revenue terms has improved and our total EBITDA in January 2010 is estimated to be in excess of US$40m.
"I am encouraged by our initial results so far this year, and I am confident that 2010 will be a strong year for us."
