Although the Australian gaming brand is facing hard legal times in China, its numbers keep growing.
Macau.- Melco Crown, Macau’s subsidiary of Australian Crown casino operator, published yesterday its financial results for the last three months. Whilst the company is still facing the arrest of 18 of its employees in China, the Asian facilities reported an unaudited growth of 22 percent throughout the third quarter of 2016.
According to a Melco Crown statement released on Thursday, net revenue was US$1,152.6 million, representing the 22 percent of increment from US$945.7 million in comparison with the same period of 2015. Furthermore, on a U.S. GAAP basis, operating income for the third quarter of 2016 was US$108.9 million, compared with operating income of US$34.1 million in the third quarter of 2015, representing an increase of 220 percent.
“As trends stabilise in Macau, Melco Crown Entertainment is positioned to benefit from Macau’s evolution into a mass-focused, multi-day stay destination. Our company continues to demonstrate its ongoing commitment to lead Macau in its transformation to the integrated resort model and away from the traditional gaming model through the development of diversified, mass-focused integrated resorts that deliver world-class entertainment and other non-gaming amenities which cater to a broad spectrum of customers,” explained Lawrence Ho, Chairman and Chief Executive Officer of Melco Crown Entertainment.
The gaming results also showed net income attributable to Melco Crown Entertainment on a U.S. GAAP basis for the third quarter of 2016 of US$62.0 million, or US$0.13 per ADS, compared with net income attributable to Melco Crown Entertainment of US$33.2 million, or US$0.06 per ADS, in the third quarter of 2015. The net loss attributable to noncontrolling interests during the third quarter of 2016 of US$18.3 million was related to Studio City and City of Dreams Manila.