Melco International Development Corp., the Hong Kong-listed gaming investment vehicle chaired by Lawrence Ho, recorded a loss last year.
The net loss was HKD2.36 billion or HKD1.92 a share, compared with a profit of HKD2.69 billion or HKD1.98 a share a year earlier.
The company attributed much of the deteriorating performance to falling local asset values on the back of a 48 percent devaluation of the Hang Seng Index. Sales also fell 32 percent to HKD690.86 million.
Melco booked a so-called ‘impairment loss’ of HKD1.86 billion, mainly from the fall in the values of listed units.
“I remain optimistic on China’s consumption prowess,” said Mr Ho in a bullish response to the results.
Melco Crown Entertainment, the joint venture between Mr Ho and James Packer’s Australian gaming company Crown Ltd, will open its USD2.1 billion City of Dreams casino on Cotai in June.
