Inside Asian Gaming

INSIDE ASIAN GAMING | August 2009 44 Briefs Regional Briefs MPEL loss as operation ramps up Melco Crown Entertainment Limited (Nasdaq: MPEL), a developer and owner of casino gaming and entertainment resort facilities focused on the Macau market, has announced its unaudited financial results for the second quarter ending 30th June 2009. For the secondquarter of 2009, net revenuewas US$215.8million, down from US$384.6 million for the comparable period ending 30th June 2008. The company said the relative decrease in net revenue was the result of high rolling chip volume at Altira Macau in the second quarter of 2008, set against low rolling chip hold percentages at Altira Macau and City of Dreams in the second quarter of 2009. Adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) was a loss of US$23.8million for the second quarter of 2009, as compared to a gain of US$36.4 million in the second quarter of 2008. The EBITDA loss in the second quarter of 2009 was largely attributed by the company to lower than expected rolling chip hold percentages achieved at City of Dreams and Altira Macau. Adjusted net loss for the second quarter of 2009 was US$78.5 million, or US$0.17 per ADS (American Depository Share), compared to an adjusted net loss of US$1.7 million in the second quarter of 2008, or US$0.004 per ADS. MPEL said the increase in adjusted net loss was driven primarily by the aforementioned factors, as well as incremental depreciation and amortisation expenses associated with the opening of City of Dreams, combined with an increase in non-capitalised loan interest expense in the relevant quarter. “We are still in the early stages of ramping up our business and believe that we have additional room for growth as we execute on our various marketing and yield management initiatives. The Grand Hyatt Macau is on track to open by the end of the current quarter, which should be a significant driver of gaming revenue and market share,”said Lawrence Ho, Co-Chairman and Chief Executive Officer of MPEL, commenting on the results. Following Suit The Asian Poker Tour (APT) has renewed its invitation to Olympic champion swimmer Michael Phelps to join the Macau leg of the circuit at the Galaxy StarWorld Hotel and Casino in Macau on 12th August. The APT made headlines in 2008 when it issued an open letter asking the Beijing 2008 sensation to call in to the inaugural tournament on the way home from the Olympics. Mr Phelps is known not only for his phenomenal speed in the pool—earning him the nickname ‘The Dolphin’—but also for his passion for poker. Whether he likes to use Dolphin gaming chips when playing isn’t known to Inside Asian Gaming . “Forget the controversy about suit changes in your sport, concentrate on these suits: spades, clubs, diamonds and hearts!”says this year’s invitation. “Forget your rivalry with Milorand Cavic, how about a heads-up game with the legendary Johnny Chan or modern day poker icon JC Tran? We know you couldn’t make the meeting with the Pope but how about a meeting of poker minds in Macau?” The Asian Poker Tour Macau Festival runs from August 12th to 23rd at StarWorld. Last year’s event lasted six days but this year’s will be spread across 12 days. The Macau tournament will also feature in a Chinese language film about poker provisionally titled ‘Poker King’. The Asian Poker Tour Macau hosts over 20 events with 15 official side events—the first four taking place between the 12th to 16th August featuring guaranteed prize pools. Day 1A of the Main Event kicks off on the 20th August. Amongst the online networks sending players are: The Ongame Network; the iPoker Network and PartyPoker.com. In addition, online rooms BWin, PKR, Dafa Poker, JBET Poker, Betfriends, 888.com, Titan Poker, RedKings, 32Red, A crowd gathers at the COD for a special promotion Michael Phelps