Numbers aren't coming up for Packer in Macau

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Message was posted: 08:43 Jan 15th, 2008

User: Joseph
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JAMES Packer's Macau casino development venture, Melco PBL, has continued to fall from favour with investors, losing 50% of its value in the past three months.

The slide continued in the US on Friday, where the shares fell a further 3.8% to close at $US9.95 ($A11.17), just above last week's record low of $US9.49.

The fall has been attributed to uncertainty over predicted earnings due to a flurry of casino openings squeezing revenue, a $US400 million shortfall of development funds, and fears Chinese authorities might change gambling policies.

Melco PBL has also delayed the final purchase of land for the third project on the Macau Peninsula, Trinity, and says it is unlikely to secure the land until the middle of this year.

Trading in Melco PBL has been volatile since it listed on the US Nasdaq market about a year ago at $US19 a share.

It rose to $US23.55 on December 19 but has failed to touch that high again.

The company has been dogged by cost overruns on two of its Macau projects, volatile high-roller visitor numbers, a threatened crackdown on visitor visas by Chinese authorities and concern about oversupply of casinos in Macau.

The six-star casino and resort Crown Macau opened fully in August after a gala opening in May. The first stage of the $US2.3 billion City of Dreams project is set to open in March next year.

ASX-listed Crown Ltd, in which Mr Packer is a major shareholder, last month agreed to buy Pennsylvania racetrack- casino The Meadows, which has more than 1700 poker machines and is set to expand to 3000.

Crown closed down 14¢ at $11.61.

theage.com

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