Melco PBL posted $43.2 million in earnings for the first quarter, a huge improvement compared to the loss of $27.2 million over the same period last year.
Sales after promotional allowances improved to $482.9 million, compared to $20.3 million last year, due to improvements in the new Crown Macau's operating performance, but the figure is still below analysts' estimated $635.7 million.
“In the span of a few short months, Crown Macau has become the busiest casino in the world in terms of gaming volume, impressive given the physical size of the property compared with many of its competitors, and the relatively modest capital investment cost of $382 million (excluding land value)," said Lawrence Ho.