CASINO

Melco International Development profits hike; Success Universe Group narrow losses; Galaxy gets new investment

TAGs: Melco Crown Entertainment, melco international development, Success Universe

MelcoThe parent company of Macau casino firm Melco Crown Entertainment has seen net profit for the first half of the year hit HK$408.4 million (US$52.7m) – 135 percent higher than the same period in 2011. Melco International Development, one-third shareholder in the casino joint venture, also reported revenue rising 2.3 percent to HK$63.61 million. Much of this was down to huge growth from Melco Crown’s casino business in Macau with their 38.3 percent stake in Entertainment Gaming Asia Inc also contributing following its first casino project on the Cambodia-Thailand border. As for the future, Lawrence Ho, group chairman and CEO, said: “The Group will attract more visitors from mainland China by introducing a wider range of gaming and non-gaming offerings to cater to the untapped market sectors and in new markets in the region to enhance shareholder value and benefit our stakeholders and society at large.”

Success Universe Group narrowed its losses as it posted results for the first half of 2012. The 49 percent owner of Ponte 16 showed a loss of HK$28.3 million, down from HK$37.6m a year ago. VIP gaming growth meant that Success Universe achieved positive EBITDA growth of 11 percent to HK$142.7m and it’s the largest of a number of different gaming activities that they’re involved with.

Galaxy Entertainment Group has a new investor after Waddell & Reed Financial Inc bought a significant amount of the shares sold by Permira. Business Daily report the US based mutual fund bought two thirds of the 7 percent of the company sold by Permira earlier this week. It means that Waddell & Reed now own significant stakes in Wynn Resorts (16.4 percent), Sands China (4.6 percent) and the aforementioned stake in Galaxy.

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