Melco Crown Entertainment Ltd. (MPEL), the Australian-based company that operates a casino and some small slots facilities in Macau, said it had cut its losses in half during the fourth quarter of 2008.
The company said it had a loss of $18.9 million or about a penny per share compared to the previous year when the loss was $36.5 million or $0.03 per share.
The experience was much better than analysts had expected. They generally forecast a loss of some $0.06 per share.
Net revenue increased 41% to $253.5 million during the period.
For the year, the company reported a loss of $2.5 million compared to a loss of $178.2 million the previous year.
Both company officials and analysts expect the company’s finances to improve substantially with the opening of its City of Dreams resort in Macau sometime in June.