Crown Macau Trading Below Expectations

Written on August 25, 2007 by admin

James Packer’s Publishing & Broadcasting has told analysts that mass-market gambling at its newly opened Crown Macau Casino is trading below expectations, prompting it to increase its focus on wealthier gamblers.

The six-star casino had a strong start with VIP gamblers, with chip turnover rising significantly from last month, PBL executives reportedly said at a market briefing in Sydney yesterday. Crown Macau is the first of three casinos PBL and its partner Melco are developing in the former Portuguese colony. It has only been fully open for business for about three weeks.

The PBL boss, John Alexander, the chief financial officer, Geoff Kleemann, and the gaming head, Rowen Craigie, faced analysts and investors two days after PBL reported a 4.9 per cent fall in full-year profit amid start-up losses in Macau. Mr Packer did not attend the meeting, which had been hastily scheduled after analysts complained about the company’s initial decision not to explain its results.