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House against Melco PBL16 January 2008AUSTRALIA -- As reported by the Sydney Morning Herald: "James Packer's Macau casino development venture, Melco PBL, continues to lose favour with investors, having lost 50 per cent of its value in the past three months. "The slide continued in the US on Friday, when the shares fell a further 3.8 per cent to close at $US9.95, slightly above a record low $US9.49 last Tuesday. "The fall has been attributed to various factors including uncertainty surrounding predicted earnings due to a flurry of casino and hotel openings squeezing revenues, a $US400 million ($452 million) shortfall in development funds, and fears of Chinese authorities changing gambling policies arbitrarily. "Melco PBL has also delayed the final purchase of the 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. "...Falls in Melco PBL's share price in November and early December were blamed on concerns its junket agency, AMA, would not get funding..." |