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Packer's bad luck continues in Macau

22 July 2009

MACAO -- As reported by The Sydney Morning Herald: "James Packer's Macau casino joint venture has been buffeted by further headwinds, gambling revenues in the territory having fallen for the third consecutive quarter.

"Gross gambling revenues, which include revenues from all casinos, horse and dog racing and lotteries, fell 12 per cent to 25.6 billion patacas ($4.1 billion) in the three months to the end of June.

"This was the third consecutive quarter of negative year-on-year growth in gambling revenues, following a 13 per cent fall in the first three months of this calendar year, and a 2 per cent fall in the fourth quarter of last calendar year.

"Of most concern to Mr Packer's Melco Crown Entertainment was the 19 per cent slump in revenue from VIP baccarat to 16.3 million patacas in the past three months..."

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