HONG KONG Aug 8 Shares in Macau casino operator
Melco Crown fell 4.8 percent on Friday after the
company posted second-quarter earnings that missed consensus due
to increased labour costs and sluggish growth in the world's
biggest gambling hub.
Melco reported earnings on Thursday night which showed that
net revenue fell 7 percent to $1.2 billion. The company also
announced that a branch office in Taiwan has been indicted for
alleged violations of local banking and foreign exchange laws.
Lawrence Ho, chief executive of Melco said on a conference
call that the company has yet to receive formal documentation
but has been operating in compliance with Taiwan law.
Melco, in line with casino peers Las Vegas Sands and
Wynn Resorts, reported higher than expected staff
costs of $10 milllion at a time when workers are demanding
higher pay and threatening strikes.
Its shares were set to open down 4.8 percent at HK$74.90,
lagging a 0.3 percent drop in the benchmark index.
(Reporting by Farah Master; Editing by Anne Marie Roantree)