Melco Net Income Falls as Chinese Gamblers Curb Spending
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Melco Crown Entertainment Ltd., a venture between billionaire James Packer and a son of gambling tycoon Stanley Ho, said third-quarter profit fell as high-stakes Chinese gamblers curbed spending amid a slowing economy.
Net income fell 7.4 percent to $104.9 million from $113.3 million, based on U.S. accounting standards, according to a statement to the Hong Kong Stock Exchange yesterday. That was higher than a $93.4 million average estimate from nine analysts compiled by Bloomberg.