Melco PBL Entertainment Ltd., a developer and owner of casinos and resorts in Macau, said Tuesday its fourth-quarter loss narrowed, helped by results from its Crown Macau casino.The company’s quarterly loss narrowed to $36.5 million, or 3 cents per share, compared with a loss of $53 million, or 5 cents per share in the prior-year quarter. Analysts polled by Thomson Financial expected a break-even results.

Revenue rose to $179.8 million, from $17.9 million last year. Crown Macau revenue totaled $153.6 million.

For the year, the company’s loss widened to $178.2 million, or 15 cents per share, from a loss of $73.5 million, or 12 cents per share.

Revenue rose to $358.6 million fro $36.1 million last year.

The company said the Crown Macau project will cost a total of $524 million, about 3 percent less than it originally estimated.

Courtesy :: CNN News