Deutsche Bank has given James Packer’s jointly owned Melco PBL a big vote of confidence, upgrading its first-quarter earnings estimates by 43 per cent. “After our first visit to Macau, we remain bullish on the phenomenal growth in Crown’s VIP business,” analysts from the investment bank said.

Deutsche Bank estimates that Melco’s Crown Macau casino achieved a rolling turnover of almost $HK50 billion ($6.9 billion) last month, representing about 23 per cent of Macau’s VIP play. Deutsche raised its first-quarter earnings before interest depreciation and amortisation (EBITDA) by 43 per cent to $70million.

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