Melco Crown Entertainment Limited reported yesterday a net loss for the second quarter of 2010 of US$30.1 million, compared with a net loss of US$144.0 million in the second quarter of 2009. “The reduction in the net loss resulted from a significant year-over-year improvement in the operating performance of Altira Macau and from having a full quarter of earnings contribution from City of Dreams,” the company said. For the second quarter of 2010, net revenue was US$573.6 million, representing an increase of approximately 166 percent from US$215.8 million for the comparable period ended June 30, 2009. Meanwhile, Melco Crown Entertainment also announced the resignation of Greg Hawkins, President of City of Dreams, after approximately five years in Macau. In conjunction with the forthcoming departure of Mr. Hawkins, the company said it “has undertaken a comprehensive review of its operating management structure.” As a result, Melco Crown Entertainment is going to implement, effective next month, a new operating management structure organized along functional as opposed to dedicated property responsibilities, to be led by newly created Co-Chief Operating Officer positions. Ted Chan, currently the President of Altira Macau, has been promoted to Co-COO, Gaming, overseeing gaming activities across the entire organization. Nick Naples has joined Melco Crown Entertainment and has been named Co-COO, Operations. He will be responsible for all non-gaming operating activities across the entire company. Mr. Naples most recently held the position of Consulting Executive Vice President at Sands China Ltd. and was previously the Chief Operating Officer at Macau Studio City.
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