MelcoLot revenue up 7 percent in first six months

Melco Crown subsidiary MelcoLot announced that total revenue amounted to HK$24.1 million ($3.1 million) in the first six months of the year, up 7 percent year-on-year, while also releasing an update on its casino plans in Georgia and Spain.

The company, which is in the Chinese lottery business, said revenues generated from the sales of lottery terminals and parts for the Sports Lottery amounted to HK$19.1 million for the six-month period, down 8 percent YoY.

“The Group has been adopting a low pricing strategy in order to maintain market share as the demand of terminals and parts was slower than expected.”

The group’s loss for the six-month period ended 30 June 2015 amounted to HK$19.3 million, compared with HK20.8 million in the six-month period last year.

The difference was mainly attributable to a slight increase in revenue, specifically for provision of services and solutions for the distribution of lottery products; minimal net foreign exchange loss and employee benefits costs which increased to HK$18.9 million, compared to HK$8.7 million for the corresponding period in 2014.

The company also said in the filing that its plan to launch a high-end casino project in the Republic of Georgia continued to make headway, although has taken longer than originally anticipated to settle the terms of the casino premises lease.

“That process is now in its final stage.”

Also, regarding the development of an integrated resort near Barcelona, Spain, “it is expected that the second phase public tender will commence shortly. Our planning process has been continuing.”