Melco Crown Entertainment booked its first operating profit in two years during the first quarter on record revenue due to contributions from its newly opened flagship, the US$2.1 billion City of Dreams.

The joint venture between Lawrence Ho Yau-lung's Melco International Development and Australian James Packer's Crown Entertainment also benefited from cost-cutting measures that narrowed net losses to US$12.47 million.

Earnings before interest, tax, depreciation and amortisation were a record US$99.2 million, up from US$2.67 million in the fourth quarter. Year-on-year comparisons are not meaningful due to the addition of the 1,400-room City of Dreams, which opened in June last year on the Cotai strip. Revenue rose 42 per cent from the previous quarter to US$567.6 million. Operating profit was US$6.17 million, compared with an operation loss of US$73.54 million previously.