Melco Crown shares fall on profit plunge
Melco Crown Entertainment shares tumbled in early trading in New York on Thursday after it posted a 22 per cent fall in profit for the third quarter. Shares in the Macau casino operator dropped nearly 2 per cent to US$18.99 at 11am.
Melco opened a US$3.2 billion Studio City casino resort in Macau last week.
Meanwhile, other New York-listed Chinese companies had a rough morning. Baidu, China’s biggest search engine, fell about 1.4 per cent to US$195.18. Vipshop Holdings, an online retailer, was down 3.92 per cent at US$20.96.