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Hero : MPEL Cost Cutting Starts with L. Ho's Salary

Here's something you don't see often. Melco Crown Entertainment CEO Lawrence Ho (aka L-Ho) announced during their Q3 Earnings call that MPEL's cost cutting plan starts by trimming his salary.

Lawrence Ho said on a conference call with investors that he's taken a salary reduction of 35 percent as part of a plan to save $25 million annually.

Way to go Larry... you are a true mensch!

via Bloomberg.

If you use the "flat is the new up" metric for measuring business during the current economic typhoon, Crown Towers Taipa is posting solid steady numbers.

Occupancy: 95% Q3 vs 97% Q2
Average Daily Rate: $238 Q3 vs $236 Q2
Average junketeer spends $125k/visit - holy crap!

Did anyone notice that LVS' market cap was two ticks higher than MPEL right after Moodys downgrade? Perhaps ol' Jamie Packer should keep his checkbook at the ready...

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I do hope Lawrence reads this:
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