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!
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...