Melco profits steady as shares fall

Casino operators Melco Crown Entertainment (MPEL.NASDAQ, MAS.FRA) said fourth-quarter profits remained virtually unchanged year-over-year, with growth stunted by costs of a Philippines project, Bloomberg reported. Net income edged up to US$108 million from US$107.5 million in the same period a year prior, according to the Hong Kong Stock Exchange. Meanwhile, Macau gambling stocks, including Melco’s, fell when British newspaper The Times recently wrote that the Chinese government will crack down on junket operations that run tours to Macau from the mainland as well as companies linked to money-laundering.