Melco Q3 profit up 39pc but lower than expectations on VIP win rate JAMES Packer's Asian gaming joint venture company Melco Crown Entertainment has posted a 39 per cent increase in third-quarter earnings, lower than estimates as high rollers got lucky in its Macau casinos. Adjusted ebitda, or earnings before interest, taxes, depreciation and amortisation, rose 39 per cent to $315.2m, less than the $328 million average estimate from four analysts compiled by Bloomberg. "Adjusted ebitda was driven by significant growth in the mass market table games segment at City of Dreams, as well as improved group-wide rolling chip volume and a committed approach to controlling costs, partially offset by a lower rolling chip win rate," Melco said in a statement to the Hong Kong Stock Exchange. Mass-market table-game revenue at the group's flagship Macau property increased 36 per cent to $1.21 billion while slot-machine handle - the company's win rate on slot machines - gained 52 per cent to $1.24 billion. VIP rolling-chip volume gained 17 per cent to $22.8 billion. Rolling chip win rate - the company's win rate on table games - fell to 3 per cent from 3.2 per cent a year earlier. Mr Packer said last week that Melco Crown now accounted for more than half the valuation of his Australian casino company Crown. Melco Crown, in which Crown has a 34 per cent stake, said earlier this year that it planned to start paying dividends next year. The group is now almost debt free at the holding company level and it has independent financing in place for new developments in Macau and the Philippines.