When he revealed plans to split PBL into a gambling and a media company last week, James Packer said the move would enable the company’s casino and other gaming interests to be better valued by the market.

This week he has seen his wish answered with a slumping share price and now big losses for its Melco PBL Entertainment associate, listed on the Nasdaq Exchange in the US.

PBL owns 41 per cent of Melco PBL and has seen the price slide 12% this week: losing 9% on Monday and 3.7% on yesterday. It closed at $US14.52 on the Nasdaq overnight, its lowest level in two months.

PBL shares dropped 45c to $21.32 on the ASX yesterday as US analysts wondered why Melco PBL had rushed Sunday’s opening of the Crown casino in Macau.

Melco PBL announced its first-quarter loss had widened on increased operating costs, reporting $US27.2 million loss for the first quarter compared to a loss of $7.5 million a year ago.

Total group operating costs and expenses jumped to $US56.1 million from $US15.3 million thanks to higher amortization, as well as costs associated with the development of the Crown Macau and City of Dreams casinos. But revenue in the quarter jumped to $US20.3 million from $US5.4 million.

US analysts say that delays to the opening of the lucrative VIP gaming rooms for high rollers at Crown Macau have been blamed for the weakening share price.

The shares are now back where they were in early March when cost blow-outs and construction delays were revealed. The current price is also around 20 per cent lower than when Melco PBL listed last December.