Been doing this for a solid 3 hours now with 150% magic find.
The chest is there 1 in 3 runs tops, and never contain more than 1 lvl 50-60 blue or no blue at all.
The only rare item I got was a lvl 53 fist from a weapon rack.
Mobs spawn 50% of the time, either instantly after going to the waypoint or after opening vases/weapon racks.
Either I'm just extremely unlucky, or this is nerfed on EU servers.