Melco Crown (Philippines) Resorts Corp., the operator and developer of integrated resort and casino City of Dreams Manila, said it incurred a net loss of P1.13 billion in the first quarter, lower than the P3.08-billion net loss it booked in the same period last year.
Melco Crown said in a regulatory filing first-quarter operating income nearly doubled to P4.53 billion from P2.34 billion a year ago, as it ramped up resort operations following the opening of City of Dreams Manila in December 2014.
Casino revenues, which accounted for 83 percent of total net operating revenues in the January-March period, jumped 108 percent to P4.05 billion from P1.95 billion recorded in the same period last year.
Non-casino revenues, including hotels, food and beverage, entertainment and retail, amounted to P388.6 million in the first quarter. Room revenues, mainly from Crown Towers Hotel, Nobu Hotel and Hyatt City of Dreams Manila, rose 43 percent to P226.3 million from a year ago, on improved occupancy rate.