Integrated resort and casino developer Melco Crown (Philippines) Resorts Corp. said Friday net loss widened 45 percent in the first nine months to P6.08 billion from P4.2 billion a year ago, on higher expenses due to the full operations of City of Dreams Manila that opened in December 2014.
Melco Crown said in a financial report filed with the stock exchange net loss in the third quarter alone reached P1.17 billion, narrower than the P1.79-billion loss incurred in the third quarter of 2014.
Nine-month revenues, however, jumped to P9.92 billion in the nine-month period from P71.83 million in 2014, following the opening of the integrated casino resort.
Total net operating revenues in nine months to September included P8.68 billion of casino revenues, which accounted for 88 percent of the total.
Non-casino revenues, including hotel and food and beverage and retail businesses, contributed P1.23 billion or 12 percent to total revenues.
The company said in the third quarter, net revenues reached P4.24 billion, up from P26.82 million in the same quarter in 2014.
Total operating costs and expenses soared 442 percent in the January-September period this year to P13.86 billion from P2.58 billion recorded in the first three quarters of 2014.
Third-quarter operating costs and expenses also jumped 236 percent to P4.67 billion from the year-ago level of P1.39 billion.
Melco Crown said in August that because of widening net loss, it “suspended” 100 employees as part of cost rationalization.
Melco Crown, however, said affected employees could resume work, once the business improved.
City of Dreams Manila is located on a 6.2-hectare property at the Entertainment City project of state-run Philippine Amusement and Gaming Corp. It is the second integrated resort to open within the 297-acre Entertainment City, a Las Vegas Strip-style casino hub competing with those in Macau and Singapore.
City of Dreams Manila operates 380 gaming tables, 1,700 slot machines and 1,700 electronic table games that go after the VIP and mass market. It also operates 981 hotel rooms under the Crown Towers, Nobu and Hyatt brands.