Melco Crown (Philippines) Resorts Corp., the operator and developer of integrated resort and casino City of Dreams Manila, said it reduced net losses by 71 percent in the first half to P1.42 billion from P4.9 billion a year ago, as revenues surged during the period.
Melco Crown Entertainment chairman and chief executive Lawrence Ho said in a statement the company remained confident about the domestic gaming sector.
“We believe that the Philippines gaming market will continue to show robust growth as the country’s economy rapidly expands, infrastructure continues to improve and the government retains its strong commitment to supporting domestic and international tourism,” Ho said.
The company’s financial report filed with the stock exchange showed first-half total operating revenues jumped 80 percent to P10.15 billion from P5.68 billion a year earlier.
Casino revenues in January to June rose 90 percent to P9.16 billion from P4.85 million a year ago, while revenues from hotel operations increased 60 percent to P471 million on improved occupancy.
Other non-casino revenues also contributed to the improved first-half performance. Food and beverage revenues hit P337.3 million while entertainment, retail and other registered revenues amounted to P188.7 million.
First-half total operating costs and expenses climbed 10 percent to P10.1 billion from P9.18 billion as gaming tax and license fees went up by 81 percent P2.52 billion, in-line with the increased gaming volume.