Melco Crown (Philippines) Resorts Corp., the operator of integrated resort and casino City of Dreams Manila, registered a net income of P352.2 million in the first six months of the year, a reversal from a loss of P1.42 billion year-on-year on higher revenues from gaming operations.
Melco in a financial statement filed with the Philippine Stock Exchange attributed the company’s strong first-half financial performance to improved operating revenues generated during the period.
Total operating net revenues surged 64 percent to P16.67 billion from P10.15 billion a year ago.
Casino operations, which accounted for 93 percent of total operating revenues, jumped 70 percent to P15.55 billion while hotel, food and beverage, entertainment and retail businesses, which accounted for the remainder, contributed P1.11 billion.
Operating profit in the first half of the year as a result soared 2,528 percent to P1.76 billion from just P67 million in 2016.
Meanwhile, total operating costs and expenses stood at ₱14.91 billion in the six months ended June 30, 2017, up 48 percent from a year ago level, or in line with with the increased net operating revenues.
Melco Crown reported a net income of ₱203.6 mil lion in the second quarter, a turnaround from a loss of ₱288.5 million a year ago.
Net operating revenues in the second quarter reached ₱8.79 billion, up 56 percent from P5.62 billion in the same period last year.
City of Dreams Manila, which opened on February 2, 2015, is an integrated casino resort located on a 6.32-hectare property at Entertainment City, Manila Bay, Manila,
City of Dreams Manila as of June 2017 has around 286 gaming tables, 1,605 slot machines and 176 electronic table games in operation.
City of Dreams Manila also includes the approximately 260-room Crown Towers hotel, Hyatt City of Dreams Manila, a 365-room hotel managed by Hyatt International Corp. and, Nobu Hotel with 321 rooms.
The local gaming industry has been benefitting from the improved relationship between Philippines and China following President Rodrigo Duterte’s visit in China in October last year.