City of Dreams Manila, an integrated resort, and casino being operated by Melco Resorts and Entertainment (Philippines) Corp., reported second-quarter revenues of $173.9 million, down 1.3 percent from $176.2 million in the same period last year.
Melco Resorts in a disclosure to the stock exchange attributed the decline in revenues to the adoption of a new revenue standard.
Adjusted EBITDA rose $87.3 million, up 39 percent from $62.8 million in the second quarter of 2017, due to better performance in all gaming segments.
Rolling chip volume totaled $3 billion in the second quarter, down 6.2 percent from $3.2 billion, while mass market table games increased to $196.9 million, up 16 percent from $169.8 million on year.
Gaming machines handle reached $855.9 million from $292.2 million a year ago.
Meanwhile, non-gaming revenue at the City of Dreams reached $29.2 million from $28.1 million a year ago as the average occupancy rate hit 98 percent.
Melco Resorts said in May its controlling shareholder was considering the sale of shares in the company to local partner Premium Leisure Corp. of the Sy family.
Melco Resorts said it was notified by its controlling shareholder that it had discussions with PLC “in relation to a potential transaction whereby PLC or its affiliated entities may become equity holders” of the company.
Premium Leisure, which owns the land where City of Dreams Manila sits, has an operating agreement with Melco Resorts that entitles the company to a share in gaming revenues for the use of land.
City of Dreams Manila, which opened on February 2, 2015, is an integrated casino resort on a 6.32-hectare property at the government-sponsored Entertainment City in Parañaque City.
City of Dreams Manila as of end-March had around 299 gaming tables, 1,680 slot machines and 207 electronic table games in operation.
It also operates the 260-room Nüwa Hotel Hyatt City of Dreams Manila, a 365-room hotel managed by Hyatt International Corp., and Asia’s first Nobu Hotel with 321 rooms.