• Melco Crown incurs P1.13B Q1 net loss

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    Melco Crown (Philippines) Resorts Corp. on Thursday said it managed to temper its losses during the first three months of the year, largely on higher operating revenue and lower expenditures.

    The operator of City of Dreams Manila noted it was able to trim its net loss by 63 percent to P1.13 billion in January to March versus P3.08 billion year-on-year.

    There were less expenses for casino operations, the company said. It cited that last year it launched the second integrated resort and casino in Entertainment City.

    Total net operating revenue doubled at P4.53 billion from P2.34 billion.

    “The increase in total net operating revenue was primarily due to the ramp up of resort operations since the opening in December 2014,” the company told the Philippine Stock Exchange.

    Gaming revenues reached P4.05 billion, up more than 100 percent from P1.95 billion.

    Non-casino revenue stood at P482.9 million, which consist of revenue streams from hotel rooms and food and beverage.

    Rolling chip volume hit P70.9 billion compared with P8.2 billion.

    The casino’s rolling chip win rate, calculated before discounts and commissions, was at 2.8 percent compared with -0.8 percent.

    The average net win per table per day rose to P139,566 compared with P55,123, and the average net win per gaming machine reached P8,627 from P6,448.

    Room revenue comes mainly from Crown Towers Hotel, Nobu Hotel, and Hyatt City of Dreams Manila.

    The revenue from the hotels was up by 43 percent to P226.3 million from P158.8 million.

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