Melco Crown (Philippines) Resorts Corp. saw its net losses widen by 61 percent to P6 billion from P4.19 billion a year earlier on higher costs and expenses.
The company is still financing the improvements and operating costs of its casino resort, City of Dreams Manila.
Total operating costs and expenses grew fivefold to P13.86 billion from P2.65 billion due largely to City of Dreams Manila. The casino resort had its soft opening in December 2014, and grand opening in February 2015.
Despite the surge in expenses, total net operating revenues surged to P71.83 million from P9.9 billion.
In the third quarter alone, the company said its net loss declined to P1.177 billion from P1.789 billion a year earlier. Revenues improved by 0.6 percent to P4.242 billion from P4.215 billion in the same comparable period.
New streams of revenue from the City of Dreams Manila were realized in the nine months to September.
Casino revenues contributed P8.686 billion, followed by food and beverage’s P493.33 million. Hotel room revenues totaled P435.9 million, and retail and entertainment reached P305.95 million.
For hotels, the average daily rate was P9,017 and the average occupancy rate was 85 percent.
As of end-September, City of Dreams Manila operated 265 gaming tables, 1,553 slot machines and 50 electronic table games.
The casino resort is owned and operated by Melco Crown, in partnership with the Sy-led Premium Leisure Corp. and Belle Corp. and Premium Leisure Amusement Inc.