Melco Crown (Philippines) Resorts Corp., the listed local arm of Macau-based casino giant Melco Crown Entertainment Ltd., reported a higher net loss of P3.08 billion for the first three months of the year from P970 million for the same period last year.
The company said in its quarterly report posted on the stock exchange
Website its net losses multiplied because of higher taxes and expenses, payments to Philippine partners, foreign exchange losses and costs related to development of the City of Dreams Manila.
But the losses were offset slightly by inflow of operating revenues after the $1-billion integrated resort and casino complex opened in the first week of February, the company said.
Total operating revenues soared to P2.34 billion from P21.3 million in the same period last year.
Sales of casino operations reached P1.95 billion; revenues from hotel rooms—consisting of Crown Towers Hotel, Nobu Hotel and Hyatt City of Dreams Manila—stood at P158.8 million. Non-casino sales, which included food and beverage and retail, rose to P229.8 billion.
Total operating costs and expenses surged to P4.75 billion from P452.3 million a year ago.
At present, the mass and premium mass markets drive the revenue flows of the City of Dreams Manila as Melco Crown awaits the traffic of VIP and high roller gamers sometime this quarter.
City of Dreams Manila is owned and operated by Melco Crown, in partnership with the Sy-led companies Premium Leisure Corp, which is in charged of the casino operations, and Belle Corp. which owns the titles and rights of the 30-hectare parcel of land where City of Dreams Manila is located.