• Melco Crown’s City of Dreams swings to profit in Q4

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    MELCO Crown (Philippines) Corp. said its City of Dreams Manila swung to a profit in the fourth quarter of 2015 following a full year of operation, since the integrated casino opened on December 14, 2014.

    In a disclosure to the Philippine Stock Exchange, the Philippine unit of Macau’s Melco Crown Entertainment Ltd., said its integrated casino located in Entertainment City in Parañaque City generated adjusted earnings before interest, depreciation and amortization (EBITDA) of $15.5 million compared to the $0.1 million recorded in the same period in 2014.

    Net revenue of the casino, which Melco Crown co-owns with the SM Group, rose to $80.9 million for the fourth quarter of 2015 from $7.6 million in the same period a year earlier.

    Rolling chip volume, or the amount of chips wagered on tables, reached $1.3 billion for the quarter. Rolling chip win rate was 2.1 percent as against the expected win rate range of 2.7 percent and 3 percent.

    It said mass market table games drop was at $106.3 million and the hold percentage was at 27.5 percent, giving the casino about $29.23 million in revenues from the segment.
    Gaming machine handle for the period was at $420.9 million.

    “The number of gaming machines in operation at City of Dreams Manila averaged approximately 1,700 in the fourth quarter of 2015,” the company said,

    Total non-gaming revenue at the casino for the quarter was at $25 million, much higher than the $1.7 million posted during the same period last year.

    For the fourth quarter of 2015, the company recorded a provision of input value added tax of $30.3 million.

    As of end of December 2015, the company said it had total long-term debt of $318 million, capital lease obligation of $299.9 million and total cash and bank balances of $162.6 million.

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