The operator of integrated resort and casino City of Dreams Manila reported flat revenue growth for the second quarter of 2018, weighed down by higher commissions.
In a disclosure to the stock exchange on Wednesday, July 25, Melco Resorts and Entertainment (Philippines) Corp said net revenues at City of Dreams Manila reached $173.9 million for the three months ending June, 1.3% lower than the $176.2 million it generated in the same period a year ago.
“The decrease was mainly due to higher commissions reported as a reduction in revenue upon the adoption of a new revenue recognition standard issued by the Financial Accounting Standards Board, partially offset by improved gross gaming revenues,” the company said. — Arra B. Francia

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