Corporate News

City of Dreams developer reports 47% top line growth in Q2

Posted on July 29, 2017

THE developer of City of Dreams Manila said it grew its top line by 47% in the second quarter of 2017 on the back of stronger revenues from both casino and non-gaming operations.

Shares in Melco Resorts and Entertainment (Philippines) Corp. gained nine centavos or 1% to P9.12 each at the Philippine Stock Exchange on Friday, July 28.
In a disclosure to the stock exchange on Friday, Melco Resorts and Entertainment (Philippines) Corp. said its controlling shareholder, Melco Resorts & Entertainment Limited, filed its unaudited financial results with the US Securities and Exchange Commission on July 27.

The company reported a net revenue of $176.2 million for the integrated resort and casino located in the Bay Area, compared to the $120.2 million it recorded a year ago.

Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) accordingly rose to $62.8 million from the $36.5 million delivered in the same period in 2016. The company attributed the gain in adjusted EBITDA to “increased casino revenues.”

Rolling chip volume for the period was up by 88% to $3.2 billion, with the win rate at 3.5% during the period, against the 3.4% rate in the April to June period last year. The company had put the rolling win rate range at 2.7% to 3%.

Mass market table games drop stood at $169.8 million, gaining 26% year-on-year. The hold percentage of mass market table games was at 28.5% for the period versus the 29.9% holding rate in the comparable period last year.

Revenues of gaming machine handle climbed by 47% to $759 million, as win rate for the quarter went up to 5.9% versus the 5.8% in 2016’s second quarter.

Meanwhile, non-gaming revenues rose 7% to $28.1 million.

Shares in the company gained nine centavos or 1% to P9.12 each at the Philippine Stock Exchange on Friday. -- ABF