REVENUES generated by the City of Dreams Manila grew by a third in 2017, following an improvement across all gaming and non-gaming segments within the integrated resort and casino for the year.
In a disclosure to the stock exchange on Monday, Melco Resorts (Philippines) Corp. (MRP) said City of Dreams Manila booked $649.3 million in revenues last year, higher than the $491.2 million it delivered in 2016.
Adjusted property EBITDA (earnings before interest, tax, depreciation, and amortization) rose to $235 million, up by 46% year on year, due to higher casino revenues.
For the gaming segment, rolling chip volume grew by 68.4% to $11.5 billion, with expected wins dipping to 3.1% from 3.4% in 2016.
Mass market table games had a hold percentage of 29.6%, higher than the 28% in 2016, supporting a 24.8% increase in table drops to $686.9 million.
Gaming machines also saw a 36% climb in revenues to $3.04 billion, with win rates at 5.8%.
Meanwhile, non-gaming revenues were up by 11% to $116.3 million for the year. The non-gaming segment includes luxury hotels offering around 950 rooms across NUWA Manila, Nobu Hotel Manila, and Hyatt City of Dreams Manila. The casino complex also features specialty restaurants and bars.
The earnings report for City of Dreams Manila was included in the regulatory filing submitted by Melco International Development Limited to the Hong Kong Stock Exchange last March 29. Melco International is the largest shareholder of Melco Resorts & Entertainment Limited, which in turn is the largest shareholder in MRP.
Shares in MRP gained 28 centavos or 3.59% to close at P8.08 each at the Philippine Stock Exchange on Monday. — Arra B. Francia
