Melco Phl turns in profit

MANILA, Philippines - Melco Crown (Philippines) Resorts Corp., a subsidiary of Melco Crown Entertainment Ltd., reported an operating income of $38.7 million last year, a turnaround from the $126.3 million loss incurred in 2015.

In the fourth quarter of 2016, operating income reached $19.92 million, a reversal of the $47.53 million loss recorded a year ago. Net revenue amounted to $144.7 million, higher than the $80.9 million booked a year earlier.

Adjusted EBITDA stood at $50.2 million during the period compared to $15.5 million the previous year on higher casino revenues.

In terms of volume, City of Dreams registered $2.1 billion in rolling chip volume in the fourth quarter, significantly higher than the previous year’s $1.3 billion.

Mass market table games increased to $149 million compared with $106.3 million.

Gaming machine handle reached $671.3 million as against $420.9 million a year ago. The gaming machine win rate was 5.9 percent versus 6.2 percent in 2015.

 Likewise, total non-gaming revenue at City of Dreams Manila increased to $28.1 million from $25 million a year ago.

Melco Crown Entertainment Ltd. posted a net income of $175.9 million in 2016, up from $105.7 million a year ago.

“City of Dreams Manila, our integrated resort in the fast growing gaming market of the Philippines, continues to increase its gaming market share by delivering another strong quarter fueled by revenue growth across all gaming segments,” said Melco Crown Entertainment chairman and chief executive officer Lawrence Ho.