MANILA, Philippines – City of Dreams Manila is expected to post significant growth this year as its reaps the benefits of gaming promotions and full-year operations, Belle Corp. vice chairman Willy Ocier said.
In an interview, Ocier said prospects for 2016 in the gaming sector are positive.
“I think we will be achieving very, very good growth. I’m not sure of the percentage but it will be a big jump (this year) because we are now fully open,” Ocier said.
He also said Melco Crown’s management performance has been paying off andthe company has been able to control costs significantly.
“Management has gotten their feet wet already. They know the business. So we’re very optimistic. Volume is ramping up. We’re not trying to catch up with Solaire,” he said.
The completion of the 5.4-kilometer Ninoy Aquino International Airport (NAIA) Expressway that would link the airport roads to the Entertainment City this year would also help boost business for all casinos in the area.
“The Skyway will also be finished,” Ocier said.
The big-ticket NAIA Expressway projects such as Package 2A which spans Macapagal Avenue to Terminals 1 and 2 and Package 2 B, which is from MIA Road to Terminal 3, meanwhile, are expected to be completed by June 2016 and before year-end, respectively, contractor DMCI has said.
According to Melco Crown Philippines, the local unit of Melco Crown Entertainment, casino revenues in the first quarter increased by 108 percent to P4.05 billion from P1.95 billion a year ago.
Total net operation revenues during the quarter, comprised of the P4.05 billion of casino revenues – which represent 89 percent of total net operating revenues – and P482 million in non-casino revenues rose to P4.53 billion from P2.34 billion.
“The increase in total net operating revenues was primarily due to the ramp up of resort operations since the opening in December 2014,” it said.
As a result, net loss during the quarter decreased to P1.13 billion, or by 63 percent from P3.08 billion a year ago, which is related to improved operating revenues generate during the current quarter and lower expenses.
Two other integrated resorts are scheduled to open in Entertainment City – Universal Entertainment’s Tiger Resorts’ Manila Bay Resorts, slated to open at the end of the year and Resorts World Bayshare of the Genting Group and Alliance Global Group, which is targeted for completion by 2018.