City of Dreams revenues surge in Q4

Casino operator Melco Crown (Philippines) Resorts Corp. said it generated $80.9 million in revenues from City of Dreams Manila in the last quarter of 2015, a big surge from the $ 7.6 million recorded in the same period the previous year.

In its disclosure to the Philippine Stock Exchange, Melco Crown Philippines said City of Dreams Manila booked an adjusted EBITDA ( earnings before interest, taxes, depreciation and amortization) of $15.5 million in the October to December 2015 period as compared to a mere $0.1 million in the last quarter of 2014.

Adjusted EBITDA, the company said, is its earnings before interest, taxes, depreciation and amortization, pre- opening costs, share- based compensation expenses, corporate expenses, property charges, payments to the Philippines parties under the cooperative arrangement, land rent to the SM Group’s Belle Corp. and other non-operating income and expenses.

“The year- over- year improvement in adjusted EBITDA was primarily a result of full operation in the fourth quarter of 2015, since City of Dreams Manila started operations in Dec. 14, 2014,” the local unit of Macau casino operator Melco Crown Entertainment Ltd. said.

Melco Crown Philippines said rolling chip volume totaled $1.3 billion during the quarter while mass market table games drop was at $106.3 million.

The number of gaming machines in operation in City of Dreams Manila averaged 1,700 in the last quarter of 2015, generating revenues of $420.9 million.

Total non-gaming revenue in the three month period swelled to $25 million from $ 1.7 million the previous year.

City of Dreams Manila is the second integrated resort casino that opened in Entertainment City, following Bloomberry Resorts Corp.’s Solaire Resorts & Casino.