City of Dreams Manila is an integrated resort and casino that features 3 luxurious hotel brands and various premium dining outlets. It boasts of an iconic Fortune Egg that houses Chaos nightclub known to bring in top-notch acts from around world. City of Dreams is also home to the very first DreamWorks inspired DreamPlay that offers a one-of-a-kind entertainment for whole family. It is strategically positioned in close proximity to the Ninoy Aquino International Airport, SM Mall of Asia, SMX Convention Center and other key destinations.
Melco Resorts Philippines has posted a net loss of P2.4 billion (US$49.3 million) in the three months ended June 30, 2020, due to the temporary closure of its casino amidst the COVID-19 outbreak in the Philippines. The company, which operates the City of Dreams Manila in Entertainment City, saw a significant drop in total net […]
Philippines gaming investor Belle Corp posted a 9 percent decline in net income in 2019, reaching P2.9 billion, driven mainly by a decline in consolidated revenues. Belle said its overall operating performance was affected by weaker results at Pacific Online Systems Corporation, which leases online betting equipment to the Philippines Charity Sweepstakes Office (PCSO) – […]
The time it takes for players to “warm-up” to new gaming concepts has been identified as a major reason why the gaming industry has lagged behind others when it comes to technology. This was according to a panel of experts speaking at the G2E Philippines conference in Manila on Tuesday afternoon. Clinton Long, Sales Director […]
Belle Corp said revenue fell 7 percent in the first half as gains from its share of revenue in City of Dreams Manila (CoD) failed to outweigh a decline in revenue at a unit that leases online betting equipment.
Despite gaming revenue growth at its City of Dreams Manila complex, Belle Corp registered a fall in consolidated net income for the first quarter of 2019, down 18 percent year-on-year to P700 million. The company’s consolidated revenues fell 6 percent to P1.9 billion, which was mainly caused by weaker results at Pacific Online Systems Corporation […]
City of Dreams Manila is opening Southeast Asia’s first Bandai Namco VR gaming facility, named “The Garage”, local media reports. With a space of 2,714 square meters, the attraction is the first of its kind in the Philippines – merging VR gaming recreation with dining. The zone will feature 3 immersive VR games from Bandai […]
Philippine-listed Belle Corp grew its net profit by 11 percent year-on-year in 18H1, reaching P1.96 million, according to its Friday results filing. Excluding capital gains from sales of non-core investments and extraordinary items, Belle’s recurring net income was P2.1 billion in 18H1, representing a 26 percent year-on-year increase from 17H1. Belle said its increase in […]
Melco Resorts & Entertainment reported an 8 percent gain in adjusted property EBITDA driven by its City of Dreams Manila and Altira properties, though overall revenue fell after a change in accounting practices.
Marina Bay Sands is bringing one of the world’s top nightclub brands to Singapore next year, becoming the latest of the region’s major IRs to add clubbing to the entertainment mix in the hope of duplicating the success of Las Vegas’ vibrant night scene. The property, which is owned by Las Vegas Sands, is teaming […]
Premium Leisure Corp is reportedly in “preliminary discussions” with Melco Resorts & Entertainment in order to acquire shares in Melco’s local operating unit which runs City of Dreams Manila. The announcement was made on Friday by Melco Resorts and Entertainment (Philippines) Corporation to the Philippine Stock Exchange. Currently, Premium Leisure Corp has an operating agreement […]
Melco International Development said its EBITDA for 2017 soared 80 percent after benefiting from full control of its Melco Resorts & Entertainment unit. Adjusted EBITDA came in at HK$9.8 billion ($1.24 billion), while revenue jumped 70 percent to HK$41.2 billion. The results included a full year of consolidated results from Melco Resorts, compared with eight […]
Sheldon Adelson featured in 21st position in Forbes annual ranking of the world’s billionaires, coming far ahead of other casino moguls. Adelson, founder and CEO of Las Vegas Sands, had a fortune of $38.5 billion as of March 6th. Forbes notes Adelson is the son of immigrants from Lithuania and Wales and grew up sleeping […]
Philippines casino investor Belle Corp achieved record revenues and net income in 2017, due mainly to increased gaming earnings from City of Dreams Manila. The company, through its subsidiary Premium Leisure Corp, operates the Entertainment City-based casino resort through a joint venture with Melco Resorts & Entertainment (Philippines). According to the filing, consolidated revenues for […]
Melco Resorts & Entertainment has announced a major management reshuffle, with David Sisk named as property president for City of Dreams Macau, replacing Gabe Hunterton, who will leave the company. Geoff Andres, who is currently president of of City of Dreams Manila, will replace Sisk as property president at Studio City in Macau. Kevin Benning, who […]
Melco Resorts & Entertainment Ltd reported higher group-wide rolling chip revenues in the third quarter of 2017, boosting adjusted property EBITDA to record highs. Net revenue for the third quarter of 2017 was US$1.4 billion, an increase of 19 percent year-on-year. Melco said the increase in revenues was attributable to higher rolling chip revenues at […]
The opening of the 780-room Morpheus, continued ramp up of Studio City, and forecasted GGR growth at City of Dreams Manila is set to drive growth for Melco Resorts and Entertainment, according to Bernstein analysts. In a Monday note, the brokerage said it tips the company to outperform, pointing out that City of Dreams Macau […]
Philippine casino investor Belle Corp. posted a 93 percent increase in consolidated net profit, amounting to P1.77 billion in the first half of the year, driven by revenue growth at City of Dreams Manila. Net income for the first half of the year amounted to P1.66 billion, up by 82 percent year-on-year compared to P913 […]
Melco Resorts and Entertainment (Philippines) Corp, operator of City of Dreams Manila, is doubling its authorized capital stock, according to a filing from the operator to the Philippine Stock Exchange. Approval for the capital stock hike to P11.9 billion (US$236.2 million) from P5.9 billion was approved in the latest Stockholders Meeting. Melco said the increased […]
City of Dreams Manila operator Melco Resorts and Entertainment (Philippines) Corp. says it has beefed up security following the June 2 casino attack at Resorts World Manila, local media reports. “Following the incident at Resorts World Manila, we are on heightened alert. [We have] augmented security personnel further and received additional support from local […]
Melco Resorts CEO Lawrence Ho said his company will step up security at its City of Dreams Manila complex following an attack on nearby property Resorts World Manila. “With an incident like this, especially at Resorts World Manila, we certainly would ratchet that (security) up even more…certainly an issue we will buckle down on,” told […]
Casino operator Melco Resorts & Entertainment Ltd. reported better-than-expected adjusted EBITDA and net revenue in the first quarter of 2017, attributed to strong performance in rolling chip and mass market table games segments. Group wide adjusted property EBITDA was US$353.3 million, representing an increase of 42 percent year-on-year from US$248.8 million in 16Q1. Total net […]
Philippine casino investor Belle Corp. has reconfirmed the comments made by vice chairman Willy Ocier surrounding its plans to expand its City of Dreams Manila project. In a PSE filing from the company on Wednesday, Belle Corp said it “confirms the quotes in the news article” – referring to that posted by the Manila Standard […]
Philippines casino investor, Belle Corporation is looking at a second site to expand its casino venture, local media reports. On the sidelines of the company’s stockholders’ meeting, Belle vice-chairman Willy Ocier said the group was looking at expanding its current casino resort in Entertainment City by buying land adjacent or close to it. “We are […]
Melco Crown’s Philippines subsidiary has backed away from comments made by Belle Corp’s chairman regarding expansion plans for City of Dreams Manila. On the sidelines of the company’s stockholders’ meeting, Belle vice-chairman Willy Ocier said the group was looking at expanding its current casino resort in Entertainment City by buying land adjacent or close to […]
Casino operator Melco Crown (Philippines) Resorts Corp. posted a 63.5 percent increase in net revenues to $491.2 million in 2016, driven by a surge in VIP rolling chip turnover. The operator of City of Dreams (CoD) Manila made a preliminary announcement to the Philippines Stock Exchange on Monday, noting that adjusted property EBITDA was $160.3 […]
Melco Crown Entertainment posted a 13 percent gain in Q4 revenue as an improved performance at Studio City and City of Dreams Manila offset declines at its older properties. Revenue came in at $1.19 billion, up from $1.05 billion a year earlier, in line with consensus estimates. Adjusted property EBITDA was $304.3 million as compared […]
Casino operator Melco Crown Entertainment (MPEL) will likely post strong results for 16Q4 as a result of Studio City ramp up and a rebound of City of Dreams, said a note from Morgan Stanley on Sunday. The brokerage said it expects MPEL to report 5 percent quarter-on-quarter EBITDA growth, ahead of the industry average, due […]
Melco Crown (Philippines) Resorts is looking to drop “Crown” from its name as part of a corporate rebranding. The company, which was set up by Melco Crown to take part in the operation of City of Dreams Manila made the announcement in a filing to the Philippines Stock Exchange on Thursday. The operator additionally announced […]
Total gross gaming revenue in the Philippines jumped 11.2 percent in Q3, led by higher revenue from casinos in Entertainment City. According to figures from regulator, the Philippine Amusement and Gaming Corp., revenue from casinos and electronic gaming sites came in at PHP39.74 billion ($807.2 million). Revenue generated from e-gaming sites was PHP5.57 billion, a […]
Philippine casino investor Belle Corp. saw its net income attributed to shareholders rise nearly three fold year-on-year for the third quarter of 2016. The company, in a filing to the Philippine Stock Exchange on Wednesday, reported net income attributed to shareholders of P841.8 million ($17.2 million), up from P271.9 million in 15Q3. Operating revenue for […]
Philippines investor, Belle Corp has terminated its revenue-sharing agreement with bingo operator Leisure Resorts World Corporation (LRWC). Belle told the Philippine Stock Exchange on Friday that it will pay a total of P5.1 billion to LRWC for the termination of the agreement. The operator said it had already paid LRWC P1.018 billion upon signing of […]
Melco Crown Entertainment Q3 results beat analysts’ expectations, helped by an improved performance from its Hollywood-themed Studio City resort. Adjusted EPS was $0.13 per ADS, up from $0.11 per ADS a year earlier and above the $0.07 per ADS consensus. Revenue for Q3 rose 22 percent to $1.15 billion and beat estimates for $1.1 billion. […]
Philippines’ gaming operators stand to benefit from the Duterte administration’s closer ties with China, with more mainland Chinese tourists expected to travel to the Philippines to play, local media reports. “We are optimistic that visa requirements would be relaxed for visiting Chinese tourists to the country,” said Willy Ocier, vice chairman and executive director of […]
Philippines’ gross gaming revenue in July has continued to improve, with the strong trend appearing sustainable until year end, said Maybank in a note on Tuesday. According to the brokerage, gross gaming revenue for Entertainment City casinos, including Resorts World, Solaire and City of Dreams Manila grew at 38 percent year-on-year in 16Q2, ahead of […]
Philippine gross gaming revenue rose 23 percent in July compared with the same month a year earlier, with solid growth in mass, said CLSA analyst Marcus Liu in a note on Friday. The results were a dip from June, which marked the region’s third consecutive month of all-time highs. The results were still strong though, […]
Philippines state-run gaming regulator will soon revoke the reduced license fees given to the four casinos in Entertainment City, according to the Manila Bulletin. Philippine Amusement and Gaming Corp chairperson Andrea Domingo said the Commission on Audit had already warned Pagcor about the imposition of special rates for some casinos, which costs the government billions […]
Casino investor Belle Corp saw net profit in the first six months of the year grow 10 percent to P917 million ($19.5 million), according to results from the firm on Friday. Belle Corp. owns 50 percent of City of Dreams Manila’s gaming operations, which it leases to Melco Crown Entertainment. “Premium Leisure Corp’s gaming income […]
Melco Crown Philippines, operator of the City of Dreams Manila casino in Manila Bay says the government should do more to attract Chinese visitors to the country, local media reports. City of Dreams Manila property president Geoff Andres told local reporters on Monday that easing visa requirements for Chinese tourists would be a key step, […]
Benito Tan Guat, Belle Corp.’s chairman of its board of directors has passed away, according to the firm’s filing to the Philippine Stock Exchange last week. The chairman died at the age of 85, according to his biography. He served as the President of Guatson International Travel and Tours, and had been chairman and director […]
A US congressional committee has begun a probe of how hackers managed to divert $101 million from Bank of Bangladesh accounts held at the Federal Reserve in New York, which was subsequently laundered through Manila casinos. In a letter to the Fed’s president dated Tuesday, the Science Committee in the US House of Representatives asked […]
Philippine-based City of Dreams Manila is expecting significant growth this year as it reaps the benefits of gaming promotions and full year operations, says Willy Ocier. In an interview with The Philippine Star, the Belle Corp. vice chairman said prospects for the gaming sector in 2016 are positive. “I think we will be achieving very, […]
Melco Crown Entertainment said Q1 revenue rose, boosted by income from its new Studio City project in Macau and its operations in Manila, but its net profit fell by just over a third. Analysts also said that despite the contribution to Q1 revenue, the ramp up from Studio City has been slower than expected, while […]
Casino mogul Lawrence Ho has warned Macau’s tough operating environment is to persist, reports The Australian. As part of Melco International Development Group’s annual report, Ho said despite the tough conditions in Macau, he remains optimistic about the region’s outlook, and that Macau was undergoing a transition towards a more mass market-focused business model. “Looking […]
The next Philippine government should discourage the near-term expansion of casinos outside of Entertainment City, said Belle Corp. vice chair Willy Ocier, reports The Inquirer. Belle Corp. owns the City of Dreams Manila casino in Entertainment City. Ocier made the comments after Enrique Razon Jr, owner of the Solaire Resort and Casino in Entertainment City, […]
Enrique Razon Jr. has warned of an oversupply of casinos in the Manila Bay area, with two more gaming complexes scheduled to open in the next two years, The Inquirer reports. “It’s too many, too fast,” said Razon, chairman of Bloomberry Resorts Corp. on the sidelines of the International Container Terminal Services Inc. annual general […]
Casino operator Melco Crown Entertainment reported an increase in losses for its Philippines casino resort in 2015. City of Dreams Manila, Melco’s first foray into Philippines, incurred net losses of P9.1 billion (US$259 million) for the year, widening by 45 percent compared to P6.3 billion in 2014. Casino revenues grew to P11.9 billion from P300 million, […]
City of Dreams Manila casino investor, Belle Corp said its operating revenue increased to P5.2 billion (US$111.1 million) in 2015, according to a filing to the Philippine Stock Exchange. Total net income after tax for the year fell to P1.4 billion in 2015, down from P2.6 billion in the previous year. The company said this […]
More than US$30 million of the money stolen by hackers from the Bangladesh central bank at the New York Fed was delivered in cash to a Chinese junket operator in Manila, reports Reuters. Senator Teofisto Guingona, head of the Senate’s anti-corruption committee, told Reuters ahead of the hearing that cash deliveries were made to a […]
The Philippine Amusement and Gaming Corporation (PAGCOR) is investigating money laundering allegations after receiving reports that as much as $100 million of illicit funds were remitted to three casinos’ bank accounts, local media reports. The report revealed that Chinese hackers took money from banks in Bangladesh, they then sold the money to the black market […]
Philippine casino investor Belle Corporation’s board of directors has approved a declaration of a cash dividend of PHP 0.095 per share, for a total dividend payment of approximately PHP1 billion (US$21.2 million), according to a filing to the Philippines Stock Exchange. The dividend will be payable on Mar. 29, 2016, to shareholders of record as […]
In a recent report by First Metro Investment Corp, the Philippine gaming market is expected to continue its decline, in line with the slowdown of gaming activities in Macau. In a report, FMIC said the Philippine gaming market is still highly correlated to the gaming market in Macau. “Listed Philippine casino and hotel operators have […]
Melco Crown Philippines, which operates City of Dreams Manila, announced that it has appointed Geoffry P. Andres as chief operating officer, with effect from November 16. Andes replaces Kevin Sim who left due to “personal reasons,” the company said in a statement dated November 6. Melco Crown Philippines did not offer more details on Andres’ […]
Melco Crown Entertainment posted mixed Q3 results, with a sharp drop in earnings that still narrowly beat forecasts and revenue that missed as growth at its Manila property was outweighed by slumping gambling volumes in Macau. Net income was $33.2 million, or US$0.06 per ADS, sharply lower than the $132.2 million, or $0.24 per ADS, […]
Morgan Stanley analysts have reduced their 2016 gross gaming revenue assumptions for the Philippines casino market to $1.6 billion, representing growth of 8 percent year-on-year, compared to previous estimates of $1.7 billion. Excluding City of Dreams Manila, which was in the initial stages of opening in 2015, “same-store sales growth” for Resorts World Manila and […]
A Filipino Senator has requested the Senate look into reports that City of Dreams Manila would suspend around 100 workers to cut costs. According to local newspaper The Inquirer, Miriam Defensor-Santiago filed a resolution over concerns the casino operator might be setting a “precedent for other employers and business owners to suspend workers when convenient, […]
Philippine gaming firm Leisure and Resorts World Corp. grew its first semester net profit by 50 percent year-on-year to P454 million ($9.7 million), bucking the downturn in the local gaming industry. For the second quarter alone, net profit rose by 10.3 percent year-on-year to P233 million, the company said in a press statement. The retail […]
Melco Crown Philippines, which operates the City of Dreams Manila, said it would suspend about 100 workers after it posted a wider net loss in the first half of the year, Reuters reported. The company’s stock is the worst performing amongst its peers, having fallen 44 percent so far this year, according to Reuters. Charisse […]
Melco Crown Entertainment Q2 earnings and revenue missed analysts’ forecasts as VIP volumes in Macau tumbled and mass market also declined. Adjusted net income was $44.2 million, or $0.082 per ADS, down from $163.7 million, or $0.29 a year earlier. Net income attributable to Melco was $24.3 million, or $0.045 per ADS, compared with net […]
Melco Crown Entertainment said its DreamWorks-themed interactive play and creativity center DreamPlay by DreamWorks has enjoyed high levels of visitation, exceeding expectations, since its soft opening at the City of Dreams complex in Manila in March. The company held the official opening for the attraction on Friday, attended by Melco co-chairman and CEO Lawrence Ho […]
At press conference held on Tuesday May 12, 2015 in Macau, the All Asia Dealers Championship (AADC), taking place concurrently with G2E Asia 2015 and hosted by Asia Gaming Brief and Reed Exhibitions, announced the details of the competition. In all, fourteen teams, totaling over 50 Dealers, from Macau and across Asia have already confirmed […]
Melco Crown (Philippines) Resorts, operator of City of Dreams Manila, reported net operating revenue of PHP2.34 billion ($52.7 million) for the first quarter 2015, up from PHP21.3 million a year earlier. The increase was driven by the opening of City of Dreams which officially opened in February. The company’s revenue from casino operations in Q1 […]
Bloomberry Resorts and Hotels said it has obtained a regular gaming license from the Philippine Amusement and Gaming Corp for its Solaire Resort and Casino in Manila. In a filing with the Philippine Stock Exchange, the company said its indirect wholly owned unit BRHI had applied for the regular license last April after Solaire began […]
Melco Crown Entertainment Q1 earnings plunged more than 63 percent as China’s high rollers dried up, with rolling chip revenue at the company’s flagship City of Dreams Macau property falling by almost half. Adjusted net income was $87.1 million down from $239.3 million a year earlier. Per ADS the company said earnings were $0.16, down […]
The Philippines property market remains robust across all sectors as developers continue to expand amid the country’s strong growth and ahead of the Asean Economic Integration. The Philippines, whose fourth quarter GDP grew by 6.9 percent and annualized growth rate grew 6.1 percent, is drawing an influx of big investors, according to a report by […]
Advances in facial recognition technology will see new and widespread applications that revolutionize the way casino operators interact with their players. Facial recognition is not new to the casino sector, but it has traditionally been restricted to security teams, primarily as an aid to keeping barred individuals off a property. But the technology has developed […]
Casino operators in the Philippines have been attending workshops on how to comply with the country’s new anti-money laundering regulations, though some industry experts say the rules are still are not strong enough. The reporting thresholds are similar to Macau, and some say that's too high for the market.
Filipinos’ well known love for entertainment means the country’s casinos may see significant upside from their non-gaming attractions if they get the mix right, giving Macau a run for its money when it comes to creating a diversified entertainment hub in Asia. Morgan Stanley estimates non-gaming may account for 20 percent of what it projects will be a $5 billion market by 2020.
Asia’s gaming markets have seen a strong first half, with Macau, the Philippines and Cambodia leading the way, prompting some analysts to revise upwards their targets for the full year. But it hasn’t all been plain sailing; the fatal attack on Resorts World Manila lead to a suspension of its gambling operations in June, while South Korea continues to underperform after a diplomatic spat with China, which banned tour groups after Seoul agreed to deploy a U.S. missile shield.
The Philippines is expected to be one of the strongest growing gaming markets in Asia again in 2017, driven by another major opening in Manila’s Entertainment City, however growth is expected to slow over the longer term in the face of greater regional competition.
As China’s outbound tourism market continues to balloon, a growing number of destinations are easing visa requirements to woo the mainland traveller, with casinos in those countries likely to be among the key beneficiaries. With research suggesting that most Chinese overseas tourists will visit a casino, relaxed visa restrictions could be a key driver for GGR.
Integrated resorts have become a buzzword in the gaming industry, with investors and governments around Asia looking to the model as they prepare plans for new markets and properties. However, as gambling revenue in Asia's biggest resorts declines is the IR model the right formula for success?
The Philippines, tipped at the beginning of the year to be the region’s best-performing gambling market, is still likely to outperform its peers despite heavy second-quarter losses among operators, slumping stocks and ongoing project delays, analysts say.Manila’s Entertainment City gaming hub had been expected to be a key beneficiary from the VIP exodus from Macau, however, losses across the industry mounted in Q2, with JP Morgan predicting in a June report that profit across the sector would be down 56 percent this year.
China’s crackdown on corruption, increasingly stringent immigration controls and a recently proposed 21-million quota on annual visitors from the mainland has significantly changed Macau’s junket market, with promoters increasingly diverting business to surrounding regions and expanding their reach and scope.
Crown Resorts said a group of funds advised by Oaktree Capital Management has agreed to provide up to $3 billion in funding for the company to buy back shares held by James Packer's Consolidated Press Holdings.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.