City of Dreams Manila posts net loss in Q2

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 operating revenues as a result of the temporary closure of business and the imposition of prohibition measures. 

Total net operating revenues were P387.2 million, down from P9.2 billion. Melco said this was partially offset by lower operating costs and expenses during the period. 

Adjusted EBITDA was negative P1.1 billion, compared to P4.3 billion in the prior-year period.

SHARE

Related Articles

Facial recognition technology casts eye beyond security

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 […]

Belle Q1 gaming revenue from COD Manila drops 39 percent

Belle Corp said its share of gaming revenue from the City of Dreams Manila dropped 39 percent in Q1 due to Covid-19 disruptions.

Aristocrat teams with CoD Manila in food delivery

Aristocrat Entertainment said it has partnered with Melco Resorts & Entertainment’s City of Dreams Manila to donate food packages to medics.

Belle Corp profit down 9 percent on lottery and keno suspension

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) – […]