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.