China – Melco sees revenue surge of 38 per centBy Phil - 9 August 2013
Melco Crown Entertainment has reported a revenue surge of 38 per cent for the second quarter of 2013 with the higher figure of US$1,295m attributable to higher group-wide rolling chip revenues and mass market gross gaming revenues.
Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, highlighted the success of the group’s flagship, mass market property; City of Dreams.
“I am pleased to report another successive quarter of record earnings and EBITDA, building on the strong momentum in the first quarter of 2013,” he said. “Highlighting the ideal strategic positioning of our flagship property, City of Dreams, this premium-mass focused property once again captured meaningful market share in the mass market table games segment which, in turn, has been the major driver of our impressive group-wide performance in the second quarter of 2013. City of Dreams’ unique ability to cater towards these highly discerning, premium mass market-focused customers is highlighted by our market-leading mass table yields, which is increasingly important in a table supply constrained market.
“We continue to move forward with the fifth hotel tower at City of Dreams and anticipate to commence construction by the end of 2013. This iconic additional hotel tower represents another powerful addition to our wide array of amenities and attractions that City of Dreams already offers its premium-mass and high end customers, providing another tool to further extend our leading position in this key segment.
Altira Macau also delivered robust sequential EBITDA growth in the second quarter of 2013, with increased rolling chip volumes and expanding table yields highlighting the success of the group’s continual group-wide table yield optimisation strategy.
“Our development pipeline continues to progress, with Studio City on-budget and on-track to open in mid-2015, while the timing of our Philippines Project remains unchanged and is expected to open around the middle of next year,” Mr. Ho added. “Both of these exciting development opportunities are key components of our strategy to maximize return on invested capital and drive long term shareholder value. Macau continues to deliver robust growth across all gaming and non-gaming segments in 2013, highlighting its unique position to cater to the rapidly evolving Asian consumer and expanding middle class. Similarly, our Manila project is well positioned to address this segment in the Philippines and the broader region providing another destination to a wider array of consumers seeking a broader leisure and entertainment proposition. Both of these markets are expected to benefit meaningfully from wide-reaching development plans and significant infrastructure improvements, helping to improve access and enhance customer experience.”