Philippines – City of Dreams paying off in ManilaBy Phil - 9 August 2016
Belle Corp. is ten per cent ahead of last year’s figures having improved its net profit in the first six months of the year by that amount.
Net profit reached P917m (US$19.5m) due to the improved performance of City of Dreams Manila.
The company stated: “Premium Leisure Corp’s gaming income share for the first half of 2016 almost doubled to P702 million, from P361 million for the first half of 2015. This was attributable to the ramp-up in gaming operations of City of Dreams Manila, which held its grand opening in February 2015.”
Belle Corp’s partner in the project; Melco Entertainment recently reported that for the quarter ended June 30, 2016, net revenue at City of Dreams Manila was US$120.2m compared to US$75m in the second quarter of 2015. City of Dreams Manila generated Adjusted EBITDA of US$36.5 million in the second quarter of 2016 compared to US$12.6 million in the comparable period of 2015. The year-over-year improvement in Adjusted EBITDA was primarily a result of increased casino revenues, including from the junket operations which began in the middle of 2015.
Mass market table games drop increased to $134.3m compared with US$116.6m in the second quarter of 2015. The mass market table games hold percentage was 29.9 per cent in the second quarter of 2016 compared to 25.4 per cent in the second quarter of 2015.
Gaming machine handle for the second quarter of 2016 was US$515.4m, compared with US$465.1m in the second quarter of 2015. The gaming machine win rate was 5.8 per cent in the second quarter of 2016 versus 6.1 per cent in the second quarter of 2015.