Philippines – City of Dreams Manila makes almost $50m loss for MelcoBy Phil - 17 August 2020
Melco Resort’s City of Dreams Manila IR in the Philippines slumped to a net loss of PHP2.41bn (US$49.5m) for the second quarter of 2020 as ‘a result of the temporary closures of business and imposition of prohibition measures’ related to the coronavirus pandemic.
Revenue at the Manila casino came in at PHP387.2m, falling from PHP9.17bn in the second quarter of 2019.
The venue recorded some gaming revenue having been allowed to do a ‘test run’ of its gaming floor as permitted by PAGCOR (Philippine Amusement and Gaming Corp.).
Melco said: “In June 2020, City of Dreams Manila was allowed by PAGCOR to undertake a dry run/trial run of its gaming and hospitality operations with only a limited number of participants strictly adhering to the new guidelines on social distancing and hygiene and sanitation procedures imposed by the Philippine government. The PAGCOR- sanctioned dry run/trial run aimed to address all potential operational concerns to achieve a seamless reopening for City of Dreams Manila. However, on August 3, 2020, the President of the Philippines reimposed a modified enhanced community quarantine in Metro Manila until August 18, 2020 due to the rising number of Covid-19 cases. During the period of the quarantine, our casino gaming operations continue to remain closed.”
City of Dreams Manila generated casino revenues of PHP291.4m for the three months ended June 30, as compared to PHP7.51bn a year before. The 96.1 per cent year-on-year decrease “was primarily due to lower gross gaming revenues of PHP10,410.7 million as the imposition of travel restrictions, temporary business closures and other measures taken by the Philippines and other countries throughout the world significantly disrupted the group’s operations.”