COD Manila reports 63.5 percent rise in revenues in 2016

Casino operator Melco Crown (Philippines) Resorts Corp. posted a 63.5 percent increase in net revenues to $491.2 million in 2016, driven by a surge in VIP rolling chip turnover.

The operator of City of Dreams (CoD) Manila made a preliminary announcement to the Philippines Stock Exchange on Monday, noting that adjusted property EBITDA was $160.3 million in 2016, compared to $55.4 million in 2015.

Melco said the improvement in EBITDA was primarily a result of increased casino revenues.

VIP rolling chip volume surged by 110.1 percent in 2016 to $6.8 billion.

Mass market saw a 24.6 percent increase to $550.5 million, compared to $441.4 million in 2015.

Total non-gaming revenue at City of Dreams Manila was $104.7 million, compared with $100.1 million in the prior year.