Melco Crown (Philippines) operating revenue reaches $52.7M in 15Q1

Melco Crown (Philippines) Resorts, operator of City of Dreams Manila, reported net operating revenue of PHP2.34 billion ($52.7 million) for the first quarter 2015, up from PHP21.3 million a year earlier.

The increase was driven by the opening of City of Dreams which officially opened in February.

The company’s revenue from casino operations in Q1 rose to PHP1.95 billion, representing 83 percent of total net operating revenues, while rolling chip volume during the period was PHP8.2 billion. Rolling chip win rate – calculated before discounts and commissions – was negative 0.8 percent.

The mass-market table games drop was PHP4.5 billion, with the hold percentage at 25.2 percent, the company said.

On the casino operator’s performance, David Bain, an analyst at Sterne Agee, commented: “Net revenue was $52.7 million which was below our expectation for $99.6 million. EBITDA was $2.9 million, was above our estimate. Rolling chip volume was $185.5 billion, which was below our expectation. Mass market table drop was $101.8 million, which was pretty much in line with our estimates of $100 million.” 

“Occupancy at COD Manila for the quarter was 76%, which was above our estimate. ADR was $173 which was slightly above our expectation.”