Melco Philippines Resorts records positive results in 2017 Q1

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Philippines-listed casino operator Melco Philippines Resorts Corp. registered 148.6 million pesos (US$2.97 million) in profits in the first three months of 2017, a positive record following the net loss of P1.13 billion registered in the same period of last year, according to a release by the company.
The casino operator, which owns half of City of Dreams Manila, saw its total net operating revenues increase 73.6 per cent year-on-year to 7.9 billion pesos in the first three months of this year.
This increase was mainly driven by improved casino revenues, which increased yearly by 80 per cent between January and March of this year to 7.3 billion pesos, with room revenues rising 17 per cent to 264.1 million pesos while F&B, retail and other operations went up 23.5 per cent yearly to 175.2 million pesos.
The company’s total operating costs and expenses in the first three months of this year also registered a considerable increase of 43.4 per cent year-on-year to reach almost 7 billion pesos.
In the filing, Melco Philippines Resorts states it is ‘a growing company with significant financial needs . . . [which] . . . expects to have additional capital expenditure in the future’ as it continues to develop its City of Dreams Manila property.
The release also stated that the company’s total long-term debt, net, and equity saw only a 1 per cent rise in the first three months of this year to 20 billion pesos.
The company was formally known as Melco Crown Philippines (Resorts) Corp. but was re-branded in February of this year after Melco International Development Ltd. – a Hong Kong listed company belonging to local businessman Lawrence Ho Yau Long – achieved a majority stake in Melco Crown Entertainment Ltd., which will also be re-branded Melco Resorts & Entertainment.