Studio City fuels Melco Crown figures


Melco Crown ‘net revenue for the fourth quarter of 2016 was US$1,192.9 million, representing an increase of approximately 13 per cent from US$1,058.0 million for the comparable period in 2015,’ the company said in a press release.
The firm attributes the results to the ‘net revenue generated by a fully-operating Studio City, which started operations in October 2015, and the increase in casino revenues at City of Dreams Manila.’ However, City of Dreams and Altira did not accompany the good results.
Melco Crown said ‘adjusted property EBITDA was US$304.3 million for the fourth quarter of 2016,’ as compared to US$236.4 million in the fourth quarter of 2015, representing an increase of 29 per cent.
Lawrence Ho, Chairman and Chief Executive Officer of Melco Crown Entertainment, expressed satisfaction with the quarterly results, saying, “highlighted by record mass table gross gaming revenues in Macau and a 29 per cent year-on-year increase in group-wide Adjusted property EBITDA . . . Our flagship property in Macau, City of Dreams, generated adjusted property EBITDA of approximately US$190 million, an increase of over 10 per cent compared to the prior quarter.”
He added that, “Studio City’s mass table games revenues continued to expand, increasing almost 10 per cent from the prior quarter which, combined with the rolling chip operations that began in November 2016, delivered a strong improvement in underlying earnings.”