Losses swell for City of Dreams Manila operator in 2015
THE LOCAL UNIT of Macau-based Melco Crown Entertainment Ltd. continued its bleeding last year on mounting costs to support the first full year operations of City of Dreams Manila.
Melco Crown Philippines (Resorts) Corp. (MCP) said in a regulatory filing its net loss swelled to P9.14 billion last year from the P6.30 billion registered in 2014.
The ballooning losses were attributed to the “increase in total operating costs and expenses arising from the full year resort operations in 2015, as well as the interest expenses (net of capitalized interest) as a result of lower interest capitalization since the project completion in the first quarter of 2015.”
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