Melco PH bounces back with P470M profit
Melco Resorts and Entertainment (Philippines) Corp. swung to a P469.6 million profit in the first nine months from a net loss of P1.6 billion in the same period a year ago on the back of higher revenues and foreign exchange gains.
The company owns half of City of Dreams Manila, the second integrated resort to open in the Pagcor Entertainment City.
In the third quarter, the gaming firm booked a net income of P117.3 million, a turnaround from the P173.5 million loss incurred a year earlier.
Total revenues jumped 85.7 percent to P24.2 billion as casino revenues grew 53 percent to P22.5 billion. Rolling chip volume was P434.6 billion
Mass market table games drop was P25.1 billion, representing an increase of 33 percent year on year while gaming machine handle amounted to P113.1 billion.
Room revenues from Crown Towers Hotel, NObu Hotel and Hyatt City of Dreams Manila went up eight percent to P771 million due to improved occupancy rates.
Revenues from food, beverage and entertainment amounted to P886.9 million, up 10.5 percent year on year.