• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

City of Dreams Manila suspends 100 staff: report

Aug 11, 2015 Newsdesk Latest News, Philippines, Top of the deck  


City of Dreams Manila suspends 100 staff: report

The City of Dreams Manila casino resort (pictured), in the Philippines, is said to have “suspended” 100 workers as a cost-cutting measure.

Reuters news agency on Tuesday quoted Charisse Chuidian, vice president for public relations at City of Dreams Manila, citing the number of employees affected and saying it represented about 2 percent of the resort’s workforce. The report quoted Ms Chuidian directly, saying that “employment of the affected employees will resume when business improves”.

The property – which had a soft opening on December 14 and an official one on February 2 – is operated by a unit of Melco Crown Entertainment Ltd.

GGRAsia approached the parent firm – which is also one of Macau’s six gaming concessionaires – for clarification on the terms of the Manila workers’ suspension, and what business improvement might trigger a “resumption” of their employment. No replies to those questions had been received at the time this story went online.

On Friday, Melco Crown (Philippines) Resorts Corp, operator of City of Dreams Manila, reported its second quarter results. They showed that the Philippines unit’s consolidated comprehensive loss for the three months ended June 30 had widened by 27 percent from the prior-year period, to PHP1.82 billion (US$39.6 million). Melco Crown Philippines said the increase was attributed to items including gaming tax and licence fees, and expenses associated with opening the City of Dreams Manila venue. It added that such costs and other costs were “partially offset by operating revenues generated during the current quarter”.

City of Dreams Manila’s casino revenues for the second quarter were approximately PHP2.90 billion, with no prior-year comparison.

The parent Melco Crown Entertainment said in commentary accompanying the whole group’s second quarter earnings – published on August 6 – that group wide it was implementing US$50 million of annualised cost savings into the second half of 2015, mostly relating to staff, marketing and central costs. That day it had announced that group net income had fallen by 83 percent in the second quarter, weighed down by the market-wide gaming revenue declines seen in Macau.

Analyst Christopher Jones of Union Gaming Research LCC had noted nonetheless that City of Dreams Manila’s quarterly earnings before interest, taxation, depreciation and amortisation had beaten Wall Street estimates, adding that rolling chip volumes in July had been two-and-a-half times higher than in June.

As of June 30, City of Dreams Manila was operating 272 gaming tables, 1,588 slot machines and 130 electronic table games, said Friday’s filing by the Philippines unit.

Analysts at brokerage Sanford C. Bernstein Ltd in Hong Kong noted on Monday in a bulletin to investors that some recent initiatives by the Chinese government had the potential to affect the flow of Chinese gamblers to the Philippines and South Korea. The institution said it included a “crackdown” in China on agents that helped channel mainland Chinese gamblers to foreign casinos. The brokerage added that “tour agencies that help gamblers apply for foreign visas” were also being targeted.


  • tweet
Related articles
  • Kevin Benning starts new senior role at Studio City, Macau
    Kevin Benning starts new senior role at...

    Dec 11, 2020  

  • Pagcor boss affirms some Ent City casinos have PIGO permits
    Pagcor boss affirms some Ent City...

    Dec 09, 2020  

More news
  • Melco’s Lawrence Ho hopeful on Macau recovery in March
    Melco’s Lawrence Ho hopeful on Macau...

    Feb 26, 2021  

  • Paradise 4Q loss up sequentially, positive EBITDA
    Paradise 4Q loss up sequentially,...

    Feb 26, 2021  


Latest News

Melco’s Lawrence Ho hopeful on Macau recovery in March

Melco’s Lawrence Ho hopeful on Macau recovery in March

Feb 26, 2021  

Lawrence Ho Yau Lung, chairman and chief executive of casino operator Melco Resorts and Entertainment Ltd, says Macau’s casino sector could start showing recovery signs in “mid-to-late...
Read More
Paradise 4Q loss up sequentially, positive EBITDA

Paradise 4Q loss up sequentially, positive EBITDA

Feb 26, 2021  

Gaming recovery helps Melco Resorts EBITDA break even 4Q

Gaming recovery helps Melco Resorts EBITDA break even 4Q

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$129.0 million

Adjusted EBITDA reported by Macau casino operator Galaxy Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Caesars out of Korea, ex-partner R&F asks 3yr delayCaesars out of Korea, ex-partner R&F asks 3yr delay February 19, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us