• 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

CoD Manila in US$50mln 2Q loss, gets US$214mln GGR

Aug 17, 2020 Newsdesk Latest News, Philippines, Top of the deck  


CoD Manila in US$50mln 2Q loss, gets US$214mln GGR

Philippine casino operator Melco Resorts and Entertainment (Philippines) Corp reported a net loss of almost PHP2.41 billion (US$49.5 million) for the second quarter of 2020. That compared with net income of PHP1.14 billion a year earlier.

The firm operates the City of Dreams Manila complex (pictured) at Entertainment City in the Philippine capital Manila. The company is a subsidiary of U.S.-listed casino operator Melco Resorts and Entertainment Ltd, in turn controlled by Hong Kong-listed Melco International Development Ltd, led by Lawrence Ho Yau Lung.

Total operating revenues at City of Dreams Manila were PHP387.2 million, down from PHP9.17 billion in the second quarter of 2019, according to separate filings over the weekend by Melco Resorts and Melco International, respectively. The decline was said to be “a result of the temporary closures of business and imposition of prohibition measures” related to the Covid-19 pandemic.

City of Dreams Manila recorded negative adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP1.11 billion for the three months ended June 30, compared to PHP4.29 billion in the prior-year period.

Despite being officially shut since March 16, City of Dreams Manila still recorded casino revenue for the period between April and June. That was after being allowed to do a ‘test run’ of the casino, authorised by the local regulator, the Philippine Amusement and Gaming Corp (Pagcor). Other casinos in Manila had previously reported being granted a similar authorisation.

Melco Resorts stated in its filing that the regulator had allowed the City of Dreams Manila casino “to undertake a dry run/trial run of its gaming and hospitality operations with only a limited number of participants.” The company added the ‘dry run’ “aimed to address all potential operational concerns to achieve a seamless reopening for City of Dreams Manila”, once all relevant Covid-19-related countermeasures were lifted in the Philippine capital.

Melco Resorts added that the ‘dry run’ at City of Dreams Manila was suspended from August 3, as the Philippines authorities imposed stricter Covid-19-related countermeasures for Metro Manila.

According to information disclosed by Melco Resorts, City of Dreams Manila posted casino revenues of PHP291.4 million for the three months ended June 30, as compared to PHP7.51 billion a year before. The 96.1-percent year-on-year decrease “was primarily due to lower gross gaming revenues of PHP10,410.7 million as the imposition of travel restrictions, temporary business closures and other measures taken by the Philippines and other countries throughout the world significantly disrupted the group’s operations.”

Rolling chip volume for the three months ended June 30 was PHP7.3 billion, as compared to PHP98.8 billion in the second quarter of 2019. Mass market table games drop stood at PHP0.4 billion for the period, as compared to PHP10.0 billion for the three months ended June 30, 2019.

Gaming machine handle for the second quarter of 2020 was PHP1.5 billion, down by almost 97 percent in year-on-year terms.

An extensive lockdown for the region, including its large-scale casino resorts in Entertainment City, was first announced in mid-March, and subsequently extended in increments. On August 3 August, the local authorities said that Metro Manila would return to a stricter anti-Covid-19 lockdown, known as “modified enhanced community quarantine” at least until August 18.

During the pandemic crisis, Metro Manila had already at one stage been under an enhanced community quarantine. That was then eased to modified enhanced community quarantine, and then further relaxed to general community quarantine.


  • tweet
Related articles
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • G2E Asia 2021 delayed to August from May, amid pandemic
    G2E Asia 2021 delayed to August from...

    Jan 14, 2021  

More news
  • Wakayama casino RFP deadline affirms 2 suitors still in race
    Wakayama casino RFP deadline affirms 2...

    Jan 18, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

Wakayama casino RFP deadline affirms 2 suitors still in race

Wakayama casino RFP deadline affirms 2 suitors still in race

Jan 18, 2021  

Japan’s Wakayama prefecture confirmed on Friday (January 15) that no new suitors interested in being private-sector partner for the local government’s tilt at a casino resort, had come forward to...
Read More
CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The most worrying [thing] is whether [mainland] China will again tighten the issuance of travel visas [for visits to Macau]"

Luiz Lam Kai Kuong

Macau junket investor



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us