GGRAsia – Melco Crown Philippines COO resigns

Melco Crown Philippines COO resigns

Nov 09, 2015 Newsdesk Latest News, Philippines, Top of the deck

The firm operating the City of Dreams Manila casino resort (pictured) in the Philippines capital, Manila, said its chief operating officer Kevin Sim resigned on Friday for “personal reasons”.

Melco Crown (Philippines) Resorts Corp added, in a filing to the Philippine Stock Exchange announcing the news, that the company would make an announcement about Mr Sim’s replacement “at the appropriate time”.

The firm is a unit of Asian casino developer Melco Crown Entertainment Ltd.

Mr Sim joined Melco Crown Philippines in April 2013, from Genting Malaysia Bhd where he served as executive vice president for the Genting Highlands casino resort. Prior to that, he was vice president of finance for Cambodian gaming operator NagaCorp Ltd.

For the third quarter of 2015, net revenue at City of Dreams Manila was US$91.7 million, Melco Crown said last week. Rolling chip volume for the period totalled US$1.2 billion.

City of Dreams Manila generated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$24.4 million in the third quarter of 2015, up 93.7 percent sequentially. The sequential growth in property EBITDA at the Manila property was “a result of strong traction in the rolling chip segment and further expansion of its mass table and slot machine revenue,” Melco Crown said.

A spokesman at the venue told Reuters news agency in early August that management had “suspended“ 100 workers – representing about 2 percent of the workforce – citing the need to cut costs.