Melco Crown (Philippines) Resorts Corp said the company and its subsidiaries had a total manpower of 2,480 employees as of June 30, 2014, up from 340 employees at the end of March.
The company, a subsidiary of Macau-based casino operator Melco Crown Entertainment Ltd, said in a filing to the Philippine Stock Exchange it expects to double the workforce in the three months to September 30, ahead of the expected opening of City of Dreams Manila (pictured in a rendering).
“The group is expected to further increase its manpower by 107 percent at the end of the third quarter, and by an additional 3 percent at the end of the year, to complete its total manpower complement,” Melco Crown Philippines said on Friday.
The increase in the number of employees was among the factors contributing to a 274-percent rise year-on-year in operating costs to PHP810.2 million (US$18.6 million) in the second quarter of 2014.
The company posted a loss of PHP1.4 billion for the three months ended June 30, an increase of 113 percent from a year earlier. It said the loss was “primarily related to pre-opening costs, general and administrative expenses, as well as the interest expenses” of the development of City of Dreams Manila.
Melco Crown Philippines in June announced a 22-percent budget increase for the Manila project, which is now expected to cost approximately US$832 million.
City of Dreams Manila, a venture with local partner Belle Corp, is due to open in the fourth quarter of 2014, both partners in the venture confirmed this month. Belle is controlled by SM Group, headed by Henry Sy, patriarch of the Philippines’ richest family. The property will be operated by Melco Crown Philippines.
“We have incurred losses to date and expect these losses to continue to increase until we commence commercial operations with the planned opening of City of Dreams Manila which is expected later this year,” Melco Crown Philippines said.
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