Philippines-based Premium Leisure Corp, one of the partners in the City of Dreams Manila casino resort (pictured), reported net income of nearly PHP1.03 billion (US$20.3 million) for the first half of 2017, an increase of 123 percent compared to a profit of PHP461.1 million a year earlier.
The quarterly results were driven by the “continued operating growth in its revenues from City of Dreams Manila and the overall improvement in the Philippine gaming market,” the company said on Thursday in a filing to the Philippine Stock Exchange.
Premium Leisure is controlled by Philippines-based Belle Corp.
Total revenue for the six months to June 30 reached PHP2.52 billion, up 58 percent from the prior-year period, Premium Leisure said. That included approximately PHP1.46 billion from the firm’s share of gaming revenues at City of Dreams Manila, up 109 percent from a year earlier.
City of Dreams Manila, which is managed by Melco Resorts and Entertainment (Philippines) Corp, is a partnership between casino operator Melco Resorts and Entertainment Ltd and Premium Leisure. The agreement grants Premium Leisure a share of the gaming revenues at the casino resort.
The firm is entitled to the higher of: 50 percent of Melco Resorts Philippines’ gaming earnings before interest, taxation, depreciation and amortisation (EBITDA) after deducting a 7-percent incentive fee paid to Melco Resorts; or 15 percent of net win in the mass-market segment plus 5 percent of net win in the VIP segment.
Melco Resorts said on Thursday that second-quarter net revenue at City of Dreams Manila was US$176.2 million, up 46.6 percent compared to US$120.2 million in the second quarter of 2016.
