Lower VIP rolling chip volume has seen City of Dreams Manila record a 5.6% decline in net revenue to US$612.9 million for the year ended 31 December 2018.
According to financial information released by Melco Resorts and Entertainment (Philippines) Corporation on Monday, VIP volume fell 3.6% from US$11.51 billion in 2017 US$11.10 billion in FY18. A slightly improved win rate of 3.2% saw City of Dreams Manila record revenue from VIP of US$355.1 million.
The mass market segment produced stronger results, with mass table drop up 14.6% to US$787.3 million and slot machine handle rising 16.6% to US$3.55 billion. Mass table revenue came in at US$249.6 million on the back of an improved win rate of 31.7%, up from 29.6% in 2017.
Non-gaming revenue was slightly up to US$117.1 million.
City of Dreams Manila is a joint venture between Melco Resorts’ Philippines arm and local real estate company Belle Corp, which owns the land upon which the property sits.
Belle Corp recently announced record revenues for 2018 on the back of a significant rise in its share from City of Dreams Manila.