Melco reports US$50 million loss at City of Dreams Manila in 2Q20

Melco Resorts has revealed a Php2.41 billion (US$49.4 million) loss for its Philippines integrated resort, City of Dreams Manila, for the three months to 30 June 2020 due to the “temporary closures of business and imposition of prohibition measures” across Manila to slow the spread of COVID-19.

The loss compares with a net profit of Php1.14 billion (US$23.4 million) over the same period in 2019 and comes off the back of a 96.1% decrease in casino revenues to Php291.4 million (US$6 million), down from Php7.51 billion (US$154 million) a year earlier. While casinos across Manila have remained closed since 15 March, Melco confirmed that like its Entertainment City neighbors it was granted permission by PAGCOR from June “to undertake a dry run/trial run of its gaming and hospitality operations with only a limited number of participants strictly adhering to the new guidelines on social distancing and hygiene and sanitation procedures imposed by the Philippine government.

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“The PAGCOR-sanctioned dry run/trial run aimed to address all potential operational concerns to achieve a seamless reopening for City of Dreams Manila,” the company added. The dry run ceased on 3 August after President Rodrigo Duterte placed Metro Manila back under stricter quarantine conditions.

Melco reported rolling chip volume of Php7.3 billion (US$149.8 million) in 2Q20 compared with Php98.8 billion (US$2.03 billion) in the three months to 30 June 2019, with rolling chip win rate dropping from 5.21% to 3.38%.

Mass market table games drop was Php400 million (US$8.2 million), down from Php10 billion (US$205.2 million) in 2Q19, with hold also falling from 30.4% to 24.3%. Gaming machine handled fell from Php49 billion (US$1.0 billion) in the second quarter of 2019 to just Php1.5 billion (US$30.8 million).

Melco, which is due to release its Macau results on 20 August, also reported a 92.6% decline in hotel room revenue at City of Dreams Manila to Php58.6 million (US$1.2 million) in 2Q20. The property houses three hotels – Nüwa Manila, Nobu Manila and Hyatt Regency.