Casino Resort City of Dreams Manila (pictured in artist rendering) will open in December, said Lawrence Ho Yau Lung, co-chairman and chief executive of Melco Crown Entertainment.
The initiative is a partnership between Melco Crown and Premium Leisure Corp, owned by the family of Philippine billionaire Henry Shi.
The property’s grand opening is scheduled for the “first quarter of 2015,” Ho said in a commentary alongside the company’s third-quarter results on Thursday.
“Almost everything will be open” by December, the executive said on a conference call with analysts. “This is the first time we’re going into that market, it’s a new jurisdiction … this is the safest approach,” he added.
The Macau-based casino operator reported net income of $132.2 million, or $0.24 per share, in the third quarter of 2014, a 26.3% year-over-year decline. The company reported net income of $179.4 million, or $0.33 per share, in the third quarter of 2013.
Net income for the three months ended Sept. 30 fell about 10% year-over-year to $1.1 billion, it said in a filing on Thursday.
“The decline in net sales was primarily due to lower group-wide rolling chip sales, partially offset by better group-wide public market table game sales,” the company said.
Adjusted real estate earnings before interest, taxation, depreciation and amortization (EBITDA) were also hurt in the third quarter due to lower rolling chip volumes. Adjusted real estate EBITDA was $357.7 million, down about 10% year-over-year.
“Since then, City of Dream’s margin has been offset by Altira’s margin improvement,” said Cameron McKnight of Wells Fargo Securities LLC. “The adjusted net EBITDA of $277 million was 2% above expectations but 5% below consensus,” McKnight added.
Juncket operator Suncity Group has been operating in Altira since mid-September, Chief Operating Officer Ted Chan confirmed on a conference call. “I think [Suncity operations] are still starting to increase, but there are some potentials,” he added.
Melco Crown reported a rise in full-year net sales for all its non-gaming businesses, including guest rooms, food and beverage, entertainment and retail, in the third quarter. However, casino sales fell 10.6% year-over-year to $1.1 billion, the company said. Operating profit for the period was $147.7 million, a 28.8% decline from $277.5 million a year earlier. 파워볼게임
The company announced a quarterly dividend of $0.024 per share to be paid to registered shareholders through November 24 on December 4.