City of Dreams Manila (CoD Manila) operator Melco Resorts and Entertainment (Philippines) Corp. turned profitable in the third quarter on robust casino revenues generated from its integrated resort along Manila Bay.
The Philippine unit of Macau casino giant Melco Crown posted a net profit of P117.34 million in the third quarter, reversing the P173.53 million net loss in the same period last year.
For the nine-month period, Melco posted a net profit of P469.56 million, a turnaround from the P1.6-billion net loss in the same period last year.
In a regulatory filing, Melco said its nine-month casino revenue had risen by 53 percent year-on-year to P22.55 billion.
Melco said the nine-month rolling chip volume surged to P434.6 billion from P224.6 billion in the same period last year. Rolling chip “win” rate, calculated before discounts and commissions, however, was lower at 3.1 percent, compared to 3.4 percent in the same period last year.
A casino’s “win” or “hold” rate is based on the element of luck but it is also affected by gaming limits, a player’s skill and resources and amount of time spent in the casino.
Mass market table gaming volume stood at P25.1 billion for the nine-month period, up by 33 percent year-on-year. The “hold” percentage from this segment was 29.1 percent, higher than 28.1 percent in the same period last year.
Gaming machine volumes for the nine-month period also grew to P113.1 billion, compared with P73.6 billion last year. The house’s win rate from this segment was stable at 5.9 percent relative to last year.
The average number of table games and average number of gaming machines for the nine months ended September stood at 280 and 1,781 as compared to 269 and 1,646, respectively, in the same period last year. Average net win per table games per day and average net win per gaming machine per day for the nine-month period amounted to P272,549 and P13,713, improving from P175,132 and P9,595, respectively, in the same period last year. —DORIS DUMLAO-ABADILLA