City of Dreams Manila powers Melco Crown to a 17% profit in Q2

Revenues of Asian casino operator Melco Crown Entertainment Limited rebounded by 17 percent in the second quarter due to a vibrant gambling activity at City of Dreams Manila, offsetting the lackluster performance of its casinos in Macau.

Melco Crown’s net revenue for the April-June period rose to US$1,070.4 million compared to the US$916.8 million it registered on the same period in 2015.

In a statement, Melco Crown Chief Executive Officer Lawrence Ho attributed the better-than-expected second quarter earnings of City of Dreams Manila which is up 36.3 percent to US$120.2 million compared to the US$75.0 million in the second quarter of 2015.

“We believe that the Philippines gaming market will continue to show robust growth as the country’s economy rapidly expands, infrastructure continues to improve and the Government retains its strong commitment to supporting domestic and international tourism,” Ho said in a statement.