Gambling operator Melco Crown Entertainment Ltd. published its financial report for the three months ended September 31, 2015. Net revenue amounted to $945.7 million, down 16% year-on-year from the $1.1 billion posted for the same period a year ago.
The company attributed the drop to both lower mass market table games revenue and rolling chip revenue in its Macau-based venues. Yet, the decline was partly offset by net revenue generated at City of Dreams Manila, a multi-billion-dollar integrated resort that opened doors as part of the Philippines’ Entertainment City in December 2014.
Adjusted property EBITDA amounted to $237.3 million for the three months ended September 30. It decreased 22% year-on-year due to the lower contribution from the company’s rolling chip and mass market table games segments.
City of Dreams Macau generated quarterly net revenue of $665.6 million during the period in review. In comparison, the amount of $911.6 million was posted for the same quarter a year ago. Adjusted EBITDA totaled $191.5 million, down 31% year-on-year.
Total non-gaming revenue at the property amounted to $66.8 million. The amount of $74.2 million was posted for the third quarter of 2014.
Altira Macau generated net revenue of $140.3 million for the three months ended September 30 compared with $160.4 million posted for the same period a year ago. Adjusted EBITDA decreased from $20.3 million in 2014 to $13.3 million for the third quarter of 2015.
Altira Macau posted overall non-gaming revenue of $8.1 million for the period in review, down from the $9 million reported for the third quarter of 2014.
Net revenue at Macau’s Mocha Clubs amounted to $36.1 million. In comparison, the amount of $38.5 million was posted for the same period a year ago. Adjusted EBITDA totaled $8.5 million compared to the $9.9 million reported for the third quarter of 2014. There were about 1,200 gaming machines featured at the Mocha Clubs during the reported period compared to 1,300 of those during the same period a year ago.
City of Dreams Manila generated quarterly revenue of $91.7 million and adjusted EBITDA of $24.4 million during the three months ended September 30, 2015. Non-gaming revenue at the property amounted to $26.4 million.
Commenting on Melco Crown’s financial performance, Lawrence Ho, CEO and Co-Chairman of the gambling operator, said that they considered their third-quarter results “impressive,” given the challenging environment in Macau. The executive further noted that the company’s performance highlighted their commitment to providing world-class gaming and non-gaming services.
Melco Crown launched Studio City – the newest addition to its Macau-based properties – on October 27. The $3.2-billion Hollywood-themed integrated resort features a wide variety of gaming options and an even wider variety of non-gaming ones. Mr. Ho said that Studio City will likely be “a strong complement” to Melco Crown’s existing assets and will allow the company to diversify even further its customer mix.
