Melco Crown Philippines, a Manila-based subsidiary of international gambling operator Melco Crown Entertainment, which is in control of City of Dreams Manila, announced that its Chief Operating Officer Kevin Sim has decided to leave his post.
Mr. Sim said that his departure was due to personal reasons. The gambling company commented earlier today that it is to make further announcements concerning the executive’s replacement.
Mr. Sim has been employed at Melco Crown Philippines since April 2013. Prior to joining the casino operator, he had worked for casino and hospitality giant Genting Malaysia Bhd. There, he had taken the position of Vice President of hotel and casino resort Genting Highlands also known as Resorts World Genting. He had also been a Vice President for Finance for Cambodian casino company NagaCorp Ltd.
City of Dreams Manila opened doors for visitors last December. The $1.3-billion integrated resort is the second of a total of four such properties to be launched as part of Entertainment City, a multi-billion and multi-purpose complex in the heart of Manila. Here it is also important to note that the complex is Melco Crown’s first endeavor outside Macau.
During the third quarter of the year, City of Dreams Manila generated overall net revenue of $91.7 million. In addition, rolling chip volume for the reported period amounted to $1.2 billion. Adjusted EBITDA for the three months in review totaled $24.4 million, up more than 93% sequentially. Owner Melco Crown noted last week that the sequential increase in adjusted EBITDA was mainly due to the strong traction in rolling chip volume and the additional growth in mass market table and slot machines revenue.
Back in August, it was reported that City of Dreams Manila had suspended 100 employees or about 2% of its total workforce in a bid to cut costs. Melco Crown Philippines reported loss of PHP1.8 billion for the second quarter ended June 30, 2015, down 27% as compared to loss of PHP1.43 billion posted for the same period a year ago.
The news about the suspension of casino workers was not welcomed by high-standing Philippine officials. For instance, Senator Miriam Defensor Santiago urged the Senate to investigate the matter as she considered it the government’s duty to protect employees. Back in August, Ms. Santiago said that Melco Crown Philippines had created a precedent for other employers to suspend workers anytime they found fit, thus violating the latter’s rights.
