Melco Crown (Philippines) Resorts lost 970.1 million pesos (US$22.2 million) in the first quarter of this year, the company said today, up 631.4 million pesos, or 186%, from 338.7 million pesos in the three months ended March 31, 2013.
The company says the losses are mainly related to pre-opening costs, general costs, and administrative costs, as well as interest expenses from the ongoing development of City of Dreams Manila. Melco Crown Philippines is an indirect subsidiary of Macau casino operator Melco Crown Entertainment. The latter is a venture between Lawrence Ho Yau Lung and Australian billionaire James Packer.
"As a typical example of a development-stage company, we have lost to date and expect these losses to continue to increase until we begin commercial operations with plans to open City of Dream Manila later this year," Melco Crown Philippines said in a filing with the Philippine Stock Exchange.
"We continue to be very encouraged by what is happening in the market," said Ho, co-chairman of Melco Crown Entertainment, in a conference call with analysts. "When you look at the results of some of our competitors in the recent quarter, they show that the market is growing, and they show that it is also growing at home, at home, and abroad," he added.
City of Dreams Manila is a venture with local partner Belle Corp that could open in the third quarter of 2014. The Manila project confirmed three hotel brands, including Crown Tower, Nobu and Hyatt.
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