Philippines-based Premium Leisure Corp, one of the partners in the City of Dreams Manila casino resort, reported net income attributable to the parent company of PHP8.3 million (US$186,158) for the first quarter of 2015, compared to a loss of PHP1.7 million a year earlier.
Total revenue for the three months ended March 31 reached PHP237 million from virtually no revenue in the prior-year period, the company said in a filing to the Philippine Stock Exchange.
City of Dreams Manila (pictured), which is managed by Melco Crown (Philippines) Resorts Corp, is a partnership between casino operator Melco Crown Entertainment Ltd and Premium Leisure Corp, a unit of Belle Corp, controlled by the family of Philippine billionaire Henry Sy.
Premium Leisure’s operations benefited from the official opening of City of Dreams Manila on February 2. The Belle unit has an operating agreement that grants it a share of gaming revenues or earnings at the casino resort.
The higher net income in 2015 “resulted mainly” from gaming revenue share from the casino operations at City of Dreams Manila, equity in net earnings of an associate company and dividend income from Belle, Premium Leisure said.
“The results were partially offset with higher general and administrative expenses due to the amortisation of intangible assets, higher professional and service fees, and taxes and licences,” it added.