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Melco Crown Entertainment feels pinch in Philippines

Profile Photo By: Steve Shellum
August 14, 2015

Melco Crown Entertainment feels pinch in Philippines

city of dreams manilaThe Philippine unit of Melco Crown Entertainment is suspending about 100 workers after it posted a wider net loss in the first half, mainly due to higher costs and a dearth of wealthy Chinese gamblers, Reuters reports.
Melco Crown Philippines operates the US$1 billion City of Dreams Manila integrated resort, which opened late last year. Its stock is the worst performing amongst its peers, having fallen 44 percent so far this year.
Charisse Chuidian, vice president for public relations, said the workers suspended accounted for about two percent of the integrated resort?s workforce, and were mainly in gaming related sectors. ?Employment of the affected employees will resume when business improves,? she added.
City of Dreams Manila is Melco Crown?s first bet outside the world?s biggest gaming hub, Macau, where revenues have been declining for more than a year as a crackdown on lavish spending keeps wealthy Chinese gamblers away.
Fewer Chinese gamblers have been visiting the Philippines, the country?s gaming regulator has said, with many going instead to South Korea, which is closer to home, or further afield to Australia.
Melco Crown Philippines? integrated resort includes a DreamWorks theme park, two night clubs and three hotels, including Nobu Hotel.

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