Melco Crown Entertainment Ltd. yesterday reported its unaudited financial results for the fourth quarter and for the full year ending December 31, 2016.
The results showed that net revenue during the fourth quarter of last year grew about 13 percent year-on-year from USD1,058 million to almost USD1,193.
The increase in net revenue was attributed by Melco Crown Entertainment to the revenue generated by a “fully- operating” Studio City resort and the increase in casino revenues at City of Dreams Manila.
However, the growth was dampened by lower casino revenues at City of Dreams in Macau and at Altira Macau.
For the full year, the company reported net revenues of USD4.5 billion versus some USD0.5 billion less in the prior year. The increase was attributed to the same causes as that in the fourth quarter, namely the strengthening in the performance of Studio City.
Commenting on Studio City’s turnaround during the last quarter, Lawrence Ho, chairman and chief executive officer at Melco Crown Entertainment said: “Mass table games revenues [at the resort] continued to expand, increasing almost 10 percent from the prior quarter which […] delivered a strong improvement in underlying earnings.”
“Studio City’s core focus remains on its mass market offerings which are ideally aligned to the demand landscape in Macau,” he added according to a statement from the company.