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October 28, 2021

Its stock is the worst performing amongst its peers

Melco Crown Manila casino suspends 100 workers as costs mount

Melco Crown Manila casino suspends 100 workers as costs mount
The Philippine unit of Melco Crown Entertainment Ltd said on Tuesday it would suspend 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.
Philippines | 08/12/2015

The Philippine unit of Melco Crown Entertainment Ltd said on Tuesday it would suspend 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.

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elco Crown Philippines operates the over $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 2 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 also 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 operates 272 gaming tables, 1,588 slot machines and 130 electronic table games, while the integrated resort includes a DreamWorks theme park, two night clubs and three hotels, including Nobu Hotel.

In May, its Chairman Clarence Chung said the resort was making progress in attracting VIP gamblers through junkets.

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