By Cris Larano
MANILA--Melco Crown Philippines Resorts Corp. (MCP.PH) reported
Friday a wider second-quarter net loss of 1.82 billion pesos ($39.9
million) from 1.43 billion pesos, with income failing to keep pace
with the increasing cost arising from the operation of its
integrated resort and casino.
Second-quarter revenue jumped to 3.34 billion pesos from 23.7
million pesos in the year-earlier period. Over the same period,
however, total expenses surged to 5.16 billion pesos from 1.45
billion pesos.
The subsidiary of NASDAQ-listed gaming firm Melco Crown
Entertainment Ltd. opened in December the 6.2-hectare City of
Dreams Manila, the second integrated resort and casino at
Entertainment City, the Philippines' version of the Las Vegas
Strip.
In the six months to June, Melco Crown Philippines' loss widened
to 4.91 billion pesos from 2.40 billion pesos as expenses surged
more than four times to 10.57 billion pesos. Total revenue in the
first half climbed to 5.68 billion pesos from 45 million pesos in
the year-earlier period.
Write to Cris Larano at cris.larano@wsj.com
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