Losses widen at COD Manila

Melco Crown Entertainment has announced a sharp increase in losses for its casino resort venture in the Philippines for 2015 with net losses widening by 45 per cent to 9.14 billion pesos (US$259 million) from 6.3 billion pesos the previous year. The joint venture with James Packer opened in 2014 and was hailed as the first foray outside Macau for Melco, which still carries high hopes for the City of Dreams Manila resort which is the second of a planned four casino resort for the Entertainment City precinct built on 120 hectares of reclaimed land. In its recent report Melco said the losses incurred in 2015 were due to an increase in operating costs and expenses from its first full year of operations.