Belle Corporation, an investor in Melco Crown Entertainment’s City of Dreams Manila, said Q1 revenue more than doubled and profit rose, boosted by early operations at the newly opened resort.
Revenue was PHP 1.34 billion ($30.2 million), more than double the PHP 558 million recorded in the same period a year ago. Net income rose 22 percent to PHP 378 million, the company said in a Philippine Stock Exchange filing.
However, the company said higher interest expenses and other non-operating charges narrowed the year-on-year growth rate for net income.
The company’s Premium Leisure Corporation unit has an operating agreement with Melco that accords it a share of gaming revenues or earnings at City of Dreams Manila. The unit realized net income of approximately PHP 80 million for the first quarter of 2015 compared to a net loss of PHP 2 million for the first quarter of 2014.
City of Dreams Manila, held its grand opening in February.
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