Melcos Philippines partner flags possibility of second City of Dreams Manila IR

first_img Huawei Japan joins Kansai Economic Federation with eye on World Expo 2025 and Osaka IR Japan to conduct nationwide prefectural survey to confirm IR intentions 181 Chinese nationals arrested in dispute over POGO accreditation status RelatedPosts Load More Melco Resorts’ City of Dreams Manila could soon have a second Philippines location.Willy Ocier, the Chairman of Melco’s local partner Premium Leisure Corp (PLC), told investors during his firm’s 1Q19 earnings call this week that the possibility of launching another City of Dreams was already being discussed internally, according to the Philippine Star. “The expansion of City of Dreams is being studied by our partners as well as ourselves,” Ocier was quoted as saying. However, he noted that City of Dreams Manila’s current gaming license only applies to its Entertainment City site in Parañaque, adding, “If we want to apply, we will have to apply with PAGCOR once we secure another site.“We are doing all of this expansion, but we have not identified any location yet.”PLC has an operating agreement with a subsidiary of Melco Resorts (Philippines) that entitles it to the greater of either 50% of EBITDA or 15% of mass gaming win plus 5% of VIP win derived from City of Dreams Manila.PLC’s parent company Belle Corp, which owns the land upon which City of Dreams Manila sits, also derives rental fees from Melco for use of the land.Belle Corp has previously hinted at expanding the current City of Dreams Manila site onto adjacent land.The potential opening of a second site would mirror the actions of its Entertainment City neighbor Solaire Resort & Casino, operated by Bloomberry Resorts Corp, which will break ground on Solaire North in Quezon City this year.PLC reported this week a 9% increase in the company’s share in the gaming earnings of City of Dreams Manila to Php725 million (US$13.9 million) in 1Q19.last_img read more