One of the firms behind the City of Dreams Manila integrated casino resort has reportedly revealed that it is studying the possibility of opening a second such venue in the Philippines but has yet to identify a preferred site.
According to a report, this revelation came from Willy Ocier, Chairman for Manila-listed Premium Leisure Corporation, following the conclusion of the gaming-focused investment firm’s annual stockholders’ meeting on Monday.
Ocier reportedly told the source…
“The expansion of City of Dreams Manila is being studied by our partners as well as ourselves. If we want to apply, we will have to apply with the Philippine Amusement and Gaming Corporation once we have secured another site. We are doing all of these expansions but we have not yet identified any location.”
The newspaper reported that Premium Leisure via its Premium Leisure and Amusement Incorporated subsidiary is entitled to a share of the gaming revenues from City of Dreams Manila courtesy of a deal with the property’s operator, Melco Resorts and Entertainment Limited. The former firm revealed that this arrangement brought in approximately $41.49 million last year, which represented a comparable rise of about 23%, and has accounted for improved earnings of around $13.9 million for the first three months of 2019.
Reportedly read a statement from Premium Leisure Corporation…
“This increase was brought by the growth in the gaming segments of City of Dreams Manila, especially driven by the strong mass market.”
The Philippine Star reported that Premium Leisure and Amusement Inc is also one of the parties serving as the guarantor for the casino license granted to Melco Resorts and Entertainment Limited for the City of Dreams Manila development. As such, the Philippines firm is said to be cooperating on a plan that is set to convert non-gaming areas of the 938-room Entertainment City venue into more profitable gaming zones.
Finally, the newspaper reported that last year saw Belle Corporation, which holds a 78.7% stake in Premium Leisure Corp, propose a plan that could see City of Dreams Manila expanded beyond its current 15.3-acre footprint. This scheme would purportedly involve the developer constructing a new hotel on a 2.4-acre parcel of land it owns across the street from the current Manila-area venue.