Asian casino operator Melco Crown Entertainment Limited has released its financial results for the fourth quarter of 2016 detailing a 13% increase year-on-year in net revenues to $1.19 billion thanks to the positive performance of its Studio City Macau and City Of Dreams Manila properties.

The Nasdaq-listed firm revealed fourth-quarter net income of $43.3 million, which compared with a deficit of $12.3 million for the same three-month period in 2015, while adjusted property earnings before interest, taxation, depreciation and amortization rose by 29% year-on-year to hit $304.3 million.

For the full year, Melco Crown Entertainment Limited explained that its company net revenues had improved by 12.5% year-on-year to $4.5 billion while its overall income had swelled by 66.4% to 175.9 million.

“Our flagship property in Macau, City Of Dreams Macau, generated adjusted property earnings before interest, taxation, depreciation and amortization of approximately $190 million, [which was] an increase of over 10% compared to the prior quarter, despite an increase in supply in Macau,” said Lawrence Ho Yau Lung, Chairman and Chief Executive Officer for Melco Crown Entertainment Limited.

Ho declared that the improvements in net revenues had been due to “a fully-operating Studio City [Macau], which started operations in October of 2015, and the increase in casino revenues at City Of Dreams Manila [although] partially offset by lower casino revenues at City Of Dreams Macau and Altira Macau.”

In terms of Studio City Macau, Melco Crown Entertainment Limited detailed that fourth-quarter net revenues had almost doubled to $246.2 million while the property’s adjusted earnings before interest, tax, depreciation and amortization had skyrocketed by 350% to hit $56.7 million. The Cotai Strip venue’s rolling chip volume for the three month’s to the end of December totaled $1.3 billion while mass-market table games drop improved by 87% to $683.2 million with total non-gaming takings boosted by 41% to $53.3 million.

“We anticipate a further ramp in the property’s VIP operations in the coming quarters,” said Ho while revealing that his Melco International Development Limited enterprise had recently completed the acquisition from Australia’s Crown Resorts Limited of a majority stake in Melco Crown Entertainment Limited and how holds a 51.3% share. “This transaction highlights the steadfast confidence and commitment I have in the markets where we operate.”

For the Philippines, Ho proclaimed that City Of Dreams Manila had continued “to increase its gaming market share by delivering another strong quarter fuelled by revenue growth across all gaming segments” and recorded fourth-quarter net revenues of $144.7 million, which represented an increase of 78.9% year-on-year. The Manila property saw its adjusted earnings before interest, tax, depreciation and amortization for the final three months of 2016 expand by nearly 224% to $50.2 million as rolling chip volume escalated by 61.5% to $2.1 billion.

“The year-on-year improvement in adjusted earnings before interest, tax, depreciation and amortization was primarily a result of increased casino revenues,” read a statement from Melco Crown Entertainment Limited.

The fourth quarter moreover saw City Of Dreams Manila report mass-market table games drop of $149 million, which represented an improvement of 40.2% year-on-year, while its total non-gaming revenues for the period increased by 12.4% to reach $28.1 million.

Regarding the overall casino market in Macau, Ho declared that the “anti-corruption [and] anti-extravagance crackdown” in mainland China had “subsided” and that a period of “significant consolidation” in the junket sector had helped to produce a healthier industry.

“Our customers and the people who really did nothing wrong over these years, they don’t have a fear of coming to Macau,” said Ho. “So we are seeing that and I think that is by far and away the main reason for the recovery [in Macau’s VIP and premium mass-market segments]. The remaining junket operators all now have a much better financial base to build upon and have the confidence of a genuine return of demand from players. We see that the junket operators are also becoming more aggressive in terms of liquidity.”

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