Kevin Sim has resigned his post as chief operating officer of Melco Crown Philippines, operator of City of Dreams Manila, reportedly for personal reasons.
Sim, who assumed the role in April 2013, previously was executive vice president of the Genting Highlands casino resort in Malaysia. Prior to that, he was vice president of finance for Cambodian gaming operator NagaCorp Ltd., according to GGRAsia.
The company said it will announce Sim’s replacement “at the appropriate time.”
CalvinAyre.com reported that the integrated resort, which opened early this year, has already laid off about 100 employees because of weak revenues. But Belle Corp. Vice Chairman Willy Ocier has forecast a strong finish to the year.
“The second half of 2015 will be strong,” Ocier said, adding that City of Dreams “just started VIP operations in July.”
For the third quarter, City of Dreams Manila reported revenues of $91.7 million, up from $75 million in the second quarter. Earnings doubled to $24.4 million and VIP turnover more than doubled to $1.2 billion. Mass table drop was flat at $117 million and gaming machine handle was up slightly at $508 million, but the casino’s nongaming revenue dropped to $26.4 million, reported CalvinAyre.com.
City of Dreams is the second integrated casino resort to open at Philippine Amusement and Gaming Corp.’s Entertainment City complex, joining Bloomberry Resorts’ Solaire. Two more resorts are scheduled to open in the 120-hectare (297-acre) development in the coming years. Universal Entertainment’s Manila Bay Resorts will open in the second half of 2016, and Genting Group’s Resorts World Bayshore will debut in 2018.
