Operations at City of Dreams Manila remain on solid footing despite uncertainty surrounding the stake of foreign partner Melco Resorts & Entertainment, according to SM Investments Corp. President and CEO Frederic C. DyBuncio.
DyBuncio said it has long been public knowledge that Melco has been exploring a sale of its shares in the integrated resort, but no deal has materialized.
“Our partner in City of Dreams has been trying to sell their shares, but they have not had a successful buyer so far. In the meantime, they will continue to be our partner,” he said, underscoring that day-to-day operations remain unaffected.
The operating landscape, however, has shifted.
With fewer Chinese and Korean high-roller players entering the Philippine market, the resort has leaned more heavily on the domestic mass segment to drive revenues.
“There are very few Chinese and Korean players coming to the market right now, so we are really relying primarily on the mass market — the Filipino customers,” DyBuncio noted.
While performance has softened from previous peaks, he described results as “very good” given industry headwinds. The property’s strong positioning in the mass segment has helped cushion the impact of reduced foreign VIP traffic.
At the same time, online gaming has expanded rapidly, now accounting for roughly half the size of the physical gaming business — a sign of shifting consumer behavior and digital adoption in the sector.
Asked about potential expansion plans, DyBuncio declined to elaborate, saying any developments would be disclosed at the appropriate time.
