Melco Crown Philippines Resorts Corp. net losses continued its stumble with net losses in 2015 widening by as much as 45 percent to PHP9.14 billion (US$269 million), compared with the previous year’s PHP6.3 million.

In a filing with the Philippine Stock Exchange, Melco Crown said its swelling losses were caused by the “increase in total operating costs and expenses arising from the full year resort operations in 2015, as well as the interest expenses (net of capitalized interest) as a result of lower interest capitalization since the project completion in the first quarter of 2015.”

The first full year of City of Dreams Manila’s operations contributed to the spike in Melco Crown’s total net operating revenues, which surged to PHP13.73 billion from P430.20 million in 2014. However, the total operating costs and expenses also rose year on year to PHP20 billion from PHP4.66 billion in the previous year.

Casino revenues, on the other hand, added PHP11.9 billion to Melco Crown’s profits. That figure represents about 87 percent of the casino operator’s total net operating revenues, while rolling chip volume reached P150.6 billion with a low win rate of 2.3 percent.