Casinos in the Philippines: Melco reports City of Dreams Manila Q3 results
Operating revenue was down 5.05 per cent in year-on-year terms.
The Philippines.- Melco Resorts & Entertainment has shared the financial results of City of Dreams Manila for the third quarter. Operating revenue was US$118.9m, down 5.05 per cent year-on-year but up 9.08 per cent sequentially. Adjusted EBITDA was US$45.9m, compared with US$48.7m in the third quarter of 2023. Softer performance in rolling chip and mass market table games was partially offset by better performance in the gaming machine segment.
Rolling chip volume was US$614.3m, compared with US$374.6m in the third quarter of 2023. The rolling chip win rate was 3.88 per cent. The mass market table games drop decreased to US$172.4m, compared with US$214.1m a year before. The mass market table games hold percentage was 32.8 per cent, up from 29.7 per cent. The gaming machine handle was US$1.11bn, compared with US$1.03bn in the third quarter of 2023. The gaming machine win rate was 5.2 per cent. Non-gaming revenue was flat at US$29m.
City of Dreams Mediterranean and other third-quarter results
Melco Resorts & Entertainment operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean. Operating revenue at City of Dreams Mediterranean and Other was US$64.4m. Adjusted EBITDA was US$15.1m, compared with US$7.2m in the third quarter of 2023 amid the ramp-up of operations following the opening of City of Dreams Mediterranean in mid-2023.
Rolling chip volume was US$14.6m. The mass market table games drop was US$138.8m while the mass market table games hold percentage was 20.7 per cent. The gaming machine handle was US$558.9m, compared with US$466.5m in the third quarter of 2023. Non-gaming revenue was US$25.0m, compared with US$16.8m in the third quarter of 2023.
Chairman and CEO Lawrence Ho said: “In Manila, despite added competition, City of Dreams’ property EBITDA increased sequentially. City of Dreams Mediterranean and our satellite casinos in Cyprus continue to face challenges due to the conflicts in the region but have had solid increases in property EBITDA quarter-to-quarter.”
Melco opens first phase of City of Dreams IR in Sri Lanka
Melco Resorts and John Keells Holdings (JKH) have opened Phase I of City of Dreams Sri Lanka, a US$1bn integrated resort (IR) in central Colombo. The IR has 687 rooms and multiple entertainment venues, including ballrooms and event and conference facilities with a capacity of over 5,000.
Phase II, including casino operations, is expected to open in mid-2025 with the potential for expansion subject to performance and market conditions. The Government of Sri Lanka has awarded Melco’s wholly-owned local subsidiary a 20-year casino licence. It will operate the gaming area with an initial investment of US$125m and will also manage the top five floors of the hotel under the Nuwa brand.
Krishan Balendra, chairperson of the John Keells Group, said: “City of Dreams Sri Lanka is an iconic project that was conceived over a decade ago; a one-of-a-kind venture that will undoubtedly convert Colombo into a preferred destination for leisure and entertainment in the region, offering best-in-class lifestyle, shopping and entertainment spaces.
“The Group is confident that the convergence of all elements in the launch of City of Dreams Sri Lanka will unlock its full potential as a transformative development in South Asia and be a catalyst in creating tourism demand, foreign exchange earnings for Sri Lanka and generating employment. The City of Dreams Sri Lanka project, once all components are in full operations, is expected to generate over 20,000 direct and indirect employment and community engagement opportunities.”
