City of Dreams Manila posts revenue of US$110.7m for Q1

Adjusted EBITDA was US$37.8m.

The Philippines.- Melco Resorts & Entertainment Limited has shared Q1 financial results for City of Dreams Manila. Operating revenue was US$110.7m, down from US$133.3m a year earlier. The casino’s adjusted EBITDA was US$37.8m, down from US$60.9m in the same period of 2023, mainly due to a drop in the rolling chip segment. 

Rolling chip volume was US$527.7m versus US$655.8m in the first quarter of 2023. The rolling chip win rate was 2.20 per cent compared to 5.43 per cent. The mass market table games drop increased to US$180.6m with a hold percentage of 31.8 per cent. 

The gaming machine handle increased from US$979.5m to US$1.13bn, while the gaming machine win rate decreased from 5.4 per cent to 5 per cent. Non-gaming revenue grew from US$28.6m to US$US$28.8m.

Chairman and CEO Lawrence Ho said: “City of Dreams Manila in the Philippines has continued to show solid results in the mass segment but was impacted by luck factors in VIP. City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited positive cash flow through the first quarter despite continued conflicts in the region and we are cautiously optimistic that we can expand our business into the seasonally strong summer months.”

See also: Melco extends maturity date on US$1.92bn revolving credit facility