City of Dreams Manila posts revenue of US$133.3m for Q1

The mass market table games drop increased to US$177.1m
The mass market table games drop increased to US$177.1m

The casino’s adjusted EBITDA was US$60.9m.

The Philippines.- Melco Resorts & Entertainment Limited has shared Q1 financial results for City of Dreams Manila. Operating revenue was US$133.3m, up from US$86.9m last year and US$83.9m in the previous quarter. The casino’s adjusted EBITDA was US$60.9m, up from US$33m in the same period of 2022.

The year-over-year increase in adjusted EBITDA was a result of better performance in all gaming segments and non-gaming operations. Rolling chip volume grew from US$647.9m to US$655.8m quarter-on-quarter. The rolling chip win rate was 5.43 per cent versus 1.09 per cent in Q1 2022.

The mass market table games drop increased to US$177.1m and the hold percentage to 31.2 per cent. The gaming machine handle increased from US$776.7m to US$979.5m, although the gaming machine win rate decreased from 6 per cent to 5.4 per cent. Non-gaming revenue at City of Dreams Manila grew from US$22.3m to US$28.6m.

Chairman and CEO Lawrence Ho said: “We’ve seen strength in the Philippines with a solid recovery underway. Adjusted Property EBITDA at City of Dreams Manila for the first quarter of 2023 surpassed that of the first quarter of 2019.”

Melco Resorts has reported operating revenues of US$716.5m, up 51 per cent compared to the first quarter of 2022 ( US$474.9m). The company attributed the growth to improved performance across all gaming segments, primarily due to the relaxation of Covid-19 restrictions in Macau. The company reported adjusted property EBITDA of US$190.8m, compared to US$56m in the first quarter of last year.

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City of Dreams Manila Melco Resorts & Entertainment