Macau casinos: Melco Resorts posts revenue of US$1.18bn for Q3
The increase in total operating revenues was mainly attributed to the improved performance in all gaming segments and non-gaming operations.
Macau.- Melco Resorts & Entertainment Limited has reported operating revenue of US$1.18bn for the third quarter of the year. That’s an increase of 16 per cent in year-on-year terms and a rise of 1.72 per cent when compared to the US$1.16bn recorded in the second quarter of the year. The increase was attributed to the improved performance in all gaming segments and non-gaming operations, led by the continued recovery in inbound tourism to Macau during the third quarter of the year.
The company reported operating income of US$138.6m, compared to US$94.7m in the third quarter of 2023. In quarter-on-quarter terms, the figure was up 12.05 per cent. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$322.5m compared with US$280.6m in 2023.
In the third quarter of the year, Melco Resorts & Entertainment recorded a net income of US$27.3m, or US$0.06 per American Depositary Share (ADS). That’s an improvement compared to a net loss of US$16.3m, or US$0.04 per ADS, in the third quarter of 2023.
See also: Melco Resorts aims to bring more Korean tourists to Macau
City of Dreams Macau results
City of Dreams Macau reported operating revenue of US$563m for the third quarter, up 2.38 per cent sequentially and up 10.9 per cent from US$506.2m in the same period in 2023. EBITDA was US$162.8m compared with US$153.9m. According to the company, the year-on-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments.
Rolling chip volume was US$3.30n, and the rolling chip win rate was 3.97 per cent. The mass market table games drop was US$1.46bn and the expected rolling chip win rate range was 2.85 per cent-3.15 per cent. The gaming machine handle was US$902.3m and the win rate 3.1 per cent. Nn-gaming revenue was US$78.7m, down 2.16 per cent sequentially but up 6.79 in year-on-year terms.
Altira Macau results
Altira Macau’s operating revenue was US$30.5. That’s an increase of 4.09 per cent in quarter-on-quarter terms and 26.03 per cent compared with US$24.2m in the third quarter of 2023. The venue generated negative adjusted EBITDA of US$1.1m, compared with negative US$3.8m in the third quarter of 2023.
The mass market table games drop was US$135.5m versus US$140.0m a year before. The mass market table games hold percentage was 21.7 per cent. The gaming machine handle was US$148.0m and the gaming machine win rate was 1.8 per cent. Non-gaming revenue was US$5.4m, compared with US$5.3m in the third quarter of 2023.
Mocha and other third quarter results
Revenues from Mocha clubs in Macau and other were US$30.6m, up 1.66 per cent year-on-year. Mocha and Other generated Adjusted EBITDA of US$6.9m in both the third quarters of 2024 and 2023.
The mass market table games drop was US$57.2m. The mass market table games hold percentage was 16.6 per cent. The gaming machine handle was US$519.1m, compared with US$515.8m in the third quarter of 2023. The gaming machine win rate was 4.3 per cent.
Studio City results
Studio City posted operating revenue of US$352.3m, up 3.52 per cent sequentially and 26.87 per cent compared to the third quarter of 2023. Studio City generated adjusted EBITDA of US$92.8m, compared with adjusted EBITDA of US$67.7m in the third quarter of 2023. The company attributed the year-over-year increase to a better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$494.8m and the win rate 5.57 per cent. The Mass market table games drop was US$912.9m and the hold percentage 30.7 per cent. The gaming machine handle was US$853m, compared to US$673.9m in the third quarter of 2023. The gaming machine win rate was 3.3 per cent. Non-gaming revenue was US$89.3m, compared with US$79.0m in the third quarter of 2023.
Lawrence Ho, group chairman and CEO, said: “Our initiatives to activate areas throughout our properties and drive visitation are coming together. We launched a revamped loyalty program, opened a new Signature Club premium slot area at City of Dreams, and a highly themed slot area called the Dragon Zone at Studio City, in partnership with Aristocrat Gaming. We are enhancing accessibility into City of Dreams with a new light tunnel entrance which is complemented by live performances. We expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.”
