Melco reports 11 per cent rise in Q1 operating revenue
Operating revenue reached US$1.23bn amid improved performance in both gaming and non-gaming operations.
Macau.- Melco Resorts & Entertainment Limited has reported operating revenue of US$1.23bn for the first quarter of the year, a rise of 11 per cent year-on-year amid improved performance in both gaming and non-gaming operations.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$341m compared with US$298.8m in 2024. The net loss attributable to noncontrolling interests was US$4.8m, compared to US$14.6m, the majority relating Studio City and City of Dreams Mediterranean and Other.
City of Dreams Macau results
City of Dreams reported operating revenue of US$658.1m, up from US$550.9m in the same period in 2024. EBITDA was US$195.9m compared with US$153.6m amid better performance in gaming operations.
Rolling chip volume was US$6.05bn up from US$5.69bn. while the rolling chip win rate range was 2.85 per cent. The mass market table games drop increased to US$1.59bn from US$1.48bn. The mass market table games hold percentage was 30.2 per cent (31.7 per cent in the first quarter of 2024).
The gaming machine handle was US$911m compared to US$890m, and the gaming machine win rate was 3.2 per cent. Non-gaming revenue was US$84.1m (US$80.6m in the first quarter of 2024).
Studio City results
Studio City posted operating revenue of US$354.5m and adjusted EBITDA of US$97.3m, compared with US$87.9m in the first quarter of 2024 amid better mass market performance. The mass market table games drop increased to US$923.9m, with a hold percentage of 32.8 per cent. The gaming machine handle was US$871.5m (US$824.3m in Q1 2024). Non-gaming revenue was US$70.7m, flat in year-on-year terms.
The company said: “Studio City has strategically repositioned itself to focus on the premium mass and mass segments, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024.”
Altira Macau results
Altira Macau’s operating revenue was US$27.9m, down from US$34.2m in the same period in 2024. EBITDA was US$0.7m, compared to US$1.4m due to a decline in mass market table games. The drop in this segment was US$108.8m. and the hold percentage 22.4 per cent. The gaming machine handle was US$131.6m with a win rate of 2.9 per cent. Non-gaming revenue was flat at US$5m.
Lawrence Ho, group chairman and CEO, said: “Macau Property EBITDA grew 32 per cent quarter-over-quarter, demonstrating our strength and growth potential in Macau. Mass drop increased each month during the quarter, and we recorded our highest daily mass drop ever. The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts of our teams, and the quality of our product offerings, and we will continue to build on this momentum.”
City of Dreams Manila
At City of Dreams Manila, operating revenue was US$101.6m, down 8.22 per cent year-on-year and 24.06 per cent sequentially. The Philippine casino’s adjusted EBITDA was US$30.1m, down from US$37.8m in the same period in 2024 due to softer mass market performance.
Rolling chip volume was US$351.9m versus US$527.7m in the first quarter of 2024. The win rate was 2.98 per cent compared to 2.20 per cent. The mass market table games drop decreased from US$180.6m to US$145.5m and hold percentage was 32.6 per cent, up slightly from 31.8 per cent.
The gaming machine handle was US$1.01bn, compared with US$1.13bn in the first quarter of 2024. The win rate was 5.1 per cent compared with 5 per cent. Non-gaming revenue was US$26.6m, compared with US$28.8m.
City of Dreams Mediterranean
Operating revenue at City of Dreams Mediterranean in Cyprus and Other was US$58.5m. Adjusted EBITDA was US$11.6m. Rolling chip volume was US$11.9m. The mass market table games drop was US$145m, with a hold percentage of 20 per cent. The gaming machine handle was US$591.2m, compared with US$504m in the first quarter of 2024. Non-gaming revenue was US$18.8m, compared with US$11.8m.
Chairman and CEO Lawrence Ho said: “City of Dreams Manila was impacted by the increased competition in the market, while results at City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited solid sequential and year-on-year growth despite the continued challenges posed by the conflicts in the region.
“And finally, the fit-out of the casino at City of Dreams Sri Lanka is progressing well and we continue to expect to commence casino operations in the third quarter of 2025.”
In 2024, the company reported operating revenue of US$4.64bn, up 22.75 per cent year-on-year due to the recovery in inbound tourism to Macau and the ramp up of Studio City Phase II and City of Dreams Mediterranean. Operating income was US$484.6m, up 645.5 per cent in year-on-year terms. Adjusted Property EBITDA was US$1.22bn, up 17.31 per cent.
