Melco Resorts posts revenue of US$1.02bn for Q3
Operating revenue was up 321 per cent in year-on-year terms.
Macau.- Melco Resorts & Entertainment Limited has shared its financial results for the third quarter of 2023. Operating revenues grew from US$947.9m to US$1.02bn from the previous quarter and 321 per cent in year-on-year terms.
The company attributed the increase to an improved performance in all gaming segments following the relaxation of Covid-19-related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.
Operating income for the third quarter was US$94.7m, compared with an operating loss of US$198.5m last year. Melco generated adjusted property EBITDA of US$280.6m, compared with negative adjusted property EBITDA of US$34.9m in the third quarter of 2022.
Net loss attributable to Melco Resorts & Entertainment Limited for the third quarter of 2023 was US$16.3m. The net loss attributable to noncontrolling interests was US$20.5m.
City of Dreams Macau third quarter results
City of Dreams Macau operating revenues reached US$506.2m, up from US$66.4m in the same period in 2022. EBITDA was US$153.9m, compared with negative adjusted EBITDA of US$40.2m last year. The increase was attributed to better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$4.43bn compared to US$332.2m in the third quarter of 2022 while the rolling chip win rate was 2.48 per cent. The mass market table games drop increased to US$1.32bn from US$133.5m. The mass market table games hold percentage was 32.1 per cent, up from 28.6 per cent.
The gaming machine handle was US$807.5m compared to US$137.4m, and the gaming machine win rate was 3.6 per cent. City of Dreams’ non-gaming revenue in the first quarter was US$73.6m (S$19.3m in the third quarter of 2022).
Altira Macau results
Altira Macau’s operating revenue was US$24.2m, up from US$2.4m in the same period in 2022. EBITDA was US$3.8m, compared to negative US$12.9m. In the mass market table games segment, the drop was US$140.0m. The hold percentage was 18.9 per cent, compared with 4.8 per cent in the third quarter of 2022.
The gaming machine handle for the second quarter of 2023 was S$86.5m and the gaming machine win rate was 3.9 per cent. Non-gaming revenue was US$5.3m.
Studio City results
Studio City operating revenue was US$277.7m. Adjusted EBITDA was US$67.7m, compared with negative adjusted EBITDA of US$31.5m in the third quarter of 2022. The year-over-year increase was again mainly attributed to better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$713.6m while the rolling chip win rate was 1.78 per cent versus 4.18 per cent in the third quarter of 2022. The Mass-market table games drop increased to US$809.1m and the hold percentage was 27.5 per cent. The gaming machine handle was US$673.9m, up from US$98.2m in the third quarter of 2022.
Non-gaming revenue at Studio City in the third quarter of 2023 was US$79.0m, compared with US$9.0m in the third quarter of 2022.
Group chairman and CEO Lawrence Ho said: “Macau’s recovery continued to grow from strength to strength into the third quarter of 2023, especially during the summer months, with our property visitation and casino player hours benefiting from this growth.
“We had solid performance over the October Golden Week and we saw a robust recovery during the remainder of October. Both gaming and non-gaming segment revenues improved, reinforced by our commitment to invest in world-class entertainment and enhance our non-gaming amenities.
“Our market-leading design standards were recognized by Prix Versailles with Morpheus being the only hotel in Macau to have the honour of being included as one of the World’s Most Beautiful Hotels.”
