Melco Resorts posts revenue of US$1.09bn for Q4
Melco Resorts has reported that operating revenue for the fourth quarter was up 224 per cent year-on-year.
Macau.- Melco Resorts & Entertainment Limited has reported operating revenue of US$1.09bn for Q4, up 224 per cent in year-on-year terms. The increase was attributed to the improved performance in all gaming segments and non-gaming operations following the relaxation of Covid-19 countermeasures in Macau in January 2023 and the opening of Studio City Phase II.
The company reported an operating loss of US$94.4m, compared with an operating loss of US$199.5m in the fourth quarter of 2022. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$303.4m compared with negative US$6.8m.
Net loss attributable to Melco Resorts & Entertainment Limited was of US$156.6m. The net loss attributable to noncontrolling interests was US$20.8m, all related to Studio City, City of Dreams Manila and Cyprus Operations.
City of Dreams Macau fourth quarter results
City of Dreams reported operating revenue of US$559.8m for the fourth quarter, up from US$139.2m in the same period in 2022. EBITDA was US$166.2m.
Rolling chip volume was US$5.19bn compared to US$850.4m in the fourth quarter of 2022 while the rolling chip win rate was 2.55 per cent. The mass market table games drop was US$1.44bn, up from US$292.2m. The mass market table games hold percentage was 31.6 per cent.
The gaming machine handle was US$957.4m compared to US$194.7m in the previous year. The gaming machine win rate was 3.1 per cent. Non-gaming revenue was US$80.1m.
Altira Macau posts total operating revenue of US$33.6m
Altira Macau’s operating revenue was US$33.6m, up from US$9m in the same period in 2022. EBITDA was US$0.3m, compared to negative adjusted EBITDA of US$9.5m due to better performance in the mass market segment and non-gaming operations.
In the mass market table games segment, the drop was US$149m. The hold percentage was 23.8 per cent.
The gaming machine handle for the fourth quarter of 2023 was US$87.8m and the win rate was 3.2 per cent. Non-gaming revenue was US$5.3m.
Studio City posts adjusted EBITDA of US$77.3m for Q4
Studio City posted operating revenue of US$302.5m and adjusted EBITDA of US$77.3m, compared with a negative adjusted EBITDA of US$25.3m in the fourth quarter of 2022. Rolling chip volume was US$556m while the rolling chip win rate was 1.86 per cent versus 2.7 per cent in the fourth quarter of 2022.
Mass-market tabletop games generated US$864.1m. The hold percentage was 30 per cent. The gaming machine handle was US$778.3m, compared to US$124.5m in the fourth quarter of 2022. Non-gaming revenue was US$65.3m, compared to US$9.6m in the fourth quarter of 2022.
Lawrence Ho, group chairman and CEO, said: “Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China’s uncertain macro-economic outlook. Visitations to Macau during this month’s Chinese New Year holiday period were close to 2019 levels and the number of visitors from China exceeded 2019.
“2023 was a year of post-pandemic recovery and the debut of our new developments, including City of Dreams Mediterranean and Studio City Phase 2. 2024 is set to be another exciting year for us as we continue to develop new ideas and strategies to bring market leading leisure and entertainment offerings to our customers.
“As part of our initiatives to ensure Melco is leading the market in all areas of our business, we are making changes to management in Macau and bolstering the leadership team. We expect these changes will strengthen us as a team to secure a stronger and more competitive future.”
