Melco Resorts posts revenue of US$1.11bn for Q1
Melco Resorts has reported that operating revenue for the first quarter grew by 55 per cent year-on-year.
Macau.- Melco Resorts & Entertainment Limited has reported operating revenue of US$1.11bn for Q1, up 55 per cent in year-on-year terms. The increase was attributed to the improved performance in all gaming segments and non-gaming operations driven by the recovery in inbound tourism to Macau.
The company reported operating income of US$125.4m, compared to US$0.4m in the first quarter of 2023. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$298.8m compared with US$190.8m in 2023.
City of Dreams Macau results
City of Dreams reported operating revenue of US$550.9m for the first quarter, up from US$358.3m in the same period in 2023. EBITDA was US$153.6m compared with US$94.9m in the first quarter of 2023.
Rolling chip volume was US$5.69bn compared to US$4.04bn in the first quarter of 2023 while the rolling chip win rate was 2.23 per cent. The mass market table games drop increased to US$1.02bn from US$552.5m last year. Mass market table games drop increased to US$1.48bn in the first quarter of 2024. The mass market table games hold percentage was 31.7 per cent, compared with 27 per cent in the first quarter of 2023.
The gaming machine handle was US$890m compared to US$655.7m, and the gaming machine win rate was 3.1 per cent. City of Dreams’ non-gaming revenue in the first quarter was US$80.6m (US$58.3m in the first quarter of 2023).
Altira Macau results
Altira Macau’s operating revenue was US$34.2m, up from US$23.8m in the same period in 2023. EBITDA was US$1.4m, compared to negative adjusted EBITDA of US$2m due to better performance in the mass market segment.
In the mass market table games segment, the drop was US$140.7m. The hold percentage was 24.3 per cent. The gaming machine handle for the first quarter of 2023 was US$93.9m and the win rate was 3.2 per cent. Non-gaming revenue was US$5m.
Studio City results
Studio City posted operating revenue of US$331.4m and adjusted EBITDA of US$87.9m, compared with an adjusted EBITDA of 20.6m in the first quarter of 2023. Rolling chip volume was US$525.8m while the rolling chip win rate was 3.72 per cent versus 2.59 per cent in the first quarter of 2023.
Mass market table games drop increased to US$923.3m. The hold percentage was 29.5 per cent. The gaming machine handle was US$824.3m, compared to US$431.7m in the first quarter of 2023. Non-gaming revenue was US$70.7m, compared to US$25.1m in the first quarter of 2023.
Lawrence Ho, group chairman and CEO, said: “We have had an eventful year so far. We have had a shift in management, our sales force has been restructured, we knocked down walls and started reconfiguring our gaming areas and opened several new retail outlets at Studio City – to name just a few of the initiatives taken so far.
“On the financing side, we repaid another US$250m in debt, raised US$750m in bonds, and extended the maturity of our US$1.9bn revolving credit facility, significantly reducing our refinancing risk in 2025.
“Our improving results in March and April reflect the marketing initiatives we have implemented and the new business we have generated since the management changes in late February, as we continue to focus on providing our patrons with the best premium experience available in Macau and lead the market in all areas of our business.
“We are extremely optimistic about the continued growth of gaming, entertainment and leisure in Macau and expect to maintain our leadership position with our exceptional portfolio of products.”
See also: Melco to operate gaming and hotel rooms at City of Dreams Sri Lanka
