Melco Resorts posts revenue of US$337.1m for Q4
Melco Resorts has reported that operating revenue for the fourth quarter declined by 45.8 per cent year-on-year.
Macau.- Melco Resorts & Entertainment Limited has reported a decrease in its operating revenues for the fourth quarter of 2022. Total operating revenues were approximately US$337.1m, around 30 per cent lower than the US$480.6m reported the previous year.
The decrease was put down to the travel restrictions in Macau and mainland China due to the Covid-19 pandemic. This led to decreased performance in the rolling chip and mass market table games segments.
The company reported an operating loss of US$199.5m, compared with an operating loss of US$104.4m in the fourth quarter of 2021.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was negative US$6.8m compared with US$94.0m in the fourth quarter of 2021. Net loss attributable to Melco Resorts & Entertainment Limited widened from US$159.9m to US$251.9m. The net loss attributable to noncontrolling interests was US$42.1m, 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$139.2m for the fourth quarter, down from US$244.8m in the same period in 2021.
EBITDA was US$7.8m while adjusted EBITDA was US$49.7m. The decline was mainly due to weaker performance in the mass market table games segments and non-gaming operations.
Rolling chip volume was US$850.4m compared to US$3.12bn in the fourth quarter of 2021 while the rolling chip win rate was 4.47 per cent.
The mass market table games drop decreased to US$292.2m from US$690.9m in the previous year. The mass market table games hold percentage was 29.2 per cent, slightly lower than 29.7 per cent in the same period in 2021.
The gaming machine handle was US$194.7m compared to US$421.6m in the previous year. The gaming machine win rate was 4.5 per cent. City of Dreams’ total non-gaming revenue in the fourth quarter of 2022 was US$30.5m.
Altira Macau posts total operating revenue of US$9m
Altira Macau’s operating revenues were US$9m, down from US$13.3m in the same period in 2021. EBITDA was US$9.5m, compared to negative adjusted EBITDA of US$0.1m in the previous year.
In the mass market table games segment, the drop was US$31.9m. The mass market table games hold percentage was 20.6 per cent, lower than 28.1 per cent in the fourth quarter of 2021.
The gaming machine handle for the fourth quarter of 2022 was US$40.8m. The gaming machine win rate was 3.0 per cent. Altira Macau’s total non-gaming revenue was US$2.1m.
Studio City posts negative adjusted EBITDA of US$25.3m for Q4
Studio City posted operating revenue of US$43.4m and negative adjusted EBITDA of US$25.3m, compared with a negative adjusted EBITDA of US$0.1m in the fourth quarter of 2021.
Rolling chip volume was US$251.4m while the rolling chip win rate was 2.70 per cent versus 1.84 per cent in the fourth quarter of 2021.
Mass-market tabletop games decreased to US$113.5m. The percentage of mass market table games held in the fourth quarter was 27.1 per cent. The gaming machine handle was US$124.5m, compared to US$262.4m in the fourth quarter of 2021. The slot win rate was 2.7 per cent.
City of Dreams’ non-gaming revenue was US$9.6m, compared to US$17.7m in the fourth quarter of 2021.
Lawrence Ho, group chairman and CEO, said: “Our results for the fourth quarter of 2022 continued to be impacted by the travel restrictions imposed across mainland China and Macau. However, we are encouraged by the increased visitation and volume that we have seen since the travel restrictions between mainland China and Macau were relaxed on January 8, 2023.
“Our recent performance reinforces our belief in the return of pent-up demand and our view that Macau will continue to develop as a leading international destination for entertainment and leisure.
“In respect to our development projects, we expect Studio City Phase II to open in the second quarter of 2023. The first stage of the opening is expected to include one of our hotel towers and the indoor water park, which is expected to be the largest of its kind in Asia.”
