Melco Resorts posts revenue of US$947.9m for Q2
Operating revenues for the second quarter of 2023 were up 220 per cent in year-on-year terms.
Macau.- Melco Resorts & Entertainment Limited has shared its financial results for the second quarter of 2023. Operating revenues were US$947.9m, up 220 per cent compared to the second quarter of 2022 (US$296.1m).
The company reported an increase in operating revenues in all gaming segments and non-gaming operations as a result of the relaxation of Covid-19 related restrictions in Macau in January 2023, the opening of Studio City Phase 2’s Epic Tower and indoor waterpark in April 2023 and the commencement of residency concerts at Studio City.
Operating income for the second quarter was US$64.3m, compared with an operating loss of US$209.2m recorded last yea. Melco generated adjusted property EBITDA of US$267.3m, compared with negative adjusted property EBITDA of US$13.8m in the second quarter of 2022.
City of Dreams Macau second quarter results
City of Dreams reported that operating revenues reached US$506.2m in the second quarter, up from US$97.3m in the same period in 2022. EBITDA was US$161.2m, compared with negative adjusted EBITDA of US$28.5m last year. The increase was attributed to better performance in the mass market table games segment and non-gaming operations.
Rolling chip volume was US$5.76bn compared to US$748.1m in the second quarter of 2022 while the rolling chip win rate was 2.88 per cent. The mass market table games drop increased to US$1.24bn from US$209.1m. The mass market table games hold percentage was 32 per cent, down from 33 per cent.
The gaming machine handle was US$771.5m compared to US$217.1m, and the gaming machine win rate was 2.8 per cent. City of Dreams’ non-gaming revenue in the first quarter was US$68.9m (US$24.3m in the second quarter of 2022).
Altira Macau results
Altira Macau’s operating revenue was US$29.3m, up from US$7.2m in the same period in 2022. EBITDA was US$4.3m, compared to negative US$11.3m. In the mass market table games segment, the drop was US$116.6m. The hold percentage was 24.2 per cent, compared with 17.5 per cent in the second quarter of 2022.
The gaming machine handle for the second quarter of 2023 was US$782m and the gaming machine win rate was 3.3 per cent. Non-gaming revenue was US$4.9m.
Studio City results
Studio City posted operating revenue of US$236m and adjusted EBITDA of US$41.1m, compared with negative adjusted EBITDA of US$31.1m in the first quarter of 2022. The year-over-year increase was again a result of better performance in the mass market table games segment and non-gaming operations.
Rolling chip volume was US$789.5m while the rolling chip win rate was 1.43 per cent versus 5.33 per cent in the second quarter of 2022. The Mass-market table games drop increased to US$716.6m and the hold percentage was 25.5 per cent. The gaming machine handle was US$595.4m, up from US$201.7m in the second quarter of 2022.
Non-gaming revenue at Studio City in the second quarter of 2023 was US$74.3m, compared with US$8.3m in the second quarter of 2022.
Group chairman and CEO Lawrence Ho said: “The strength of our Macau recovery is evident in the 43 per cent increase in gross gaming revenue in the second quarter of 2023 compared to the first quarter of 2023. We’ve seen a mass drop increase month-to-month and turnover in our premium direct VIP segment continued to exceed 2019 during the second quarter.
“Labour supply issues in Macau have been largely resolved. We have been able to provide our customers with Melco’s full suite of services and amenities. We expect to add another 560 hotel rooms to our portfolio with the opening of W Macau at Studio City in September and are well positioned to support the continuing increase of customers in Macau.”
See also: Melco Resorts upgraded to outperform rating from Credit Suisse
