City of Dreams reports Q2 financial results
The Macau casino City of Dreams registered an increase in operating revenues during the second quarter of the year.
Macau.- City of Dreams Macau has reported good financial results during the second quarter of the year. The casino operated by Melco Resorts & Entertainment revealed that total operating revenues were €709.6 million, up from the €518.4 million registered a year before.
City of Dreams generated an adjusted EBITDA of €225 million in the second quarter of 2019 compared to €153.8 million in the same period last year. The year-over-year increase in Adjusted EBITDA was primarily a result of better performances in the rolling chip and mass-market table games segments. Rolling chip volumes totalled €13.3 billion for the second quarter of 2019, up from €9.4 billion in the second quarter of 2018.
Moreover, mass-market table games drop increased to €1.1 billion in the second quarter of 2019 compared to €987 million in the same period last year. Gaming machine handle for the second quarter of 2019 was €897 million, compared with €987 billion in the second quarter of 2018. The gaming machine win rate was 3.8% in the second quarter of 2019 versus 5.1% in the second quarter of 2018.
“The opening of the new VIP area on the second floor helped City of Dreams deliver a strong set of results in the second quarter of 2019, with VIP volumes, mass table gaming revenue and Property EBITDA all experiencing significant growth,” said Lawrence Ho, CEO of Melco.
Melco reports record adjusted EBITDA
Melco Resorts & Entertainment reported that adjusted property EBITDA was €396.2 million for the second quarter of 2019, up from the €319 million registered in the second quarter of 2018, representing an increase of 24%.
The increase in total operating revenues was driven by a better performance in the rolling chip and mass-market table games segments and higher non-gaming revenue as a result of the opening of Morpheus in June 2018. Operating income for the second quarter of 2019 was €184.2 million, compared with operating income of €105.9 million in the second quarter of 2018, representing an increase of 74%.
