Melco reports record adjusted EBITDA

Melco Resorts & Entertainment registered a 17% increase in revenues during the second quarter of the year and a record EBITDA.

Macau.- Melco Resorts & Entertainment Limited reported on Wednesday its unaudited financial results for the second quarter of the year. Total operating revenues for the second quarter of 2019 were €1.2 billion, which represents a 17% increase from the €1 billion from the same period in 2018.

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%.

Melco’s adjusted property EBITDA totalled €396.8 million for the second quarter of 2019 compared to the €319 million registered in the second quarter of 2018, representing an increase of 24%. City of Dreams generated Adjusted EBITDA of €225 million in the 2Q.

Lawrence Ho, CEO of Melco, said: “During the second quarter of 2019, all of Melco’s Macau Integrated Resorts delivered strong mass table games revenue growth, which drove Group-wide Property EBITDA to expand approximately 24% year-over-year to an all-time-high of €396.6 million.

“The further ramp-up of the award-winning Morpheus and 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. During the second quarter, Studio City and Altira also delivered strong mass table gaming revenue growth, highlighting strength in Macau’s mass gaming market and Melco’s dominant foothold in the city’s mass and premium mass gaming segments.”