Melco increases EBITDA during third quarter

VIP revenue drove EBITDA to record highs during the third quarter of the current year.

Macau.- Melco Resorts & Entertainment Ltd reported that third quarter results where EBITDA increased 38 percent to US$400 million. Net revenue also increased 19 percent year-on-year to US$1.4 billion. The increase in revenues was driven by higher rolling chip revenues at City of Dreams and the start of operations at Studio City last year.

Lawrence Ho, chairman and CEO of Melco, said that a strong contribution from all gaming segments, aided by a sustained recovery in Macau and ongoing strength in the fast growing Philippines gaming market, continued to drive the company’s overall profitability, which enabled Melco to deliver an all-time record adjusted property EBITDA in the third quarter of 2017.

“City of Dreams has once again proven itself to be the unequivocal leader in the premium end of the market, with ongoing improvements in mass table yields despite an increase in new supply in the market. Studio City continues to ramp by delivering improvements in the mass market and rolling chip segments. Going forward, we will continue to refine our product offerings at Studio City with a range of extensive property upgrades planned over the next twelve months, including the planned redevelopment of the House of Magic and enhancements in the accessibility to the property,” said Ho.

“In The Philippines, City of Dreams Manila continues to enjoy strong year-on-year growth across all gaming segments, which enabled the property to deliver over 27 percent year-over-year growth in Adjusted property EBITDA, despite new supply in the Philippines,” he added.