Melco’s revenue rises in Q3
Melco Resorts has reported that its revenue in the third quarter of the year increased by 16% to US$1.4 billion.
US.- Melco Resorts & Entertainment has released the latest financial report, which details operations from the third quarter. During the three-month period, the company generated US$1.4 billion, which is a 16% increase when compared to 2018.
In the third quarter, Melco achieved an income of US$175.2 million, or a 104% increase when compared to 3Q18. Net income for the three-month period was US$83.2 million, while adjusted EBITDA totalled US$418.2 million, a 39% rise.
Melco says that the increase in income was due to a better performance in mass-market table games and rolling chips. The latter generated US$17.2 billion and a 40% improvement with a rate of 3%. Mass market table games increased to US$1.4 billion, representing an 8% rise.
Lawrence Ho, Chairman and CEO of Melco Resorts and Entertainment, said: “During the third quarter of 2019, Melco’s mass-market table games drop and gaming machine handle both reached all-time-record-highs. The third quarter of 2019 also marked 16 consecutive quarters of positive year-over-year growth in mass-market table games drop, highlighting the strength in Macau’s mass-gaming market.”
“Broadly the VIP market has started to stabilise, at least at the beginning of Q4, and ultimately the VIP market in Macau is driven by the Chinese economy and policies. The sooner the trade war has some resolution and RMB stops devaluing it will have a positive impact on Macau gaming,” Ho said. “There will be a moderation in the pace of decline.”
