Melco Resorts posts revenue of US$716.5m for Q1
Melco Resorts has reported that operating revenue for the first quarter grew by 51 per cent year-on-year.
Macau.- Melco Resorts & Entertainment Limited has shared its financial results for the first quarter of 2023. Operating revenues hit US$716.5m, up 51 per cent compared to the first quarter of 2022 ( US$474.9m).
Melco attributed the growth to improved performance across all gaming segments, primarily due to the relaxation of Covid-19 restrictions in Macau. The company reported adjusted property EBITDA of US$190.8m, compared to US$56m in the first quarter of last year.
City of Dreams Macau first quarter results
City of Dreams reported operating revenue of US$358.3m for the first quarter, up from US$256.7m in the same period in 2022. EBITDA was US$94.9m and adjusted EBITDA US$44.4m as a result of better performance in the mass market table games segment and non-gaming operations.
Rolling chip volume was US$4.04bn compared to US$2.45bn in the first quarter of 2022 while the rolling chip win rate was 2.41 per cent. The mass market table games drop increased to US$1.02bn from US$552.5m last year. The mass market table games hold percentage was 27 per cent, compared with 30.6 per cent in the same period in 2022.
The gaming machine handle was US$655.7m compared to US$380.1m, and the gaming machine win rate was 3.9 per cent. City of Dreams’ non-gaming revenue in the first quarter was US$58.3m (US$37.8m in the first quarter of 2022).
Altira Macau results
Altira Macau’s operating revenue was US$23.8m, up from US$13.9m in the same period in 2022. EBITDA was US$2m, compared to negative US$09.4m. In the mass market table games segment, the drop was US$82.6m. The hold percentage was 25 per cent, compared with 26.3 per cent in the first quarter of 2022.
The gaming machine handle for the first quarter of 2023 was US$74.3m and the gaming machine win rate was 3.6 per cent. Non-gaming revenue was US$3.7m.
Studio City results
Studio City posted operating revenue of US$142.2m and adjusted EBITDA of US$20.6m, compared with negative adjusted EBITDA of US$17.3m in the first quarter of 2022. The year-over-year increase was primarily a result of better performance in the mass market table games segment and non-gaming operations.
Rolling chip volume was US$718.5m while the rolling chip win rate was 1.59 per cent versus 1.66 per cent in the first quarter of 2022. The Mass-market tabletop decreased to US$482.6m and the hold percentage was 24.7 per cent. The gaming machine handle was US$431.7m, up from US$233m in the first quarter of 2022.
Non-gaming revenue at Studio City in the first quarter grew to US$25.1m (US$13.3m in the first quarter of 2022).
Group chairman and CEO Lawrence Ho said: “We have seen a very encouraging start to the recovery in Macau during the first quarter of 2023, following the relaxation of border restrictions in early January. We continued to see improving momentum into April and Golden Week in May, with mass market table games drop and mass gross gaming revenue during the Golden Week period exceeding the same period in 2019.
“We launched some exciting new initiatives in April. We started Macau’s first ever residency concert series at Studio City and opened Studio City Phase 2, starting with our Epic hotel tower and the indoor water park.
“These initiatives reinforce our long-standing commitment to bring unique, world class entertainment and hotel offerings to Macau. We have a diverse range of events that are being planned for the future that, we believe, will continue to drive international tourism and position Macau as a leading destination for leisure and entertainment.”
