billion-plus in 90 days
Melco Resorts & Entertainment saw a revenue bump of 21 percent for the second quarter on a year-on-year basis. The gaming operator posted revenues of almost $1.3 billion in the three months ending June 30. Operating income rose 76 percent to $127.4 million, with net income up 18.5 percent to $36.5 million, reported CalvinAyre.com.
Melco Resorts Chairman and CEO Lawrence Ho attributed the returns to a “strong growth trajectory” in Macau’s gaming market and the “ongoing improvement in player sentiment”—referring to Chinese high rollers who have returned in droves to the city’s gaming tables.
Melco’s City of Dreams saw VIP turnover increase one-quarter year-on-year to $12.2 billion. Mass market table drop rose 4.4 percent to $1.07 billion. Slots revenue toppled 7 percent to $938 million, but non-gaming revenue was up almost 20 percent to $74.6 million.
In the Philippines, City of Dreams Manila racked up a sixth consecutive record-breaking quarter with revenues up 47 percent to $176 million. VIP turnover nearly doubled to $3.2 billion, reported CalvinAyre.com. Mass table drop spiked by 26 percent and slots handle also was up 47 percent.
Inside Asian Gaming reported that Studio City, Melco’s newest property on the Cotai Strip and which began VIP operations in November generated adjusted EBITDA of $80.7 million in the second quarter, up 228 percent from $24.6 million in the second quarter of 2016.
“Studio City, our second integrated resort in Cotai, provides an ideal complement to City of Dreams,” said Ho. “The integrated resort’s focus on more mainstream mass market customers allows us to broaden our customer reach. The property continues to ramp up its core mass market operations, while the newly opened rolling chip operations provide an incremental driver for revenue and earnings growth.
“In the Philippines, City of Dreams Manila continues to deliver record revenue and Property EBITDA, resulting in an impressive return on invested capital,” he continued. “Our decision to invest in this fast growing and attractive market is testament to our approach of identifying and investing in markets that drive long-term value for our shareholders.”
Gaming investments firm Premium Leisure Corp., which just released its financial results for the first half of 2017, showed a 123 percent increase in year-on-year net revenues to nearly $20.3 million thanks in large part to its holding in City of Dreams Manila.
