Melco has released its Q3 financial report for 2023, posting total operating revenues of $1.02bn, compared to the third quarter of 2022 which was valued at $241.8m, representing a massive increase of 321%.
The increase in total operating revenues was mainly down to an improved performance in all aspects of gaming and non-gaming operations following the relaxation of Covid-19 restrictions in Macau back in January of this year, and also because of the opening of the Studio City Phase 2.
Year-on-year, income and adjusted EBITDA also saw improvements. Operating income for the third quarter of 2023 was $94.7m, compared with an operating loss of $198.5m for the same period in 2022. Adjusted Property EBITDA was valued at $280.6m in the third quarter of 2023, compared with a negative Adjusted Property EBITDA of $34.9m in the third quarter of 2022.
Chairman and CEO, Lawrence Ho, commented: “Macau’s recovery continued to grow from strength to strength into the third quarter of 2023, especially during the summer months, with our property visitation and casino player hours benefiting from this growth.”
Looking individually, City of Dreams Manila's total operating revenues was valued at $124.9m for the third quarter of 2023, compared with $102.6m for the third quarter of 2022
“City of Dreams Manila continues to generate solid earnings with a strong margin profile. On the other hand, after a successful opening, City of Dreams Mediterranean has been impacted by the conflict in Israel. Our teams are working on re-aligning our marketing strategy,” said Mr. Lawrence Ho.
Mr. Lawrence Ho, added: “Food waste reduction continues to be a key focus of our sustainability strategy with plate waste being the most challenging area to address. With clean plate awareness campaigns taking place almost daily in our staff dining areas at City of Dreams Manila and the implementation of AI technology, plate waste per cover has reduced by more than 60%.”
Total debt balance at Melco was $7.77bn at the end of the third quarter of 2023, which did represent a decrease of $100m compared to the total debt balance as of June 30 2023.
