Melco revenue climbs 16% in first quarter of 2017
Macau-based casino operator Melco Resorts & Entertainment Limited has reported a 16% increase in year-on-year net revenue for the first quarter of 2017.
The first three months of 2017 saw revenue grow to $1.3bn compared to $1.1bn in the same period of 2016.
Melco is the latest in a number of Macau operators reporting strong revenue growth, following similar reports from Galaxy Entertainment, MGM, Las Vegas Sands and Wynn Resorts.
The company benefited from an almost fourfold increase in net income for the first quarter of 2017, with funds totalling $113.4m in comparison to the Q1 2016 net income figure of $39.8m.
The City of Dreams in the Philippine capital Manila reported the most significant net revenue increase, from $95.4m in the first quarter of 2016 to $157.4m in 2017, an increase of 65%.
Studio City resort also reported strong net revenue growth, jumping 55.5% from $178.7 million 2016 to $277.9m for the same Q1 period in 2017.
Lawrence Ho, Chairman of Melco Resorts & Entertainment welcomed the results: “In the first quarter of 2017, we delivered a strong set of results as highlighted by a 42% year-on-year increase in group-wide Adjusted property EBITDA, driven by expanding revenues across both Macau and the Philippines.”
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