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Financial

Melco Resorts revenues decrease by 5% in Q2

Hong-Kong listed casino operator Melco Resorts & Entertainment saw its year-on-year net revenue decrease by 5% between April and June to approximately $1.2bn.Melco said the adoption “of a new revenue recognition standard issued by the Financial Account Standards Board” contributed to the decrease.

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Under the old revenue recognition standard, “net revenue for the second quarter of 2018 would have been $1.30bn, which would have represented an increase of approximately 3% from the $1.29bn for the comparable period in 2017.”

Operating income for the quarter decreased by 7% to $118.1m, while EBITDA rose 8% to $355.5m.

Melco’s City of Dreams Manila casino generated $577.8m in net revenue for the second quarter of this year- a 10.3% decrease- due to a lower rolling chip volume.

Net revenue at Melco’s Studio City casino also dropped from $332.1m to $314.1m, with an adjusted EBITDA of $73.2m. 

However, the rolling chip volume for the company increased by $6.1bn but with the win rate decreasing from 3.3% to 2.7%.

The Atira Macau casino generated adjusted EBITDA of $18.3m in the second quarter of 2018, up from $5.1m.

Melco Resorts Chairman and CEO Lawrence Ho reiterated the ongoing developments of the Melco’s properties in Macau are important for the company’s future.  

 “I am delighted to announce the recent successful opening of Morpheus, which we believe is the most luxurious integrated resort in the world.

“Named after the Greek god of dreams, this $1.1bn iconic building is the latest addition to the phase three development of City of Dreams, exemplifying Melco’s position as a pioneer and innovator in premium travel, leisure, and entertainment.”

 

 

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