Melco Resorts and Entertainment, a company that has entertainment and casino gaming facilities in Europe and Asia, has reported a 16% rise in its Q3 operating revenues towards Q3 2023.
The 16% rise from Q3 2023 equals to $1.18 billion. Q3 net income for Q3 was $27.3m, or $0.06 per ADS, compared with the net loss of $16.3m, or $0.04 per ADS, in Q3 2023.
Lawrence Ho, chairman and CEO at Melco Resorts, commented:
“Our initiatives to activate areas throughout our properties and drive visitation are coming together. We launched a revamped loyalty program, opened a new Signature Club premium slot area at City of Dreams, and a highly themed slot area called the Dragon Zone at Studio City in partnership with Aristocrat Gaming. We are enhancing accessibility into City of Dreams with a new light tunnel entrance, which is complemented by live performances. We expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.
Adjusted Property EBITDA revenues reached $322.5m, which is significantly more than $280.6m in Q3 2023.
Lawrence Ho commented on EBITDA:
“In Manila, despite added competition, City of Dreams’ property EBITDA increased sequentially. City of Dreams Mediterranean and our satellite casinos in Cyprus continue to face challenges due to the conflicts in the region but have had solid increases in property EBITDA quarter-to-quarter.”
Not only was Q3 successful for Melco Resorts, but Q2 also hit a rise of 22%.
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