Good morning. More quarterly results are in, with mixed outcomes, mostly driven down by the uncertainty of Macau operations. Melco posted a $243 million loss, but notes that its Manila operation is surging towards ‘pre-pandemic levels‘. MGM China meanwhile was allowed to unseal its Cotai property and release the 1,600 people confined there since Sunday, but reported a 70 percent yearly revenue drop in 3Q22, while its Vegas properties boasted their “best quarter in Las Vegas Strip history”.
What you need to know
- Melco sets sights largely on Manila. At home, despite a 3Q22 loss of $243.84m, the concessionaire remains optimistic as travel restrictions ease.
- MGM China results dragged down an otherwise elated MGM Resorts, with the Macau operation posting a 70 percent YoY revenue drop for 3Q22.
- Authorities unsealed MGM Cotai, following three days of testing of nearly 1,600 people confined to the premises. Casino and hotel to reopen ‘soon’.
On the radar
- Philippines lifts quarantine for unvaccinated travelers.
- October revenues shine for foreign-only Korea casinos.
Melco Resorts and Entertainment announced on Wednesday that its net loss had increased to $243.84 million, compared to the $233.22 million registered in the same quarter of 2021. However, the figure was a 3.1 percent decrease from the loss filed in the second quarter. Regarding the Philippines, Chairman Lawrence Ho noted that “gaming volumes continue to track towards pre-pandemic levels,” with the group expecting “further growth as travel restrictions around Asia continue to be lifted and travel returns to normal levels”. Operating revenues at the group’s City of Dreams Manila property topped $102.6 million, nearly doubling annually, with adjusted EBITDA reaching $41.4 million.
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