Macau gaming operator Melco Resorts saw its operating revenues for the third quarter reach $1.18 billion, up some 16 percent from $1.02 billion for the same period in 3Q23.
The increase in total operating revenues was primarily attributable to improved performance in gaming segments and non-gaming operations, led by continued recovery in inbound tourism.
Operating income for the third quarter amounted to $138.6 million, compared with $94.7 million in the third quarter of 2023.
Meanwhile, Melco generated adjusted property EBITDA of $322.5 million in the third quarter of 2024, compared with $280.6 million in 3Q23.
Net income attributable to Melco for the third quarter of 2024 was $27.3 million, compared with a net loss of $16.3 million in the third quarter of 2023.
The net loss attributable to noncontrolling interests was $14.6 million and $20.5 million during the third quarters of 2024 and 2023, respectively, the majority of which related to the net loss attributable to Studio City and City of Dreams Mediterranean and Other.
City of Dreams Macau
For the quarter, total operating revenues at City of Dreams were $563.9 million, compared with $506.2 million in the third quarter of 2023. City of Dreams generated an adjusted EBITDA of $162.8 million in the third quarter of 2024, compared with $153.9 million in the third quarter of 2023.
Rolling chip volume was $3.3 billion for the third quarter of 2024 versus $4.43 billion in the third quarter of 2023. Mass market table games drop increased to $1.4 billion in the third quarter of 2024, compared with US$1.32 billion in the third quarter of 2023.
Studio City
For the quarter ended September 30, 2024, total operating revenues at Studio City were $364.7 million, compared with $277.7 million in the third quarter of 2023. Studio City generated an adjusted EBITDA of $92.8 million in the third quarter of 2024, compared with the adjusted EBITDA of $67.7 million in the third quarter of 2023. The year-over-year increase was primarily a result of better performance in all gaming segments and non-gaming operations.
Rolling chip volume was $494.8 million in the third quarter of 2024 versus $713.6 million in the third quarter of 2023, while mass market table games drop increased to $912.9 million in the third quarter of 2024, compared with $809.1 million in the third quarter of 2023.
City of Dreams Manila
For the quarter ended September 30th, total operating revenues at City of Dreams Manila were $118.9 million, down from $124.9 million in the third quarter of 2023. City of Dreams Manila generated an adjusted EBITDA of $45.9 million in the third quarter of 2024, compared with the adjusted EBITDA of $48.7 million in the same period of 2023. The year-on-year drop was primarily a result of softer performance in rolling chip and mass market table games segments, offset by better performance in the gaming machine segment.
The gaming machine handle for the third quarter of 2024 was $1.11 billion.
City of Dreams Mediterranean
Total operating revenues at City of Dreams Mediterranean and Other for the quarter were $64.4 million, compared with $53.4 million in the third quarter of 2023. City of Dreams Mediterranean and Other generated adjusted EBITDA of $15.1 million in the third quarter of 2024, compared to $7.2 million in the third quarter of 2023.
The yearly increase was primarily attributable to the operations ramp-up following the opening of City of Dreams Mediterranean in mid-2023, which led to ‘a better performance in the gaming machine segment and non-gaming operations’.
Rolling chip volume was $14.6 million for the third quarter of 2024 versus $3.9 million in the third quarter of 2023.
Mass market table games drop was $138.8 million in the third quarter of 2024, compared with $97.2 million in the third quarter of 2023.
Beyond Macau
The group’s Chairman and Chief Executive Officer, Lawrence Ho, commented: “Our initiatives to activate areas throughout our properties and drive visitation are coming together.”
Looking beyond Macau, the executive notes “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.”
