Macau | Melco quarterly results clouded by weaker mass market in COD

Melco announced US$1.3 billion (MOP10.7 billion) net revenue in the fourth quarter of 2017

Macau (MNA) – Lower mass market revenues at City of Dreams (COD) in Macau were offset by higher revenues at Studio City and City of Dreams Manila, Melco Resorts said in a filing with the Hong Kong Stock Exchange late Thursday.

Melco announced US$1.3 billion (MOP10.7 billion) net revenue in the fourth quarter of 2017, up 12 per cent year-on-year. Operating income in the period increased 11 per cent year-on-year to US$129 million.

Adjusted property EBITDA grew 12 per cent year-on year to US$339.8 million in the fourth quarter of 2017.

The company says that the improvement was ‘mainly attributable to the higher contribution from Studio City and Altira Macau … partially offset by lower contribution from City of Dreams in Macau.’

Melco also added that its annual net revenue reached US$5.3 billion in 2017 versus US$4.5 billion in 2016.

The group states in the filing that the increase is ‘attributable to better group-wide performance in all gaming segments, especially the performance in the rolling chip segment including the fully-operating rolling chip operations in Studio City in the current year.’

Operating income increased 67 per cent year-on-year in 2017 to US$607.6 million. Annual adjusted property EBITDA was up 31 per cent year-on-year to US$1.4 billion.

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