Melco Reports $1.18 Billion In Revenues For Q3

City of Dreams Mediterranean

Melco Resorts has reported its financial performance for the third quarter of 2024, showing growth across various segments. The Macau-based gaming operator reported total operating revenues of $1.18 billion, marking an increase of 16% compared to $1.02 billion during the same period last year.

Melco’s financial results for the third quarter of 2024 reveal a strong rebound from the previous year’s challenges. The operating income for this quarter reached $138.6 million, a notable rise from $94.7 million recorded in the third quarter of 2023.

The adjusted property EBITDA for Melco in the third quarter amounted to $322.5 million, up from $280.6 million in the same quarter of 2023. This increase underscores the company’s ability to optimize its operations and enhance overall profitability.

In terms of net income, Melco reported a profit of $27.3 million for the third quarter of 2024, a remarkable turnaround from the net loss of $16.3 million experienced during the same period in 2023.

Melco Resorts operates several key properties, each contributing to the overall revenue. A closer look at the performance of these segments reveals insights into the company’s diverse revenue streams.

City of Dreams Macau remains one of Melco’s flagship properties, generating significant revenues. For the third quarter of 2024, total operating revenues at City of Dreams reached $563.9 million, a substantial increase from $506.2 million in the same quarter of 2023.

The adjusted EBITDA for City of Dreams Macau was reported at $162.8 million, compared to $153.9 million in the previous year. This growth can be attributed to the increased patronage and enhanced gaming experiences offered at the property.

In terms of gaming metrics, the rolling chip volume for City of Dreams Macau was recorded at $3.3 billion, a decrease from $4.43 billion in the third quarter of 2023. However, the mass market table games drop saw an increase to $1.4 billion, up from $1.32 billion in the same period last year.

Another significant contributor to Melco’s revenue is Studio City, which reported total operating revenues of $364.7 million for the third quarter of 2024, compared to $277.7 million in the same quarter of 2023.

The adjusted EBITDA for Studio City reached $92.8 million, a considerable increase from $67.7 million in the previous year.

Studio City also experienced fluctuations in gaming metrics, with rolling chip volume dropping to $494.8 million from $713.6 million in the third quarter of 2023. However, the mass market table games drop increased to $912.9 million, up from $809.1 million during the same period last year.

City of Dreams Manila

City of Dreams Manila reported total operating revenues of $118.9 million for the third quarter of 2024, a slight decline from $124.9 million in the same quarter of 2023.

The adjusted EBITDA for City of Dreams Manila was $45.9 million, down from $48.7 million in the previous year. This decrease can be attributed to softer performance in the rolling chip and mass market table games segments, despite improvements in the gaming machine segment.

The gaming machine handle for City of Dreams Manila was reported at $1.11 billion, reflecting the property’s ongoing efforts to enhance its gaming offerings.

City of Dreams Mediterranean and its associated properties also contributed to Melco’s overall revenue. Total operating revenues for this segment reached $64.4 million, up from $53.4 million in the third quarter of 2023.

The adjusted EBITDA for City of Dreams Mediterranean was $15.1 million, a substantial increase from $7.2 million in the previous year. This growth is primarily attributed to the ramp-up of operations following the property’s opening in mid-2023.

The rolling chip volume for City of Dreams Mediterranean was recorded at $14.6 million, a significant increase from $3.9 million in the same quarter of the previous year. The mass market table games drop also saw an increase to $138.8 million, up from $97.2 million in the third quarter of 2023.