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Melco revenues up 15.7%

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Casinos soon under dirty-money watch
FILE photo of the City of Dreams Manila

THE developer of City of Dreams Manila grew its revenues by 15.7% in the fourth quarter of 2017, supported by the generally strong performance of its casino operations.

In a disclosure to the stock exchange on Friday, Melco Resorts and Entertainment (Philippines) Corp said net revenues came at $167.5 million in the three months ending December, against $144.7 million in the same period in 2016.

Adjusted earnings before interest, tax, depreciation, and amortization was up by 7% to $53.8 million during the fourth quarter, against $50.2 million in the comparable period last year.

Melco Resorts saw strong revenues across all segments, with rolling chip volume posting $2.9 billion for the quarter, 38% up year-on-year. The win rate for rolling chip was recorded at 3.1%, with expected wins within the range of 2.7% to 3%.

Mass market table games had a hold percentage of 30.9% for the period, allowing mass table revenues to inch up 26.9% to $189.2 million. Gaming machine handles enjoyed a strong quarter as well, as revenues grew 18% to $793.3 million.

Meanwhile, non-gaming revenues also climbed 11.7% to $31.4 million during the quarter.

The company noted that the unaudited financial results for the fourth quarter and full year 2017 results have also been filed with the United States’ Securities and Exchange Commission on Feb. 8.

Incorporated in 1974, Melco Resorts is one of the co-licencees that developed the integrated hotel, gaming, retail and entertainment complex called City of Dreams Manila in the state-run Entertainment City.

Shares in Melco Resorts lost 18 centavos or 2.07% on Friday, closing the week at P8.50 each. — Arra B. Francia