Casino operator Melco Resorts and Entertainment Ltd on reported on Thursday a 86.9 percent year-on-year increase in profit for the third quarter of 2017,
Net income for the three months ended September 30 was US$115.9 million compared with US$62.0 million in the third quarter of 2016.
Net revenue for the third quarter of 2017 was approximately US$1.38 billion, representing a year-on-year increase of nearly 19.5 percent.
The company said in a press release that the improved performance “was primarily attributable to higher rolling chip revenues at City of Dreams [Macau] and the commencement of rolling chip operations at Studio City in November 2016.”
Operating income for the period was US$192.7 million, compared with operating income of US$108.9 million in the third quarter of 2016, up by 77.0 percent.
“Gaming revenue growth momentum in Macau has remained strong, with October 2017 marking the fifteenth consecutive month of positive year-over-year growth,” company chairman and chief executive Lawrence Ho Yau Lung said in comments included in the repor
Ho said the US$1-billion Morpheus hotel tower, designed by late architect Zaha Hadid, at the City of Dreams Macau property remained on budget and on track to open in the first half of 2018. The new hotel will feature approximately 780 hotel rooms, suits and villas.
“When Morpheus opens, we will also commence the rebranding and redevelopment of The Count:Down the former Hard Rock Hotel at City of Dreams Macau,” Hoalso said in the release.
The Count:Down is the former Hard Rock Hotel at City of Dreams Macau. Melco Resorts announced in April it was dropping the Hard Rock brand from its City of Dreams Macau. It added at the time that the hotel would be operated under the name ‘The Count:Down’ “from July 2017 until March 31, 2018″ and would get a new branding after that.
Lawrence Ho also said the Mr Ho also said that Melco Resorts would continue to “refine” product offerings at Macau’s Studio City casino resort with upgrades planned over the next 12 months.
Ho also said that Melco Resorts was satisfied with the performance of casino hotel Altira Macau and had no plans to dispose of it.
For the quarter ended September 30, net revenue at Altira Macau was US$89.3 million compared to US$128.8 million in the prior-year period.
Altira Macau generated negative adjusted EBITDA in the reporting period, with the property’s performance impacted by a decrease in casino revenues, said the firm. (Photo by SCMP)
