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This is how much revenue Melco Resorts generated in the third quarter

The company attributed the performance to the continued recovery of the gaming sector and the opening of the second phase of Studio City.

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The company attributed the performance to the continued recovery of the gaming sector and the opening of the second phase of Studio City.

ARTICLE BY

PUBLISHED

UPDATED: 21 Dec 2023, 11:07 pm

Melco Resorts has reported total operating revenues for the third quarter of 2023 at US$1.02 billion. The sum represents an increase of approximately 7.4 percent from the US$947.9 million reported in the previous quarter.

In a regulatory filing, the gaming concessionaire said the increase was “primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of Covid-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.”

It added that operating income for the third quarter of 2023 was US$94.7 million compared to US$64.3 million in the previous three-month period. The third quarter’s adjusted earnings before interest, taxes, depreciation, amortisation, and restructuring or rent (EBITDA) stood at US$280.6 million, compared with US$267.3 million for the second quarter of 2023.

The net loss attributable to Melco Resorts for the third quarter of 2023 was US$16.3 million, or US$0.04 per American depository share.

[See more: Melco Resorts is backing the restoration of Piers 23 and 25]

Total net non-operating expenses for the third quarter of 2023 were US$129.5 million, which mainly included interest expenses of US$131.1 million, partially offset by interest income of US$6.1 million.

Depreciation and amortisation costs of US$140.7 million were recorded, of which US$5.7 million related to the amortisation expense for land use rights.

In September, the gaming concessionaire opened W Macau Studio City. Billed as a “new landmark” on the Cotai Strip, the 557-room W hotel is part of a US$1.3 billion expansion program at Studio City and comes after the April unveiling of the 338-suite Epic Tower and a new water park.

 

UPDATED: 21 Dec 2023, 11:07 pm

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