Melco Resorts net income plunges 99.95% in third quarter
Melco Resorts & Entertainment reported a 99.95 per cent year-on-year drop in net income to US$34,000 for the third quarter, with operating revenues falling nearly 10 per cent to US$1.17 billion, driven by weaker performance in rolling chip and mass market table games.
Melco Resorts & Entertainment, a developer, owner, and operator of integrated resort facilities in Asia and Europe, reported a 99.95 per cent year-on-year decline in net income to US$34,000 (HK$265,200) for the third quarter, according to a company announcement.
The Nasdaq-listed subsidiary of Melco International Development saw its third-quarter operating revenues fall nearly 10 per cent to US$1.17 billion, primarily due to softer performance in rolling chip and mass market table games as well as overall non-gaming operations. The company's adjusted property earnings before interest, taxes, depreciation, and amortisation fell 24.4 per cent to US$287.6 million during the period.
Lawrence Ho, chairman and chief executive, said that the company continues to be confident in the long-term prospects of its businesses in Macau, as its distinctive product portfolio in Macau reflects the best in luxury and innovation, coupled with the opening of its newly branded hotel REM and the renovation of its retail space at City of Dreams.
Ho added: 'In the Philippines and Cyprus, our properties continued to demonstrate resilience despite the ongoing headwinds in those countries and regions. In particular, City of Dreams Mediterranean and our satellite casinos delivered their highest quarterly EBITDA on record.'