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Melco Resorts & Entertainment Limited is a developer, operator, and owner of integrated resorts in Asia and Europe. Today, Melco Resorts & Entertainment Limited reported its unaudited results for the full year and fourth quarter ended December 31, 2023.
The total operating revenues in the fourth quarter 2023 reached US$1.09billion, an increase of about 224% compared to US$337.1mil for the same period in 2022. The growth in total operating revenue was primarily due to improved performance across all gaming segments as well as non-gaming activities following the relaxation in Macau of COVID-19 restrictions in January 2023, and the opening Studio City Phase 2 in the same month.
Operating loss in the fourth-quarter of 2023 is US$94.4m, compared to US$199.5m operating loss in the fourth-quarter of 2022.
Melco generated an Adjusted Property EBITDA (1) of US$303.4 millions in the fourth-quarter of 2023. This compares to a negative Adjusted Property EBITDA in the quarter ending 2022 of US$6.8million.
Melco Resorts & Entertainment Limited’s net loss for the fourth-quarter of 2023, US$156.6m, or US$0.36 a share, was US$156.6m, or US$0.36 a share, compared to US$251.9m, or US$0.57 p shares, in the quarter of 2022. The net loss attributable noncontrolling interest was US$20.8 and US$42.1 millions during the fourth quarters of both 2023 and 2022. This loss was all related to Studio City and City of Dreams Manila as well as City of Dreams Mediterranean & Other.
Lawrence Ho, Chairman and CEO of our company, said, “Macau has continued to show its extraordinary growth potential, and it has demonstrated resilience despite China’s uncertain macroeconomic outlook.” The number of Chinese visitors to Macau over the Chinese New Year period this month was higher than 2019.
“2023 marked the beginning of a post-pandemic recovery, and also saw the launch of new developments such as City of Dreams Mediterranean or Studio City Phase 2”. We are looking forward to a very exciting 2024 as we continue developing new ideas and strategies in order to provide our customers with market-leading leisure and entertainment options.
As part of our initiatives, to ensure Melco leads the market in every area of our business we are changing the management in Macau. We also bolster the leadership team. These changes are expected to strengthen our team and help us secure a more competitive and stronger future.
City of Dreams Manila, in the Philippines, has shown solid growth. It has gained significant market shares in both mass table games and slot machines. City of Dreams Mediterranean, in Cyprus, continues to be affected by the conflict in the area but has started to show signs of recovery this year.
City of Dreams Fourth quarter results
City of Dreams’ total operating revenue for the quarter ending December 31, 2023 was US$559.8 millions, compared to US$139.2 in the fourth quarter of 2012. City of Dreams generated an Adjusted EBITDA of US$166.2 in the 4th quarter of 2023 compared to a negative Adjusted EBITDA of US$7.8 in the 4th quarter of 2022. The increase in Adjusted EBITDA over the past year was primarily due to better performance across all gaming segments as well as non-gaming activities.
The fourth quarter 2023 rolling chip volume was US$5,19 billion, compared to US$850.4 millions in the fourth quarterly 2022. In the fourth quarter 2023, the rolling chip win rate was 2.5% compared to 4.47% for the fourth quarter 2022. The expected range of rolling chip win rates is 2.85%-3.15 percent.
The mass market table game drop increased from US$292.2 to US$1.44 Billion in the 4th quarter of 2023. In the fourth quarter 2023, the mass market table game hold percentage was 31,6% compared to 29.2% the previous quarter.
The gaming machine handle in the fourth-quarter of 2023 reached US$957.4 millions, compared to US$194.7millions in the fourth-quarter of 2022. Gaming machine win rates were 3.1% and 4.5% respectively in the 4th quarter of 2023.
City of Dreams’ total non-gaming revenues in the 4th quarter of 2023 were US$80.1m, compared to US$30.5m in the 4th quarter of 2022.
Altira Macau Fourth Quarter Results
Altira Macau’s total operating revenue for the quarter ending December 31, 2023 was US$33.6 Million, compared to US$9.0 Million in the fourth quarter 2022. Altira Macau achieved Adjusted EBITDA in the quarter ending December 31, 2023 of US$0.3million, compared to a negative Adjusted EBITDA in the quarter ending December 31, 2022 of US$9.5million. The change in Adjusted EBITDA from one year to the next was primarily due to a better performance by Altira Macau in its mass market segment, and in non-gaming activities.
The mass market table game segment dropped by US$149.0 millions in the 4th quarter of 2023, compared to US$31.9 in the 4th quarter of 2012. In the fourth quarter 2023, the mass market table game hold percentage was 23,8%, compared to 20,6% in the previous quarter.
The gaming machine handle in the fourth-quarter of 2023 reached US$87.8 millions, up from US$40.8millions in the fourth-quarter of 2022. In the fourth quarter 2023, the gaming machine win rate was 3,2% compared to 3.0% in 2022.
Altira Macau’s total non-gaming revenues in the 4th quarter of 2023 were US$5.3m, compared to US$2.1m in the 4th quarter of 2022.
Mocha & Other Fourth Quarter Results
Mocha and Other generated total operating revenues of US$28.7million in the 4th quarter of 2023 compared to US$19.5million in the 4th quarter of 2022. Mocha and other generated an Adjusted EBITDA in the 4th quarter of 2023 of US$6.0 Million, compared to US$1.8 Million in the 4th quarter of 2022.
The mass market table game drop was US$49.6 millions in the 4th quarter of 2023, compared to US$21.0 in the 4th quarter of 2022. The hold percentage for mass market table games was 14.8% in 2023, compared to 19.7% in 2022.
The gaming machine handle in the fourth-quarter of 2023 reached US$493.0 millions, up from US$372.7millions in the fourth-quarter of 2022. In the fourth quarter 2023, the gaming machine win rate was 4,6% compared to 4.2% in 2022.
Studio City Fourth-Quarter Results
Studio City’s total operating revenue for the quarter ending December 31, 2023 was US$302.5 Million, compared to US$43.4 Million in the fourth quarter 2022. Studio City’s Adjusted EBITDA was US$77.3 in the 4th quarter of 2023 compared to a negative Adjusted EBITDA in the 4th quarter of 2022 of US$25.3. The increase in Adjusted EBITDA over the past year was primarily due to better performance from non-gaming and mass market segments.
Studio City’s rolling chips volume in the 4th quarter of 2023 was US$566.0 Million compared to US$251.4 Million in the 4th quarter of 2022. The fourth quarter 2023 rolling chip win percentage was 1.86% compared to 2.70% for the fourth quarter 2022. The expected range of rolling chip win rates is 2.85%-3.15 %.
The mass market table game drop increased from US$113.5 to US$864.1 in the 4th quarter of 2023. In the fourth quarter 2023, the mass market table game hold percentage was 30% compared to 27.1% the previous quarter.
The gaming machine handle in the fourth-quarter of 2023 reached US$778.3 millions, up from US$124.5millions in the fourth-quarter of 2022. In the fourth quarter 2023, the gaming machine win rate was at 3.2%, compared to 2.7% in 2022.
Studio City’s total non-gaming revenues in the 4th quarter of 2023 were US$65,3 million, up from US$9,6 million in 2022.
City of Dreams Manila Fourth quarter results
City of Dreams Manila’s total operating revenue for the quarter ending December 31, 2023 was US$120.5 Million, compared to US$95.2 Million in the fourth quarter of the year 2022. City of Dreams Manila achieved Adjusted EBITDA of US$48.8 in the fourth quarter of the year 2023 compared to US$23.6 in the same period of the previous year. The increase in Adjusted EBITDA from one year to the next was primarily due to better performance in mass market segments and non-gaming activities.
City of Dreams Manila’s rolling chip volumes were US$416.5 in the 4th quarter of 2023, compared to US$940.7 in the 4th quarter of 2022. The fourth quarter 2023 rolling chip win percentage was 3.97% compared to 1.84% for the fourth quarter 2022. The expected range of rolling chip win rates is 2.85%-3.15 %.
The mass market table game drop increased from US$148.2 to US$198.2 in the 4th quarter of 2023. This is a significant increase compared to the US$148.2 in the 4th quarter of 2012. In the fourth quarter 2023, the mass market table game hold percentage was 29,1% compared to 31,9% in the previous quarter.
The gaming machine handle in the fourth-quarter of 2023 was US$1.08 Billion, compared to US$1.02 Billion in the fourth-quarter of 2022. Gaming machine win rates were 5.3% for the fourth-quarter of 2023, compared to 4.7% for the fourth-quarter of 2022.
City of Dreams Manila’s total non-gaming revenues in the 4th quarter of 2023 were US$30.3m, compared to US$24.5m in the 4th quarter of 2022.
City of Dreams Mediterranean Results and Other Fourth-Quarter Results
City of Dreams Mediterranean operates three satellite casinos in Cyprus.
City of Dreams Mediterranean & Other generated total operating revenues of US$47.3 million for the quarter ending December 31, 2023, compared to US$28.7 in the fourth quarter of 2012. City of Dreams Mediterranean generated an Adjusted EBITDA of US$4.7million in the 4th quarter of 2023. This compares to US$10.5million in the 4th quarter of 2022.
The fourth quarter 2023 rolling chip volume was US$6.4 Million, compared to US$1.1million in the fourth of 2022. In the fourth quarter 2023, the rolling chip win percentage was negative 8.85% compared to 16.43% for the same quarter in 2022. The range of the expected rolling chip rate is 2.85%-3.15%.
The mass market table games dropped by US$87.6 millions in the 4th quarter of 2023 compared to US$38.0 in the 4th quarter of 2022. In the fourth quarter 2023, the mass market table game hold percentage was 22,1%, compared to 24,9% in the previous quarter.
The gaming machine handle in the fourth-quarter of 2023 reached US$492.8million, up from US$392.4million in the fourth-quarter of 2022. In both the fourth quarters 2023 and 20,22, gaming machine wins were 5.0%.
City of Dreams Mediterranean & Other’s total non-gaming revenues in the 4th quarter of 2023 were US$13.0 Million, compared to US$0.2 Million in the 4th quarter of 2022.
