written and last updated by
Sam Smith at
08 Nov 2023
Journalist, Editorial Department
Melco Resorts & Entertainment, the developer and operator of casino resorts, has reported its financial results for the third quarter of 2023, revealing a revenue of $1.02 billion (94.2 billion rubles). In comparison, the operator earned only $241.8 million (22.33 billion rubles) during the same period last year.
The majority of the revenue came from the casino segment, which generated $812.1 million (75 billion rubles). Although the significant increase in revenue was not enough to achieve net profitability, the operator is nearing that goal. The net loss for the quarter was $16.3 million (1.5 billion rubles), down from $23.4 million (2.2 billion rubles) in the previous quarter and $243.8 million (22.5 billion rubles) in 2022.
The most substantial contribution to the revenue increase came from the company's properties in Macau. Melco attributes the rise in income to the easing of pandemic-related restrictions earlier this year. In the third quarter of 2022, the operator faced numerous limitations due to strict regulations in the region.
Lawrence Ho, Chairman and CEO of Melco, noted that Macau's recovery continued to gain momentum in the third quarter of 2023, particularly during the summer months. Ho stated, "During the Golden Week in October, we demonstrated strong results, and we observed a steady recovery for the remainder of the month. Revenues from both gaming and non-gaming segments increased, driven by our commitment to investing in world-class entertainment and expanding non-gaming offerings."
In Macau, Melco's most profitable property was City of Dreams, which reported a revenue of $506.2 million (46.75 billion rubles) in the third quarter. Studio City followed in second place with a revenue of $277.7 million (25.65 billion rubles).
The operator also manages casino resorts in the Philippines and Cyprus. City of Dreams Manila reported a revenue of $124.9 million (11.5 billion rubles) for the third quarter. The newly opened City of Dreams Mediterranean, which began operations on July 10, 2023, along with two other Melco casinos in Cyprus, collectively earned $53.4 million (4.9 billion rubles).
Additionally, it is worth noting that Bloomberry Resorts Corp reported a net profit of 1.86 billion Philippine pesos for the third quarter of 2023.
