Melco Resorts and Entertainment saw its gross gaming revenue grow 5% to US$1.40 billion in the three months to 31 December 2018, driven by good luck across all properties and a stronger performance at flagship City of Dreams in Macau.
GGR would have increased by 12% year-on-year if not for new revenue standards adopted during the year, Melco said.
The results drew a 58% increase in operating income in 4Q18 to US$204 million and 25% boost in Adjusted property EBITDA to US$425.2 million, with net income up 57.6% from US$81.2 million to US$128.0 million.
City of Dreams booked an 18.3% increase in revenue for the quarter to US$724.5 million and 35.4% improvement in Adjusted Property EBITDA to US$229.7 million.
While rolling chip volume held steady at US$11.4 billion, win rate was 3.2% versus 2.7% in 4Q17. Mass market table games drop increased from US$1.23 billion to US$1.31 billion with hold also up from 28.6% to 33.0%. Slot handle fell slightly to US$1.05 billion.
At Studio City, revenue fell 7.7% to US$340.7 million but luck again played its part with Adjusted EBITDA up from US$91.5 million to US$102.7 million.
Although rolling chip volume declined from US$5.7 billion to US$3.5 billion, the win rate climbed from 2.8% to 3.8%.
Mass market table games drop fell slightly to US$825.4 million but hold percentage was 27.0% compared to 26.1% in 4Q17. Gaming machine handle increased 19.1% to US$641.8 million.
City of Dreams Manila also saw its revenue fall, down 7.3% to US$155.2 million, but again played lucky with Adjusted EBITDA up 26.2% to US$67.9 million.
Rolling chip volume fell from US$2.9 billion to US$2.4 billion, bolstered by a win rate of 3.7% compared with 3.1% in the prior year period.
Mass market table games drop increased from US$189.2 million to US$197.3 million with hold percentage improved at 31.4% versus 30.9% in the fourth quarter of 2017. Gaming machine handle was up 17.6% to US$933.6 million.
Melco Chairman and CEO Lawrence Ho revealed in the company’s results announcement that the quarterly cash dividend would increase 7% to US$0.0517 per ordinary share.
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