Melco Resorts & Entertainment Limited has recently released its Q4 financial results for City of Dreams Manila, revealing some significant changes in the casino’s operations. Despite a decline in adjusted EBITDA, the casino’s rolling chip volume and win rate have increased compared to the previous year.
Revenue and EBITDA
City of Dreams Manila’s operating revenue for Q4 2022 was $83.9m, showing a decline from $95.2m from the same period last year. Meanwhile, the casino’s adjusted EBITDA decreased from $34.6m in 2021 to $23.6m in Q4 2022.
Rolling Chip Volume
Rolling chip volume for the casino significantly increased to $940.7m from $206.3m in the previous year. Moreover, the rolling chip win rate showed a significant increase from 1.2% in Q4 2021 to 1.84%.
Mass Market Table Games
The mass market table games drop increased to $148.2m, while the mass market table games hold percentage decreased to 31.9%.
Gaming machine handle increased from $815.1m to $1.02bn, although the gaming machine win rate decreased from 5.4% to 4.7% in Q4 2022.
City of Dreams Manila’s non-gaming revenue declined from $26.5m to $24.5m in Q4 2022.
Despite the decline in non-gaming revenue and adjusted EBITDA, Melco Resorts & Entertainment Limited’s Chairman and CEO, Lawrence Ho, is optimistic about the future. Ho stated that gaming volumes in the Philippines have reached close to pre-pandemic levels, and they are optimistic about continued growth in the Philippines as international travel normalizes.
Overall, Melco Resorts & Entertainment Limited’s Q4 financial results show a mix of positive and negative changes in the operations of City of Dreams Manila. The increase in rolling chip volume and win rate is a good sign, indicating that the casino is still attracting high rollers. However, the decline in non-gaming revenue and adjusted EBITDA should be taken into account. Nonetheless, the CEO’s positive outlook is a promising sign that the company remains optimistic about future growth opportunities.
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