Macau’s robust recovery powers Melco Resorts as Q3 2023 revenues surge to $1.02 billion

Melco Resorts & Entertainment has clocked operating revenues of $1.02 billion for the third quarter ending on September 30, 2023, representing an increase of approximately 321% from the $241.8 million posted for the comparable period in 2022.

The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2, the company said.

A total of $812 million was derived from gaming activities, with an additional $205 million stemming from non-gaming operations. Net loss narrowed significantly to $16.3 million, compared with a $243.8 million net loss in the third quarter of 2022.

The net loss attributable to non-controlling interests was $20.5 million and $42.8 million during the third quarters of 2023 and 2022, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean.

Macau’s recovery continued to grow from strength to strength into the third quarter of 2023, especially during the summer months, with our property visitation and casino player hours benefiting from this growth. We had solid performance over the October Golden Week and we saw a robust recovery during the remainder of October,” Lawrence Ho, Chairman and Chief Executive Officer, said.

Both gaming and non-gaming segment revenues improved, reinforced by our commitment to invest in world-class entertainment and enhance our non-gaming amenities. Our market-leading design standards were recognized by Prix Versailles with Morpheus being the only hotel in Macau to have the honor of being included as one of the World’s Most Beautiful Hotels.”

City of Dreams registered $506.2 million of total operating revenues, compared to $66.4 million in Q3 2022. Altira Macau saw its total operating revenues grow to $24.2 million in the third quarter from $2.4 million in Q3 of 2022.  

In the Philippines, City of Dreams Manila achieved a 21% year-on-year and 10% sequential growth in GGR, totaling $138 million. City of Dreams Mediterranean in Cyprus, in its first full quarter of operations, generated a GGR of $44 million.