Melco Resorts and Entertainment, developer, owner and operator of casino locations in Asia, has reported a strong financial first quarter for 2017, with positive results in Macau and Manila.
Net revenue for Q1 2017 was US$1,277.2m, representing an increase of approximately 16 per cent from $1,103.6m for the comparable period in 2016.
On a US GAAP basis, net income for Q1 2017 was US$113.4m compared with net income of $39.8m in Q1 2016.
Net revenue at City of Dreams Manila was $693.2m compared to $678.6m in Q1 2016. City of Dreams generated adjusted EBITDA of $213.5m in Q1 2017, representing an increase of four per cent compared to $205.6m in the comparable period of 2016. The year-on-year improvement in adjusted EBITDA was primarily a result of greater rolling chip gross gaming revenues and increased non-gaming revenue.
Net revenue at Altira Macau was $109.1m compared to $108.4m in Q1 2016. Altira Macau generated adjusted EBITDA of $3.7m in the first quarter of 2017 compared with negative adjusted EBITDA of $14m in the first quarter of 2016.
Lawrence Ho, chairman and chief executive officer, said: "In the first quarter of 2017, we delivered a strong set of results as highlighted by a 42 per cent year-on-year increase in group-wide adjusted property EBITDA, driven by expanding revenues across both Macau and the Philippines.
"City of Dreams Manila delivered a fifth quarter of record adjusted property EBITDA as a result of improvements across all gaming segments. Our investment in the Philippines gaming market provides our company with ongoing diversification of earnings and has enabled us to participate in, and contribute to, one of the world's fastest growing gaming and tourism markets. Our entry into the Philippine gaming market highlights our dedication to investing in development opportunities that create long term value for our shareholders.”
