Melco Resorts is weighing up its future involvement in the City of Dreams Manila integrated resort in the Philippines.
The casino developer and operator said it has retained CBRE Capital Advisors and Moelis & Company in its search for “strategic alternatives” for the property.
Melco did not explain its thinking and said it will not comment further “unless and until it determines that further disclosure is appropriate or required.”
Q4 operating revenues at the integrated resort rose from US$120.5m in Q4 2023 to $133.8m in the latest reporting period. Adjusted EBITDA climbed to $56.8m from $48.8m.
However, mass market table games drop declined to $168.5m, down from $198.2m, and gaming machine handle was flat year-on-year at $1.08bn.
Total non-gaming revenue at City of Dreams Manila fell from $30.3m in Q4 2023 to $29.9m.
Developments for Melco’s Philippines integrated resort come as the company’s Sri Lanka property gears up to commence casino operations in Q3 this year.
At City of Dreams in Macau, revenue rose from $559.8m in Q4 2023 to $591.1m, but adjusted EBITDA fell to $140.1m from $166.2m, which Melco attributed to higher operating costs and an increase in staffing levels.
Elsewhere in Macau, Altira Macau’s revenues fell from $33.6m to $31.2m and the property generated negative adjusted EBITDA of $300,000 compared with positive adjusted EBITDA of the same figure in Q4 2023.
“2024 was a year of transition for us in Macau. We invested in our business to enhance the customer experience and to build a stronger foundation for growth,” said Lawrence Ho, chairman and chief executive officer of Melco.
“The contributions from these initiatives are now evident with market share in the fourth quarter of 2024 growing month-to-month and property visitation exceeding pre-pandemic levels.
“We are committed to continuing to deliver on our strategic objectives and expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.
“City of Dreams Manila had a strong quarter with a sequential increase in property EBITDA as well as market share. City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited solid results despite the challenges posed by the conflicts in the region.
"And last, but not least, the development of the casino at City of Dreams Sri Lanka is progressing well and we expect to commence casino operations in the third quarter of 2025.”
Read more: City of Dreams Sri Lanka 'could achieve up to $250m in GGR'
