Melco 2018 revenues down 6% to $613M
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 01 Apr 2019 16:24:45 +0000
MELCO Resorts and Entertainment Philippines Corp. reported on Monday that net revenues decreased to $612.9 million last year.
In a regulatory filing, the listed resort and casino operator said the amount was a 6-percent dip from $649.3 million in 2017.
Adjusted property earnings before interest, tax, depreciation, and amortization (ebitda) rose by 14.5 percent to $269.2 million in 2018 from $235 million the year before.
Total non-gaming revenues stood flat at $117.1 million from $116.3 million year-on-year.
For the fourth quarter alone, Melco saw a 7-percent drop in revenues to $155.2 million from $167.5 million in the same period last year.
Ebitda grew by 26 percent to $67.9 million in October-to-December from $53.8 million a year earlier on the back of the improved performance of the company’s gaming segments.
Rolling chip volume declined to $2.4 billion from $2.9 billion, while mass market table games drop increased to $197.3 million from $189.2 million. Mass market table games stood at 31.4 percent, compared with 30.9 percent year-on-year.
Melco runs the City of Dreams Manila integrated resort, hotel and casino, which is expected to be delisted from the Philippine Stock Exchange (PSE) in June after its public float fell below the mandated ownership.
Under PSE rules, a company is automatically removed from the roster of public firms if it fails to meet the 10-percent mandated public float six months upon crossing of the tendered shares.
Melco had intended to voluntarily delist from PSE last year, but later withdrew the plan over issues on the tender offer price.
But MCO Philippines Investments Ltd., the firm’s majority shareholder, pushed through with the offer and bought back 96 percent of Melco’s total outstanding stock, or 5.5 billion shares.
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