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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.
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 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%.
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.