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City of Dreams ramp helps Melco Resorts grow Macau market share in

City of Dreams ramp helps Melco Resorts grow Macau market share in

first_img Strong VIP growth sees Okada Manila GGR climb 72% in August 70% of Macau gaming market driven by 400,000 premium players: brokerage At Studio City, operating revenues grew 4.7% to US$328.9 million and Adjusted EBITDA by 29.5% to US$94.8 million, aided by good luck. VIP rolling chip declined significantly from US$6.1 billion to US$3.1 billion which Melco said was “affected by the Macau market-wide VIP weakness”, with win rate up from 2.66% to 2.76%. Mass table drop was up 7.7% to US$877 million with hold percentage notably higher at 29.2% compared with the 24.5% recorded 12 months earlier, while EGM handle also increased to US$630.9 million.In the Philippines, City of Dreams Manila saw a very slight increase in operating revenues to US$176.1 million driven entirely by exceptional luck in VIP. Adjusted EBITDA declined from US$87.3 million to US$82.8 million. City of Dreams Manila’s rolling chip volumes totaled US$1.9 billion in 2Q19 versus US$3.0 billion in the prior year period, but a win rate of 5.21% compared with 3.70% in 2Q18 was well clear of the expected rolling chip win rate range of 2.85% to 3.15%. Mass market table games drop decreased from US$196.9 million to US$192.8 million while EGM handle grew 10.4% to US$945.1 million.Back in Macau, Altira saw its revenue decline by 18.0% to US$104.3 million and Adjusted EBITDA by 53.6% to US$8.5 million, with Melco pointing to a softer performance in rolling chip. Mocha Clubs held steady at US$28.9 million in operating revenues.With City of Dreams Macau leading the way, Sanford C Bernstein analysts predict Melco increased its Macau market share by 220bps year-on-year, including 130 bps in VIP market share and 375 bps in mass. Overall better VIP hold rates had a positive impact on EBITDA of US$53 million, they said.Melco has increased its quarterly cash dividend by 6% to US$0.05504 per ordinary share, the company announced. Melco International Development grants Evan Winkler HK$269 million share options RelatedPosts Melco Resorts & Entertainment booked a 17% increase in operating revenues to US$1.44 billion and record Adjusted Property EBITDA of US$442.2 million in the three months to 30 June 2019, driven by ongoing ramp at flagship Macau resort City of Dreams and strong mass market performance at Studio City.City of Dreams saw operating revenues rise 36.9% to US$790.8 million and Adjusted EBITDA 46.2% to US$250.8 million, with both the VIP and mass segments exhibiting significant growth. Rolling chip volumes totaled US$14.9 billion in 2Q19, up from US$10.5 billion in the prior year period, while win rate also increased from 2.88% to 3.16%. Mass market table games drop increased by 16.2% to US$1.37 billion, with hold percentage rising from 28.4% to 31.6%, while EGM handle fell slightly to US$1.04 billion. Load Morelast_img read more