Melco Resorts Tracks Ahead Of Macau Market In First Quarter

Melco Resorts & Entertainment has reported a slightly better-than-market performance in Macau in the first quarter, as mass market business and non-gaming revenue linked to the Morpheus hotel countered a decline in VIP volume.

Melco Resorts total operating revenue increased 3.7 percent year-on-year to $1.36bn alongside a 1.2 percent lift in adjusted property EBITDA to $407m for the quarter, inclusive of Macau and Philippine operations.

However, net profit fell 25.1 percent to $117m on increasing costs in various segments and a VIP earnings performance that, despite less dramatic falls in business compared with other operators, reflected the depressed segment’s wider woes in Macau.

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