Asian casino operator Melco Resorts and Entertainment Limited has released its unaudited financial results for 2017 showing that the firm experienced an over 97% increase year-on-year in net annual income to $347 million.
Melco Resorts and Entertainment Limited is responsible for the City of Dreams Manila, Altira Macau, Studio City Macau and City of Dreams Macau integrated casino resorts as well as the Mocha Clubs chain of electronic gaming machine parlors and revealed that its net revenues for the twelve months to the end of December rose by 17.7% year-on-year to $5.3 billion while its operating income improved by 67% to $607.6 million.
The Hong Kong-based operator stated that ‘better group-wide performance in all gaming segments’ had led to it recording a 31% swell year-on-year in its annual adjusted property earnings before interest, tax, depreciation and amortization to $1.42 billion although it detailed a loss of $31.7 million on its non-controlling interests in the Studio City Macau and City of Dreams Manila properties.
“After three consecutive years of decline, Macau gaming revenues rebounded strongly in 2017 with approximately 20% growth compared to 2016 on a year-on-year basis,” read a statement from Lawrence Ho Yau Lung, Chairman and Chief Executive Officer for Hong Kong-listed Melco Resorts and Entertainment Limited. “In 2018, we expect another year of robust growth for Macau as the market benefits from the improving demand environment, the anticipated completion of the Hong Kong-Zhuhai-Macau Bridge and the ongoing build-out of Cotai.”
For the fourth quarter of 2017, Melco Resorts and Entertainment Limited declared that its net income reached $81.2 million, which represented an improvement of 87.5% year-on-year, while its net revenues grew by some 12% to hit $1.33 billion. The three-month period moreover saw it record an 11% boost in operating income to $129 million with its adjusted property earnings before interest, tax, depreciation and amortization increasing by 12% to $304.3 million.
“Mass and premium mass gaming should remain the primary drivers of Macau’s future growth, which is consistent with our long-held vision for the evolution of the market,” read the statement from Ho.