Melco Resorts & Entertainment's net income drops 99pc in Q3

Melco Resorts & Entertainment, a developer, owner, and operator of integrated resort facilities in Asia and Europe, reported a 99.95 percent year-on-year decline in net income to US$34,000 (HK$265,200) for the third quarter.

The subsidiary of Melco International Developement (0200) saw its third-quarter operating revenues fall nearly 10 percent to US$1.17 billion, primarily due to softer performance in rolling chip and mass market table games as well as overall non-gaming operations.

The Nasdaq-listed company's adjusted property earnings before interest, taxes, depreciation, and amortization fell 24.4 percent to US$287.6 million during the period.

Lawrence Ho, chairman and chief executive, said that the company continues to be confident in the long-term prospects of its businesses in Macau, as its distinctive product portfolio in Macau reflects the best in luxury and innovation, coupled with the opening of its newly branded hotel REM and the renovation of its retail space at City of Dreams.

"In the Philippines and Cyprus, our properties continued to demonstrate resilience despite the ongoing headwinds in those countries and regions. In particular, City of Dreams Mediterranean and our satellite casinos delivered their highest quarterly EBITDA on record," Ho added.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓