Macau, Philippines lift Melco Resorts Q3 earnings

Nasdaq-listed casino operator Melco Resorts and Entertainment pulled a third quarter surprise as its revenues for the period beat analysts’ expectations.

The company announced in a disclosure to the US bourse that the firm’s net revenue for the 92-day period ending on September 30, 2017 is up 19 percent to an estimated US$1.38 billion, thanks to the vibrant gaming segments in Macau and the Philippines.

Analysts’ revenue consensus for Melco was at 11.6 percent to $1.29 billion.

“A strong contribution from all gaming segments, aided by a sustained recovery in Macau and ongoing strength in the fast growing Philippines gaming market, continues to drive our Company’s overall profitability which enabled us to deliver our all-time record Adjusted property EBITDA of US$400.2 million in the third quarter of 2017,” Lawrence Ho, Chairman and Chief Executive Officer of Melco, said in a statement.