Melco Resorts and Entertainment closed out 2018 strong. Its gross gaming revenue (GGR) grew 5% in the last period of the year, reaching $1.40 billion, thanks to a string of good luck at all of its properties, as well as a stronger performance at its City of Dreams (COD) venue in Macau. On the downside, if new revenue standards had not been implemented last year, according to Melco, its GGR would have increased by 12% year-on-year.

Operating income in the quarter increased to $204 million – a 58% increase over the same period a year earlier. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) jumped 25% to reach $425.2 million and net income saw a 57.6% increase, climbing from $81.2 million a year earlier to $128 million.

COD reported a drop in revenue of 7.3% to $155.2 million. However, its adjusted EBITDA came in higher, reaching $67.9 million for an improvement of 26.2%.

Across the company, the rolling chip volume shrank to $2.5 billion from the previous $5.7 billion, while the win rate increased from 2.8% to 3.8% Mass market activity dropped to $825.4 million, but the hold rate kept steady at 27% compared to the 26.1% seen in the last quarter of 2017. The handle on gaming machines bumped up by 19.1% to $641.8 million.