Asian casino operator Melco Resorts & Entertainment (MRE) saw its second-quarter revenue jump more than one-fifth as Macau’s VIP gamblers emerged from their hiding places.
Figures released Thursday show the Nasdaq-listed MRE’s revenue hitting just under $1.3b in the three months ending June 30, a 21% improvement from the same period last year. Operating income shot up 76% to $127.4m and net income gained 18.5% to $36.5m.
MRE chairman/CEO Lawrence Ho credited the gains to the Macau casino market’s “strong growth trajectory” and the “ongoing improvement in player sentiment,” aka mainland Chinese VIP gamblers feeling more comfortable testing their luck at Macau’s baccarat tables.
MRE’s flagship Macau property, City of Dreams, saw VIP turnover rise nearly one-quarter year-on-year to $12.2b, while mass market table drop was up 4.4% to $1.07b. Slots handle spoiled the winning streak, falling 7% to $938m, while non-gaming revenue was up nearly one-fifth to $74.6m.