elco Resorts & Entertainment Limited reported Wednesday its unaudited financial results for the third quarter of 2019. In connection with the company’s acquisition of a 75% interest in ICR Cyprus Holdings Limited from its parent company, Melco International Development Limited, on July 31, 2019, all periods have been restated to include the assets and liabilities and financial results of the ICR Cyprus group.
Total operating revenues for the third quarter of 2019 were US$1.44 billion, representing an increase of approximately 16% from US$1.24 billion for the comparable period in 2018. The increase in total operating revenues was primarily attributable to better performance in the rolling chip and mass market table games segments.
Operating income was US$175.2 million, compared with US$85.9 million, representing an increase of 104% year-on-year. Adjusted Property EBITDA was US$418.2 million, up 39%. Net income attributable to Melco for the third quarter of 2019 was US$83.2 million, or US$0.17 per ADS, compared with US$11.3 million, or US$0.02 per ADS.
Lawrence Ho, our Chairman and Chief Executive Officer, commented: “During the third quarter of 2019, all of Melco’s Macau integrated resorts continued to deliver strong mass table games revenue growth, which drove group-wide Property EBITDA to expand approximately 39% year-over-year to US$418 million. During the third quarter of 2019, Melco’s mass market table games drop and gaming machine handle both reached all-time-record-highs. The third quarter of 2019 also marked the 16th consecutive quarter of positive year-over-year growth in mass market table games drop, highlighting the strength in Macau’s mass gaming market and Melco’s leadership position in the city’s mass and premium mass gaming segments.”
Total operating revenues at City of Dreams were US$787.3 million compared to US$600.9 million in the third quarter of 2018. At Altira Macau, total operating revenues were US$113.9 million up from US$90.2 million. It generated Adjusted EBITDA of US$14.1 million in the third quarter of 2019 compared with negative Adjusted EBITDA of US$1.0 million. This year-over-year increase was primarily a result of better performance in all gaming segments.
At Studio City, total operating revenues were US$337.7 million compared to US$345.2 million in the third quarter of 2018. It generated Adjusted EBITDA of US$106.4 million, an increase from US$89.4 million, primarily a result of better performance in the mass market table games segment, partially offset by a softer performance in the rolling chip segment.
Melco is currently operating a temporary casino, the first casino in the Republic of Cyprus, and three satellite casinos with a fourth satellite casino scheduled to open in the coming months (Cyprus Casinos). Upon the opening of City of Dreams Mediterranean in 2021, the company will also continue to operate the four satellite casinos while operation of the temporary casino will cease.
For the third quarter of 2019, total operating revenues at Cyprus Casinos were US$26.7 million compared to US$16.9 million in the third quarter of 2018. They generated Adjusted EBITDA of US$8.5 million, up from US$6.0 million.