Melco Resorts has announced $1.31bn in Q118 revenue, up 2.8 percent from the same period in 2017.
The casino developer stated the growth was powered by the Macau mass market, alongside outlining $100m of investment in flagship City of Dreams Macau and Studio City.
“After several challenging quarters we have started seeing encouraging trends at our flagship property City of Dreams, which delivered over eight percent sequential mass gaming revenue growth,” said Melco CEO Lawrence Ho Yau Lung.
Operating income for the period was $221.1m, 39.5 percent higher than 2017, with net income jumping 38.1 percent to reach $156.6m.
Despite the overall growth, revenue for the City of Dreams fell from $693.2m in 2017, to $640.5m this year, as a result of an 11.9 percent downturn in rolling chip volume to $11.1bn.
Mass-market table game spend, however, increased 11.6 percent year-on-year to $1.18bn, matched by mass-market play at Studio City, which saw takings for the period reach $825.2m, up 26 percent from 2017.
Net revenue at the Studio City venue consequently rose 24 percent from the previous year to $368.4m, bolstered by rolling chip volume jumping to $6.6bn for the quarter, compared to $3.6bn in Q117.
“We have identified over $100m of targeted enhancement capital expenditure in the next 12 months to upgrade the gaming areas and the non-gaming attractions at both City of Dreams and Studio City,” added Ho. “This is aimed at maintaining the longer-term competitiveness of these two resorts.”