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Melco Resorts Q3 revenue slips on weaker gaming

By Reuters News


Overview

  • Macau-based integrated resort operator's Q3 revenue fell 10% yr/yr on weaker gaming and non-gaming

  • Net income nearly flat in Q3, down sharply from prior year

  • Company repurchased $160 mln in shares during the quarter


Outlook

  • Company says it is focused on strategy execution and long-term growth in Macau

  • Company notes resilience in Philippines and Cyprus properties despite regional headwinds

  • Company did not provide specific financial guidance for future quarters or the full year in the press release


Result Drivers

  • WEAKER GAMING AND NON-GAMING - Co said lower revenue was mainly due to weaker rolling chip, mass market table games, and non-gaming operations

  • CYPRUS GROWTH - City of Dreams Mediterranean and satellite casinos in Cyprus delivered record quarterly EBITDA, offsetting some weakness elsewhere


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Operating Revenue

$1.17 bln

Q3 Net Loss

$9.10 mln

Q3 Operating Income

$100.22 mln

Q3 Pretax Loss

$7.45 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the casinos & gaming peer group is "buy"


Reuters Recommended Reads

  • Nov 3 - Red Rock Resorts Q3 revenue beats estimates on Las Vegas growth

  • Nov 4 - Flutter pauses share buybacks to focus on deleveraging, cost savings

  • Nov 3 - Lottomatica's core profit rises 3%, aided by online and sports betting growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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