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Melco Resorts (MLCO) Q1 Earnings Top on Solid Revenue Growth
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Melco Resorts & Entertainment Limited (MLCO - Free Report) posted robust first-quarter 2017 results, with earnings and revenues beating the Zacks Consensus Estimate.
Earnings and Revenue Discussion
Adjusted earnings per share of 24 cents outpaced the Zacks Consensus Estimate of 8 cents by a momentous 200%. Earnings also increased significantly from the prior-year quarter figure of 7 cents on higher revenues.
Notably, quarterly net revenue of $1.28 billion surpassed the Zacks Consensus Estimate of $1.20 billion by nearly 7% and also increased 15.7% on a year-over-year basis. This improvement in the top line was primarily driven by better group-wide rolling chip and mass market table games revenues.
Adjusted Property EBITDA (earnings before interest, taxes, and amortization) was $353.3 million in the quarter under review, up 42% year over year. The upside was prompted by improved performance in group-wide rolling chip and mass market table games segments.
City of Dreams Macau
Net revenue at City of Dreams was $693.2 million, up 2.2% year over year. Adjusted EBITDA was $213.5 million, reflecting an increase of 3.8% year over year. The upside was owing to greater rolling chip gross gaming revenues and increased non-gaming revenues in the reported quarter.
Rolling chip volumes totaled $12.6 billion, up 28.6% year over year. The rolling chip win rate was 2.7% compared with 3.2% in the year-ago quarter.
Total non-gaming revenue at City of Dreams in the quarter was $77.8 million, up 25.5% year over year.
Altira Macau
Net revenue at Altira Macau was $109.1 million, up 0.6% year over year. Altira Macau generated adjusted EBITDA of $3.7 million in the first quarter, which compared favorably with the prior-year quarter’s figure of a negative $14 million. The improvement came on the back of a lower provision for doubtful debt.
However, Rolling chip volume was $4.1 billion, down 10.9% from the prior-year quarter. The rolling chip win rate was 3.1% compared with 2.8% in the year-ago quarter.
Mocha Clubs
Net revenue from Mocha Clubs was $31.1 million, down 2.2% year over year. But adjusted EBITDA of $7.1 million was up 9.2% year over year.
Studio City
Studio City started operations on Oct 27, 2015. In the reported quarter, net revenue at Studio City was $277.9 million, up 55.5% year over year. Also, adjusted EBITDA of $67.8 million was up significantly on a year-over-year basis. The upside was on the back of commencement of rolling chip operations in Nov 2016 and enhanced performance in mass market table games segment.
Rolling chip volume totaled $3.6 billion, while the rolling chip win rate was 2.4% in the quarter.
Mass-market table games drop was $656.3 million, up nearly 20% year over year. Meanwhile, the mass-market table games hold percentage was 26.4% in the quarter compared with 22.8% in the year-ago quarter. However, total non-gaming revenue at Studio City in the quarter was $50.8 million, down 12.7% year over year.
City of Dreams Manila
In the first quarter, net revenue at City of Dreams Manila was $157.4 million, up 65% year over year. Adjusted EBITDA was $61.1 million, up over 100% from the year-ago quarter, thanks to increased casino revenues.
Rolling chip volume totaled $2.4 billion, up 60% from the year-ago quarter figure. The rolling chip win rate was 3.4% compared with the year-ago level of 2.8%.
MGM Resorts International (MGM - Free Report) reported first-quarter adjusted earnings per share of 38 cents, beating the Zacks Consensus Estimate of 26 cents by 46.2%. Moreover, earnings were significantly above the year-ago quarter figure on account of higher revenues.
Las Vegas Sands Corp.’s (LVS - Free Report) first-quarter 2017 adjusted earnings of 66 cents per share surpassed the Zacks Consensus Estimate of 62 cents by 6.45% and increased 40.4% year over year owing to higher revenues.
In first-quarter 2017, Wynn Resorts Ltd. (WYNN - Free Report) posted adjusted earnings of $1.24 per share that outpaced the Zacks Consensus Estimate of 74 cents by 67.6%. Further, earnings increased 15.9% from the year-ago figure of $1.07 mainly due to higher revenues.
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Melco Resorts (MLCO) Q1 Earnings Top on Solid Revenue Growth
Melco Resorts & Entertainment Limited (MLCO - Free Report) posted robust first-quarter 2017 results, with earnings and revenues beating the Zacks Consensus Estimate.
Earnings and Revenue Discussion
Adjusted earnings per share of 24 cents outpaced the Zacks Consensus Estimate of 8 cents by a momentous 200%. Earnings also increased significantly from the prior-year quarter figure of 7 cents on higher revenues.
Notably, quarterly net revenue of $1.28 billion surpassed the Zacks Consensus Estimate of $1.20 billion by nearly 7% and also increased 15.7% on a year-over-year basis. This improvement in the top line was primarily driven by better group-wide rolling chip and mass market table games revenues.
Adjusted Property EBITDA (earnings before interest, taxes, and amortization) was $353.3 million in the quarter under review, up 42% year over year. The upside was prompted by improved performance in group-wide rolling chip and mass market table games segments.
City of Dreams Macau
Net revenue at City of Dreams was $693.2 million, up 2.2% year over year. Adjusted EBITDA was $213.5 million, reflecting an increase of 3.8% year over year. The upside was owing to greater rolling chip gross gaming revenues and increased non-gaming revenues in the reported quarter.
Rolling chip volumes totaled $12.6 billion, up 28.6% year over year. The rolling chip win rate was 2.7% compared with 3.2% in the year-ago quarter.
Total non-gaming revenue at City of Dreams in the quarter was $77.8 million, up 25.5% year over year.
Altira Macau
Net revenue at Altira Macau was $109.1 million, up 0.6% year over year. Altira Macau generated adjusted EBITDA of $3.7 million in the first quarter, which compared favorably with the prior-year quarter’s figure of a negative $14 million. The improvement came on the back of a lower provision for doubtful debt.
However, Rolling chip volume was $4.1 billion, down 10.9% from the prior-year quarter. The rolling chip win rate was 3.1% compared with 2.8% in the year-ago quarter.
Mocha Clubs
Net revenue from Mocha Clubs was $31.1 million, down 2.2% year over year. But adjusted EBITDA of $7.1 million was up 9.2% year over year.
Studio City
Studio City started operations on Oct 27, 2015. In the reported quarter, net revenue at Studio City was $277.9 million, up 55.5% year over year. Also, adjusted EBITDA of $67.8 million was up significantly on a year-over-year basis. The upside was on the back of commencement of rolling chip operations in Nov 2016 and enhanced performance in mass market table games segment.
Rolling chip volume totaled $3.6 billion, while the rolling chip win rate was 2.4% in the quarter.
Mass-market table games drop was $656.3 million, up nearly 20% year over year. Meanwhile, the mass-market table games hold percentage was 26.4% in the quarter compared with 22.8% in the year-ago quarter. However, total non-gaming revenue at Studio City in the quarter was $50.8 million, down 12.7% year over year.
City of Dreams Manila
In the first quarter, net revenue at City of Dreams Manila was $157.4 million, up 65% year over year. Adjusted EBITDA was $61.1 million, up over 100% from the year-ago quarter, thanks to increased casino revenues.
Rolling chip volume totaled $2.4 billion, up 60% from the year-ago quarter figure. The rolling chip win rate was 3.4% compared with the year-ago level of 2.8%.
Melco Resorts presently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Peer Releases
MGM Resorts International (MGM - Free Report) reported first-quarter adjusted earnings per share of 38 cents, beating the Zacks Consensus Estimate of 26 cents by 46.2%. Moreover, earnings were significantly above the year-ago quarter figure on account of higher revenues.
Las Vegas Sands Corp.’s (LVS - Free Report) first-quarter 2017 adjusted earnings of 66 cents per share surpassed the Zacks Consensus Estimate of 62 cents by 6.45% and increased 40.4% year over year owing to higher revenues.
In first-quarter 2017, Wynn Resorts Ltd. (WYNN - Free Report) posted adjusted earnings of $1.24 per share that outpaced the Zacks Consensus Estimate of 74 cents by 67.6%. Further, earnings increased 15.9% from the year-ago figure of $1.07 mainly due to higher revenues.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>