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Manila Bulletin devider Business devider The Stock Market devider City of Dreams Manila sees strong Q4 growth, driven by gaming gains

City of Dreams Manila sees strong Q4 growth, driven by gaming gains

Published Mar 3, 2025 05:43 am

Melco Resorts & Entertainment Limited reported a strong fourth-quarter 2024 performance by City of Dreams Manila, primarily a result of better performance in the rolling chip and mass market table game segments.

“City of Dreams Manila had a strong quarter with a sequential increase in property EBITDA (earnings before interest, taxes, depreciation, and amortization) as well as market share,” said Melco Chairman and CEO Lawrence Ho.

For the quarter that ended Dec. 31, 2024, total operating revenues at City of Dreams Manila improved 11 percent to $133.8 million from the $120.5 million posted in the same quarter of 2023.

City of Dreams Manila generated an adjusted EBITDA of $56.8 million in the fourth quarter of 2024, 16.4 percent higher than the adjusted EBITDA of $48.8 million in the comparable period of 2023.

City of Dreams Manila’s rolling chip volume was $770.9 million in the fourth quarter of 2024 versus $416.5 million in the fourth quarter of 2023.

The rolling chip win rate was 4.51 percent in the fourth quarter of 2024 versus 3.97 percent in the fourth quarter of 2023. The expected rolling chip win rate range is 2.85 percent to 3.15 percent.

Mass market table games drop decreased to $168.5 million in the fourth quarter of 2024, compared with $198.2 million in the fourth quarter of 2023.

The mass market table games hold percentage was 34.2 percent in the fourth quarter of 2024, compared with 29.1 percent in the fourth quarter of 2023.

Gaming machine handle was $1.08 billion in both the fourth quarters of 2024 and 2023. The gaming machine win rate was 5.3 percent in both the fourth quarter of 2024 and 2023.

Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2024 was $29.9 million, compared with $30.3 million in the fourth quarter of 2023.

Meanwhile, Melco announced that it is “evaluating potential strategic alternatives” in relation to City of Dreams Manila. Its subsidiary, Melco Resorts Leisure (PHP) Corporation, manages and operates City of Dreams Manila pursuant to an operating agreement entered into by, among others, Melco Resorts Leisure, certain other subsidiaries of Melco, and PremiumLeisure and Amusement Inc.

Melco said it has retained CBRE Capital Advisors Inc. and Moelis & Company LLC as financial advisors to assist in the process of exploring potential strategic alternatives for City of Dreams Manila.

“No decision has been made regarding any strategic alternative and there can be no assurance that the exploration of potential strategic alternatives will result in any transaction.”

“Melco does not intend to comment on or provide updates in relation to this process unless and until it determines that further disclosure is appropriate or required,” the firm said.

The SM Group’s Belle Corporation is the developer of City of Dreams Manila, which is being leased on a long-term basis to Melco. Melco holds an operating agreement with Premium Leisure Corporation’s (PLC) wholly owned subsidiary PremiumLeisure and Amusement.

Aside from lease income, Belle earns gross gaming revenues from City of Dreams Manila through its 99.55 percent ownership in PLC and owns approximately 1.5 hectares of presently undeveloped land from across the site.

Related Tags

Lawrence Ho Melco Resorts & Entertainment City of Dreams Manila
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