Insider Business Cyprus Casinos operating revenues on the rise

Cyprus Casinos operating revenues on the rise

Total operating revenues at Cyprus Casinos for the quarter which ended on September 30, 2019 were US$26.7 million compared to US$16.9 million in the third quarter of 2018.

This is what Macau-based Melco Resorts & Entertainment Limited’s financial results released on Wednesday show.

Melco is currently operating a temporary casino, the first one in the Republic of Cyprus, and three satellite casinos with a fourth satellite casino scheduled to open in the coming months.

Upon the opening of City of Dreams Mediterranean in Limassol in 2021, Melco will also continue to operate the four satellite casinos while operation of the temporary casino will cease.

Melco’s report also said that Cyprus casinos generated Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortisation) of US$8.5 million in the third quarter of 2019. The Adjusted EBITDA in the third quarter of 2018 was US$6.0 million.

Rolling chip volume totalled US$38.9 million for the third quarter of 2019. The rolling chip win rate was 8.66% in the third quarter of 2019. The expected rolling chip win rate range is 2.85% – 3.15%.

Mass market table games drop aggregated US$36.2 million in the third quarter of 2019 versus US$37.9 million in the third quarter of 2018.

The mass market table games hold percentage was 21.9% in the third quarter of 2019 compared to 21.2% in the third quarter of 2018.

Gaming machine handle for the third quarter of 2019 was US$311.5 million, compared with US$158.8 million in the third quarter of 2018. The gaming machine win rate was 5.0% in the third quarter of 2019 versus 5.6% in the third quarter of 2018.

Melco is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia and Europe.


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