Cyprus Casinos posts US$7.2 million gross earnings in the third quarter of 2023

Total operating revenues at the Cyprus Casinos for the quarter ended September 30, 2023 were US$53.4 million (€50.01 million), according to Melco Resorts & Entertainment Limited’s unaudited financial results for the third quarter of 2023.

Melco Resorts & Entertainment Limited is the developer, owner, and operator of integrated resort facilities in Asia and Europe, including the City of Dreams Mediterranean in Limassol. The Company continues to operate three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean (collectively, the “Cyprus Casinos”).

Mentioning the City of Dreams Mediterranean in his comments on the results, Lawrence Ho, Chairman and Chief Executive Officer, said, “After a successful opening, City of Dreams Mediterranean has been impacted by the conflict in Israel. Our teams are working on re-aligning our marketing strategy.”

As the noted in the official announcement of the results, City of Dreams Mediterranean officially opened to the public on 10 July, 2023, after a soft opening in June.

“Total operating revenues at the Cyprus Casinos for the quarter ended September 30, 2023 were US$53.4 million, compared with US$24.8 million in the third quarter of 2022. The Cyprus Casinos generated Adjusted EBITDA of US$7.2 million in the third quarter of 2023, compared with Adjusted EBITDA of US$6.7 million in the third quarter of 2022,” the results announcement said.

Also according to the announcement, rolling chip volume was US$3.9 million for the third quarter of 2023 versus US$1.7 million in the third quarter of 2022. The rolling chip win rate was negative 7.05% in the third quarter of 2023, compared with 14.19% in the third quarter of 2022. The expected rolling chip win rate range is 2.85% - 3.15%.

“Mass market table games drop was US$97.2 million in the third quarter of 2023, compared with US$39.0 million in the third quarter of 2022. The mass market table games hold percentage was 20.6% in the third quarter of 2023, compared with 19.8% in the third quarter of 2022,” the announcement also revealed.

It continued that gaming machine handle for the third quarter of 2023 was US$466.5 million, compared with US$346.2 million in the third quarter of 2022. The gaming machine win rate was 5.2% in the third quarter of 2023 versus 5.1% in the third quarter of 2022.

“Total non-gaming revenue at City of Dreams Mediterranean and Other in the third quarter of 2023 was US$16.8 million, compared with US$0.2 million in the third quarter of 2022,” the announcement concluded in its section concerning Cyprus.

Globally, the company’s total operating revenues for the third quarter of 2023 were US$1.02 billion, representing an increase of approximately 321% from US$241.8 million for the comparable period in 2022.