Melco Resorts has reported its unaudited financial results for the second quarter of 2018.
Net revenue for the quarter was US$1.228bn, representing a decrease of approximately five per cent from $1.298bn reported for the comparable period in 2017.
The decrease in net revenue was primarily attributable to higher commissions reported as a reduction in revenue upon the company’s adoption of a new revenue recognition standard issued by the Financial Accounting Standards Board, partially offset by higher group-wide gross gaming revenues.
Under the previous basis, before the adoption of the new revenue standard, net revenue for the second quarter of 2018 would have been $1.337bn, which would have represented an increase of approximately three per cent.
Operating income for the quarter was $118.1m, compared with $127.4m in 2017, representing a decrease of seven per cent. Lawrence Ho, chairman and CEO, commented: “I am delighted to announce the recent successful opening of Morpheus, which we believe is the most luxurious integrated resort in the world.
“Named after the Greek god of dreams, this US$1.1bn iconic building is the latest addition to the phase three development of City of Dreams, exemplifying Melco’s position as a pioneer and innovator in premium travel, leisure and entertainment.”
