Melco Crown revenue jumps but CEO says too early to celebrate Macau comeback

Casino operator Melco Crown Entertainment (MCE) revenue rose more than one-fifth in Q3 thanks to contributions from its new Studio City property in Macau and a strong performance by its City of Dreams Manila casino.

Figures released Thursday showed MCE revenue rising 22% to $1.15b in the three months ending September 30, while operating income shot up 220% to $108.9m and net income nearly doubled to $62m.

MCE’s original flagship Macau property City of Dreams saw revenue fall 7% to $621m while adjusted earnings dipped 11% to $170.4m. VIP turnover showed a rare sign of health as turnover shot up 14%, although this was spoiled by a falling VIP win rate. Worse, mass market table drop fell 8% and slots handle fell 17%.

Altira Macau revenue fell 8% to $129m thanks to across the board declines in VIP, mass tables and slots activity, while the Mocha Clubs slots business reported revenue down 12% to $31.8m.