Melco’s Morpheus Recent Momentum Is Strong; COD Manila Will Continue to See Weakness This Year
Normalized for VIP win rate and adding back the bad debt provision of USD 11 million, adjusted EBITDA would still decline 8% year-over-year to USD 347 million in the first quarter for narrow moat rated Melco Resorts and Entertainment. VIP luck-adjusted property EBITDA margin for the Macau operations was approximately 27%, flat sequentially and down from 30% in the year-ago quarter. VIP luck adjusted EBITDA at COD Manila was down 9% year over year. Melco’s VIP gaming revenue was down 8% in the qu...
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