Melco Resorts swings to profit in third quarter


Posted at Nov 03 2017 11:05 AM

MANILA - Melco Resorts and Entertainment, the co-licensee of the City of Dreams casino resort, said Friday it swung to profit in the third quarter as revenues rose.

The company told the stock exchange that it posted net income of P117.3 million in the July to September period, compared to a net loss of P173.5 million during the same period in 2016.

This brought 9-month net income to P469.6 million from a net loss of P1.6 billion during the comparable period last year.

Gross revenues reached P7.5 billion, up 23 percent from P6.1 billion in 2016.

Melco shares were up 0.42 percent to P7.13 in early trading.