Melco Resorts & Entertainment said on Tuesday's Q3 results call that its overall revenues were $1.18 billion, a 16% increase over the same three-month period in 2023.

 In Macau, Melco surpassed estimates for the third quarter and started the fourth quarter off well. Golden Week brought in more than 993,000 visitors to the casino hub, which was on par with pre-pandemic rates.

 Macau Business says that Melco's City of Dreams, its flagship property, had three of its best mass-table drop days ever during the national holiday from October 1 to 7.  During the same time, CoD's sibling property Studio City had four of its best days for mass table drop.

 In the Philippines, Melco also runs City of Dreams Manila, which debuted in 2015.  Last year, the business opened City of Dreams Mediterranean in Limassol, Cyprus. They call it "the first integrated resort in Europe."  That business has been reluctant to get going, but its revenue, which includes three satellite casinos in Cyprus, rose 20.6% to $64.4 million in the third quarter.

 The operator, which is based in Hong Kong, is working on a new casino resort called City of Dreams Sri Lanka.  The Cinnamon Life premium hotel opened on October 15, marking the start of Phase 1 of the project.  Phase 2 will add a casino and other things that aren't games.

 The company's total operational revenues for the third quarter were $1.18 billion, which is 16% more than the $1.02 billion they made in the same quarter of 2023.  Casino gaming brought in $944.4 million of the total, and room income brought in another $111.0 million.  Food and drink sales brought in another $73.5 million, and entertainment and retail sales throughout its sites brought in $46.3 million.

 Operating income was $138.6 million, up from $94.7 million last year.

 EBITDA, or earnings before interest, taxes, depreciation, and amortisation, was $322.5 million, up from $280.6 million in 2023.  Net income was $27.3 million, which is a change from last year's net loss of $16.3 million. 

 Lawrence Ho, the chairman and CEO of Melco, said that "initiatives to activate areas throughout our properties and drive visitation" were to blame.

 The new Signature Club for high-end players and an improved loyalty program with exclusive perks are two of these initiatives.  Ho remarked, "This new loyalty program is starting to show the benefits of making our player reinvestment more efficient."

 In conjunction with Aristocrat Gaming, the corporation has also added a premium slot section at City of Dreams and the new Dragon Zone slot floor at Studio City.  According to Macao News, it is also putting in new "smart tables" featuring radiofrequency identification technology (RFiD) at baccarat tables in Studio City.

 Ho claimed that Melco has also added a "new light tunnel entrance with live performances" at City of Dreams to wow guests as they arrive.  "We plan to keep revealing new and exciting projects to help Macau keep growing."

 CBRE Equity Research analyst John DeCree argues that the good results point to an upward trend for Melco in the Chinese gaming industry.  According to investing website Seeking Alpha, DeCree added that Melco is "upping its game in Macau" by focussing more on its most valuable customers.  With more RFiD-enabled tables, the newfound momentum should grow.

 In general, the results back up Ho's positive outlook during the company's Q2 earnings call.  He added at the time, "We've seen GGR grow from quarter to quarter and from year to year."  And our personnel are working hard to keep our market position growing.

 For 2024, capex is estimated to reach $400 million, with $70 million to $75 million going to CoD Sri Lanka.

 NASDAQ.com says that Zacks Rank gives Melco stock a "buy" recommendation, which means that it could do better than the market as a whole in the near future.