Melco Resorts parent reports narrowed US$222 million loss
Apr 2, 2024 6:58:54 GMT -5
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Post by Blitz on Apr 2, 2024 6:58:54 GMT -5
Melco Resorts parent reports narrowed US$222 million loss in 2023
by Newsdesk Mon 1 Apr 2024 at 10:51
www.asgam.com/index.php/2024/04/01/melco-resorts-parent-reports-narrowed-us222-million-loss-in-2023/
Melco International Development Ltd, the parent company of Macau concessionaire Melco Resorts & Entertainment, has reported a loss attributable to owners of the company of HK$1.74 billion (US$222 million) in 2023, narrowed from a HK$5.11 billion (US$653 million) loss a year earlier.
Publishing its annual results late last week, Melco International – which holds a 51.69% stake in Melco Resorts – said the narrowed loss was a result of the improved performance in its casino and hospitality operations following the earlier than expected relaxation of COVID-19 related restrictions in Macau in January 2023. It also pointed to the opening of Studio City Phase 2 as providing a boost to revenues, although this was partially offset by higher net interest expense and higher asset impairments totalling HK$1.11 billion (US$142 million) related to Altira Macau.
The company’s interests outside of Macau include City of Dreams Manila and City of Dreams Mediterranean, the latter having opened its doors in Cyprus in mid-2023.
In 2023, Melco International reported a 180% increase in group-wide net revenues to HK$29.5, again aided by the relaxing of Macau’s COVID restrictions, the openings of City of Dreams Mediterranean and Studio City Phase 2, and the launch of residency concerts at Studio City “which led to improved performance in our casino and hospitality operations”.
Adjusted EBITDA of HK$7.51 billion reversed an Adjusted EBITDA loss of HK$362.0 million in 2022.
Looking ahead, Melco International said it “fully supports the Macau government’s initiatives to boost international visitor arrivals and invests in a diverse range of cultural and tourism initiatives … to offer visitors innovative and varied entertainment and travel experiences.
“Notable ongoing events and projects include the second season of the residency concert series at Studio City commenced in March this year. Construction also began on the Cineplex at Studio City Phase 2, and the highly acclaimed show, The House of Dancing Water, is expected to make its return towards the end of 2024.
“Additionally, plans are underway to renovate The Countdown hotel, introducing a new high-end luxury hotel offering for our premium mass customers, and upgrade the MICE space and guest rooms at Grand Hyatt Macau.”
The company also said it anticipates ongoing growth in the Philippine gaming market, while there are indications of traditional tourism markets returning in Cyprus where CoD Mediterranean’s key Israeli and Russian markets have been impacted by regional conflicts.
“The group remains confident in its long-term prospects across regions, while standing ready to navigate near-term uncertainties and challenges in a prudent and agile manner,” it said.
“With its exceptional multi-jurisdictional portfolio and reputation for innovative experiences, the group is strongly placed to leverage opportunities as global travel rebounds. As regional recoveries gain momentum, the group will continue driving leadership in integrated resort development through its world-class properties and entertainment.”
by Newsdesk Mon 1 Apr 2024 at 10:51
www.asgam.com/index.php/2024/04/01/melco-resorts-parent-reports-narrowed-us222-million-loss-in-2023/
Melco International Development Ltd, the parent company of Macau concessionaire Melco Resorts & Entertainment, has reported a loss attributable to owners of the company of HK$1.74 billion (US$222 million) in 2023, narrowed from a HK$5.11 billion (US$653 million) loss a year earlier.
Publishing its annual results late last week, Melco International – which holds a 51.69% stake in Melco Resorts – said the narrowed loss was a result of the improved performance in its casino and hospitality operations following the earlier than expected relaxation of COVID-19 related restrictions in Macau in January 2023. It also pointed to the opening of Studio City Phase 2 as providing a boost to revenues, although this was partially offset by higher net interest expense and higher asset impairments totalling HK$1.11 billion (US$142 million) related to Altira Macau.
The company’s interests outside of Macau include City of Dreams Manila and City of Dreams Mediterranean, the latter having opened its doors in Cyprus in mid-2023.
In 2023, Melco International reported a 180% increase in group-wide net revenues to HK$29.5, again aided by the relaxing of Macau’s COVID restrictions, the openings of City of Dreams Mediterranean and Studio City Phase 2, and the launch of residency concerts at Studio City “which led to improved performance in our casino and hospitality operations”.
Adjusted EBITDA of HK$7.51 billion reversed an Adjusted EBITDA loss of HK$362.0 million in 2022.
Looking ahead, Melco International said it “fully supports the Macau government’s initiatives to boost international visitor arrivals and invests in a diverse range of cultural and tourism initiatives … to offer visitors innovative and varied entertainment and travel experiences.
“Notable ongoing events and projects include the second season of the residency concert series at Studio City commenced in March this year. Construction also began on the Cineplex at Studio City Phase 2, and the highly acclaimed show, The House of Dancing Water, is expected to make its return towards the end of 2024.
“Additionally, plans are underway to renovate The Countdown hotel, introducing a new high-end luxury hotel offering for our premium mass customers, and upgrade the MICE space and guest rooms at Grand Hyatt Macau.”
The company also said it anticipates ongoing growth in the Philippine gaming market, while there are indications of traditional tourism markets returning in Cyprus where CoD Mediterranean’s key Israeli and Russian markets have been impacted by regional conflicts.
“The group remains confident in its long-term prospects across regions, while standing ready to navigate near-term uncertainties and challenges in a prudent and agile manner,” it said.
“With its exceptional multi-jurisdictional portfolio and reputation for innovative experiences, the group is strongly placed to leverage opportunities as global travel rebounds. As regional recoveries gain momentum, the group will continue driving leadership in integrated resort development through its world-class properties and entertainment.”