Melco International Development Ltd Chairman and CEO Lawrence Ho has lauded his company’s ability to deliver “world’s first projects that redefine and elevate the landscapes they share” following a record-breaking year in 2017 that saw net revenue increase by 72.4% to HK$41.2 billion.
Melco International Development’s positive results were due to multiple factors, primarily the recovery of Macau’s gaming industry across all sectors. They were also aided by the first full year of consolidated results from gaming subsidiary Melco Resorts & Entertainment Ltd compared with eight months of consolidated results in 2016.
Casino revenue comprised HK$38.4 billion while Adjusted EBITDA grew by more than 80% to HK$9.8 billion, with Melco noting that the entire Macau market had rebounded strongly in 2017 as patrons returned to the tables across both the VIP and mass market segments.
“These tailwinds were further reinforced by our sustained attention to operating excellence and attracting Chinese outbound tourism, particularly within the consistently expanding premium-mass segment,” said Ho.
However, Ho saved most praise for the impending launch of luxury hotel Morpheus at City of Dreams, which he described as a “masterpiece” while singling out Melco’s development initiative.
“Morpheus is more than just another building. It is an architectural masterpiece, and will become a tourist attraction in Macau – an icon for quality, taste and vision,” he said.
“It embodies our commitment to supporting Macau’s ongoing transformation into a diversified world tourism and leisure destination. Just as critically, it exemplifies our unique ability to imagine and deliver world’s first projects that redefine and elevate the landscapes they share.
“The reality is few, if any, other operators are doing this – certainly not on the same scale. This is a fundamental competitive advantage. Our successful execution of large projects like Morpheus goes beyond the operations of a single property. For all the current and future governments and partners with whom we collaborate, they validate our commitment to holistic and original development, made specifically for each location.
“For our customers, they reaffirm our focus on quality and on creating from their perspective – for the experience they want, not what we can most easily implement. This is why we have been able to build a global integrated resort network, literally from the ground up, within a few years. And it is why we have the opportunity to own the future of our space.”
Melco International Development announced a final dividend of HK$0.04 per share, totalling approximately HK$61.5 million, for the year ended 31 December 2017, to be paid on 4 July 2018.
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