Melco International Development Limited, the majority shareholder of Macau casino operator Melco Resorts & Entertainment, saw its profit surge by 50.6% to HK$1.6 billion in 2018, buoyed by improved group-wide performance across all its gaming segments.
The positive result came despite a slight fall in revenue for the year from HK$41.2 billion in 2017 to HK$40.7 billion this time around, which Melco attributed to higher commissions being paid out and reported as a reduction of revenue.
Nevertheless, Adjusted EBITDA climbed 10.7% to HK$10.9 billion.
Describing 2018 as a “challenging year”, Melco Chairman and CEO Lawrence Ho expressed confidence in the company’s positioning both via its core Macau market and internationally where it is developing an integrated resort in Cyprus and pursuing an IR license in Japan.
“Our long-term growth strategy for Macau remains to focus on the premium-mass and mass segments, which we believe will drive sustainable growth and profit for our industry,” Ho said.
“We will continue to invest in balancing our exposure to both VIP and mass gaming patrons and to further grow a diversified portfolio to attract the broader tourism market through our non-gaming entertainment and leisure offers.
“Internationally, we remain bullish on our exposure to an expanding network of global operations and business development opportunities beyond Macau.”
Melco International Development has declared a final dividend of HK2.35 cents per share for 2018.
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