• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 19 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Strength in Macau market helps Melco Resorts record 7% sequential increase in revenues to US$1.09 billion

Ben Blaschke by Ben Blaschke
Fri 1 Mar 2024 at 02:51
Melco’s internally designed Morpheus-branded service program awarded ATD Excellence in Practice Award
17
SHARES
435
VIEWS
Print Friendly, PDF & Email

Melco Resorts & Entertainment Limited reported a net loss of US$156.6 million for the three months to 31 December 2023, narrowed from a US$251.9 million loss a year earlier but significantly widened from a US$16.3 million loss in the September quarter on higher expenses.

The widened quarter-on-quarter loss came despite rising revenues in Melco’s core market of Macau, with group-wide operating revenues climbing 224% year-on-year and 7% quarter-on-quarter to US$1.09 billion. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of COVID-19 related restrictions in Macau in January 2023, and the opening of Studio City Phase 2, Melco said.

Adjusted EBITDA of US$303.4 million reversed a US$6.8 million Adjusted EBITDA loss in 4Q22 and 8% higher than the US$280.6 million reported in Q3.

In Macau, City of Dreams led the way for Melco in 4Q23, with GGR up 10% quarter-on-quarter to US$618 million on improvements across all gaming segments: VIP GGR rose by 21% to US$133 million, mass GGR by 8% to US$455 million and slots GGR by 3% to US$30 million, while the property’s Adjusted EBITDA grew by 8% to US$166 million.

At Studio City, total GGR was 15% higher sequentially to US$295 million, despite a 17% decline in VIP GGR to US$11 million. Mass GGR jumped by 17% to US$260 million and slots GGR by 15% to US$25 million with Adjusted EBITDA also rising by 14% to US$77 million.

Altira Macau broke even on an Adjusted EBITDA basis on GGR of US$38 million, up 29%.

City of Dreams Manila faced a more challenging quarter, with total GGR falling by 5% quarter-on-quarter to US$131 million. VIP GGR was down by 31% to US$17 million and mass GGR by 9% to US$58 million, although slots GGR grew by 13% to US$57 million.

And at City of Dreams Mediterranean in Cyprus, the impact of the conflict in Gaza was heavily felt with Adjusted EBITDA down 5% to US$5 million on total GGR of US$44 million.

Melco Chairman and CEO Lawrence Ho said, “Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China’s uncertain macro-economic outlook. Visitations to Macau during this month’s Chinese New Year holiday period were close to 2019 levels and the number of visitors from China exceeded 2019.

“2023 was a year of post-pandemic recovery and the debut of our new developments, including City of Dreams Mediterranean and Studio City Phase 2. 2024 is set to be another exciting year for us as we continue to develop new ideas and strategies to bring market leading leisure and entertainment offerings to our customers.

“As part of our initiatives to ensure Melco is leading the market in all areas of our business, we are making changes to management in Macau and bolstering the leadership team. We expect these changes will strengthen us as a team to secure a stronger and more competitive future.

“City of Dreams Manila in the Philippines has continued to show solid growth with significant market share gains in mass table games and slots. City of Dreams Mediterranean in Cyprus continues to be impacted by the conflicts in the region but is starting to show some signs of recovery so far this year.”

RelatedPosts

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

Thu 19 Jun 2025 at 19:54
PAGCOR’s Alejandro Tengco

New luxury hotel with VIP gaming to be built at Manila’s Newport World Resorts as parent AGI outlines latest capital investments

Thu 19 Jun 2025 at 12:29
Landmark chair says satellite casino closures have already led to lease terminations in surrounding area

Landmark chair says satellite casino closures have already led to lease terminations in surrounding area

Wed 18 Jun 2025 at 14:07
Malaysia’s Resorts World Genting shuts two of its three casinos

Genting tops gaming companies on 2025 Fortune Southeast Asia 500 list, Bloomberry and DigiPlus on the move

Wed 18 Jun 2025 at 06:21
Load More
Tags: casinosCity of DreamsGamingLawrence HoMacauMelco Resorts and EntertainmentrevenueStudio City
Share7Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

by Newsdesk
Thu 19 Jun 2025 at 19:54

Wynn Resorts CEO Craig Billings met this week with the Chinese Ambassador to the United States, Xie Feng, to discuss topics including China’s economic development and Sino–U.S. economic and trade relations. The Chinese Embassy in the United States released details...

1xBet reviews DreamLeague Season 26 esports tournament results

1xBet reviews DreamLeague Season 26 esports tournament results

by Newsdesk
Thu 19 Jun 2025 at 12:50

From 19 May to 1 June , the prestigious Tier 1 Dota 2 tournament was held online, boasting a solid prize pool of US$1 million. It was also the last ESL event before the start of the 2025 Esports World...

PAGCOR’s Alejandro Tengco

New luxury hotel with VIP gaming to be built at Manila’s Newport World Resorts as parent AGI outlines latest capital investments

by Ben Blaschke
Thu 19 Jun 2025 at 12:29

Philippine conglomerate Alliance Global Group (AGI) has announced it will allocate approximately Php5 billion (US$87.2 million) over the next year for expansion projects under its gaming and leisure subsidiary, Travellers International. This includes the development of a new luxury hotel...

FBM hosts “A Drop of Blood is a Gift of Life” blood donation drive in the Philippines

FBM hosts “A Drop of Blood is a Gift of Life” blood donation drive in the Philippines

by Newsdesk
Thu 19 Jun 2025 at 06:16

FBM Foundation – the charitable arm of gaming supplier FBM – celebrated World Blood Donor Day on 14 June by hosting a blood donation drive in Pasig City, Philippines, in partnership with Philippine Red Cross. The blood drive, titled “A...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English