CLAIMS TO FAME
- One of only two operators with multiple properties on Macau’s Cotai Strip
- Opened Europe’s first true integrated resort in Cyprus in 2023
- City of Dreams Manila sees him as the lone Macau operator with a Philippines presence
We’ve said it before and we’ll say it again: Lawrence Ho has never been one to sit idle.
The Melco Resorts & Entertainment boss began 2024 by overhauling his senior executive team – not for the first time either – with long-time COO of Macau Operations David Sisk stepping down and three new executives brought in to steady the ship post-COVID.
Word on the street is that Ho considered Sisk’s post-COVID approach to be too cautious and wanted some new vitality, thus the return of Alidad Tash as Executive Vice President of Analytics and Gaming Operations for Macau, alongside new Vice President of Hotels and Food & Beverage at City of Dreams, Stefan Bollhalder, and Vice President of Retail, Linda Switzer.
The early signs have been positive, with Melco reporting solid growth in the March and June quarters, including revenues of US$1.16 billion in Q2 and Adjusted Property EBITDA of US$302.8 million, up 13.3% year-on-year and 1.3% sequentially. More importantly, the company finally found its way back into the black despite making it clear that paying down debt would remain a priority in the near term. Melco recently announced that it has already paid back more than US$1 billion since COVID as it looks to shore up its financial position.
While the company has diversified into the Philippines and Cyprus, its Macau operations remain central, which explains ongoing refinements to the offering at its two primary Macau properties, City of Dreams and Studio City.
Sisk’s departure has seen the arrival of Tim Kelly as Property President at City of Dreams, no doubt with a mandate to ensure the Cotai Strip IR reclaims its fair share of the lucrative premium mass gaming segment.
Studio City, for years a problem child at the southern end of the Strip, has also been on a roll with mass tables said to be comfortably exceeding 2019 productivity levels.
Yet Ho continues to look globally, and in April Melco announced it had been awarded a 20-year license to operate the casino at Sri Lanka’s Cinnamon Life Integrated Resort. Under the agreement, Melco will name the casino City of Dreams Sri Lanka while also managing the top five floors of the 800-room hotel under its Nüwa brand.
Although not expected to be a major earner for the company, it’s an opportunity that presents little risk and further diversifies the Melco brand away from a single jurisdiction.
Cyprus continues to be challenged with its key markets hit hard by ongoing conflict in Ukraine and the Middle East, although its potential is unquestioned. Melco has opened a new sales office in Cyprus too as it looks to bring more international visitation back to Macau.
Time will tell whether it succeeds in that pursuit, but win or lose, it remains undeniable that Melco is a company well and truly on the move.
For the full list of 2024 Asian Gaming Power 50 winners, click here.