Asia
Melco Announces Unaudited Second Quarter 2023 Earnings
Melco Resorts & Entertainment Limited, a developer, owner, and operator of integrated resort facilities in Asia and Europe, reported its unaudited financial results for the second quarter of 2023.
Total operating revenues for the second quarter of 2023 were US$947.9 million, representing an increase of approximately 220% from US$296.1 million for the comparable period in 2022. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations primarily due to the relaxation of COVID-19 related restrictions in Macau in January 2023, the openings of Studio City Phase 2’s Epic Tower and indoor waterpark in April 2023, as well as the launch of residency concerts at Studio City in the same month.
Operating income for the second quarter of 2023 was US$64.3 million, compared with operating loss of US$209.2 million in the second quarter of 2022.
Melco generated Adjusted Property EBITDA(1) of US$267.3 million in the second quarter of 2023, compared with negative Adjusted Property EBITDA of US$13.8 million in the second quarter of 2022.
Net loss attributable to Melco Resorts & Entertainment Limited for the second quarter of 2023 was US$23.4 million, or US$0.05 per ADS, compared with US$251.5 million, or US$0.53 per ADS, in the second quarter of 2022. The net loss attributable to noncontrolling interests was US$27.7 million and US$43.2 million during the second quarters of 2023 and 2022, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “The strength of our Macau recovery is evident in the 43% increase in gross gaming revenue in the second quarter of 2023 compared to the first quarter of 2023. We’ve seen mass drop increase month-to-month and turnover in our premium direct VIP segment continued to exceed 2019 during the second quarter.
“Labor supply issues in Macau have been largely resolved. We have been able to provide our customers with Melco’s full suite of services and amenities. We expect to add another 560 hotel rooms to our portfolio with the opening of W Macau at Studio City in September and are well positioned to support the continuing increase of customers in Macau.
“The mass segment is also leading the recovery in the Philippines, continuing to outperform 2019 in the second quarter of 2023. And in Cyprus, we opened City of Dreams Mediterranean to the public in July after a successful soft opening in June, and we’re excited for its prospects as we ramp up our operations.
“Environmental sustainability is built into the core of our business and embedded in our operations. Examples of this include the sophisticated water filtration system installed in our waterpark at Studio City to reduce water consumption and improve water reuse and meticulously-designed sustainable packaging and amenities that are free of single-use plastics. We are also continuing our work towards achieving BREEAM certifications for Studio City Phase 2 and City of Dreams Mediterranean following the construction completion of these properties.”
City of Dreams Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at City of Dreams were US$506.2 million, compared with US$97.3 million in the second quarter of 2022. City of Dreams generated Adjusted EBITDA of US$161.2 million in the second quarter of 2023, compared with negative Adjusted EBITDA of US$28.5 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$5.76 billion for the second quarter of 2023 versus US$748.1 million in the second quarter of 2022. The rolling chip win rate was 2.88% in the second quarter of 2023 versus 2.57% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop increased to US$1.24 billion in the second quarter of 2023, compared with US$209.1 million in the second quarter of 2022. The mass market table games hold percentage was 32.0% in the second quarter of 2023, compared with 33.0% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$771.5 million, compared with US$217.1 million in the second quarter of 2022. The gaming machine win rate was 2.8% in the second quarter of 2023 versus 2.7% in the second quarter of 2022.
Total non-gaming revenue at City of Dreams in the second quarter of 2023 was US$68.9 million, compared with US$24.3 million in the second quarter of 2022.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at Altira Macau were US$29.3 million, compared with US$7.2 million in the second quarter of 2022. Altira Macau generated Adjusted EBITDA of US$4.3 million in the second quarter of 2023, compared with negative Adjusted EBITDA of US$11.3 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.
In the mass market table games segment, drop was US$116.6 million in the second quarter of 2023 versus US$29.3 million in the second quarter of 2022. The mass market table games hold percentage was 24.2% in the second quarter of 2023, compared with 17.5% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$82.0 million, compared with US$41.5 million in the second quarter of 2022. The gaming machine win rate was 3.3% in the second quarter of 2023 versus 4.2% in the second quarter of 2022.
Total non-gaming revenue at Altira Macau in the second quarter of 2023 was US$4.9 million, compared with US$1.9 million in the second quarter of 2022.
Mocha and Other Second Quarter Results
Total operating revenues from Mocha and Other were US$28.8 million in the second quarter of 2023, compared with US$17.0 million in the second quarter of 2022. Mocha and Other generated Adjusted EBITDA of US$6.7 million in the second quarter of 2023, compared with Adjusted EBITDA of US$2.5 million in the second quarter of 2022.
Mass market table games drop was US$41.4 million in the second quarter of 2023 versus US$0.4 million in the second quarter of 2022. The mass market table games hold percentage was 18.2% in the second quarter of 2023 versus 26.9% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$502.8 million, compared with US$406.8 million in the second quarter of 2022. The gaming machine win rate was 4.5% in the second quarter of 2023 versus 4.2% in the second quarter of 2022.
Studio City Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at Studio City were US$236.0 million, compared with US$35.9 million in the second quarter of 2022. Studio City generated Adjusted EBITDA of US$41.1 million in the second quarter of 2023, compared with negative Adjusted EBITDA of US$31.1 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market table games segment and non-gaming operations.
Studio City’s rolling chip volume was US$789.5 million in the second quarter of 2023 versus US$104.1 million in the second quarter of 2022. The rolling chip win rate was 1.43% in the second quarter of 2023 versus 5.33% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop increased to US$716.6 million in the second quarter of 2023, compared with US$93.2 million in the second quarter of 2022. The mass market table games hold percentage was 25.5% in the second quarter of 2023, compared with 25.7% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$595.4 million, compared with US$201.7 million in the second quarter of 2022. The gaming machine win rate was 3.4% in the second quarter of 2023, compared with 2.5% in the second quarter of 2022.
Total non-gaming revenue at Studio City in the second quarter of 2023 was US$74.3 million, compared with US$8.3 million in the second quarter of 2022.
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at City of Dreams Manila were US$116.4 million, compared with US$111.7 million in the second quarter of 2022. City of Dreams Manila generated Adjusted EBITDA of US$47.0 million in the second quarter of 2023, compared with Adjusted EBITDA of US$49.0 million in the comparable period of 2022.
City of Dreams Manila’s rolling chip volume was US$520.2 million in the second quarter of 2023 versus US$771.3 million in the second quarter of 2022. The rolling chip win rate was 3.10% in the second quarter of 2023 versus 2.95% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop increased to US$194.5 million in the second quarter of 2023, compared with US$178.4 million in the second quarter of 2022. The mass market table games hold percentage was 31.3% in the second quarter of 2023, compared with 29.0% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$1.01 billion, compared with US$925.6 million in the second quarter of 2022. The gaming machine win rate was 4.8% in the second quarter of 2023 versus 5.3% in the second quarter of 2022.
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2023 was US$28.7 million, compared with US$27.3 million in the second quarter of 2022.
City of Dreams Mediterranean and Other Second Quarter Results
City of Dreams Mediterranean officially opened to the public on July 10, 2023, after a soft opening in June. The Company continues to operate three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean (collectively, the “Cyprus Casinos”).
Total operating revenues at the Cyprus Casinos for the quarter ended June 30, 2023 were US$30.9 million, compared with US$21.7 million in the second quarter of 2022. The Cyprus Casinos generated Adjusted EBITDA of US$6.9 million in the second quarter of 2023, compared with Adjusted EBITDA of US$5.6 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment.
Rolling chip volume was US$0.1 million in both the second quarters of 2023 and 2022. The rolling chip win rate was 2.52% in the second quarter of 2023, compared with negative 6.12% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop was US$47.0 million in the second quarter of 2023, compared with US$31.4 million in the second quarter of 2022. The mass market table games hold percentage was 21.9% in the second quarter of 2023, compared with 19.5% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$391.7 million, compared with US$315.9 million in the second quarter of 2022. The gaming machine win rate was 5.1% in the second quarter of 2023 versus 5.0% in the second quarter of 2022.
Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2023 was US$1.9 million, compared with US$0.1 million in the second quarter of 2022.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2023 were US$116.5 million, which mainly included interest expenses of US$123.5 million, net of amounts capitalized, partially offset by interest income of US$5.0 million.
Depreciation and amortization costs of US$136.5 million were recorded in the second quarter of 2023, of which US$5.7 million related to the amortization expense for land use rights.
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The Philippine Amusement and Gaming Corporation (PAGCOR) on Monday committed Php50 million in financial assistance to the National Bureau of Investigation (NBI) to strengthen operations against illegal gaming, including the banned Philippine Offshore Gaming Operators (POGOs).
The support was formalized through a Memorandum of Agreement (MOA) signed at the PAGCOR Corporate Office in Pasay City by PAGCOR Chairman and CEO Alejandro H. Tengco and NBI Director Jaime Santiago.
An initial Php25 million was immediately turned over by PAGCOR to the NBI, representing the first tranche of the total assistance, during the MOA signing.
In his message during the ceremony, Tengco said the partnership with the NBI underscores PAGCOR’s mission not only to regulate gaming and generate revenues for nation-building but also to protect the integrity of the industry.
“This morning, we are signing a Memorandum of Agreement that underscores the shared responsibility of PAGCOR and the NBI in promoting lawful, fair, and responsible gaming in the Philippines,” he said.
“This assistance will defray the cost of food and expenses for POGO detainees, as well as support the Bureau’s legitimate operations against illegal gaming activities.”
Mr. Tengco said the agreement likewise demonstrates PAGCOR’s resolve to safeguard the gaming industry and ensure that revenues from legal gaming truly benefit the Filipino people.
“Illegal gambling operators undermine our laws, exploit our people, and put our communities at risk. By working hand in hand with the NBI, we are sending a strong message that we will not allow unlawful gaming practices to persist,” he said.
For his part, NBI Director Santiago said PAGCOR’s assistance would boost the Bureau’s capabilities to pursue its mandate.
“The NBI welcomes PAGCOR’s assistance as it will enable us to step up our operations against illegal POGOs and other unlawful gaming activities. This partnership affirms our shared duty to uphold the law and protect the Filipino people,” he said.
The post Fight vs. illegal gambling gets boost with Php50M PAGCOR grant to NBI appeared first on European Gaming Industry News.
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BETBY, the innovative sportsbook provider, has entered into a new partnership with Broadway Platform, a leading operator that manages over 30 online platforms while also delivering bespoke B2B services and B2C brands worldwide. As part of the deal, Broadway Platform will integrate BETBY’s award-winning sportsbook solution across its portfolio.
Through this collaboration, Broadway Platform will gain access to BETBY’s comprehensive sportsbook, featuring 500,000+ events per month, 8,000+ betting markets, and coverage of 125+ sports and 50+ esports disciplines.
The agreement also includes Betby Games, BETBY’s proprietary esports feed, which delivers 400,000+ live matches per month across 25 sports simulations with 100% video coverage, as well as AI Labs, a full suite of AI-driven sportsbook tools. With dedicated modules for odds creation, risk management, UX optimisation, and operations, AI Labs empowers operators with real-time insights, personalisation, and operational efficiency.
The Broadway Platform project is supported by SPRIBE, a leading iGaming company recognised for its innovative products and next-generation, mobile-first gaming experiences that resonate strongly with modern players. SPRIBE has made a significant impact on the online gaming industry, and its involvement underlines the ambition and innovative spirit of the collaboration.
Broadway Platform’s move to partner with BETBY underscores the supplier’s commitment to innovation and scalability, while strengthening its focus on the Asian-facing market, where it has been actively localising its solutions to meet regional demands.
Stefanos Karakidis, Business Development Director at BETBY, commented: “We are delighted to partner with Broadway Platform, a company with an outstanding reputation in both B2C and B2B operations. By integrating our sportsbook, Betby Games, and AI Labs, Broadway is set to enhance its offering and deliver a cutting-edge experience to its customers. This partnership highlights our shared vision of growth, innovation, and market leadership.”
Giorgi Tsutskiridze, Chief Commercial Officer, added: “Working with BETBY marks an important step for us as we extend our global footprint. Their technology, depth of content, and AI-driven tools provide us with the flexibility and scale needed to deliver a world-class betting experience. We are confident this collaboration will unlock significant opportunities for growth.”
The post BETBY EXPANDS ASIAN MARKET PRESENCE THROUGH PARTNERSHIP WITH BROADWAY PLATFORM appeared first on European Gaming Industry News.
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DigiPlus Interactive Corp., the Philippines’ premier digital entertainment provider behind BingoPlus, ArenaPlus and GameZone, announced a landmark partnership with Philippine First Insurance Co. Inc. (PhilFirst), the country’s first domestic insurance company. Together, they have introduced the Philippines’ first-ever surety bond programme for online gaming players – setting a new benchmark in player protection. The programme takes effect immediately.
For players, this means more peace of mind every time they log in, as long as their eKYC (electronic Know-Your-Customer) information is up to date and they continue to play within the platform’s guidelines. Whether it’s a casual gamer or a loyal fan celebrating a big win, they can enjoy BingoPlus, ArenaPlus and GameZone knowing their wallets and balances are even better protected.
Through this initiative, eligible players benefit from an added financial safeguard. The surety bond protects player balances of up to ₱1 million per player, without requiring customers to purchase a separate policy.
“DigiPlus is proud to be the first in the industry to roll out this level of consumer protection. We are committed to putting our players first. With this surety bond, they can play confidently on BingoPlus, ArenaPlus and GameZone, knowing that their funds are safeguarded,” said DigiPlus Chairman Eusebio H. Tanco.
How does the DigiPlus surety bond work?
Eligibility: Players must be eKYC-verified, have made at least one successful deposit, and be in good standing within the platform’s guidelines.
Coverage: The surety bond safeguards player wallets and balances up to ₱1 million per player.
Activation: Protection is in place immediately and applies automatically for all eligible players across BingoPlus, ArenaPlus and GameZone.
This latest measure strengthens DigiPlus’ commitment to reliable customer service and protection, adding the surety bond to its 24/7 customer support and 130+ physical BingoPlus stores nationwide, which already serve as convenient and trusted outlets for players.
With the addition of the surety bond, DigiPlus continues to raise industry standards – delivering not only engaging and innovative gaming offerings but also a stronger guarantee of trust, security and peace of mind for its customers.
The post DigiPlus Announces Partnership with PhilFirst appeared first on European Gaming Industry News.
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