Asia
Melco Announces Unaudited Fourth Quarter 2023 Earnings
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Melco Resorts & Entertainment Limited, a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2023.
Total operating revenues for the fourth quarter of 2023 were US$1.09 billion, representing an increase of approximately 224% from US$337.1 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 following the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.
Operating loss for the fourth quarter of 2023 was US$94.4 million, compared with operating loss of US$199.5 million in the fourth quarter of 2022.
Melco generated Adjusted Property EBITDA(1) of US$303.4 million in the fourth quarter of 2023, compared with negative Adjusted Property EBITDA of US$6.8 million in the fourth quarter of 2022.
Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2023 was US$156.6 million, or US$0.36 per ADS, compared with US$251.9 million, or US$0.57 per ADS, in the fourth quarter of 2022. Net loss attributable to noncontrolling interests was US$20.8 million and US$42.1 million during the fourth 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, “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.”
City of Dreams Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at City of Dreams were US$559.8 million, compared with US$139.2 million in the fourth quarter of 2022. City of Dreams generated Adjusted EBITDA of US$166.2 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$7.8 million in the fourth 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$5.19 billion for the fourth quarter of 2023 versus US$850.4 million in the fourth quarter of 2022. The rolling chip win rate was 2.55% in the fourth quarter of 2023 versus 4.47% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$1.44 billion in the fourth quarter of 2023, compared with US$292.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 31.6% in the fourth quarter of 2023, compared with 29.2% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$957.4 million, compared with US$194.7 million in the fourth quarter of 2022. The gaming machine win rate was 3.1% in the fourth quarter of 2023 versus 4.5% in the fourth quarter of 2022.
Total non-gaming revenue at City of Dreams in the fourth quarter of 2023 was US$80.1 million, compared with US$30.5 million in the fourth quarter of 2022.
Altira Macau Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at Altira Macau were US$33.6 million, compared with US$9.0 million in the fourth quarter of 2022. Altira Macau generated Adjusted EBITDA of US$0.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$9.5 million in the fourth quarter of 2022. The year-over-year change in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
In the mass market table games segment, drop was US$149.0 million in the fourth quarter of 2023 versus US$31.9 million in the fourth quarter of 2022. The mass market table games hold percentage was 23.8% in the fourth quarter of 2023, compared with 20.6% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$87.8 million, compared with US$40.8 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023 versus 3.0% in the fourth quarter of 2022.
Total non-gaming revenue at Altira Macau in the fourth quarter of 2023 was US$5.3 million, compared with US$2.1 million in the fourth quarter of 2022.
Mocha and Other Fourth Quarter Results
Total operating revenues from Mocha and Other were US$28.7 million in the fourth quarter of 2023, compared with US$19.5 million in the fourth quarter of 2022. Mocha and Other generated Adjusted EBITDA of US$6.0 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$1.8 million in the fourth quarter of 2022.
Mass market table games drop was US$49.6 million in the fourth quarter of 2023 versus US$21.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 14.8% in the fourth quarter of 2023 versus 19.7% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$493.0 million, compared with US$372.7 million in the fourth quarter of 2022. The gaming machine win rate was 4.6% in the fourth quarter of 2023 versus 4.2% in the fourth quarter of 2022.
Studio City Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at Studio City were US$302.5 million, compared with US$43.4 million in the fourth quarter of 2022. Studio City generated Adjusted EBITDA of US$77.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$25.3 million in the fourth quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
Studio City’s rolling chip volume was US$566.0 million in the fourth quarter of 2023 versus US$251.4 million in the fourth quarter of 2022. The rolling chip win rate was 1.86% in the fourth quarter of 2023 versus 2.70% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$864.1 million in the fourth quarter of 2023, compared with US$113.5 million in the fourth quarter of 2022. The mass market table games hold percentage was 30.0% in the fourth quarter of 2023, compared with 27.1% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$778.3 million, compared with US$124.5 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023, compared with 2.7% in the fourth quarter of 2022.
Total non-gaming revenue at Studio City in the fourth quarter of 2023 was US$65.3 million, compared with US$9.6 million in the fourth quarter of 2022.
City of Dreams Manila Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at City of Dreams Manila were US$120.5 million, compared with US$95.2 million in the fourth quarter of 2022. City of Dreams Manila generated Adjusted EBITDA of US$48.8 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$23.6 million in the comparable period of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
City of Dreams Manila’s rolling chip volume was US$416.5 million in the fourth quarter of 2023 versus US$940.7 million in the fourth quarter of 2022. The rolling chip win rate was 3.97% in the fourth quarter of 2023 versus 1.84% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$198.2 million in the fourth quarter of 2023, compared with US$148.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 29.1% in the fourth quarter of 2023, compared with 31.9% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$1.08 billion, compared with US$1.02 billion in the fourth quarter of 2022. The gaming machine win rate was 5.3% in the fourth quarter of 2023 versus 4.7% in the fourth quarter of 2022.
Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2023 was US$30.3 million, compared with US$24.5 million in the fourth quarter of 2022.
City of Dreams Mediterranean and Other Fourth Quarter Results
The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.
Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended December 31, 2023 were US$47.3 million, compared with US$28.7 million in the fourth quarter of 2022. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$4.7 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$10.5 million in the fourth quarter of 2022.
Rolling chip volume was US$6.4 million for the fourth quarter of 2023 versus US$1.1 million in the fourth quarter of 2022. The rolling chip win rate was negative 8.85% in the fourth quarter of 2023, compared with 16.43% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop was US$87.6 million in the fourth quarter of 2023, compared with US$38.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 22.1% in the fourth quarter of 2023, compared with 24.9% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$492.8 million, compared with US$392.4 million in the fourth quarter of 2022. The gaming machine win rate was 5.0% in both the fourth quarters of 2023 and 2022.
Total non-gaming revenue at City of Dreams Mediterranean and Other in the fourth quarter of 2023 was US$13.0 million, compared with US$0.2 million in the fourth quarter of 2022.
Asia
Esports World Cup Foundation Signs MoU with China Media Group and VSPO
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The Esports World Cup Foundation (EWCF), on August 25, signed a Memorandum of Understanding (MoU) with China Media Group’s National Institute for Esports Development (NIED) and VSPO, the largest esports company in Asia, at the New Global Sport Conference (NGSC24).
The three-way agreement, signed during the New Global Sport Conference at the Four Seasons Hotel in Riyadh, is a significant step forward for the industry and aims to leverage the resource advantages of each organisation. It fosters collaboration within the sports culture industry, with a particular focus on esports and gaming.
The signing ceremony was attended by Mr. Faisal Bin Homran, Chief Product Officer of Esports World Cup Foundation; Mr. Xu Qiang, Director of the Youth Sports Programme Centre of China Media Group and Executive Vice President of NIED; and Dino Ying, Founder, Chairman and CEO of VSPO.
Under the terms of the MoU, all three organisations will collaborate on a wide range of initiatives within China. Key areas of cooperation include esports event broadcasting on CCTV, the application of cutting-edge technologies, market expansion and the promotion of event content.
Faisal Bin Homran said: “I welcome this collaboration between the Esports World Cup Foundation, China Media Group’s National Institute for Esports Development and VSPO. Together, with our combined platforms, expertise and resources, we are confident we can elevate the industry to new heights and continue to engage and inspire fans and audiences throughout China.”
Ying said: “It’s a huge honor to be a strategic partner with the Chinese Media Group and the Esports World Cup Foundation with the establishment of the CMG National Institute for Esports Development, which marks another key sign of Beijing’s support for esports development.”
The post Esports World Cup Foundation Signs MoU with China Media Group and VSPO appeared first on European Gaming Industry News.
Asia
BETBY STRENGHTENS 4RABET PARTNERSHIP WITH STRATEGIC AGREEMENT FOR ASIA EXPANSION
![betby-strenghtens-4rabet-partnership-with-strategic-agreement-for-asia-expansion](https://recentslotreleases.com/wp-content/uploads/2024/09/139444-betby-strenghtens-4rabet-partnership-with-strategic-agreement-for-asia-expansion.jpg)
BETBY, the premium sports betting supplier, has announced the expansion of its long-standing partnership with 4rabet, building on their initial agreement to provide premium sportsbook solutions. This enhanced collaboration is now focused on capturing growth opportunities in the Asian market.
4rabet brings “extensive expertise and a deep understanding of the Asian market,” which will support BETBY’s goal of expanding its presence in the region. BETBY plans to introduce a variety of content and features specifically tailored for the Asian gaming community.
This latest development with a key industry partner further solidifies BETBY’s reputation for establishing successful partnerships, following several similar expansions announced in recent months.
Chris Nikolopoulos, CCO at BETBY, commented: “We are thrilled to expand our presence in the Asian market alongside 4rabet. We recognize the vast potential in the region and are dedicated to providing an exceptional sportsbook solution and betting experience for players there. This partnership is a significant milestone in our mission to deliver innovative betting experiences, including our popular esports content, that resonate with the Asian audience.”
Alex Petrenko, Head of Sportsbook at 4rabet, added: “4rabet continues to enhance its specialized offerings for the Asian market through strong partnerships with industry leaders, guided by our comprehensive 360-degree approach. BETBY shares our commitment to delivering top-tier sports betting entertainment, and I am confident that this long-term partnership will be mutually beneficial for both companies.”
The post BETBY STRENGHTENS 4RABET PARTNERSHIP WITH STRATEGIC AGREEMENT FOR ASIA EXPANSION appeared first on European Gaming Industry News.
Asia
NODWIN Gaming announces strategic multi-year partnership with Insider.in as official ticketing partner for key IPs
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NODWIN Gaming, a leader in new age youth entertainment, gaming and esports has entered into a multi-year strategic partnership with Insider.in, India’s leading ticketing and events platforms. This partnership marks a significant milestone as Insider.in becomes the official ticketing partner in India for NODWIN Gaming’s key IPs, including DreamHack, NH7 Weekender, and Comic Con India. Over the last few years, Insider.in has been dedicated to offering a diverse range of live and online entertainment experiences to fans across the country.
NODWIN Gaming’s long-standing relationship with Insider.in across various events has laid a strong foundation for this strategic partnership. With Insider.in’s seamless ticketing solutions, NODWIN Gaming will ensure fast and easy access to the best live entertainment experiences for its audiences. Furthermore, Insider.in will start playing a crucial role in facilitating long-term synergistic brand partnerships for NODWIN Gaming’s IPs.
Insider.in has successfully managed to establish its unique presence across 300+ cities by ticketing, marketing and curating differentiated consumer experiences. The platform has become synonymous with urban culture by hosting experiences across music, comedy, sports, theatre among other genres of entertainment. This synergy aligns perfectly with NODWIN Gaming’s vision of creating unparalleled entertainment experiences across markets, allowing events to tap into a broader audience base.
Insider.in is a brand of Wasteland Entertainment that was acquired by Zomato (NSE: ZOMATO) from Paytm (NSE: PAYTM). The transaction was completed on 28 August 2024 as per exchange filings.
NODWIN Gaming’s diverse portfolio of IPs spanning esports, music, pop-culture, gaming, cosplay and more, NODWIN Gaming is revolutionising the youth entertainment landscape in India, creating immersive experiences that resonate deeply with today’s young audiences.
Among its flagship events are DreamHack India, the nation’s biggest gaming festival, Comic Con India, the premier destination for all things pop-culture and NH7 Weekender, one of the country’s largest music festivals, all of which attract significant audiences nationwide. The partnership with Insider.in will further bolster the prominence of these events, providing a smoother ticketing experience and increased accessibility for audiences.
Sharing his thoughts on the partnership, Akshat Rathee, Co-founder and MD, NODWIN Gaming said, “We are delighted to team up with Insider.in as our official ticketing partner across 3 of our iconic IPs. Our past collaborations have always been exceptional and this partnership is a natural progression in our shared vision for excellence. NODWIN Gaming is committed to becoming the premier destination for youth entertainment with our exclusive IPs, and this partnership is a significant step toward that goal. Insider.in’s expertise and commitment to delivering exceptional experiences aligns perfectly with our mission to enhance audience experiences for Comic Con India, NH7 Weekender and DreamHack India. Together, we look forward to creating iconic memories and delightful experiences for everyone.”
Insider.in is India’s prominent experience provider and fun enabler, offering tickets to a diverse range of events including live sports events, music festivals and concerts, standup comedy and open mic shows, food and shopping festivals, theatre, workshops and more. This partnership with NODWIN Gaming is a testament to their continued dedication to elevating the live event landscape in India and building a community of not just ticket buyers, but also fans.
Speaking about this strategic collaboration, Varun Khare, Insider.in mentioned, “We are thrilled to announce this multi-year ticketing partnership with Nodwin Gaming for their iconic IPs like NH7 Weekender, Dreamhack and the globally renowned Comic Con editions. Our longstanding partnership has been a testament to our shared commitment to excellence in live entertainment that focuses on providing unmatched entertainment to fans across the country. With tremendous fan support for all of these IPs, we are excited to elevate consumer experiences and set new benchmarks in the industry.”
According to FICCI-EY’s report, the organised live events segment in India grew 20% in 2023, reaching INR 88 billion and is projected to grow at a CAGR of 18% to reach INR 143 billion by 2026. The report also highlights that the rise of online ticketing platforms has made it easier for consumers to discover, purchase, and attend events and has aided in event marketing to create increased awareness.
The partnership between NODWIN Gaming and Insider.in marks a new chapter in the evolution of India’s entertainment landscape in transforming fan engagement and paves the way for a new era of entertainment experiences at some of the country’s most popular culture events.
The post NODWIN Gaming announces strategic multi-year partnership with Insider.in as official ticketing partner for key IPs appeared first on European Gaming Industry News.
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