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.
Thailand’s National Anti-Corruption Commission (NACC) has initiated an investigation into former Royal Thai Police commissioner-general Pol General Torsak Sukvimol and seven others for alleged bribery linked to illegal gambling operations.
According to Thai media, this decision follows accusations that Torsak demanded money and assets from 18 gambling websites and other illicit businesses during his tenure as national police chief from October 2023 to September 2024.
NACC secretary-general Sarote Phuengramphan stated that sufficient evidence, including witness testimonies, has been gathered to justify the investigation, with the commission overseeing the inquiry.
In addition, the NACC is examining separate allegations against former deputy national police chief Pol General Surachate Hakparn, who is accused of accepting bribes from gambling sites and involvement in money laundering. Sarote indicated that more information is needed before proceeding with this case.
Torsak had been suspended in March due to conflicts with Surachate but returned to duty in June until his replacement by Pol General Kitrat Phanphet on October 1. Surachate, known as “Big Joke,” was removed from his position by royal command.
The post Former Thai Police Chief Torsak Faces Investigation for Bribery appeared first on European Gaming Industry News.
DigiPlus Interactive, the brand behind popular gaming platforms BingoPlus, ArenaPlus and GameZone, announced its double recognition at the Asia Pacific Enterprise Awards (APEA) 2024. DigiPlus was honoured with the Corporate Excellence Award and the Fast Enterprise Award, reinforcing its role as a leader in digital entertainment.
The awards ceremony, held on December 11 at Hilton Manila, celebrated businesses and individuals who have demonstrated exceptional achievements, leadership and innovation. The Corporate Excellence Award recognises DigiPlus’ commitment to sustainable growth, innovative leadership and exemplary business practices. The Fast Enterprise Award acknowledges the company’s rapid growth and adaptability in an ever-evolving and competitive market.
“DigiPlus was born from a vision to redefine digital entertainment in the Philippines. This recognition is a celebration of the incredible passion, ingenuity, and dedication of our team. It is also a tribute to our stakeholders, whose trust empowers us, and the communities we serve, who inspire us to continue pushing boundaries and elevating entertainment experiences for all,” said Celeste Jovenir, VP of Investor Relations, Corporate Communications and Sustainability.
The post DigiPlus Celebrates Double Victory at the Asia Pacific Enterprise Awards appeared first on European Gaming Industry News.
Asia
Government support, medals, and global recognition define a landmark year for Indian esports and video gaming in 2024
The Indian video gaming and esports industry witnessed exponential growth in 2024, breaking into the mainstream. According to the recently published ‘India Gaming Report,’ the Indian pure-play gaming industry is valued at INR 6,715 crore and is on track to grow at a CAGR of 24%, reaching INR 10,487 crore by 2026. With a staggering 13.85 crore gamers and an annual growth rate of 11.82% projected until 2026, the sector shows no signs of slowing down.
This year was marked by several historic milestones. India showcased its esports prowess on the global stage by securing a silver medal in Tekken 8 at the BRICS Esports Championship and a bronze medal in eFootball at the Asian Esports Games 2024. Adding to the excitement, the International Olympic Committee’s announcement of the Olympic Esports Games 2025 has opened new doors for India to achieve further international acclaim in esports.
Government and state support for the industry also saw remarkable growth. The Union Cabinet announced the establishment of the National Centre of Excellence for AVGC-XR in Mumbai, while the Ministry of Information and Broadcasting is backing the inaugural WAVES Esports Championships 2025. States like Bihar introduced esports tournaments in schools, and Meghalaya became the first Indian state to sponsor an esports team. Nagaland also joined the momentum by hosting its first esports tournament, reflecting the growing grassroots movement across the country.
In addition to government initiatives, one of the industry leaders driving this transformation was NODWIN Gaming, a leader in new-age youth entertainment, gaming, and esports whose initiatives elevated Indian gaming to new heights. The company’s flagship esports IP, the BGMI Masters Series, not only brought esports to national television for the third consecutive year but also facilitated the entry of high-profile brands like Garnier Men and Android into the Indian esports ecosystem.
NODWIN Gaming also created one of the nation’s biggest youth entertainment events of the year by hosting DreamHack India alongside Hyderabad Comic Con. Internationally, the company acquired leading European esports company Freaks 4U Gaming and Turkey-based esports firm Ninja Global, while also partnering with the Global Esports Federation. Domestically, NODWIN Gaming expanded its footprint by acquiring Trinity Gaming and Comic Con India and collaborating with JSW Sports, reinforcing its position at the heart of youth entertainment.
Akshat Rathee, Co-founder and Managing Director, NODWIN Gaming believes that in 2024, games became an integral part of the cultural zeitgeist, with creators and influencers amplifying their appeal among youth. The year witnessed significant strides in institutional support, with government recognition playing a pivotal role in legitimising esports as a sport.
“This rapid growth of gaming and esports has allowed NODWIN Gaming to evolve into a holistic youth-focused entertainment company. By focusing on curating entertainment platforms that go beyond esports, we have managed to build a comprehensive ecosystem that includes content production, event management, and community engagement, enabling us to connect with youth across multiple touchpoints. We believe that our philosophy of timeshare of mindshare has driven our strategy to reach audiences where they live, play, and engage, ensuring sustained growth and relevance,” he explains.
A significant highlight this year was the acknowledgment of the gaming industry by Prime Minister Shri Narendra Modi. For the first time ever, the PM met with leading Indian gamers like Animesh Agarwal (8Bit Thug), Naman Mathur (Mortal), and Payal Dhare (PayalGaming) to discuss the sector’s various aspects and its potential.
Creating even more history, S8UL Esports, India’s leading esports and gaming content organization, co-founded by Mortal and Animesh, completed a hat-trick of awards at the global Esports Awards, with Mortal also winning ‘Esports Content Creator of the Year.’ S8UL secured back-to-back victories at MOBIES 2024, with PayalGaming becoming the first Indian female to win ‘Streamer of the Year,’ further elevating India’s global esports reputation.
“2024 was a landmark year for S8UL, filled with milestones that cemented our position as leaders in global esports. In the past year, esports has solidified its position as a mainstream cultural phenomenon. The distinction between competitive esports and gaming became clearer, helping audiences and stakeholders better understand the ecosystem. At the same time, esports, traditional sports, and influencer-driven content began working more cohesively, creating synergies that enhanced fan experiences and industry growth. Brands now view esports not just as a sponsorship opportunity but as a platform for deep, authentic engagement with Gen Z and Millennials. This evolution underscores the industry’s maturity, making esports a dynamic and indispensable part of modern culture,” states Animesh Agarwal aka 8Bit Thug, Co-founder, S8UL Esports.
While India has long been a mobile-first gaming market, 2024 saw developments aimed at diversifying the landscape, with CyberPowerPC, a global leader in custom gaming computers, making its debut in the Indian market. Along with its groundbreaking configurator tool, the company introduced the EZPC module, allowing gamers to build PCs tailored to their favorite titles.
CyberPowerPC recently demonstrated its commitment to expanding the PC gaming community by awarding two premium gaming PCs, each valued at over INR 1 lakh, to two gamers at one of India’s largest gaming festivals in Mumbai. The initiative aimed to showcase the potential of custom gaming PCs while fulfilling the dreams of these gamers for an unparalleled gaming experience.
Vishal Parekh, Chief Operating Officer, CyberPowerPC India, notes “2024 has been a year of unprecedented growth for the Indian gaming and esports ecosystem. Gaming has evolved into a mainstream cultural phenomenon, fueled by India’s expanding digital economy and government initiatives like ‘Digital India,’ which have provided fertile ground for the industry’s growth. The focus on Tier 2 and Tier 3 cities has unlocked new demographics, driving demand for high-performance gaming rigs. At CyberPowerPC India, we have strengthened our engagement with the gaming community through partnerships with esports organizations, and our focus remains on delivering systems that combine high performance with affordability.”
Another notable development in the Indian gaming sector was 88 Pictures, the Indian animation and VFX studio behind Emmy-winning shows launching its game development division called 88 Games. With three premium titles in development, the studio aims to showcase India’s rich folklore and history to a global audience. This aligns with Prime Minister Modi’s Independence Day call for Indian developers to make their mark internationally, positioning 88 Games as a leader in India’s growing presence in the global gaming landscape.
“In 2024, we witnessed a surge of homegrown studios and games, including our own, highlighting the immense potential for the industry’s growth. The rapid growth of gaming and esports has transformed them into viable career paths. Awareness has increased, not just about being a gamer or creator but also about the wide array of roles in the industry. While the industry is currently mobile-centric, there’s a massive opportunity in PC and console gaming. At 88 Games, we aim to fill this gap by focusing on premium titles for these platforms, contributing to a more balanced and diverse gaming ecosystem,” says Milind D. Shinde, Founder & CEO of 88 Games.
As the year closes, it is evident that Indian esports and gaming have not only grown but transformed into a cultural and economic powerhouse. Given the rapid pace of growth, the industry is all set to shape the future of entertainment both at home and on the global stage.
The post Government support, medals, and global recognition define a landmark year for Indian esports and video gaming in 2024 appeared first on European Gaming Industry News.
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