Asia
Melco Announces Unaudited Fourth Quarter 2023 Earnings
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.
Citing risks posed by Philippine Offshore Gaming Operators (POGO) operations in the country, President Ferdinand R. Marcos Jr. issued Executive Order No. 74 imposing an immediate ban on offshore and internet gaming in the country.
In issuing the EO 74, President Marcos said “the State has the paramount duty to safeguard national security, maintain public order, uphold the rule of law, protect the safety of its citizens, and ensure the integrity of the social fabric of the nation.”
“…In pursuit of such duty, an unequivocal ban of POGO/IGL operations was pronounced during the State of the Nation Address on 22 July 2024.”
The EO cited the Department of Finance (DOF) study in saying that POGO activities significantly outweigh the economic and social benefits derived from the POGO industry because of the risks and negative consequences such as increased crime rates, social instability and exploitation of vulnerable people associated with them.
The Anti-Money Laundering Council (AMLC) Report also indicated POGOs have been identified as susceptible to money laundering, fraud and other illicit financial activities, and therefore pose substantial threats to the integrity of the national financial system.
“The high reputational risks associated with POGO/IGL operations deter foreign investment and tourism, undermining the efforts of the National Government in promoting the country as a safe and sustainable investment and tourism destination,” the EO stated.
The President’s order, signed by Executive Secretary Lucas Bersamin on Nov. 5, will cover Philippine Offshore Gaming Operators and Offshore Gaming Operations and Services.
All POGOs/IGLs and other offshore gaming operations and other offshore gaming-related/auxiliary/ancillary services with issued licenses, permits are expected to completely cease operations, including the winding up of their affairs, on December 31, 2024 or earlier.
And to develop and implement a comprehensive strategy, Technical Working Groups (TWGs) will be created. The TWG on Employment Recovery and Reintegration will address the impact of the foregoing ban on the affected sectors of the economy and ensure the reintegration of displaced Filipino workers.
This will also involve the provision of assistance and safety nets which include upskilling and reskilling programmes to ensure displaced workers could find new jobs.
The President also issued directives to national government agencies in response to the immediate POGO operations prohibition.
He wants the Presidential Anti-Organised Crime Commission (PAOCC), Philippine Drug Enforcement Agency, and other law enforcement agencies to intensify their efforts against illegal POGOs/GLs and other offshore gaming operations and services.
The Department of Human Settlements and Urban Development (DHSUD) was instructed to assist the TWG on Anti-Illegal Offshore Gaming Operations in securing the cooperation of homeowners associations to ensure the non-proliferation of POGO/IGL and other offshore gaming operations and services in subdivisions, condominiums and other real estate developments.
The post PBBM Orders Immediate Ban Against All PH POGO Operations appeared first on European Gaming Industry News.
Asia
Making Indian Presence Felt: Natural8 India gears up to take a contingent of nine winners of its latest India Exclusive to Asian Poker Tour (APT) Phu Quoc!
With fully expense paid trip to the breathtaking island and a whopping INR 15 lakh in additional benefits, the winners will compete with Asia’s best poker players for the ultimate prize in the Main and Mini Main Events
Underlining its commitment to establishing India’s competitive poker scene on a global stage, Natural8 India is taking a massive contingent of nine players on an all-expenses paid trip to compete at the Asian Poker Tour (APT) Phu Quoc. In doing so, these nine players – Kishore Kumar V C, Romit Advani, Akhand Shukla, Myron Pereira, Pranav Khandalkar, Arindam Nayak, Anurag Rawat, Rasik Bhatia, and Harsh Bharti – will have a shot at winning the ultimate prize at the Main Event: the APT Trophy and the Main Event prize pool!
To facilitate this, Natural8 India has offered bonuses worth a whopping INR 15 lakh to the nine winners of its latest India Exclusive. In addition to travel and accommodation (worth around INR 85,000 per head) to all players, it has also offered the top four players a chance to compete at the main table with Main Event tickets worth INR 1,23,905 each while the other five players are set to compete at the Mini Main Event with tickets worth INR 41,301 each.
Speaking at the announcement, Kunal Patni, Executive Director and Country Head, Natural8 India, said, “The Indian competitive poker community is rapidly establishing itself as a thriving space and actively challenging the top players, whether in Asia or a global stage. At Natural8 India, we are proud to be driving this shift with events such as our India Exclusives, where we uncover the next wave of talented competitive poker players and give them a chance to shine at the grandest stages. It is inspiring to witness the energy at these tables, with both seasoned players and fresh talent coming together to elevate the game. We’re eagerly anticipating more intense showdowns at the APT Phu Quoc as our contingent takes on the best poker players from across Asia. We wish all the participants the very best!”
The post Making Indian Presence Felt: Natural8 India gears up to take a contingent of nine winners of its latest India Exclusive to Asian Poker Tour (APT) Phu Quoc! appeared first on European Gaming Industry News.
Lui Che Woo, the casino tycoon who helped propel Macau to eclipse rival Las Vegas in gambling revenues, has died at the age of 95, his company said in a statement late on Monday.
Lui, chairman of Macau casino company Galaxy Entertainment, died in Hong Kong on Nov. 7, it said, adding that his “vision, tremendous leadership and guidance” were the foundation for the group’s development and continued success.
Also the chairman of K. Wah Group, a Hong Kong-listed company focused on construction and quarry mining before turning to property, Lui was widely recognised in both Hong Kong and Macau as an influential businessman with close ties to the Chinese government.
One of Hong Kong’s richest men, Lui kept a low profile and was always seen wearing a flat cap as he went about the city and when he attended press conferences.
A member of China’s national advisory body, the Chinese People’s Political Consultative Conference, Lui had close ties to Beijing and was part of a business delegation that met with President Xi Jinping in 2014 in China’s capital.
Galaxy Entertainment holds one of six coveted gaming licenses that were granted after Macau liberalised the casino industry in 2002.
Competing with rivals like the now deceased Stanley Ho, whose family runs the SJM Holdings casino empire, the late U.S. billionaire Sheldon Adelson and Wynn Resorts founder Steve Wynn, Lui steered Galaxy to become of Macau’s top operators.
It operates several large casino resorts in Macau, both on the Las Vegas-style Cotai strip and on the teeming main peninsula.
The post Hong Kong Construction Titan Turned Macau Casino Boss Lui Che-Woo Dies Aged 95 appeared first on European Gaming Industry News.
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