Melco Resorts & Entertainment, a prominent gaming operator, experienced a significant upsurge in its total operating revenues during the fourth quarter of 2023, reaching $1.09 billion (€1 billion).
This marks a remarkable increase of around 224 percent compared to the same period in 2022 when revenues were at $337.1 million (€310.6 million).
The substantial rise in total operating revenues was credited to enhanced performance across all gaming segments and non-gaming operations.
This improvement was largely influenced by the easing of COVID-19 restrictions in Macau in January 2023, along with the opening of Studio City Phase 2.
Optimism in Macau’s growth potential
Lawrence Ho, the President, expressed optimism about Macau’s growth potential despite China’s uncertain macroeconomic outlook.
Ho noted that visitations during the Chinese New Year holiday period approached 2019 levels, with the number of visitors from China surpassing 2019 figures.
4Q in 2023 loss still better than in 2022
Although Melco Resorts witnessed a significant revenue increase, it still reported an operating loss of $94.4 million (€86.9 million) for the fourth quarter of 2023, an improvement compared to the $199.5 million (€183.8 million) loss in the same period of 2022.
Adjusted Property EBITDA for the fourth quarter of 2023 stood at $303.4 million (€279.5 million), in sharp contrast to the negative Adjusted Property EBITDA of $6.8 million (€6.26 million) recorded in the fourth quarter of 2022.
2024: A year to continue developing new ideas
Looking ahead, Ho highlighted 2023 as a year of post-pandemic recovery and the introduction of new developments such as City of Dreams Mediterranean and Studio City Phase 2.
He expressed anticipation for 2024, stating plans to continue developing new ideas and strategies to offer leading leisure and entertainment experiences to customers.
SiGMA Africa – only one week away!
Just a week away until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa toward a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.
