Casino operator Melco Resorts & Entertainment Ltd reported total operating revenues of US$1.09 billion for the fourth quarter of 2023, up 6.9 percent sequentially. Judged in year-on-year terms, the figure rose by 224.4 percent, according to a Thursday press release.
The casino firm said the increase in total operating revenues in the quarter to December “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.
Other factor contributing to the improved performance during the reporting period was the “opening” of Phase 2 of its majority-owned Studio City complex in Cotai, it added.
The company however posted a fourth-quarter net loss attributable to shareholders of US$156.6 million, up 860.7 percent from the US$16.3-million loss recorded in the previous quarter. The figure was down 37.8 percent from a year earlier.
Melco Resorts recorded an operating loss of US$94.4 million for the three months to December 31, versus an operating profit of US$94.7 million in the preceding quarter. The company had an operating loss of US$199.5 million in the fourth quarter of 2022.
Total operating costs stood at US$1.19 billion in the fourth-quarter, 28.8-percent higher sequentially. Such costs were up 121.4 percent from the prior-year period.
Fourth-quarter adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$303.4 million, 8.1-percent higher sequentially. It compared with negative adjusted property EBITDA of US$6.8 million in the final quarter of 2022.
Melco Resorts runs casinos in Macau, a property in the Philippine capital Manila, and gaming venues on the Mediterranean island of Cyprus.
Lawrence Ho Yau Lung, Melco Resorts’ chairman and chief executive, said in prepared remarks: “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.”
He added that “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”.
The CEO also confirmed that the company was “making changes to management in Macau and bolstering the leadership team”.
As GGRAsia reported, the firm has appointed Alidad Tash as executive vice president of analytics and gaming operations for Macau. Stefan Bollhalder has been named vice president of hotels and food and beverage for the City of Dreams Macau casino resort; and Linda Switzer as vice president of retail.
Melco Resorts also confirmed the departure of David Sisk, who was the group’s chief operating officer of Macau resorts.
Mr Ho stated: “We expect these changes will strengthen us as a team to secure a stronger and more competitive future.”
Macau, Manila
At the group’s Macau flagship property, City of Dreams (pictured), total operating revenue in the fourth quarter of 2023 was US$559.8 million, up 10.6 percent sequentially. It compared with US$139.2 million a year earlier.
The property’s adjusted EBITDA rose by 8.0 percent quarter-on-quarter, to US$166.2 million. It compared with negative adjusted EBITDA of US$7.8 million in the fourth quarter of 2022.
The group’s majority-owned Cotai resort Studio City saw total quarterly operating revenues of US$302.5 million, a 8.9-percent sequential increase, and up 597.0 percent from a year ago.
The venue’s adjusted EBITDA was US$77.3 million in the final quarter of 2023, an increase of 14.2 percent from the preceding three months. It compared with negative adjusted EBITDA of US$25.3 million in fourth-quarter 2022.
At City of Dreams Manila, a casino resort in the Philippine capital, total operating revenues stood at US$120.5 million, down 3.5 percent quarter-on-quarter, but up 26.6 percent from a year earlier.
The complex generated adjusted EBITDA of US$48.8 million in the three months to December 31, flat sequentially. It compared with US$23.6 million in the comparable period of 2022.
Melco Resorts operates three satellite casinos in Cyprus in conjunction with its City of Dreams Mediterranean.
Fourth-quarter total operating revenues in Cyprus were US$47.3 million, down 11.4 percent sequentially, but up 64.8 percent year-on-year. Adjusted EBITDA stood at US$4.7 million in the fourth quarter of 2023, 34.7-percent lower sequentially, and down 55.2 percent from a year ago.
For full-year 2023, Melco Resorts reported a net loss of nearly US$277.6 million, down from US$930.5 million in 2022. Aggregate operating revenue grew by 179.7 percent year-on-year, to just under US$3.78 billion.
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