Melco International, which owns four casinos in Macao, experienced “a gradual recovery in business levels during the second quarter of this year”, according to Chairman and CEO Lawrence Ho Yau Lung.
Ho commented that “with the most notable recovery currently being driven by mass and premium mass-market players, we will continue to focus on the development of these market segments going forward.”
Ho also announced that his company “will move forward with the strategic repositioning of Altira Macao to cater to the premium mass segments from the third quarter of this year.”
Melco also runs City of Dreams, Studio City and Morpheus on Cotai.
Melco International’s net revenues rose year-on-year by 9.7 per cent to HK$8.43 billion in the first half of the year, according to a company statement.
Loss after tax was HK$3.75 billion compared to HK$7.06 billion for the first half of last year.
Adjusted EBITDA was HK$732.5 million compared to a negative adjusted EBITDA of HK$886.2 million for the first six months of last year.
The company’s MOP 16 million “Get the Jab” immunity incentive programme to support the government efforts for widespread vaccination against Covid-19 was widely praised. As of yesterday, over 70 per cent of Melco staff in Macao and Hong Kong had been vaccinated against the novel coronavirus.
Melco is expanding in the Greater Bay Area by developing a “multi-billion world-class residential, entertainment and hospitality mixed-use complex” in Zhongshan city, some 40 kilometres north of Macao. The majority of the project, including its theme park, is expected to be completed by 2025.