Melco Resorts & Entertainment has announced unaudited operating revenues totalling US$3.78 billion for the year ended December 2023, culminating in a net loss of US$277.6 million across its properties.
It reported adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) of US$1.04 billion for the year, up from US$0.6 million in 2022.
In a press release, the gaming concessionaire’s chairman and CEO, Lawrence Ho, described 2023 as “a year of post-pandemic recovery and the debut of our new developments, including City of Dreams Mediterranean [in Cyprus] and Studio City Phase 2 [in Macao].”
[See more: Lawrence Ho is no longer one of Hong Kong’s top 50 richest people]
“Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China’s uncertain macroeconomic outlook,” he noted.
Melco’s fourth quarter results showed an overall operating loss of US$94.4 million for the quarter, significantly more than the third quarter’s US$16.3 million.
Total operating revenues for the period came in at US$1.09 billion, a seven percent quarterly increase.
[See more: Melco Resorts is backing the restoration of Piers 23 and 25]
Melco’s Macao properties – the integrated resorts City of Dreams, Altira Macau and Studio City, along with the non-casino Mocha Clubs – generated a collective US$924.6 million in operating revenues, accounting for 85 percent of the group’s worldwide total.
In February, Melco announced that its chief operating officer David Sisk had resigned “for personal reasons” after nine years with the company.
That same month, its CEO – the son of Macao’s late gaming pioneer, Stanley Ho – dropped off Hong Kong’s 50 Richest list. Forbes, which compiles the annual list, said the fact Melco’s share price had significantly shrunken over the past year had impacted its boss’ net worth.
