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Melco puts its improved results down to refreshed marketing 

The gaming concessionaire has also announced it’s entering the Sri Lankan market, to operate a casino and hotel at the Cinnamon Life resort.

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UPDATED: 02 May 2024, 8:23 am

Melco has reported a 55 percent year-on-year increase in total operating revenues for the first quarter of 2024, generating US$1.11 billion for the period. 

Net income attributable to Melco Resorts & Entertainment was US$15.2 million – up from a loss of US$81.3 million in the first quarter of 2023. Melco’s adjusted group-wide earnings before interest, taxes, depreciation and amortisation (EBITDA), meanwhile, stood at US$298.8 million.

The gaming operator’s chairman and CEO Lawrence Ho attributed “improving results in March and April” to the success of marketing initiatives in generating new business.

Ho described 2024 as “an eventful year so far,” highlighting the company’s management changes, a restructuring within the salesforce, and physical reconfigurations at Studio City.

[See more: Melco and Galaxy plan to roll out RFID chips and tables this year]

“On the financing side, we repaid another US$250 million in debt, raised US$750 million in bonds, and extended the maturity of our US$1.9 billion revolving credit facility, significantly reducing our refinancing risk in 2025,” he added.

Hong Kong-listed Melco has also been awarded a 20-year casino licence by the government of Sri Lanka, according to Inside Asia Gaming. 

Ho says the company will operate the casino and hotel rooms at Sri Lanka’s Cinnamon Life resort – as City of Dreams Sri Lanka – through a partnership with Colombo-listed John Keells Holdings PLC.

“We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties,” he said.

UPDATED: 02 May 2024, 8:23 am

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