Melco has reported a loss after tax of HK$1.4 billion for the first half of 2023, compared to an HK$4.58 billion loss for the same period last year.
In a recent financial release, the gaming concessionaire said it generated HK$13.04 billion in net revenue between January and June 2023 – a year-on-year increase of 116.4 percent.
First-half losses attributable to owners of the company were down to HK$787 million. That figure was HK$2.76 billion in 2022.
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Melco’s adjusted group-wide earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at HK$3.20 billion for the first six months of the year – significantly higher than the HK$168.2 million earned for that period the year prior.
In a statement, Melco attributed its improved performance to the relaxation of Covid-related restrictions earlier in the year, as well as the April openings of Studio City Phase 2’s Epic Tower and indoor waterpark.
Studio City’s residency concerts, also launched in April, contributed to increased revenue from the company’s casino and hospitality operations, the statement said.
