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Melco posts strong first quarter results on the back of ‘improving momentum’

CEO and chairman Lawrence Ho says ‘We have seen a very encouraging start to the recovery in Macau during the first quarter of 2023’.

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CEO and chairman Lawrence Ho says ‘We have seen a very encouraging start to the recovery in Macau during the first quarter of 2023’.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Melco Resorts & Entertainment Limited has reported total operating revenues of US$716.5 million (about 5.7 billion patacas) for the first quarter of 2023. The sum represents an increase of approximately 51 percent from the US$474.9 million for the comparable period in 2022. 

In a press release, the gaming concessionaire said the stronger performance was attributable to the improved performance in all gaming segments as a result of “the relaxation of Covid-19 related restrictions in Macau during the quarter”.

It added that operating income for the first three months of the year was US$0.4 million (about 3.2 million patacas), compared with an operating loss of US$135.9 million in the first quarter of 2022. Adjusted earnings before interest, taxes, depreciation, amortisation, and restructuring or rent stood at US$190.8 million (roughly 1.5 billion patacas) for the period, compared with US$56.0 million in the same period last year.

[See more: Covid-19 taught Macao’s casinos to keep their costs down and they plan to keep it that way]

CEO and chairman Lawrence Ho said, “We have seen a very encouraging start to the recovery in Macau during the first quarter of 2023, following the relaxation of border restrictions in early January”.  

He added that there had been “improving momentum into April and golden week in May”, with gross gaming revenue from its mass-market operations during the golden week period exceeding the same period in 2019.

Last month, Melco opened an indoor water park and the Epic hotel tower at Studio City Phase 2. The indoor water park spans nearly 10,000 square metres, while the Epic hotel tower offers a total of 338 suites.

 

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