The company attributed the performance to the continued recovery of the gaming sector and the opening of the second phase of Studio City.
Studio City
The gaming operator’s net revenue more than doubled in the first half of 2023, year-on-year, resulting in losses after tax of HK$1.4 billion for the period.
The gaming operator attributes its improving performance to open borders and new offerings – including the luxury hotel, Epic Tower.
The exclusive facilities seem to have been set up in response to official calls for Macao to reduce its dependence on the mainland Chinese gaming market.
However, CEO Lawrence Ho strikes a positive note, stating that “The shadow of COVID-19 is finally receding”.
Melco generated negative Adjusted Property EBITDA of US$34.9 million on this year’s third quarter; CEO optimistic about e-visas being issued to mainland Chinese visitors.
Sales held at operator’s resort properties give local businesses a chance to generate publicity and promote Made-in-Macao brands.
Chairman Lawrence Ho says results at City of Dreams, Studio City and Altira impacted by Covid-19 and restrictions imposed across mainland China.
CEO Lawrence Ho blames poor results on effects of Covid-19 restrictions and tighter border controls.