224% rise in Melco Q4 revenues

In its Q4 2023 financial results, Melco Resorts & Entertainment revealed total operating revenues of US$1.09bn, an increase of approximately 224 per cent from $337.1m for Q4 2022.

The company said the rise was “primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of Covid-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.”

Operating loss for the quarter was $94.4m, up from an operating loss of $199.5m against the previous year.

Melco generated Adjusted Property EBITDA of $303.4m in Q4 2023, up from negative Adjusted Property EBITDA of $6.8m in Q4 2022.

Mr. Lawrence Ho, chairman and CEO, commented: “2023 was a year of post-pandemic recovery and the debut of our new developments, including City of Dreams Mediterranean and Studio City Phase 2. 2024 is set to be another exciting year for us as we continue to develop new ideas and strategies to bring market leading leisure and entertainment offerings to our customers.

“As part of our initiatives to ensure Melco is leading the market in all areas of our business, we are making changes to management in Macau and bolstering the leadership team. We expect these changes will strengthen us as a team to secure a stronger and more competitive future.

“City of Dreams Manila in the Philippines has continued to show solid growth with significant market share gains in mass table games and slots. City of Dreams Mediterranean in Cyprus continues to be impacted by the conflicts in the region but is starting to show some signs of recovery so far this year.”