Melco International Records a Loss of HK$1.74 Billion in 2023, Narrowed from $5.11 Billion

Home » Melco International Records a Loss of HK$1.74 Billion in 2023, Narrowed from $5.11 Billion

Macau’s concessionaire Melco Resorts & Entertainment’s parent company, Melco International Development Ltd, reportedly lost HK$1,74 billion (US$222 million) in 2023. The loss is attributable to the owners.

Successful year for Melco International:

However, this is good news for Melco, since back in 2022, the loss was HK$5.11 billion, or US$653 million. As the company explains, good results are a consequence of the improved performance in its casino and hospitality departments, and the results were better than expected. On top of that, all measures related to the COVID-19 pandemic were lifted in January 2023 in the city, so tourists were able to visit this gambling heaven.

The opening of Studio City Phase 2 also increased revenue. However, part of the revenue that came from Studio City was lowered because of higher net interest expense and asset impairments that went over HK$1.11 billion (US$142 million), all of them related to Altira Macau. 

Melco International is a majority shareholder of the popular Melco Resorts, with 51.69% stake. Apart from Macau operations, the company has an interest in City of Dreams Manila and City of Dreams Mediterranean, located in Cyprus. The Cyprus property was opened in mid-2023.

As Inside Asian Gaming reports, Melco International’s net revenue in all properties increased by 180% in 2023. Total revenue was HK$29.5 billion, thanks to above mentioned reasons, as well as various residency concerts at Studio City. The company recorded an adjusted EBITDA of HK$7.51 billion, while in 2022 Adjusted EBITDA decreased by HK$362.0 million.

The company supports all initiatives conducted by the Macau government that will help boost the tourism industry and offer various unique entertainment and travel options.

Further expansions and new renovations:

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When it comes to the plans for the future, Melco plans to finish the construction of the Cineplex at recently opened Studio City Phase 2 and to host the famous show The House of Dancing Water, which will return to the property by the end of 2024.

On top of that, the plans for renovation of The Countdown Hotel are ongoing, so the hotel will be able to welcome guests and provide them with luxury offerings. The MICE space and guest rooms at the company’s Grand Hyatt Macau will also be renovated.

Further expansion across the Philippines is also expected, as well as enhancing Cyprus operations.

The company commented: “The group remains confident in its long-term prospects across regions while standing ready to navigate near-term uncertainties and challenges in a prudent and agile manner. With its exceptional multi-jurisdictional portfolio and reputation for innovative experiences, the group is strongly placed to leverage opportunities as global travel rebounds. As regional recoveries gain momentum, the group will continue driving leadership in integrated resort development through its world-class properties and entertainment.”

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