Melco narrows losses in 2023, announces line up of non-gaming offers

Melco International recorded net revenues of HKD29.53 billion, an increase of 179.5% compared to HK$10.57 billion recorded in the corresponding period of 2022.

Data from the group shows Melco has narrowed its losses to HKD3.49 billion, compared with a loss for the year of HKD9.99 billion in 2022. 

Melco considers the 2023 year to be significant to its “journey of post-pandemic recovery and expansion.”

This is attributed to the increase in revenues, improved performance in all gaming segments and non-gaming operations following the earlier-than-expected relaxation of Covid-19-related restrictions in Macau in January 2023, and the opening of the City of Dreams Mediterranean and Studio City Phase 2.

In addition, the group launched residency concerts at Studio City in 2023.

Lawrence Ho, group chairman and CEO of Melco International, said, “In Macau, our major market that has demonstrated continued growth potential and resilience.”

“We are encouraged by the strong rebound in visitation in 2023. In particular, during this year’s Chinese New Year holiday, it reached levels comparable to those in 2019, signifying a strong start to the year.”

Meanwhile, Ho has also announced a line-up of non-gaming offers, including the second season of the residency concert series at Studio City, which began in March this year.

“Construction began on the Cineplex at Studio City Phase 2, and the highly acclaimed show, ‘The House of Dancing Water,’ is expected to return towards the end of 2024,” he added.

Late last year, Melco announced it was looking to open the House of Dancing Water for a relaunch late in the fourth quarter of 2024.

Back in 2020, the gaming operator announced the House of Dancing Water show at the City of Dreams Cotai property would be suspended amid the pandemic, to be redesigned by creator Franco Dragone.

However, towards the end of the year, the City of Dreams said the pandemic had had a major impact on the entertainment industry. Thus, given the travel restrictions, the hiatus of the show would be extended longer than anticipated.

Plans are also underway to renovate The Countdown hotel, introducing a new high-end luxury hotel for premium mass customers. The MICE space and guest rooms at Grand Hyatt Macau will also be upgraded.

In July 2023, the group launched the inaugural integrated resort in Europe, City of Dreams Mediterranean. However, Ho acknowledged the ongoing regional military conflicts are having a negative impact on tourism flows.