Melco Resorts & Entertainment Ltd. witnessed a surge in operating revenues, reaching US$947.9 million in the second quarter of 2023, marking a 220% year-on-year increase. Notwithstanding, the company posted a net loss of US$23 million, representing a marked improvement from the US$251.5 million loss recorded in the same quarter of 2022.

The company’s positive results in the second quarter benefited from the strong recovery in the Macau Special Administrative Region (SAR). In a press release announcing their second quarter earnings, Melco attributed the results to a number of factors.

“The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations, primarily due to the relaxation of COVID-19 related restrictions in Macau in January 2023, the openings of Studio City Phase 2’s Epic Tower and indoor waterpark in April 2023, as well as the launch of residency concerts at Studio City in the same month,” the operator said.

Promising numbers

The group also reported its operating income as US$ 64.3 million. This marked a significant improvement from the operating loss of US$209.2 million in the second quarter of 2022.

Melco’s Chairman and Chief Executive Officer, Lawrence Ho, noted in the press release that the strength of the Macau recovery “is evident in the 43% increase in gross gaming revenue in the second quarter of 2023 compared to the first quarter of 2023.”

Mr. Ho added that labour supply issues in Macau had been largely resolved. Subsequently, group has been able to provide its customers “with Melco’s full suite of services and amenities,” Lawrence added.

In Cyprus, Melco?operates?its new City of Dreams Mediterranean integrated resort and three satellite casinos. Operating revenues for the Cyprus casinos totalled US$30.9 million for the second quarter of 2023, compared to US$21.7 million in the second quarter of 2022.

Speaking at the official opening of the Integrated Resort in Cyprus in July, Lawrence Ho said the resort was a “game-changer” for the tourism industry in Cyprus. With sustainability as one of its core values, City of Dreams Mediterranean is the first development in Cyprus to achieve a BREEAM Excellent rating for its sustainability strategy at its design stage.

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