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Melco Announces Unaudited Fourth Quarter 2023 Earnings
Melco Resorts & Entertainment Limited, a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2023.
Total operating revenues for the fourth quarter of 2023 were US$1.09 billion, representing an increase of approximately 224% from US$337.1 million for the comparable period in 2022. The increase in total operating revenues 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 fourth quarter of 2023 was US$94.4 million, compared with operating loss of US$199.5 million in the fourth quarter of 2022.
Melco generated Adjusted Property EBITDA(1) of US$303.4 million in the fourth quarter of 2023, compared with negative Adjusted Property EBITDA of US$6.8 million in the fourth quarter of 2022.
Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2023 was US$156.6 million, or US$0.36 per ADS, compared with US$251.9 million, or US$0.57 per ADS, in the fourth quarter of 2022. Net loss attributable to noncontrolling interests was US$20.8 million and US$42.1 million during the fourth quarters of 2023 and 2022, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China’s uncertain macro-economic outlook. Visitations to Macau during this month’s Chinese New Year holiday period were close to 2019 levels and the number of visitors from China exceeded 2019.
“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.”
City of Dreams Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at City of Dreams were US$559.8 million, compared with US$139.2 million in the fourth quarter of 2022. City of Dreams generated Adjusted EBITDA of US$166.2 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$7.8 million in the fourth quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$5.19 billion for the fourth quarter of 2023 versus US$850.4 million in the fourth quarter of 2022. The rolling chip win rate was 2.55% in the fourth quarter of 2023 versus 4.47% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$1.44 billion in the fourth quarter of 2023, compared with US$292.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 31.6% in the fourth quarter of 2023, compared with 29.2% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$957.4 million, compared with US$194.7 million in the fourth quarter of 2022. The gaming machine win rate was 3.1% in the fourth quarter of 2023 versus 4.5% in the fourth quarter of 2022.
Total non-gaming revenue at City of Dreams in the fourth quarter of 2023 was US$80.1 million, compared with US$30.5 million in the fourth quarter of 2022.
Altira Macau Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at Altira Macau were US$33.6 million, compared with US$9.0 million in the fourth quarter of 2022. Altira Macau generated Adjusted EBITDA of US$0.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$9.5 million in the fourth quarter of 2022. The year-over-year change in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
In the mass market table games segment, drop was US$149.0 million in the fourth quarter of 2023 versus US$31.9 million in the fourth quarter of 2022. The mass market table games hold percentage was 23.8% in the fourth quarter of 2023, compared with 20.6% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$87.8 million, compared with US$40.8 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023 versus 3.0% in the fourth quarter of 2022.
Total non-gaming revenue at Altira Macau in the fourth quarter of 2023 was US$5.3 million, compared with US$2.1 million in the fourth quarter of 2022.
Mocha and Other Fourth Quarter Results
Total operating revenues from Mocha and Other were US$28.7 million in the fourth quarter of 2023, compared with US$19.5 million in the fourth quarter of 2022. Mocha and Other generated Adjusted EBITDA of US$6.0 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$1.8 million in the fourth quarter of 2022.
Mass market table games drop was US$49.6 million in the fourth quarter of 2023 versus US$21.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 14.8% in the fourth quarter of 2023 versus 19.7% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$493.0 million, compared with US$372.7 million in the fourth quarter of 2022. The gaming machine win rate was 4.6% in the fourth quarter of 2023 versus 4.2% in the fourth quarter of 2022.
Studio City Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at Studio City were US$302.5 million, compared with US$43.4 million in the fourth quarter of 2022. Studio City generated Adjusted EBITDA of US$77.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$25.3 million in the fourth quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
Studio City’s rolling chip volume was US$566.0 million in the fourth quarter of 2023 versus US$251.4 million in the fourth quarter of 2022. The rolling chip win rate was 1.86% in the fourth quarter of 2023 versus 2.70% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$864.1 million in the fourth quarter of 2023, compared with US$113.5 million in the fourth quarter of 2022. The mass market table games hold percentage was 30.0% in the fourth quarter of 2023, compared with 27.1% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$778.3 million, compared with US$124.5 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023, compared with 2.7% in the fourth quarter of 2022.
Total non-gaming revenue at Studio City in the fourth quarter of 2023 was US$65.3 million, compared with US$9.6 million in the fourth quarter of 2022.
City of Dreams Manila Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at City of Dreams Manila were US$120.5 million, compared with US$95.2 million in the fourth quarter of 2022. City of Dreams Manila generated Adjusted EBITDA of US$48.8 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$23.6 million in the comparable period of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
City of Dreams Manila’s rolling chip volume was US$416.5 million in the fourth quarter of 2023 versus US$940.7 million in the fourth quarter of 2022. The rolling chip win rate was 3.97% in the fourth quarter of 2023 versus 1.84% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$198.2 million in the fourth quarter of 2023, compared with US$148.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 29.1% in the fourth quarter of 2023, compared with 31.9% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$1.08 billion, compared with US$1.02 billion in the fourth quarter of 2022. The gaming machine win rate was 5.3% in the fourth quarter of 2023 versus 4.7% in the fourth quarter of 2022.
Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2023 was US$30.3 million, compared with US$24.5 million in the fourth quarter of 2022.
City of Dreams Mediterranean and Other Fourth Quarter Results
The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.
Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended December 31, 2023 were US$47.3 million, compared with US$28.7 million in the fourth quarter of 2022. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$4.7 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$10.5 million in the fourth quarter of 2022.
Rolling chip volume was US$6.4 million for the fourth quarter of 2023 versus US$1.1 million in the fourth quarter of 2022. The rolling chip win rate was negative 8.85% in the fourth quarter of 2023, compared with 16.43% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop was US$87.6 million in the fourth quarter of 2023, compared with US$38.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 22.1% in the fourth quarter of 2023, compared with 24.9% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$492.8 million, compared with US$392.4 million in the fourth quarter of 2022. The gaming machine win rate was 5.0% in both the fourth quarters of 2023 and 2022.
Total non-gaming revenue at City of Dreams Mediterranean and Other in the fourth quarter of 2023 was US$13.0 million, compared with US$0.2 million in the fourth quarter of 2022.
Ready to Fight by Oleksandr Usyk and GR8 Tech have joined forces in a technological partnership that bridges the worlds of sports and innovation.
As Ready To Fight’s exclusive Partner in Tech, GR8 Tech combines its UNrivaled expertise in iGaming with RTF’s experience as the UNdisputed champion’s team to deliver solutions that push boundaries and achieve extraordinary results.
“The iGaming industry is a highly fluid environment, very similar to boxing as a competitive sport: The winners in it are strategic thinkers, relentless in preparation and flawless in execution. These qualities unite GR8 Tech and Ready to Fight by Oleksandr Usyk and serve as the foundation of our partnership, empowering GR8 Tech to help its clients achieve UNdisputed success in their own rings,” said Sergey Ghazaryan, CRO at GR8 Tech.
“Our partnership with GR8 Tech is about bringing the boxing world closer through technology and creating something new for fighters, fans, and industry leaders. We’re combining GR8 Tech’s expertise in iGaming with our vision to build a stronger, smarter platform. Together, we’ll be rolling out new features and innovations to bring people together and make the boxing experience better with great tech,” said Oleksandr Usyk, Co-Founder of Ready to Fight.
GR8 Tech’s top-tier Sportsbook and iGaming platform stands out for its scalability, precision, and exceptional performance – qualities that align with Usyk’s UNwavering drive and UNstoppable track record. Just as Ready To Fight by Usyk wins the global boxing market, GR8 Tech excels with UNparalleled event coverage, sophisticated margin management, and a geo-specific approach, providing everything operators need to achieve extraordinary success in any market.
Ready to Fight’s mission to merge technology with boxing comes to life through GR8 Tech’s advanced platform. By leveraging GR8 Tech’s technological expertise, RTF meets the high operational standards of iGaming leaders. Both brands share a data-driven, innovative approach, empowering their audiences to break boundaries and achieve UNprecedented success at the intersection of sports and technology.
This UNdisputedly GR8 partnership marks the start of an exciting 2025, bringing digital activations, exclusive merch, and a groundbreaking product tech collaboration. Stay up-to-date with all the latest news by following GR8 Tech on its website and LinkedIn.
The post GR8 Tech and Ready to Fight by Usyk Unite to Bring Boxing and iGaming Closer Together appeared first on European Gaming Industry News.
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Fandoms and Passions: New SuperAwesome Research Demystifies Gen Alpha and Gen Z for Brands
– Study of almost 4,000 Gen Alpha/Z respondents reveals how brands can best engage the vital but elusive kid and teen audience –
SuperAwesome, the leading youth technology and insights provider, has launched a groundbreaking in-depth study into the passions and fandoms that enable brands and IP owners to forge deeper connections with young audiences.
Kids and teens remain a vital but elusive audience. They shift across a hyper-fragmented media landscape, immersed in (and defining) cultures that move faster than ever before. The long-standing challenge of data scarcity relating to under-18 audiences makes connecting meaningfully with them incredibly difficult for brands.
Conducted among 3,750 under-18s and their parents across the US, UK and Germany, the new research provides critical insights to help brands decode the passions and fandoms that fuel youth audiences. Launched today at the London Toy Fair, ‘Fandoms & Passions: The Antidotes to Hyper-Fragmented Youth Audiences’ reveals that meaningful and lasting relationships are developed throughout childhood and teenhood that impact brand loyalty in this timespan and beyond.
Kate O’Loughlin, CEO of SuperAwesome, said: “The fragmentation of kids’ and teens’ digital behaviors continues to grow, yet the insights on how to engage them have been limited to rudimentary observations of what they interact with online – without understanding the WHY. We conducted this research to uncover the complex drivers of how brands can build real resonance with young audiences.”
Fandoms and Passions – What’s the Difference?
Passions are hobbies or interests (think gaming, sports, or music). They’re important for self-discovery and shaping individual perspectives, and are primarily focused on the personal connection with an activity or interest. Tapping into passions gives an instant connection to young audiences on a personal level.
Fandoms can elevate this further by adding a social dimension. They’re built around community or consumable content that unites people (think particular video games, film franchises, or a musician, for example). They allow kids to be part of a collective, creating a sense of community and belonging. This shared experience strengthens their connection to the fandom and the brands that interact with them authentically.
How Important Are Fandoms and Passions Really?
3 in 5 kids engage with their passions daily, and 56% of kids engage with their fandoms daily. On average, young people have 4 passions but only 2 fandoms at any given time due to the social and potential financial investment fandoms require. More than half (55%) of those surveyed said their top fandom had an enormous influence on their daily lives, rating its impact at least 9 out of 10.
How Do Fandoms and Passions Translate Into Engagement Opportunities with Gen Alpha & Gen Z?
Young audiences are naturally drawn to brands that reflect their values: 74% say they feel more connected to brands that share their passions, while 73% feel more positive about brands that collaborate with something or someone they’re a fan of. Not every brand can create a fandom, but it is possible to leverage passions and collaborate with fandoms to maximize the potential of understanding and connecting with young people.
Kate O’Loughlin, CEO of SuperAwesome added: “With this research, making safe connections to Gen Alpha and Gen Z can be as sophisticated as they are. The ability to take an audience-based approach with youth – rooted in a comprehensive understanding of their values, passions and emotions – is a necessary leap forward to meet the challenge of engaging kids and teens as they rapidly evolve.”
The research highlights that brands that are looking to connect with youth audiences cross-platform can begin with understanding their deep interests, emotional engagement and commitment. 47% of respondents watch content (like on YouTube) and shows (on streaming platforms) related to their fandoms, plus 22% also play games, use apps or buy merchandise related to the fandoms too.
Far from trying to exclude brands from their fandoms and passions, the research shows that 67% of young people think brands could do more to connect with them. It’s up to brands to make sure they do this with a deep understanding of their audience, enabling them to engage with meaning and authenticity.
Download the full report at this link: superawesome.com/identities-fandoms-and-understanding-youth-audiences/
The post Fandoms and Passions: New SuperAwesome Research Demystifies Gen Alpha and Gen Z for Brands appeared first on European Gaming Industry News.
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iGX and Optimove Announce Report on the Transformative Impact of Gamification and AI in the iGaming Industry
iGX, a leading voice in the iGaming industry, and Optimove, the #1 CRM Marketing platform for iGaming and sports betting operators, announce the release of a report exploring the transformative role of gamification and Generative AI (Gen AI) in the iGaming industry. This comprehensive study highlights the trends, strategies, and innovations shaping the future of iGaming, providing valuable insights for operators navigating this rapidly evolving landscape.
Methodology:
iGX Insights surveyed 100 Heads of Marketing, CMOs, Brand Directors, and similar executives from iGaming organizations across Europe to find out how the industry is continuing its gamification efforts and the impact AI is having on iGaming.
Key Findings Previewed
The forthcoming report reveals critical insights into how gamification and AI are revolutionizing player engagement, retention, and overall gaming experiences:
- Gamification’s Universal Adoption: The report highlights that 100% of surveyed iGaming operators have implemented gamification strategies, underscoring its universal adoption. Popular elements such as achievements, tournaments, and personalized challenges have proven effective in driving player activity and loyalty.
- Generative AI’s Growing Role: With 61% of operators already deploying Gen AI solutions and 39% planning to do so, AI is reshaping iGaming. Applications such as personalized promotions, automated content creation, and predictive analytics are driving hyper-personalization and streamlining operations.
- Data-Driven Personalization: The study emphasizes the increasing importance of player data in tailoring experiences. Organizations that leverage data insights effectively can deliver highly targeted content, predict player behavior, and optimize engagement strategies.
Industry Implications
The report positions gamification and AI as pivotal to the future of iGaming, enabling operators to deliver immersive, personalized experiences. By integrating these technologies, organizations can foster deeper player loyalty, enhance lifetime value, and remain competitive in a dynamic market. However, the study also addresses the challenges of data analytics and ethical use, which will be critical for sustained success.
As noted by Pini Yakuel, CEO of Optimove, “Gamification and Generative AI are no longer optional strategies—they are essential for operators looking to thrive in today’s competitive iGaming landscape. This report provides a roadmap for leveraging these tools to enhance player engagement and deliver meaningful, data-driven experiences.”
Added Gabriela Martins da Silva, Content Director iGX, “It’s important to note that implementing Generative AI solutions successfully also requires a strong data foundation. Any gaps in data can lead to inaccurate results, introducing potential risks when deploying these technologies. That said, it’s clear that AI is poised to become a cornerstone of the gaming industry, and the number of companies leveraging Generative AI will only increase in the coming years.”
The post iGX and Optimove Announce Report on the Transformative Impact of Gamification and AI in the iGaming Industry appeared first on European Gaming Industry News.
GR8 Tech and Ready to Fight by Usyk Unite to Bring Boxing and iGaming Closer Together
Fandoms and Passions: New SuperAwesome Research Demystifies Gen Alpha and Gen Z for Brands
iGX and Optimove Announce Report on the Transformative Impact of Gamification and AI in the iGaming Industry
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