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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.
HIPTHER, organiser of the Prague Gaming & TECH Summit 2025, is proud to present Relax Gaming, the Summit’s Delegates Bag Sponsor and a key player in the iGaming industry. In this exclusive interview, we speak with Cliona Griffin, Business Development Manager, Casino at Relax Gaming, to explore their approach to market expansion, transparent competitive strategies, and what to expect from their presence at the Summit.
Relax Gaming has built a strong reputation as a premium aggregator and supplier in the iGaming space. How does your approach to business development ensure that Relax Gaming stays ahead in an increasingly competitive market?
We’re always focused on being one of the industry’s most innovative providers, both in terms of the content we produce and the platform we offer. By constantly evolving our products and maintaining a strong commercial framework, we ensure that Relax Gaming remains a key player in the market.
Our competitive and fair commercial approach has been instrumental in strengthening our presence in existing markets while also enabling smooth entry into new ones. It’s all about staying agile and forward-thinking to ensure our partners get the best possible experience when working with us.
A competitive yet transparent commercial structure is a core focus for Relax Gaming. How do you strike the right balance between offering competitive deals while maintaining transparency with partners and operators?
I think both fairness and transparency are key to building long-term relationships with our partners. That’s why we apply the same commercial structure across the board in each market, ensuring that every partner has a clear and equal opportunity to succeed.
This approach not only makes our offering competitive, but it also gives our partners confidence in knowing they’re working with a provider that values consistency and openness. By keeping things straightforward and fair, we create a commercial environment that benefits operators.
With new markets constantly evolving, what key factors influence Relax Gaming’s decision-making when entering and expanding into emerging markets? Are there any specific regions that are currently on your radar?
When looking at new markets, we take a strategic and measured approach to ensure that any expansion aligns with our business objectives asl well as the needs of our partners.
One of the biggest factors we consider is regulatory complexity. Each market comes with its own set of rules, and we need to ensure that we can operate efficiently while fully complying with local requirements. Beyond compliance, we assess the potential return on investment, evaluating market size, player demand, and long-term sustainability to determine whether it’s the right fit for Relax Gaming and our network of operators.
Right now, we’re actively monitoring several European markets that show strong growth potential. However, our primary focus for H1 this year is expanding our presence in the US. The region presents exciting opportunities, and we’re working to establish a solid foothold by leveraging our expertise and proven content portfolio to meet the needs of operators and players in this market.
Given the dynamic nature of the industry, how does Relax Gaming adapt its offerings to support both new and existing operators in maximising their revenues?
We take a very hands-on approach when it comes to supporting our partners. Our Account Management team works closely with operators to help them maximise revenue by tailoring strategies to suit their needs. Whether it’s optimising game performance or identifying new opportunities, we’re always looking for ways to add value.
On the content side, we’re also moving towards a more bespoke approach, adapting our offering to fit the demands of different markets and player preferences. This flexibility allows us to continue delivering high-quality, relevant content that keeps engagement levels high.
As a speaker at the Prague Gaming & TECH Summit, what key insights will you be sharing with the audience? And what makes this event an essential platform for discussing the future of iGaming?
I’m looking forward to sharing how Relax Gaming approaches market expansion, focusing on how we assess new opportunities, navigate regulatory challenges, and use our aggregation model to drive growth.
I’ll also highlight the importance of localisation and how we tailor our content to different markets while supporting operators with the tools they need to maximise engagement. With the industry evolving rapidly, staying ahead of trends is key, and I’ll touch on the innovations shaping the future of iGaming.
Events like this are a great chance to connect, exchange ideas, and gain insights into what’s next for the industry, making it an essential platform for discussion and collaboration.
With Relax Gaming bringing its expertise to the Prague Gaming & TECH Summit 2025, this year’s event promises invaluable insights into the future of iGaming and technology. Don’t miss the opportunity to connect with industry leaders, gain exclusive market perspectives, and be part of the most dynamic gathering in the CEE region!
Join us on 25-26 March 2025 in Prague – Register now and explore the full agenda!
The post Navigating New Frontiers: Relax Gaming’s Approach to Growth & Market Expansion appeared first on European Gaming Industry News.
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Champions League Drama & EPL Showdown — WinSpirit Launches Betting Series with 2,500 USD in Freebets
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The post Champions League Drama & EPL Showdown — WinSpirit Launches Betting Series with 2,500 USD in Freebets appeared first on European Gaming Industry News.
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Stats Perform signs betting streaming and data rights for FIVB events in 10-year deal with Volleyball World
Stats Perform have acquired the global betting streaming and data rights to premier FIVB Men’s and Women’s Volleyball competitions
Volleyball World have signed a landmark ten-year agreement with Stats Perform, a world leader in Sports AI. This partnership grants Stats Perform the exclusive global betting streaming and data rights to premier men’s and women’s volleyball competitions.
The decade-long deal covers a wide range of events, including the FIVB Men’s and Women’s Volleyball World Championships and Beach World Championships taking place every two years from 2025, alongside the annual Volleyball Nations League and the Beach Pro Tour. It also includes highly competitive and popular men’s and women’s competitions such as the Italian Superlega, Italian Lega Volley Femminile and several Asian Volleyball Confederation competitions.
Speaking about the landmark agreement, Felix von Knorring, Head of Media at Volleyball World commented: “We are thrilled to partner with Stats Perform and leverage their highly professional approach to content creation and distribution.”
“Together with their AI and technical capabilities, strong commitment to fan engagement and unrivalled network of licensed sportsbook partners, they provide the perfect platform for us to bring the top-class entertainment of premier men’s and women’s volleyball to the widest possible audience,” he added.
Alex Rice, Chief Commercial Officer at Stats Perform explained: “Volleyball is an increasingly important sport for our licensed sportsbook partners, because their users love to watch and engage with it.”
“It is consistently one of the most-viewed events at the Olympic Games and recent data shows it can attract as many bettors as the tennis Majors1. We are excited to help our clients deliver such captivating year-round content to their users,” he added.
Official data from these volleyball competitions are the latest addition to Stats Perform’s highly trusted Bet Trading Data offering, which was recently awarded its fifth consecutive independently-audited IBIA Data Standards Accreditation. Meanwhile, live coverage from the events is part of Stats Perform’s “Bet LiveStreams”, a 24/7 interactive video service for licensed sportsbooks. It currently features over 100 top men’s and women’s league competitions across 13 sports.
The post Stats Perform signs betting streaming and data rights for FIVB events in 10-year deal with Volleyball World appeared first on European Gaming Industry News.
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