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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.
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The L&G esports team founded by Alona Shevtsova got four prize-winning places this month
The L&G esports team founded by Alona Shevtsova got four prize-winning places this month. Team’s sponsor — Sends company — plans to increase investments
CS:GO professionals — L&G team — got prizes in four championships this month. Starting May with 2nd place in the United21 competition, this young team continued the month with 1st place at the Dragon Esport Cup, 3rd at ROG Spring Cup 2024 and 3rd at Comic Con Baltics 2024. Simultaneously, the team continues its participation in ESEA Main S49.
“Following recent team changes, we’ve dedicated significant time to training and building strong relationships. I believe we now have the strongest L&G squad to date. Our current success is a great motivator, and we’re eager to achieve even more this year,” commented Kyryl «marat2k» Samsoniuk, captain of L&G Esports.
L&G esports team, one of the top five Ukrainian teams in Counter-Strike: Global Offensive, has extended its sponsorship contract with Smartflow Payments Limited this spring. Sends is the trade name of Smartflow Payments Limited. The company’s founders always support sports initiatives and young teams with a particular interest in esports.
Alona Shevtsova, owner of the Sends Company
“I see tremendous potential in esports. This field is evolving rapidly, much like the fintech industry once did. As the world increasingly shifts online, we are opting for digital solutions more than ever before. This is why our company wholeheartedly supports, promotes, and cheers for the L&G team,” commented Alona Shevtsova, owner of the Sends Company.
The L&G team began competing in top tournaments and almost immediately reached the Advanced division of the ESEA League Europe competition. The team also participated in and took prizes in European tournaments such as the SCL League, WhiteBit Crypto Open, Phoenix League, and local competitions. The team players are marat2k, r0ublE, kr1vda, kL1o, OneUn1que, rji (coach).
Smartflow Payments Limited is an innovative private limited company based in England and Wales. It offers financial solutions such as Internet acquiring and multicurrency business accounts, currency exchange and card issuance.
It is worth mentioning that the L&G team created its merch items, which are available for order worldwide. For more information about the team, visit the L&G Instagram page, Twitch, or Telegram Channel.
The post The L&G esports team founded by Alona Shevtsova got four prize-winning places this month appeared first on European Gaming Industry News.
Stunning new cluster-pays slot introduces BTG’s Bonus Panels mechanic
Trigger Happy is the new highly volatile arcade-style slot from BTG that will be blasting its way onto the Evolution Network from 22 May.
The new cluster-pays slot tips its hat to video arcade games of yore, inviting players to blast a cascade of fluffy critters in a 5X5 grid embedded inside an arcade game mechanism. Meanwhile, the 50,000x win potential ramps up engagement levels to the max. The game also introduces a brand-new Bonus Panels mechanic.
Trigger Happy is a symbol-matching game, where each winning symbol is removed and replaced by new ones falling from above. On every spin and reaction, a target sight will place a wild in a random position on the grid. Meanwhile, two bonus panels could reveal multipliers, bombs or trigger coin bonuses.
When a multiplier aligns with the target symbol’s final position, it will be applied to the wild in that position. When multipliers align in both panels, they are multiplied together for the target wild. When a Bomb appears, it removes all symbols from its row or column and adds up to four wilds.
When a Target’s final position aligns with Trigger Coins in both Bonus Panels, it triggers the free spins round. During free spins, there are double the targets and double the wilds, and landing Trigger Coins in the targets will trigger yet more free spins where multipliers can be up to 10X in value or 100x with Bonus Buy.
Can’t wait to hit the bonus round? Use Win Exchange™ to convert your big wins into free spins. Alternatively, dive straight into the action with Bonus Buy.
Nik Robinson, BTG CEO, said: “You’re in for a critter-exploding, bonus-chasing treat and will have as much fun playing this game as we did while making it. Trigger Happy is a homage to the games we played when we were young. Who knew hanging around arcades playing video games would become an explosive fun experience online!”
Nicholas Peters, Chief Business Development Officer of Europe at Evolution, said: “Trigger Happy offers an exhilarating game, seamlessly intertwining BTG’s mesmerising visuals with their distinctive gameplay flair. With its innovative targeting system and dynamic Bonus-Panel mechanic, this game effortlessly transports the excitement of the arcade right onto your device.”
The post BTG’s ‘Trigger Happy’ to Bring Arcade Action to Evolution 22 May 2024 appeared first on European Gaming Industry News.
Wishbone Games, a Games Global exclusive studio, has launched its latest feature-filled title with a twist in tranquil new release Kingfisher™.
Set amongst the wildlife, players join the titular Kingfisher on the reels that are adorned with fish, dragonflies and frogs, unlocking different adventures and features along the way by hatching five eggs that sit above the matrix on the 5×4 grid.
When a Kingfisher symbol lands on a reel it pecks the egg above that reel, potentially cracking it open. If the egg cracks open, 10 free spins are awarded to the player along with that coloured egg’s specific feature.
Hatching the red egg on the first reel triggers the increasing multiplier that starts on 1x and upgrades by one up to 5x with each special symbol that lands in the round. The green egg on reel two adds values together to the fish symbols, starting on 0 and adding 1x the stake for every special symbol that lands in the feature up to 5x.
Hatching the blue egg on reel four upgrades the lowest paying symbol, adding monetary value for players when every up-arrow symbol hits in the round. The purple egg on reel five initiates the respin feature in which every heart symbol that stops on the reels represents another opportunity to spin and win big.
The golden egg on reel three triggers a two-phase bonus that incorporates all of the coloured egg features activated in the round for up to 5,300x the bet.
Wishbone Games is a Cardiff-based studio and was set up in 2022. With an exciting and experienced team behind some of the most popular and well-known online gaming products, players and operators can look forward to a variety of both classic and innovative online games.
Henna Vilmi, Commercial Director of Wishbone Games, said: “We had a blast producing Kingfisher™! The whole studio was involved in brainstorming the features and it truly has been developed for players by players.
“Kingfisher himself acts as the feature-triggering symbol and our favourite part of the game is the Golden Egg super mode. Here you will get a head start in the enhancement collection with a random starting value from each egg before the free spins start. This egg is quite hard to crack but it brings another level to the game for the more experienced players.”
Andy Booth, Chief Product Officer at Games Global, said: “We are excited to introduce Kingfisher™ to our platform and showcase our continued dedication to immersing players in high quality gaming experiences.
“The game boasts simple mechanics that are feature-filled for plenty of opportunity for players new and old to win big through its multipliers, free spins and symbol upgrades, ensuring thrilling gameplay for all. Our exclusive data is showing the game is hitting all the right levels for a top tier release”.
The post Games Global and Wishbone Games hatch a treat in Kingfisher™ appeared first on European Gaming Industry News.
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