Asia
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.
Max Level will work closely with Riot’s India and South Asia teams to amplify brand campaigns, regional esports initiatives, product updates, and community-first storytelling in India, Bangladesh, Nepal, and other South Asian markets. The collaboration aims to build authentic, culturally resonant narratives that reflect Riot’s mission as a player-focused organisation.
The win follows a competitive multi-agency pitch process that saw Max Level selected from among several top PR agencies. The decision was based on Max Level’s deep understanding of the gaming and esports audience, its creative-first approach, and its proven ability to drive conversation and cultural relevance.
Siddharth Nayyar, Co-founder and Chief Executive Officer at Max Level, said, “Winning the PR mandate for Riot Games is a defining moment for us. Riot has not only shaped the modern multiplayer era but also built global communities around player-first values. We’re thrilled to help expand that legacy in India and South Asia, a region that’s growing and evolving at a breakneck pace.”
Max Level’s mandate includes ongoing campaign support for key products and IPs, regional amplification of Riot’s global esports events, as well as strategic counsel on community engagement and creator collaborations. The agency’s track record with brands like NODWIN Gaming, SuperGaming, CyberPowerPC India, KRAFTON, ESL FACEIT Group among others makes it uniquely positioned to drive culturally relevant PR in gaming and esports.
According to the Lumikai State of India Gaming Report 2024, India’s gaming market reached $3.1 billion in FY23, with projections to hit $7.5 billion by FY28, fueled by a base of over 568 million gamers, nearly half of whom are paying users. The report also highlights how India is now the largest consumer of mobile games globally, creating an immense opportunity for publishers like Riot to scale their reach and community.
The post Max Level Wins PR Mandate for Riot Games in India and South Asia appeared first on European Gaming Industry News.
The next highly anticipated gaming event on EGT Digital’s calendar is SiGMA Asia, which will be held on June 3rd and 4th in Manila. Together with EGT, the iGaming provider will welcome visitors at booth 1113 to reveal its impressive selection of innovations and bestsellers.
The guests will be able to try out EGT Digital’s wide range of over 140 casino games spanning a variety of themes, as well as further increase their chances of winning with the Bell Link, Clover Chance, High Cash, and Single Progressive jackpots. The 4-level multi-denomination Gods & Kings Link will be presented for the first time locally. It received positive feedback after its recent official debut and is expected to get a warm acceptance also from Asian operators and players. Currently including 3 games: Ape of Luck, Glorious Alexander, and Rise of Ra, with more to join in the coming months, it will offer the show attendees numerous bonuses and a lot of fun.
EGT Digital will also demonstrate X-Nave, its in-house developed “all-in-one” betting platform, providing all the tools and features needed for building and maintaining a successful online business or for improving current performance. X-Nave includes 4 main modules: Sport Product, Gaming Aggregator, CRM Engine, and Payment Gateway. Depending on the operators’ needs, each of them can be used as part of the complete solution or independently, as they can integrate with developments from third-party providers.
“EGT Digital’s products have enormous potential for the local markets, and SIGMA Asia provides us with a great opportunity to showcase them to many potential future clients in the region,” said Mariana Manchina, Director of EGT Philippines. “In addition, we are also looking forward to the prestigious SiGMA Asia Awards, where our company is shortlisted in the Best Sportsbook Provider 2025 and Best Platform 2025 categories.”
The post EGT Digital’s innovative developments to captivate visitors at SiGMA Asia 2025 appeared first on European Gaming Industry News.
EGT is pleased to announce that it will participate in this year’s edition of SiGMA Asia, which will take place on 03 and 04 June in Manila. “We have prepared a fascinating selection of products developed specifically for the Asian markets, so don’t miss the chance to stop by our booth 1113 and learn more about it!,” said Mariana Manchina, Director of EGT Philippines.
Among the main highlights will be the 4-level progressive Zhao Cai Shuang Yu jackpot, which will be presented to the local gaming audience for the first time. Housed in the popular slot cabinet G 50 J1 Up, it will dive visitors into the world of its 2 games Prosperity Strike and Rising Coins, enabling them to collect special symbols and win at any bet level, with higher stakes increasing the likelihood of hitting the highest Grand level.
Sheng Sheng Bu Xi and Cai Fu Tian Jiang, which have already been successfully installed in various gaming venues across different countries, will also be on display. They will invite the guests to embark on captivating adventures that will reward them with riches and lots of fun. Numerous attractive bonus features will add even more thrill to the game, providing additional winning opportunities.
The top-performing G 50 C Up and G 50 J2 Up cabinets and the vast diversity of the General Series multigames will complement EGT’s slot display.
The company will present its ETG developments as well. The attendees will be able to try out the GS 32 T and S 32 T terminals, which feature frameless displays for crystal-clear visuals, numerous ergonomic functionalities, and enormous flexibility, allowing them to participate in endless configurations. The G RSA, EGT’s compact Standalone Automatic Roulette center, will also demonstrate its seamless connectivity to all the company’s play stations. The option to add an American roulette wheel further enriches the gaming choice and guarantees an engaging player experience.
EGT Digital will also showcase its extensive portfolio of iGaming solutions, featuring instant and casino games, jackpot products, as well as the in-house developed “all-in-one” betting platform X-Nave, which comprises four main modules. All this provides operators with a complete solution for building and maintaining a successful online business.
Ms. Manchina concluded: “SIGMA Asia is one of the most important gaming events in the region and I am glad that we will take part in it once again. Our participation in the previous 2 editions was very fruitful, having brought us many valuable new contacts and the opportunity to present our high-potential products to the key players in the local markets. I believe that our performance in 2025 will be the same, and it may even be better. This year, we are even more excited because EGT is a finalist in the SiGMA Asia Awards, where we will compete for the accolade in the Best Land-based Game Feature category.”
The post EGT’s Asian-themed products to make a splash at SiGMA Asia 2025 appeared first on European Gaming Industry News.
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