Melco publishes Q4 and FY2023 reports: Annual revenue jumps 180% to $3.78bn

The resort developer, owner and operator of properties across Asia and Europe has had an exciting year of opening new properties and re-opening old ones.

Annual revenue jumps
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Melco has published its Q4 and FY2023 reports, for the period ending 31 December.

Melco Q4 report

The total operating revenue for the quarter was $1.1bn, which was an increase of 224% from the same period the year prior.

The City of Dreams properties brought in $559.8m in revenue, a 302% increase from the year before.

The newest property, City of Dreams Mediterranean, opened on 10 July 2023.

Another jump was seen in EBITDA, with the adjusted EBITDA amount coming to $303.4m compared to the negative amount of -$6.8m the year prior.

The operating loss in Q4 for Melco was $94.4m, a 111% change from the same period in 2022.

Lawrence Ho, Melco Chairman and CEO, said: “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.”

The net loss attributable to Melco was $156.6m, a 60% difference annually.

Ho explains: “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.”

Melco FY2023 report

The total operating revenue for the year was $3.78bn, a 180% increase from the total reported the year before.

Melco notes that this is due to a few different factors, including Macau relaxing Covid-19 restrictions and the opening of Studio City Phase 2.

The operating income was counted at $65m, a 1043% difference from the $743.1m amount from 2022’s figures.

The adjusted property EBITDA amount of $1bn was compared to the 2022 value of $0.6m.

Ho continues: “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.”

The net loss attributable to Melco was $277.6m, a difference of 235% from the year prior.

Ho concludes: “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.”

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