Gaming operator Melco Resorts & Entertainment witnessed a substantial increase in total operating revenues during the fourth quarter of 2023, reaching $1.09 billion.
This figure marks a remarkable surge of approximately 224 percent compared to the same period in 2022 when revenues stood at $337.1 million.
The surge in total operating revenues was attributed to the improved performance across all gaming segments and non-gaming operations. This change was largely a result of the relaxation of COVID-19 related restrictions in Macau in January 2023, coupled with the opening of Studio City Phase 2.
“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,” President, Lawrence Ho, said in the company’s latest financial report.
Despite the significant increase in revenues, Melco Resorts reported an operating loss of $94.4 million for the fourth quarter of 2023, which is an improvement compared to an operating loss of $199.5 million in the same period of 2022.
Adjted Property EBITDA for the fourth quarter of 2023 stood at $303.4 million, a stark contrast to the negative Adjted Property EBITDA of $6.8 million recorded in the fourth quarter of 2022.
However, Melco Resorts reported a net loss attributable to the company of $156.6 million for the fourth quarter of 2023.
This is an improvement from the net loss of $251.9 million, reported for the fourth quarter of 2022. Net losses attributable to noncontrolling interests were $20.8 million and $42.1 million for the fourth quarters of 2023 and 2022, respectively.
“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,” Ho pointed out.
