Melco International Development reported on Thursday that its adjusted EBITDA for 2023 stood at HKD7.51 billion (MOP7.7 billion/US$959.7 million), reversing the negative adjusted EBITDA of HKD362 million in 2022.
According to the group’s stock filing to Hong Kong’ exchange, its net revenue for 2023 increased 179.5 per cent year-on-year to HKD29.53 billion.
The rise in net revenue was attributed to the relaxation of Covid restrictions in Macau, the openings of City of Dreams Mediterranean and Studio City Phase 2, as well as the launch of residency concerts at Studio City in 2023 which led to improved performance in Melco’s casino and hospitality operations.
Loss after tax was HKD3.49 billion for the year ending December 2023, compared to HKD9.99 billion recorded in 2022.
However, the board of directors does not recommend paying a final dividend for 2023.
Melco also confirmed that its resident show, the House of Dancing Water, is scheduled to return towards the end of 2024.
The second season of the residency concert series at Studio City began in March this year, while construction is underway for the Cineplex at Studio City Phase 2.
Melco is planning to renovate the Countdown hotel to cater to its premium mass customers, and upgrade the MICE space and guest rooms at Grand Hyatt Macau.
In addition to its operations in Macau, Melco also runs casinos and tourism resorts in the Philippines and Cyprus.
The group noted that the City of Dreams Manila had consistently generated strong earnings, while the performance of the City of Dreams Mediterranean in Cyprus had been affected by the ongoing regional military conflicts.
“Looking ahead, we remain confident in our long-term prospects in all regions, while standing ready to navigate near-term uncertainties and challenges in a prudent and agile manner,” Chairman and Chief Executive Officer of Melco International Development, Lawrence Ho Yau Lung said.
