Melco Resort and Entertainment has announced its unaudited financial results for the first quarter of 2023. Melco is the owner and operator of several integrated facilities in Asia and Europe. Melco reported revenue of $716.5 million, a 51% increase year-over-year.
Operating profit also saw similar growth, with Melco reporting $400,000 in operating profit for the first quarter, compared to a $135.9 million operating loss in the first quarter of 2022.
However, the net loss was $81.3 million, although this still represents a significant decrease from the $183.3 million loss in the same period last year.
EBITDA rose to $190.8 million, up 239% from $56 million in the first quarter of 2022.
Melco reported a significant year-over-year decline in revenue in the fourth quarter of 2022, which was disappointing for the company. However, this first quarter 2023 report shows that Melco has started to recover well.
Much of the growth in this quarter’s report is due to the increase in foot traffic and revenue resulting from the relaxation of Covid-19 restrictions.
The lifting of Covid-19 restrictions in Macau has benefited many companies, and the numbers now indicate that Melco is also one of them, with the full operation of Altira Macau providing a significant boost to the company.
Chairman and CEO Lawrence Ho said, “In the first quarter of 2023, with border restrictions eased in early January, we saw a very encouraging start to Macau’s recovery. We continued to see growth momentum during the April and May Golden Weeks, with mass market table games and total mass gaming revenue surpassing the same period in 2019.”
Tips
Melco Resort and Entertainment is a Hong Kong-based company that owns and operates integrated resorts, hotels, and casinos in Asia and Europe. The company’s primary business includes operating integrated resorts in locations such as Macau, the Philippines, and Cyprus, offering diverse services such as gaming, dining, hotel accommodations, entertainment, and shopping.
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a financial metric used to evaluate a company’s operating performance by measuring its earnings before subtracting interest expenses, taxes, depreciation, and amortization. EBITDA is often used as a tool to compare the profitability of different companies within the same industry.