Daily Asia Gaming eBrief: Melco’s revenues rise 224% y-o-y in 4Q23
Asia Gaming Brief
Asia Gaming Brief is a news, events and networking company focused on Asia Pacific’s rapidly expanding gaming industry.
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The way is up, as gaming operator Melco Resorts & Entertainment witnessed a considerable increase in total operating revenues during the fourth quarter of 2023, reaching $1.09 billion.?This bump was attributed to the improved performance across all gaming segments and non-gaming operations, coupled with the removal of Covid-19 restrictions and the opening of Studio City Phase 2. Genting Malaysia also continued to bounce back, seeing its revenues rise by 23 percent to RM6.4 billion ($1.35 billion) for FY23, while adjusted EBITDA grew by 26 percent to RM2.1 billion ($435 million). Meanwhile, higher competition might lead to a slowdown in the Singapore tourism and gaming industry performance, Tradeview Capital CEO, Ng Zhu Hann, told AGB.
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Melco reports revenue and EBITDA improvement in 4Q23
In the fourth quarter of 2023, Melco Resorts & Entertainment experienced a notable surge in total operating revenues, reaching $1.09 billion, marking a remarkable increase of approximately 224 percent compared to the same period in 2022 when revenues were $337.1 million. President Lawrence Ho noted Macau’s extraordinary growth potential and resilience despite China’s uncertain macro-economic outlook, citing close-to-2019 levels of visitations during the Chinese New Year holiday period.
NagaCorp’s FY23 results healthy, but recovery is gradual: Timothy McNally
While the results for 2023 were positive and showed an upswing, NagaCorp’s Chairman Timothy McNally says that business recovery has been “gradual”. The group saw increases in all of its segments, despite falling slightly short of expectations.
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