Asia
Melco Announces Unaudited Second Quarter 2023 Earnings
Melco Resorts & Entertainment Limited, a developer, owner, and operator of integrated resort facilities in Asia and Europe, reported its unaudited financial results for the second quarter of 2023.
Total operating revenues for the second quarter of 2023 were US$947.9 million, representing an increase of approximately 220% from US$296.1 million for the comparable period in 2022. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations primarily due to the relaxation of COVID-19 related restrictions in Macau in January 2023, the openings of Studio City Phase 2âs Epic Tower and indoor waterpark in April 2023, as well as the launch of residency concerts at Studio City in the same month.
Operating income for the second quarter of 2023 was US$64.3 million, compared with operating loss of US$209.2 million in the second quarter of 2022.
Melco generated Adjusted Property EBITDA(1)Â of US$267.3 million in the second quarter of 2023, compared with negative Adjusted Property EBITDA of US$13.8 million in the second quarter of 2022.
Net loss attributable to Melco Resorts & Entertainment Limited for the second quarter of 2023 was US$23.4 million, or US$0.05 per ADS, compared with US$251.5 million, or US$0.53 per ADS, in the second quarter of 2022. The net loss attributable to noncontrolling interests was US$27.7 million and US$43.2 million during the second quarters of 2023 and 2022, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, âThe strength of our Macau recovery is evident in the 43% increase in gross gaming revenue in the second quarter of 2023 compared to the first quarter of 2023. Weâve seen mass drop increase month-to-month and turnover in our premium direct VIP segment continued to exceed 2019 during the second quarter.
âLabor supply issues in Macau have been largely resolved. We have been able to provide our customers with Melcoâs full suite of services and amenities. We expect to add another 560 hotel rooms to our portfolio with the opening of W Macau at Studio City in September and are well positioned to support the continuing increase of customers in Macau.
âThe mass segment is also leading the recovery in the Philippines, continuing to outperform 2019 in the second quarter of 2023. And in Cyprus, we opened City of Dreams Mediterranean to the public in July after a successful soft opening in June, and weâre excited for its prospects as we ramp up our operations.
âEnvironmental sustainability is built into the core of our business and embedded in our operations. Examples of this include the sophisticated water filtration system installed in our waterpark at Studio City to reduce water consumption and improve water reuse and meticulously-designed sustainable packaging and amenities that are free of single-use plastics. We are also continuing our work towards achieving BREEAM certifications for Studio City Phase 2 and City of Dreams Mediterranean following the construction completion of these properties.â
City of Dreams Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at City of Dreams were US$506.2 million, compared with US$97.3 million in the second quarter of 2022. City of Dreams generated Adjusted EBITDA of US$161.2 million in the second quarter of 2023, compared with negative Adjusted EBITDA of US$28.5 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$5.76 billion for the second quarter of 2023 versus US$748.1 million in the second quarter of 2022. The rolling chip win rate was 2.88% in the second quarter of 2023 versus 2.57% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop increased to US$1.24 billion in the second quarter of 2023, compared with US$209.1 million in the second quarter of 2022. The mass market table games hold percentage was 32.0% in the second quarter of 2023, compared with 33.0% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$771.5 million, compared with US$217.1 million in the second quarter of 2022. The gaming machine win rate was 2.8% in the second quarter of 2023 versus 2.7% in the second quarter of 2022.
Total non-gaming revenue at City of Dreams in the second quarter of 2023 was US$68.9 million, compared with US$24.3 million in the second quarter of 2022.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at Altira Macau were US$29.3 million, compared with US$7.2 million in the second quarter of 2022. Altira Macau generated Adjusted EBITDA of US$4.3 million in the second quarter of 2023, compared with negative Adjusted EBITDA of US$11.3 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.
In the mass market table games segment, drop was US$116.6 million in the second quarter of 2023 versus US$29.3 million in the second quarter of 2022. The mass market table games hold percentage was 24.2% in the second quarter of 2023, compared with 17.5% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$82.0 million, compared with US$41.5 million in the second quarter of 2022. The gaming machine win rate was 3.3% in the second quarter of 2023 versus 4.2% in the second quarter of 2022.
Total non-gaming revenue at Altira Macau in the second quarter of 2023 was US$4.9 million, compared with US$1.9 million in the second quarter of 2022.
Mocha and Other Second Quarter Results
Total operating revenues from Mocha and Other were US$28.8 million in the second quarter of 2023, compared with US$17.0 million in the second quarter of 2022. Mocha and Other generated Adjusted EBITDA of US$6.7 million in the second quarter of 2023, compared with Adjusted EBITDA of US$2.5 million in the second quarter of 2022.
Mass market table games drop was US$41.4 million in the second quarter of 2023 versus US$0.4 million in the second quarter of 2022. The mass market table games hold percentage was 18.2% in the second quarter of 2023 versus 26.9% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$502.8 million, compared with US$406.8 million in the second quarter of 2022. The gaming machine win rate was 4.5% in the second quarter of 2023 versus 4.2% in the second quarter of 2022.
Studio City Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at Studio City were US$236.0 million, compared with US$35.9 million in the second quarter of 2022. Studio City generated Adjusted EBITDA of US$41.1 million in the second quarter of 2023, compared with negative Adjusted EBITDA of US$31.1 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market table games segment and non-gaming operations.
Studio Cityâs rolling chip volume was US$789.5 million in the second quarter of 2023 versus US$104.1 million in the second quarter of 2022. The rolling chip win rate was 1.43% in the second quarter of 2023 versus 5.33% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop increased to US$716.6 million in the second quarter of 2023, compared with US$93.2 million in the second quarter of 2022. The mass market table games hold percentage was 25.5% in the second quarter of 2023, compared with 25.7% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$595.4 million, compared with US$201.7 million in the second quarter of 2022. The gaming machine win rate was 3.4% in the second quarter of 2023, compared with 2.5% in the second quarter of 2022.
Total non-gaming revenue at Studio City in the second quarter of 2023 was US$74.3 million, compared with US$8.3 million in the second quarter of 2022.
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2023, total operating revenues at City of Dreams Manila were US$116.4 million, compared with US$111.7 million in the second quarter of 2022. City of Dreams Manila generated Adjusted EBITDA of US$47.0 million in the second quarter of 2023, compared with Adjusted EBITDA of US$49.0 million in the comparable period of 2022.
City of Dreams Manilaâs rolling chip volume was US$520.2 million in the second quarter of 2023 versus US$771.3 million in the second quarter of 2022. The rolling chip win rate was 3.10% in the second quarter of 2023 versus 2.95% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop increased to US$194.5 million in the second quarter of 2023, compared with US$178.4 million in the second quarter of 2022. The mass market table games hold percentage was 31.3% in the second quarter of 2023, compared with 29.0% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$1.01 billion, compared with US$925.6 million in the second quarter of 2022. The gaming machine win rate was 4.8% in the second quarter of 2023 versus 5.3% in the second quarter of 2022.
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2023 was US$28.7 million, compared with US$27.3 million in the second quarter of 2022.
City of Dreams Mediterranean and Other Second Quarter Results
City of Dreams Mediterranean officially opened to the public on July 10, 2023, after a soft opening in June. The Company continues to operate three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean (collectively, the âCyprus Casinosâ).
Total operating revenues at the Cyprus Casinos for the quarter ended June 30, 2023 were US$30.9 million, compared with US$21.7 million in the second quarter of 2022. The Cyprus Casinos generated Adjusted EBITDA of US$6.9 million in the second quarter of 2023, compared with Adjusted EBITDA of US$5.6 million in the second quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment.
Rolling chip volume was US$0.1 million in both the second quarters of 2023 and 2022. The rolling chip win rate was 2.52% in the second quarter of 2023, compared with negative 6.12% in the second quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop was US$47.0 million in the second quarter of 2023, compared with US$31.4 million in the second quarter of 2022. The mass market table games hold percentage was 21.9% in the second quarter of 2023, compared with 19.5% in the second quarter of 2022.
Gaming machine handle for the second quarter of 2023 was US$391.7 million, compared with US$315.9 million in the second quarter of 2022. The gaming machine win rate was 5.1% in the second quarter of 2023 versus 5.0% in the second quarter of 2022.
Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2023 was US$1.9 million, compared with US$0.1 million in the second quarter of 2022.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2023 were US$116.5 million, which mainly included interest expenses of US$123.5 million, net of amounts capitalized, partially offset by interest income of US$5.0 million.
Depreciation and amortization costs of US$136.5 million were recorded in the second quarter of 2023, of which US$5.7 million related to the amortization expense for land use rights.
NewCasinoRank, a leading website specialising in reviewing new online casinos and covering various aspects of iGaming, has provided an in-depth analysis of the emerging online casino scene in Thailand. As Thailand remains one of the most frequented locations accessing NewCasinoRank, the team is dedicated to delivering precise and relevant information that aligns with the countryâs strict gambling regulations.
Gambling in Thailand is heavily regulated under the Gambling Act of 1935, which prohibits most forms of gambling except for the government-run lottery and horse racing. Despite these restrictions, the popularity of online casinos continues to grow, driven by increasing internet accessibility. According to Statista, the online gambling market in Thailand is projected to grow by 5.56% (2024-2028), resulting in a market volume of âŹ628.90m in 2028.
Thai players frequently visit NewCasinoRank to find reliable information on accessible new online casinos that comply with local laws. To meet this demand, NewCasinoRankâs team meticulously curates content that adheres to Thailandâs legal framework, ensuring players have access to safe and trustworthy gaming options.
Chloe O’Sullivan, CasinoRankâs Writer, emphasizes the platformâs commitment: âWe highly value our Thai audience and strive to provide up-to-date information on our dedicated Thailand page. This comprehensive resource includes special features of new casino sites in Thailand, the most popular casino game developers in the country, an overview of the average bonus values based on market trends and local currency, and much more.â
Samuel Adeoye, CasinoRankâs Researcher, said: âSpeaking of new casinos, sometimes itâs hard to get the most accurate information because the subject is new. Still, we manage to do that by collecting data from reputable open sources and collaborating with trusted casinos that partner with NewCasinoRank. This ensures that our content is both accurate and relevant, providing Thai players with the information they need to make informed decisions.â
Asia
Revenant Esports and Team XSpark Join Forces to Form Revenant XSpark, ScoutOP Revealed as Brand Ambassador
Revenant Esports and Team XSpark, two titans of Indian esports, have announced a strategic merger to create Revenant XSpark. This new super organization is set to redefine the esports landscape, combining the resources, expertise, and dedicated fan followings of both organizations.
United under the Revenant XSpark banner, the collaboration aims to compete in multiple popular esports titles, establish original community IPs, deliver engaging fan activations, drive innovative brand partnerships, and expand internationally.
As part of this joint venture, Revenant XSpark has introduced its BGMI lineup, featuring the lineup of Sarang, Spraygod, Shadow, and Joker, with Osmium serving as the teamâs coach. These players recently captured back-to-back victories at the BGMI Pro Series and BGMI India Series, making them the only team in the history of the game to win two official BGMI LAN events.
In addition to its BGMI team, Revenant XSpark has been chosen as one of only 10 partnered organizations by The Pokémon Company to compete in the newly launched Pokémon UNITE ACL India League 2025. Fans can look forward to an exciting roster announcement soon.
ScoutOP Joins as Brand Ambassador, Expanding Revenant XSparkâs Reach
Tanmay âScoutOPâ Singh, a legend in the Indian gaming community with over 10 million followers on social media, has officially joined Revenant XSpark as its brand ambassador.
Scout was the mastermind behind the Team XSpark roster, mentoring and nurturing them to their historical back to back victories in BGMI esports. Now, as the ambassador for Revenant XSpark, Scout will bring his vast following, which not only covers India but also extends internationally, to the united brand.
Commenting on the partnership, Tanmay âScoutOPâ Singh, brand ambassador of Revenant XSpark said, âIâve known Rohit for a while, and Iâve always been a fan of Revenantâs unique approach to contentâitâs witty, filled with banter, but still subtle. Itâs exactly the kind of vibe I wanted to bring to XSpark. Beyond that, our shared vision for expanding esports with multiple rosters across India and internationally made this partnership a perfect fit. Joining forces to take the Revenant XSpark name global was a no-brainer for me.â
Rohit Jagasia, Founder and CEO of Revenant Esports, commented, âScout and I have a strong personal connection, and our brands, Revenant and XSpark, naturally share a similar fan base and values. This partnership feels like an organic next step. Scoutâs holistic approach to content, spanning gaming and entertainment across multiple platforms, makes him the perfect ambassador for our brand as we aim to establish Revenant XSpark as Indiaâs leading esports organization and expand our footprint globally.â
To celebrate this partnership, Revenant XSpark, including the BGMI team and ScoutOP, will host an exclusive meet-and-greet event in Mumbai in November, giving fans a chance to interact with their favorite players and ScoutOP himself. Stay tuned to Revenant XSparkâs social media handles for more information.
Revenant XSpark will also be working to build esports IPs. Recently, Revenant Esports also partnered with IPL team, Gujarat Titans, to bring BGMI Titans, an open-for-all esports tournament.
Additionally, Revenant Esports has a strong history within the Indian esports scene, having won the VALORANT Challengers 2024: South Asia – Split 2, to be the lone Indian team in the VCT Pacific Ascension. Furthermore, it is the only esports organization to represent India internationally in the Pokemon UNITE World Championship and the Brawl Stars World Finals.
The âeFootball Diwali Showdownâ, a special influencer tournament organised by NODWIN Gaming, a leader in new-age youth entertainment, gaming, and esports, and Konami Digital Entertainment Co., Ltd. (KONAMI), the leading video game developer and publisher from Japan culminated with S8UL Aman being crowned as the champion.Â
Eight of Indiaâs prominent gaming personalities including Dreamboy, Yes Smarty Pie, Ezio18Rip, Sid, Senpai Spider, K18, Binks, and Aman, competed in both group stage and knockout formats.Â
In addition to the tournament, KONAMI has also announced special in-game rewards to celebrate Diwali with Indian gamers. Players will have the opportunity to log in to eFootball and earn exclusive Diwali-themed rewards.
This includes unique player packs featuring popular Indian football team stars, giving fans the opportunity to play with homegrown talent while celebrating the festival of lights. Alongside these packs, players can unlock special Diwali-themed jerseys, available only during this festive period.
Tournament participants K18, Senpai Spider, and Yes Smarty Pie will also be streaming the game extensively and hosting matches for fans on an integrated YouTube stream from their individual channels.
These Diwali-focused initiatives are a testament to KONAMIâs commitment to catering to Indiaâs fast-growing mobile gaming market. As a free-to-play title, eFootball provides open access to casual as well as high-level competitive gaming, eliminating any financial and accessibility barriers for gamers from all backgrounds.
Recently, eFootball was selected by FIFA as an official title in the FIFAe World Cup, with India among the 18 countries invited to participate. Additionally, eFootball is also set to be featured in the Ministry of Information and Broadcastingâs WAVES Esports Championship 2025 (WESC), further solidifying its relevance and appeal in Indiaâs gaming landscape.
Earlier this year, Konami announced that eFootball has surpassed 700 million total downloads worldwide.
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