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 2’s 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) 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, “The 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. We’ve seen mass drop increase month-to-month and turnover in our premium direct VIP segment continued to exceed 2019 during the second quarter.
“Labor supply issues in Macau have been largely resolved. We have been able to provide our customers with Melco’s 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.
“The 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 we’re excited for its prospects as we ramp up our operations.
“Environmental 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.”
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 City’s 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 Manila’s 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 “Cyprus Casinos”).
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.
Asia
Nazara Technologies raises INR 900 Crores and increases stake in Absolute Sports (Sportskeeda) to 91%
Nazara Technologies Limited (BSE: 543280 NSE: NAZARA), India’s leading diversified gaming and sports media company, today announced its largest fund raise to boost its growth trajectory. The company’s board has approved a preferential equity issue to raise INR 900 crores, subject to shareholder and regulatory approvals. This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities.
The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara’s financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.
In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for INR 145.5 crores, with 50% of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.
Sportskeeda, Absolute Sports’ flagship brand, reaches millions of sports fans globally each month, with significant traction in India and the U.S., where it ranks among the top sports platforms. In addition, Absolute Sports has recently expanded by acquiring Pro Football Network (PFN), SoapCentral, and Deltia’s Gaming, further diversifying its sports and entertainment portfolio.
Nitish Mittersain, CEO & Jt MD of Nazara Technologies Limited remarked “Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This INR 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth.
KGeN, a community led gaming platform and Riot Games have partnered for the launch of LIFT//OFF, a community-led & data-driven online training academy to forge the next set of professional VALORANT athletes. This program will allow everyday gamers to make a mark, whether it is through their in-game achievements or showing off their skills at a global stage.
The program sets a new standard as a community-driven program by strategically selecting gaming content creators as ‘creators’ and seasoned competitive gamers as ‘trainers’, from the VALORANT community to lead this training academy. They will select 20 creators from a pool of applicants, these creators will then form their own teams from within their communities. Each creator will either select 5 players for their team or play alongside 4 players, forming a total of 60 to 80 players. Additionally, 20 trainers will be selected, with each assigned to one of the 20 creator-led teams.
A gamer’s in-game VALORANT performance, including stats like hours played, win rates, successful kills, headshot percentage, and KDR, combined with their social standing in the community, such as tournament wins, content creation skills, and positive feedback, will be the foundation for selecting the first group of Trainers, Creators, and esports recruits for LIFT//OFF.
LIFT//OFF will offer all participants a first of its kind opportunity to connect with the global esports community. Top-performing teams will have the chance to showcase their skills in official VALORANT tournaments. Additionally, creators and trainers will receive official VALORANT merchandise, highlighting their involvement in shaping this program and contributing to the growth of the esports community in India. The program will include a mentor cohort which will captivate and engage a diverse audience.
The program aims to not only elevate the skills of esports recruits but also cultivate the next generation of esports idols. The program’s teachings extend beyond in-game strategies to encompass the broader aspects of life as an esports professional. By mentoring participants in every facet of the player’s social persona, KGeN seeks to use data to build the reputation and “gamer cred” of everyone involved, ensuring they are well-rounded individuals ready for the spotlight. Data-driven insights will be used to tailor tutorials and challenges, helping each participant address specific areas where they need help.
LIFT//OFF Roadmap
-
Launch (Sep 18) – Applications for Creators, Trainers & Recruits go live.
-
Last Date to Apply (Oct 10) – Last date for Creators, Trainers & Recruits to apply.
-
Weekly & Daily Challenges Leaderboard (Nov 4 – 26) – In this period, players can take part in-game challenges to test their learning and also win rewards from the leaderboard.
-
Finale (Nov 30 – Dec 3) – LIFT//OFF will feature a final tournament, to assess the learnings of the Recruits and the teaching effectiveness of Trainers.
How To Apply?
To join the LIFT//OFF program, select the role that best suits you and fill out the required details in the application form. A KGeN representative will reach out to you shortly to guide you through the next steps.
An Islamic party said it was prepared to shut down Malaysia’s only casino if it wins control of the state where it is located, as the group looks to build its influence in the Southeast Asian nation.
A senior official from Parti Islam Se-Malaysia said if voters in central Pahang state – home to Genting Bhd.’s casino – wanted gambling to end, they should choose the Islamic party. The party is tapping into concerns by the country’s Muslim majority over gambling, which is forbidden in the Koran.
PAS has been growing its influence since the 2022 elections made it the biggest party in federal parliament. It already controls four of Malaysia’s 13 states and is looking to capture Pahang in the next national election that must be held by early 2028.
“Gambling is harmful, so we have to close it. But it must be in accordance with the laws and constitution,” Andansura Rabu, PAS’ deputy commissioner for Pahang, said at the party’s annual gathering.
The federal government decides on casino and gaming permits in Malaysia and gaming is one of the most regulated sectors in the country.
Genting’s casino contributed as much as US$1.16 billion annually to government coffers before the pandemic, according to a report by UOB Kay Hian, a Singapore-based brokerage. When PAS emerged as the biggest party after the 2022 elections, Genting shares slid but recovered as Anwar formed a unity government made up of liberals, a Chinese-dominant party and regional groups.
Still, the growing influence of the Islamic party in national politics has pushed Anwar to turn more conservative to burnish his credentials with voters. Last year his government cancelled a concert after two members of a British band The 1975 shared a same-sex kiss on stage, and banned Swatch watches that showcase Pride colours.
At the annual gathering held last weekend in Pahang, PAS has ruled out working with Anwar’s coalition and pledged to champion Islamic issues. Banning alcohol and gambling in Malaysia would be key, the party has said.
“Anything that can harm society, we must together support its destruction. This isn’t a matter of religion, it’s a social issue,” Andasura said.
Vibra Gaming to celebrate Betsul success at SBC Lisbon 2024
ZITROS’ MEGA LOUNGE IS NOW FEATURED AT TRILENIUM CASINO IN ARGENTINA
A deep dive into generative AI
Nazara Technologies raises INR 900 Crores and increases stake in Absolute Sports (Sportskeeda) to 91%
Mangopay appoints Sergi Herrero as new CEO
Heaven Media Strengthens Senior Leadership With Industry Veteran
DATA.BET Launches Esports Bet Builder
Rangers’ new front-of-shirt sponsorship with Kindred Group cements British football’s longest running partnership
Junglee Rummy Unveils the Grand Winnings Tournament Premiere Series with a 35 Crore INR Guaranteed Prize Pool
ACMA: Young Australians Embrace National Online Gambling Self-Exclusion Register
Entain: Strategic Progress and Trading Momentum Continues into H2 2024
Clemence Dujardin, MyAffiliates Group CEO, to speak at SBC Lisbon to unveil ‘What is Next for the Gambling Industry’
BOS/The Swedish Trade Association for Online Gambling commissions Advisense to strengthen efforts against money laundering
Kindred Group extend six-year Middlesbrough FC partnership and cements long-term community commitment to supporters
St8.io granted Isle of Man licence
Andrew Cardno to Speak at Mid-year IGA about Safeguarding Data in AI-Enabled Tribal Casinos
-
Industry News7 days agoEntain: Strategic Progress and Trading Momentum Continues into H2 2024
-
Latest News6 days ago
BOS/The Swedish Trade Association for Online Gambling commissions Advisense to strengthen efforts against money laundering
-
Latest News7 days ago
Gaming Corps Announces the Launch of Expanding Joker
-
Latest News7 days ago
GOLDEN WHALE PARTNERS WITH 1939 GAMES FOR MACHINE LEARNING-POWERED PLAYER INSIGHTS
-
Central Europe6 days ago
EGT’s bestseller Bell Link with another great success: Its bells are now ringing in the Czech market
-
Industry News6 days ago
CT Interactive to Showcase Latest Solutions at SBC Summit in Lisbon
-
Latest News7 days ago
BETBY IMPROVES BETTING EXPERIENCE WITH THE LAUNCH OF UPDATED BET BUILDER
-
Africa6 days ago
Play’n GO announces landmark partnership with African operator Betika
