Melco International Development revenue soars in 17H1

Melco International Development reported nearly a four-fold rise in net revenue for the first half of 2017, attributed mainly to strong performance from its gaming business.

In February, Melco Intl became a majority owner of Melco Resorts & Entertainment and Entertainment Gaming Asia.

In July, Melco Resorts reported an 18 percent increase in revenue in the first half of 2017, while adjusted property EBITDA reached US$682.8 million, representing an increase of 38 percent year-on-year.

Melco said the stellar results in the half year were mainly attributable to improved performance in the group-wide rolling chip and mass market table games segments.

The company is also in line to acquire a majority 70.74 percent stake in its new Cyprus casino project, which comes with a 30-year casino gaming license, the first 15 of which are exclusive.

Lawrence Ho, group chairman and CEO of Melco International noted that visitation has been on the rise in Macau and players are “coming back to the tables.”

“With our exposure balanced among VIP and mass gamers, as well as the broader tourism market, we are cautiously optimistic as the overall market begins to show signs of recovery and new infrastructure developments come online in the near future.”

“In the meantime, we will continue to invest in our properties to ensure our integrated resorts are best positioned to thrive ahead of these evolving trends,” he added.

Melco International has declared the payment of an interim dividend of HK2.2 cents per share for the six-month period ended 30 June 2017.