Good Morning
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.
What you need to know
- Gaming operator Melco Resorts & Entertainment witnessed a substantial increase in total operating revenues during the fourth quarter of 2023, reaching $1.09 billion.
- Genting Malaysia’s leisure and hospitality business sees 23% growth in FY23 amid global recovery from COVID-19.
- After experiencing robust growth in 2023, Singapore is expected to undergo a slowdown in tourism and gaming in 2024 due to escalating regional competition, according to an insider.
On the radar
- Premium Leisure Corp. sees 50% increase in gaming revenue last year.
- Macau’s GDP grows 80.5% in 2023, driven by tourism and gaming.
- RGB International turns to loss in 4Q23, as segment revenues fall.
- Shin Hwa expecting FY23 loss of up to $69 million, on weak visitation.
- Telegram willing to work with Malaysian gov’t to combat scams, gambling.
AGB Intelligence
MACAU
Melco reports revenue and EBITDA improvement in 4Q23
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