Good Morning. Melco has yet to return to profit, despite narrowing its loss in the first quarter, on strong premium mass play driven mostly by its City of Dreams property, even as Studio City further ramps up. Also in Macau, a scholar notes that new credit laws aim to synthesize former administrative regulations on satellite casinos and junkets’ roles. In the Philippines, Bloomberry saw Solaire revenues increase by 80 percent, with GGR surpassing 2019 levels.
What you need to know
- Melco’s Macau operations record strong results, with premium mass as a primary driver, but not enough to return to profit.
- Bloomberry sees GGR surpass 2019 levels at Solaire, driven by strong domestic demand and return of international players.
- Macau’s new legislation on credit offering aim to formalize previous administrative regulations, notes a scholar.
On the radar
- Paradise Co back to 1Q23 profit, expecting further Japanese/Chinese play.
- Kangwon Land sees 1,000% profit increase in 1Q23, topping $76mln.
- TransAct casino gaming sales doubled in 1Q23.
- Up to 80% of Macau’s tour guides have returned to work, says insider.
AGB Intelligence
MACAU
Melco narrows loss on strong Macau premium mass
Melco’s Macau operations saw strong returns from the premium mass segment during the quarter, helping to narrow its loss to $81 million. The group notes that it is still operating at limited capacity, hoping to ramp-up completely by the end of June and open its remaining Studio City Phase 2 offerings before Golden Week in October.
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