Melco International Development said its EBITDA for 2017 soared 80 percent after benefiting from full control of its Melco Resorts & Entertainment unit.
Adjusted EBITDA came in at HK$9.8 billion ($1.24 billion), while revenue jumped 70 percent to HK$41.2 billion. The results included a full year of consolidated results from Melco Resorts, compared with eight months the prior year.
Australia’s Crown Resorts began selling its stake in the decade-long Melco Crown joint venture in 2016, completing its exit in early 2017. Together the venture developed the City of Dreams in Manila and Macau, as well as Studio City.
The board has recommended the payment of a final dividend to shareholders of HK4.0 cents per share for the year ended 31 December 2017, double the prior year’s payout.
“After several years of weathering headwinds in Macau and investing into our development of the first authentically 21st century network of integrated resorts, I am pleased to report robust growth throughout 2017,” said Lawrence Ho, group chairman and CEO.“ We have entered 2018 as a stronger, more focused and better positioned company, and we are well placed to continue realizing our vision of leading the world in leisure and entertainment.”
“As the majority owner now of Melco Resorts and the Cyprus integrated resort project, we are better equipped than ever to drive synergies within our operations and build consistent experience across our properties. This benefits all our customers – across gaming, entertainment, retail and hospitality – and our first significant milestone down this path was the recent launch of the Melco-original hotel brand, NÜWA, in both Macau and Manila.”
Ho reiterated that outside of Macau, Japan remains the top priority for the group.
After unveiling the inspiration in February 2017 for an initial design concept for an original integrated resort unique to the market, Melco Resorts established a Japanese subsidiary, opened an office in Tokyo, and appointed a local leadership team in the last quarter of the year.
“In 2018, we look forward to continuing to collaborate with the government, local partners and the community in realizing the vision for a uniquely Japanese integrated resort with world-class entertainment, market-leading social safeguards and diversified tourism attractions.”