Mr. Lawrence Yau Lung Ho is the chairman and chief executive officer of Melco International Development Limited. He is also the chairman and non-executive director of Summit Ascent Holdings Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, since July 10, 2013. 2013, and since May 2016, is the chairman and chief executive officer of Melco Crown Entertainment. As a member of the National Committee of the Chinese People’s Political Consultative Conference, Mr. Ho also serves on numerous boards and committees of privately held companies in Hong Kong, Macau and mainland China. He is a member of the Board of Directors and a vice patron of The Community Chest of Hong Kong; member of Science and Technology Council of the Macau SAR Government; member of All China Youth Federation; member of Macau Basic Law Promotional Association; chairman of Macau International Volunteers Association; member of the Board of Governors of The Canadian Chamber of Commerce in Hong Kong; honorary lifetime director of The Chinese General Chamber of Commerce of Hong Kong; honorary Patron of The Canadian Chamber of Commerce in Macao; honorary president of Association of Property Agents and Real Estate Developers of Macau and director executive of Macao Chamber of Commerce. In recognition of Mr. Ho’s excellent directorship and entrepreneurial spirit, Institutional Investor honored him as the “Best CEO” in 2005. He was also granted the “5th China Enterprise Award for Creative Businessmen” by the China Marketing Association and China Enterprise News, “Leader of Tomorrow” by Hong Kong Tatler and the “Directors of the Year Award” by the Hong Kong Institute of Directors in 2005.As a socially–responsible young entrepreneur in Hong Kong, Mr. Ho was selected as one of the “Ten Outstanding Young Persons Selection 2006,” organized by Junior Chamber International Hong Kong. In 2007, he was elected as a finalist in the “Best Chairman” category in the “Stevie International Business Awards” and one of the “100 Most Influential People across Asia Pacific” by Asiamoney magazine. In 2008, he was granted the “China Charity Award” by the Ministry of Civil Affairs of the People’s Republic of China. And in 2009, Mr. Ho was selected as one of the “China Top Ten Financial and Intelligent Persons” judged by a panel led by the Beijing Cultural Development Study Institute and Fortune Times, and was named “Young Entrepreneur of the Year” at Hong Kong’s first Asia Pacific Entrepreneurship Awards.In 2014, Mr. Ho was selected by FinanceAsia magazine as one of the “Best CEOs in Hong Kong” for the fifth time, and was one of the recipients of the Asian Corporate Director Recognition Awards for three consecutive years. In 2015, he was also awarded “Asia’s Best CEO” at the Asian Excellence Awards by Corporate Governance Asia magazine for the fourth time, and was granted the Leadership Gold Award in the Business Awards of Macau.Mr. Ho graduated with a Bachelor of Arts degree in commerce from the University of Toronto, Canada in June 1999 and was awarded the Honorary Doctor of Business Administration degree by Edinburgh Napier University, Scotland in July 2009 for his contribution to business, education and the community in Hong Kong, Macau and China.
Melco Resorts & Entertainment swung to a loss in Q1 due to the impact of the coronavirus, but said it remains committed to its development plans, including a bid for a license in Japan.
Melco Resorts & Entertainment has granted restricted shares worth about $19.3 million to CEO Lawrence Ho, in part to preserve its cash position during the Covid-19 crisis.
Melco International Development has reported that its profits were up by 10.5 percent to HK$1.8 billion (US$234 million) for the full year of 2019. Net revenues grew at the same pace, 10.5 percent, to HK$45 billion, and Adjusted EBITDA grew 15.1 percent to HK$12.5 billion. Chairman and CEO Lawrence Ho commented, “In 2019, we took […]
Melco Resorts and Entertainment reported its 2019 fourth-quarter results on Thursday, which was driven mainly by strong performance in its mass-market segment. Total operating revenues for the fourth quarter of 2019 was US$1.45 billion, representing an increase of approximately 3 percent year-on-year – in line with analyst estimates. Net income attributable to Melco, however, fell […]
Melco Resorts & Entertainment has been honored by the Michelin Guide Hong Kong Macau 2020 with ten Michelin stars among six signature restaurants across its properties in Macau, continuing its lead as the world’s integrated resort operator with the most Michelin-stars. Mr. Lawrence Ho, Chairman and CEO at Melco Resorts & Entertainment, said, “This is […]
Melco Resorts & Entertainment chief executive Lawrence Ho said he expects the US-China trade war and renminbi devaluation to cause a ‘down year’ for Macau’s operators. He made the comments in an interview with CNBC over the weekend. “With the US-China trade war, with the renminbi devaluation it’s certainly having an impact on visitation into […]
Melco Resorts & Entertainment reported a 16 percent gain in Q3 revenue helped by a strong performance at City of Dreams Macau and a record performance from the mass market and slots.
Melco Resorts & Entertainment said it has been recognised by the 2019 Sustainable Business Awards Philippines for its performance on energy management and employee development.
Melco Resorts & Entertainment partnered with Keio University to give more than twenty of the IR operator’s foreign executives a seminar on Japanese history, culture, and business practices. The seminar took place in Tokyo on September 14.
Melco Resorts & Entertainment announced on Wednesday that it would focus its IR campaign on Yokohama and that it was suspending its participation in bidding for the Osaka Yumeshima location.
The official announcement by Mayor Fumiko Hayashi that Yokohama would enter the IR race in earnest has set off a scramble among major IR operators, with Las Vegas Sands announcing that it was completely abandoning its efforts to partner with the Osaka government and Melco announcing its intention to open a Yokohama office with a new executive in charge.
New South Wales regulators have launched a probe into the sale of a stake in Crown Resorts to Melco Resorts & Entertainment following an investigative news report alleging illegal operations.
Melco Resorts & Entertainment has entered into its first sports partnership in Japan by becoming a sponsor for the Yokohama F. Marinos J1 League football club. Melco Chairman and CEO Lawrence Ho commented, “This partnership contract is not only a business sponsorship, but rather a broad business partnership to enliven the community through various activities […]
Melco Resorts & Entertainment said its Q2 revenue rose 17 percent, helped by the opening of its Morpheus hotel in June last year and higher hold rates, though performance at its City of Dreams Manila property weakened on increased competition.
MGM China and Melco Resorts and Entertainment said they will pay a bonus equivalent to one month’s salary to celebrate the 70th anniversary of the founding of The People’s Republic of China and the 20th anniversary of the establishment of Macau as a Special Administrative Region.
Melco Resorts & Entertainment’s new Morpheus hotel has become the first in Macau to win a Prix Versailles regional award for design and architecture.
Melco Resorts chairman and CEO, Lawrence Ho says that their recent acquisition of shares in Crown Resorts will help to accelerate their bid for a Japan casino license. Mr. Ho was speaking at a special media roundtable on Tuesday in Macau, where he also expressed optimism for Macau’s gaming revenue growth this year. The Macau […]
The gambling regulator in New South Wales plans to review its 2014 approval for Crown Resorts to build a six-star property in Barangaroo, Sydney, after Macau’s Melco Resorts & Entertainment bought a 19.9 percent stake in the Australian operator, Reuters reports.
Melco Resorts & Entertainment said it agreed to buy an almost 20 percent stake in Crown Resorts for A$1.75 billion ($1.2 billion) just two years after the Australian company withdrew from a decade-long venture with the Macau-based operator.
Melco Resorts & Entertainment Chairman and CEO Lawrence Ho sits down for an exclusive twenty-minute interview with AGB Nippon Executive Editor Michael Penn, discussing the challenges of his firm’s campaign to win one of the three Integrated Resort licenses in Japan.
Melco Resorts & Entertainment Chairman and CEO Lawrence Ho came ready for action on the first day of the Japan Gaming Congress, announcing that his firm would dramatically raise the global standard of IR industry, and presenting a stunning array of visual demonstrations of his “City of the Future” concept for the Osaka Yumeshima site.
During an earnings conference call, Melco Chairman and CEO Lawrence Ho seemed to acknowledge that MGM Resorts’ tie-up with the Orix Corporation would make them tough to beat for the Osaka IR license and that Melco was beginning to focus its attention on other parts of Japan. “We have seen the MGM partnership with Orix […]
Melco Resorts & Entertainment posted a 4 percent gain in Q1 revenue, driven mostly by mass market table games in Macau, though the operator posted flat revenue from its operations in Manila and said it had turned cautious on the market due to increased competition.
Melco Resorts & Entertainment has been named among the Best Companies to Work for in Asia 2019 in the hospitality sector for Hong Kong and Macau.
Melco Resorts & Entertainment said its board had agreed to grant restricted shares amounting to about 0.09 percent of the group’s share capital to its chairman and CEO Lawrence Ho. Ho will receive 409,076 American depositary shares, which are equivalent to 1,227,228 Melco shares under a share incentive plan. The shares are not transferable and […]
Melco Resorts & Entertainment said it is the first in Macau to win four Green Key Awards, recognizing excellence in sustainability in its hotels.
Macau’s operators announced Monday they were mobilizing staff to help with the cleanup efforts after Typhoon Mangkhut, which swept through the territory at the weekend forcing the closure of casinos for the first time since concessions were granted in 2002.
Melco International Development posted a three-fold increase in profit in the first half of 2018, attributed mainly to better group-wide gaming performance, recovery of previously provided doubtful debt, and lower finance costs. According to a filing from Melco to HKEx, profit before tax reached HK$1.1 billion, up from HK$0.4 billion in the prior year period. […]
Melco Resorts & Entertainment reported an 8 percent gain in adjusted property EBITDA driven by its City of Dreams Manila and Altira properties, though overall revenue fell after a change in accounting practices.
Melco has launched its first on-site Hotel and Catering Safety Card Training with Labour Affairs Bureau (DSAL), the first of its kind in Macau. The full day program, attended by 53 Melco employees from various departments covered Occupational Safety and Health (OSH) topics relevant to the hotel and catering industry including workplace accident prevention, manual […]
Melco’s Lawrence Ho is confident his company will be granted more new-to-market gaming tables next year, TDM News reports. The company’s newest hotel tower, Morpheus, officially opened its doors on Friday after receiving its hotel and gaming license on Thursday. The 770-room hotel opened with 40 gaming tables transferred from other Melco properties, however, Ho […]
Melco Resorts & Entertainment has sponsored a public service video to reinforce responsible gaming culture to be shown on Macau television.
On Friday, Melco International Development held a ceremonial groundbreaking of City of Dreams Mediterranean, with expectations that the project’s first phase will open by 2021. Melco executives, including CEO Lawrence Ho assembled on the plot of land in Limassol, along with Cypriot president Nicos Anastasiades and Melis Shiakolas, CEO of Melco’s local partner CNS Group. […]
Melco Resorts Chairman and CEO Lawrence Ho does not expect that Japanese IRs will produce revenues on the scale of Macau, but he is nevertheless more than willing to build “a $10 billion plus resort” in either the Kansai or Kanto regions of the country.
During an interview with CNBC’s Christine Tan, Melco Resorts chairman and CEO Lawrence Ho said he “wouldn’t hesitate” to partner with Australian gaming mogul James Packer again should the opportunity arise. The partnership between Melco and Crown, known at the time as Melco Crown Entertainment, ended in May 2017, with Crown exiting its position in […]
Melco’s newest development, Morpheus, is set to open on June 15, 2018, according to an announcement from Lawrence Ho, chairman and CEO of Melco. Mr. Ho was speaking at a sneak-peak media press briefing at the Grand Hyatt in Macau on Tuesday, followed by a media tour. The $1.1 billion hotel tower is best known […]
Melco Resorts & Entertainment CEO Lawrence Ho says its Hollywood-themed Studio City resort will be ramping up its entertainment offerings in an “insane” way as part of the group’s determination to be at the cutting edge and stand out from other IRs.
Melco Resorts & Entertainment, Sands China, MGM China and SJM Holdings have improved maternity and paternity leave benefits for employees. At Melco, paid maternity leave will be extended from 8 weeks to 10 weeks from June 1st, while paid paternity leave will go from 3 (or 24 hours) to 5 days (or 40 hours) for […]
Melco’s new $1.1 billion hotel tower will not be using junkets to lure in Asian high rollers to its casino, chairman and CEO Lawrence Ho told Reuters. “Eventually it’s much better to develop your own database than rely on junkets,” said Ho on Friday. The new 160-meter tall hotel tower, Morpheus, will be located at […]
Melco Resorts and Entertainment exited one of gaming’s most successful joint ventures early last year, putting it in a position to reap the full potential of its Asian properties and to chart its own path into new jurisdictions. The company is building an integrated resort in Cyprus and is pushing hard for a license in […]
Melco Resorts & Entertainment posted a 3 percent increase in Q1 revenue, driven by Studio City and Altira.
Melco Resorts & Entertainment Japan opened its Osaka office to the local media on Monday, an additional signal of the company’s keen interest in the Yumeshima site. The Melco office is located in the Shinsaibashi district of Osaka, near Dotonbori, which will likely become a base for demonstrating its MelGuard security system and scale models […]
Melco Resorts & Entertainment said its board has agreed to allocate restricted shares, equivalent to 531,381 of the company’s ordinary shares to Chairman and CEO Lawrence Ho under a share incentive plan. The shares are not transferable and may not be sold or pledged until fully vested, the company said in a Securities and Exchange […]
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 […]
Melco Resorts & Entertainment CEO Lawrence Ho said the company will take care of the family of a worker who died at the construction site of its Morpheus hotel on Sunday. The 32-year old woman fell to her death while working at the hotel, which is scheduled to open this spring. “At present we are […]
Melco Resorts & Entertainment Chairman and CEO Lawrence Ho said he would favor maintaining the status quo in Macau when it comes to renewing the concessions for the gambling hub’s six operators. “It’s really up to the government in terms of – is it the same number of licenses – I would support that,” he […]
Melco Resorts & Entertainment has announced that a one-month discretionary bonus has been paid to all eligible non-management employees in advance of the Lunar New Year, and effective April 1, 2018, all eligible non-management employees will receive a salary increase ranging from 2.5 percent to 8.1 percent in recognition for their hard work and contribution […]
Studio City, operated by Melco Resorts & Entertainment, today announced that it has been granted an extension of the development period under the Studio City land concession contract. Pursuant to such extension, the development period for the land of Studio City has been extended to July 24, 2021. Last week, Melco Resorts chairman and CEO […]
Macau casino operator Melco Resorts & Entertainment saw its full year 2017 net revenue grow 17.7 percent to US$5.3 billion, primarily attributed to better group-wide performance across all gaming segments. Adjusted property EBITDA for the year ended December 31, 2017 was $1.4 billion, up 31 percent year-on-year, while net income attributed to Melco Resorts was […]
Melco Resorts & Entertainment has been awarded Gaming Operator of the Year, Australia & Asia at the International Gaming Awards (IGA) 2018. Melco is the developer, owner and operator of integrated casino gaming and entertainment resort facilities, whose business operations include City of Dreams Macau, Studio City, City of Dreams Manila, Altira Macau and Mocha […]
President Rodrigo Duterte on Thursday held a meeting with the top executives of Melco Resorts and Entertainment, according to a government news release. While the reasons for the courtesy call was not specified in the release, the announcement made mention of Melco’s new luxury hotel brand NÜWA, which is set to replace the Crown Towers […]
Russia’s parliament has pushed through a law that will exempt casinos from the need to deduct taxes from their clients’ winnings. The law was signed by President Vladimir Putin just before the year-end, when the legislation making casinos de-facto tax agents was due to come into force. According to the new law, casinos are no […]
The Macau government has awarded Lawrence Ho the Medal of Merit – Tourism for his contribution to tourism in the territory. The recommendation came from a Macau government committee, which decided Ho was one of the 42 individuals and organizations that have contributed the most to the region’s economy and tourism sector with his “achievements, […]
Melco International Development has sealed its joint venture agreement with CPZ to develop a resort on Cyprus and said it will increase its holding in the project to 75 percent from the current level of 70.74 percent. The accord is to develop an integrated resort in Limassol and up to four other satellite casinos on […]
Lawrence Ho said he is selling off his entire stake in Summit Ascent Holdings, shortly after the Russian government announced changes that could potentially double taxes for the company’s Tigre de Cristal resort near Vladivostok. Ho, who is chairman of Summit Ascent, holds 1.34 percent directly and a further 16.03 percent through his wholly owned […]
Lawrence Ho, chairman and CEO of Melco Resorts & Entertainment, held a press conference on Thursday in Tokyo to reiterate his desire to build an IR in Japan, which he dubs the “City of the Future.” The bulk of the hour-long event, which was attended by well over a hundred people at a luxury hotel […]
Melco Resorts & Entertainment Ltd reported higher group-wide rolling chip revenues in the third quarter of 2017, boosting adjusted property EBITDA to record highs. Net revenue for the third quarter of 2017 was US$1.4 billion, an increase of 19 percent year-on-year. Melco said the increase in revenues was attributable to higher rolling chip revenues at […]
Melco is building its base in Japan even as some other international operators are hesitating in advance of the October 22 general election. Ako Shiraogawa has been appointed the president of Melco Resorts & Entertainment Japan, and the company announced the opening of two offices—one in Tokyo and the other in Osaka. Before joining Melco […]
Macau may see its best Golden Week holiday in years, with forecasts for Macau’s upcoming holiday looking very positive, according to a report from Bloomberg. “Macau’s gaming business will be strong during the Golden Week,” said Lawrence Ho, chairman and chief executive officer of Melco Resorts & Entertainment Ltd to Bloomberg. “China’s economy is improving, […]
Macau’s community is set to receive another helping hand with the addition of relief funds from Melco Resorts and Wynn Resorts, according to two separate announcements released last week. Melco Resorts and Entertainment said it plans to allocate MOP 30 million (US$3.75 million) to support its employees and their families, and the community. Two thirds […]
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 […]
Melco Resorts & Entertainment Limited (MLCO) reported net income of US$36.5 million in the second quarter of 2017, driven by improved group-wide rolling chip revenues. Bernstein noted that “while VIP was a focus of discussion, the company reaffirmed that success will come from mass. “However, the two consecutive quarters of subpar mass performance in Macau […]
Melco Resorts & Entertainment Ltd on Thursday held a leadership forum at City of Dreams, which was attended by over 600 of Melco’s management staff. The forum began with presentations given by Melco’s executives, providing an overview of the Company’s Responsible Gaming Steering Committee and the various programs it has launched over the past decade. […]
Melco Resorts International head Lawrence Ho said capital control measures introduced in China and Hong Kong are not deterring Mainland gamblers. In an interview with Reuters, Ho said measures such as new facial recognition measures to be brought in at ATMs would simply prompt gamblers to alter their banking habits. “It’s been two and a […]
Melco Resorts CEO Lawrence Ho said his company will step up security at its City of Dreams Manila complex following an attack on nearby property Resorts World Manila. “With an incident like this, especially at Resorts World Manila, we certainly would ratchet that (security) up even more…certainly an issue we will buckle down on,” told […]
Lawrence Ho, chairman and CEO of Melco Resorts and Entertainment Ltd says he is more interested in building a casino in Osaka over Tokyo as the integrated resort model makes more sense there, Bloomberg reports. “When you go to the Kansai region, it’s more fun, really, and we’re a company that focuses on fun and […]
Melco Resorts & Entertainment’s final termination of its links with former joint venture partner Crown Resorts won’t have any impact on the group’s credit ratings and analysts say it won’t be dilutive to shareholders. Melco on Monday said it would buy all remaining shares, or about 11.2 percent of outstanding stock, from Crown to be […]
Melco Resorts & Entertainment Ltd (MLCO) on Monday announced the conclusion of its joint venture partnership with Australia-listed Crown Resorts. In a Monday press release, Melco announced it would be conducting a secondary sale of shares, as well as a concurrent repurchase of shares from Crown Resorts, which finalizes the complete sell down of Crown’s […]
Casino operator Melco Resorts & Entertainment Ltd. reported better-than-expected adjusted EBITDA and net revenue in the first quarter of 2017, attributed to strong performance in rolling chip and mass market table games segments. Group wide adjusted property EBITDA was US$353.3 million, representing an increase of 42 percent year-on-year from US$248.8 million in 16Q1. Total net […]
Russian casino operator Summit Ascent Holdings Ltd swung to a net profit of HK$559,000 (US$71,800) in the full year 2016, compared to a net loss of HK$85.4 million in 2015. 2016 was the first full calendar year of operations of Tiger de Cristal, which grew rolling chip turnover from HK$3.5 billion in 16H1 to HK$10.6 […]
Billionaire chairman Lawrence Ho says he expects Macau to return to its peak within the next five years, Bloomberg reports. The chairman of Melco Resorts & Entertainment Ltd. in an interview with Bloomberg Television said he was “extremely bullish” on Macau. “Definitely within the next five years, it will grow back to the $45 billion […]
Melco Resorts & Entertainment, formerly known as Melco Crown Entertainment announced today that its flagship resort, City of Dreams, will rebrand the existing Hard Rock Hotel to “The CountDown”. The name change is expected to take effect from July 2017 until March 31, 2018 with a countdown clock timed to the unveiling of a new […]
Melco Crown chief Lawrence Ho said his company is willing to do whatever it takes to secure the rights to build an integrated resort in Japan, local media reports. “This opportunity is priceless and we’ll spend whatever it takes to win,” Ho said in a briefing at the CLSA investor conference in Tokyo on Wednesday. […]
Melco Crown Entertainment posted a 13 percent gain in Q4 revenue as an improved performance at Studio City and City of Dreams Manila offset declines at its older properties. Revenue came in at $1.19 billion, up from $1.05 billion a year earlier, in line with consensus estimates. Adjusted property EBITDA was $304.3 million as compared […]
Melco International Development Ltd. has acquired an additional US$1.1 billion worth of shares in Melco Crown Entertainment (MCE) in an effort to open up more opportunities in Asia and Macau. The share purchase of an additional 198 million ordinary shares brings the company to a 51.3 percent stake in MCE, compared to 37.9 percent before. […]
Casino operator Melco Crown Entertainment Limited has announced it will be awarding a one-month discretionary bonus to its non-management employees, to be paid out before Chinese New Year. In a press release, Lawrence Ho, chairman and chief executive officer of Melco Crown Entertainment said, “Through the continuous support and dedication from all of our colleagues, […]
Melco Crown Entertainment Ltd. has announced a number of new appointments to its leadership team, including chief marketing and brand officer Mr Frederic Winckler, said the operator in a recent press release. Winckler has been appointed in the newly created role of chief marketing and brand officer responsible for the marketing and branding of all […]
Crown Resorts’ decision to halve its stake in its Melco Crown Entertainment venture is not a call on the Macau market, but rather a decision to refocus on Australia, analysts say. On Wednesday, Crown said it was cutting its 27.4 percent holding in Melco by selling 13.4 percent to partner Melco International. The Australian company […]
Melco International Development Limited today announced that it has signed a privately negotiated agreement to purchase 198,000,000 ordinary shares, equivalent to 66,000,000 American depositary shares of Nasdaq-listed Melco Crown Entertainment Limited representing approximately 13.4 percent of MCE’s current shares outstanding, from Crown Asia Investments Pty. Ltd., a wholly owned subsidiary of Crown Resorts Limited […]
Japanese lawmakers have reopened the debate on a bill to legalize casinos on Wednesday, with key LDP executives saying the party will try to pass the legislation by December 14, local media reports. According to Japan Times, Liberal Democratic Party Diet affairs chief Wataru Takeshita on Wednesday reportedly told junior coalition partner Komeito that the […]
Melco Crown Entertainment Ltd. on Tuesday unveiled the new hotel brand created for the new fifth hotel tower at City of Dreams – Morpheus, named after the God of Dreams. The new luxury hotel is situated within the City of Dreams, in Cotai, Macau and is expected to commence operation in 2018. Lawrence Ho, chairman […]
Melco Crown Entertainment (MCE) has announced the resignation of its chief operating officer, Ted Chan, due to personal reasons. Lawrence Ho, chairman and chief executive officer of MCE, confirmed that he will personally take on day-to-day operational leadership. MCE said it is not planning to name a replacement COO at this stage. “The Company is […]
Melco Crown Entertainment says it is being “extra cautious” to comply with laws on marketing in China in the wake of the arrest of 18 Crown Resorts employees. “I think Melco Crown and our efforts in China, our marketing efforts, has always been in compliance with the rules and regulations,” Melco Crown chairman and […]
Melco Crown Entertainment Q3 results beat analysts’ expectations, helped by an improved performance from its Hollywood-themed Studio City resort. Adjusted EPS was $0.13 per ADS, up from $0.11 per ADS a year earlier and above the $0.07 per ADS consensus. Revenue for Q3 rose 22 percent to $1.15 billion and beat estimates for $1.1 billion. […]
Macau gaming operator Melco International Development has reported more than 90-fold increase in net profit for the six months ended June 30, 2016 – derived from a special gain from taking majority control of Melco Crown Entertainment Limited (MCE). The company became the single largest shareholder of MCE after Australian-listed Crown Resorts reduced its stake […]
Melco International Development Ltd has announced the appointment of Evan Winkler as the managing director of the company with effect from August 2, 2016. According to a press release from the company, Winkler previously served as a managing director at Moelis & Company, and before that, was the managing director and co-head of technology, media […]
Melco Crown Entertainment said it’s buying back shares from its joint venture partner Crown Asia Investments, for about $800.83 million. Melco is buying back 155 million shares from Crown Asia, a unit of Australia’s Crown Resorts. Following the transaction, Crown’s stake will fall from 34.3 percent to 27.4 percent, while the share of Melco […]
Melco Crown Entertainment said Q1 revenue rose, boosted by income from its new Studio City project in Macau and its operations in Manila, but its net profit fell by just over a third. Analysts also said that despite the contribution to Q1 revenue, the ramp up from Studio City has been slower than expected, while […]
Casino mogul Lawrence Ho has warned Macau’s tough operating environment is to persist, reports The Australian. As part of Melco International Development Group’s annual report, Ho said despite the tough conditions in Macau, he remains optimistic about the region’s outlook, and that Macau was undergoing a transition towards a more mass market-focused business model. “Looking […]
Lawrence Ho’s Summit Ascent Russia is said to have a majority of the directors on the board of Oriental Regent, owner of Tigre De Cristal in Russia. According to its filing to the Hong Kong Stock Exchange last Friday, the company will have four out of seven directors on the newly expanded Oriental Regent board, […]
Macau’s City of Dreams is due to open its new expanded retail arcade by mid-2016, said Melco Crown Entertainment chief executive officer Lawrence Ho in an interview with Hong Kong’s Now TV. Ho said he was satisfied with the current progress of the leasing of shops in the new development, which is part of the […]
Summit Ascent Holdings, operator of Tigre de Cristal, located in Vladivostok, Russia, reported a loss for the year attributed to owners at HK$85.4 million (US$11 million), according to a filing to the Hong Kong Stock Exchange. The loss was expected for the company, headed by Lawrence Ho, as it celebrated its Grand Opening on Nov. […]
Chinese lottery services provider MelcoLot Ltd reported a net loss of HK$35.9 million (US$4.5 million) for the year ended Dec. 31, 2015, representing a 45.1 decrease compared to a loss of HK$60.4 million in 2014. The lottery operator reported increased revenue for the year at HK$57.2 million, up 26.3 percent compared to HK$45.3 million for […]
Melco Crown says it expects to buy out minority hedge fund partners in its Studio City complex, but is mindful of the reaction of shareholders, local media reports. Melco Crown chief executive Lawrence Ho told investors at its first-half results that it was to look into a buyout of Studio City so it could assume […]
MelcoLot said its plans for a casino in Georgia will not proceed after failing to reach accord over a prospective site. The company said it has been negotiating with Dhabi Group Georgia over a potential lease. “Although every effort has been made to negotiate with Dhabi on the lease terms, the parties are unable to […]
Dolphin Products and Oriental Regent have entered into an agreement for the latter to purchase “Additional Gaming Products” from Dolphin for a cash consideration of $198,648, it was announced on the stock exchange. The Additional Gaming Products, which are not described in more detail in the filing, shall be used in the casino under the […]
Lottery operator MelcoLot Ltd, a subsidiary of Melco International Development Ltd and chaired by Lawrence Ho, accrued losses of HK$26 million ($3.35 million) for the nine-month period ended 30 September 2015. The group achieved total revenue of HK$34.0 million ($4.38 million) compared with HK$34.4 million for the same period in 2014, representing a decrease of […]
Macau’s gaming bubble has well and truly burst with the heyday over as the VIP sector becomes “permanently and structurally changed,” said Melco Crown CEO Lawrence Ho in an earnings call. “[C]ertainly the whole VIP sector in our opinion and we’ve been saying this probably for some time now has been permanently and structurally changed. So […]
AGB had the privilege of attending the official launch of Studio City in Macau this week. At the press conference on Monday 26 October, Melco Crown Entertainment (MCE) CEO Lawrence Ho and co-chairman James Packer explained what makes the project special. Co-chairman Lawrence Ho and James Packer were in attendance, alongside Hollywood celebrities Leonardo di […]
Melco Crown Entertainment’s $3.2 billion Studio City resort opens today with many hoping the cinema-themed attraction will provide the catalyst to revive sagging gambling revenues in Macau. The company says it will be hosting a “once in a lifetime” gala dinner to guests at the opening to serve up a taste of some of the […]
Studio City, the $3.2 billion cinematically-themed leisure resort and casino developed by Melco Crown Entertainment, opened its doors today, marking the start of a “new era” for Macau and Asia, MCE CEO Lawrence Ho said at the launch. “Today marks the start of a new era of leisure destination entertainment for Macau and Asia,” said […]
Lenders to Melco Crown’s Studio City face debt renegotiations as the company does not have enough gaming tables for the $3.2 billion project ahead of requirements that it must meet next year, Bloomberg reports. The company, controlled by billionaires Lawrence Ho and James Packer, said it “intends to proactively engage” lenders after Macau’s government authorized […]
Melco Crown Entertainment has announced that the Macau government has allocated 250 gaming tables to its new Studio City resort, which is scheduled to open next week. The company has won permission for 1,233 new gaming machines. At the open, there will be 200 gaming tables and 1,233 gaming machines, with the remaining 50 gaming […]
Melco Crown Entertainment unveiled its Studio City Event Center to over 8,500 employees last week at three staff rallies. The rally was officiated by MCE’s co-chairman and CEO Lawrence Ho, COO Ted Chan and other senior company executives. More than 8,500 employees joined the rally to cheer the countdown of the grand opening of Studio […]
Melco Crown Entertainment has teamed up with Edinburgh Napier University to launch an in-house bachelor’s degree program for employees. MCE said in a statement that the degree course creates a “whole person development programme for employees who have yet to achieve a university degree.” The MCE YOU-niversity initiative will award successful students with a Bachelor of […]
Studio City International Holdings announced that with the possibility that the table allocation for Studio City’s gaming area may be lower than anticipated it has formed a contingency plan. The company said in a press release it has engaged Kirkland & Ellis LLP as its counsel and Moelis & Company LLC as its investment banker […]
Melco Crown subsidiary MelcoLot announced that total revenue amounted to HK$24.1 million ($3.1 million) in the first six months of the year, up 7 percent year-on-year, while also releasing an update on its casino plans in Georgia and Spain. The company, which is in the Chinese lottery business, said revenues generated from the sales of […]
Melco Crown Entertainment announced that its highly anticipated $3.2 billion Hollywood-themed Studio City will officially open on October 27, 2015. Melco Crown made the announcement during a ceremony offering a tour of the property, while also launching sales for two of its packages. “We are just a few months away from the realization of our […]
Melco Crown CEO Lawrence Ho believes Macau’s flagging gaming industry has bottomed but shared the government’s view that further declines in revenue will require austerity measures. Due to plummeting gross gaming revenues that has led to a fall in gaming tax collected by the government, Ho reiterated the concern of Macau’s finance secretary that austerity […]
Melco Crown Entertainment said its DreamWorks-themed interactive play and creativity center DreamPlay by DreamWorks has enjoyed high levels of visitation, exceeding expectations, since its soft opening at the City of Dreams complex in Manila in March. The company held the official opening for the attraction on Friday, attended by Melco co-chairman and CEO Lawrence Ho […]
Melco Crown Entertainment Limited , a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, today revealed an all-star line-up of top international magicians for ‘The House of Magic’ at Studio City, the first and only permanent magic extravaganza in Macau. Designed, curated and hosted by world-acclaimed illusionist Franz Harary, ‘The […]
Melco Crown Entertainment officially launched a three-day cinema-themed Studio City Experience in Shanghai, the second event in its China roadshow initiative. The Shanghai event showcased the features from the world’s first flight simulation ride based on the DC Comics superhero Batman, in “Batman Dark Flight,” the company said in a media release. The company also […]
Melco Crown CEO Lawrence Ho said he expects Galaxy Phase II’s table allocation to reflect future allocations but stressed his Studio City project and Galaxy’s should not be seen as in the same situation. Studio City, which is hoped will get a minimum of 400 tables, is the first integrated-resort to open in the city […]
Melco Crown Entertainment Q1 earnings plunged more than 63 percent as China’s high rollers dried up, with rolling chip revenue at the company’s flagship City of Dreams Macau property falling by almost half. Adjusted net income was $87.1 million down from $239.3 million a year earlier. Per ADS the company said earnings were $0.16, down […]
Melco Crown (Philippines) Resorts announced that its recently opened integrated casino resort City of Dreams Manila has become the first property in Entertainment City to receive the regular gaming license from the Philippine Amusement and Gaming Corporation. The license was awarded after Melco met the minimum $1 billion investment under PAGCOR’s regular license requirement. A […]
Melco Crown Entertainment said it has launched a new local management development program aimed at helping its Macau employees rise to higher positions in the company. The Local Management Development – Foundation Acceleration Program aims to enhance preparedness for management responsibilities through a structured program including executive education, exposure to various business areas, leadership development […]
Melco Crown Entertainment announced plans with Pacha to open Macau’s first megaclub, Pacha Macau, at Studio City, the cinematically-themed integrated gaming resort due to open next year. Lawrence Ho, CEO of Melco Crown, said teaming up with the internationally-renowned brand is a step towards creating more non-gaming entertainment options and diversifying the economy. “We […]
Summit Ascent Holdings, backed by Melco International CEO Lawrence Ho, said it has nearly completed construction on its integrated resort in Primorye, Russia. “The construction of the integrated resort in the Russian Federation is nearing completion. Being the single largest shareholder in the joint venture we are actively involved in all phases of construction, staffing of […]
Oriental Regent has entered into an agreement to buy $1.28 million-worth of gaming products from Melco subsidiary Dolphin Products to be used in the company’s casino in Russia’s Primorye Gaming Project. In a filing to the Hong-Kong stock exchange, Summit Ascent Holdings – which holds a majority stake in Oriental Regent and is backed by […]
Melco Crown Entertainment posted Q4 results that missed expectations as both rolling chip revenue and mass market revenue declined. Net revenue for the fourth quarter of 2014 was US$1.12 billion, representing a decrease of approximately 20 percent and slightly behind forecasts for $1.13 billion. Casino revenue was $1.08 billion down from $1.35 billion. Adjusted net […]
Melco Crown Entertainment’s Altira Macau and Crown Towers casinos have once again received the Forbes Travel Guide Five-Star Awards, taking the total to eight, the most a company in Macau holds. The Forbes Travel Guide assesses properties around the world on their hospitality and awards those that meet the highest standards. Among the nine restaurants […]
Melco Crown Entertainment co-chairman Lawrence Ho said South Korea’s policy of restricting access to locals means the company is not placing a high priority on expansion in the country. “In our opinion, foreigners-only gaming market is difficult. Korea and its policy of not letting locals in, to us, is difficult,” Ho was cited as telling […]
Integrated casino resort developer Melco Crown (Philippines) Resorts Corp announced that the official Grand Launch of its new integrated casino resort, City of Dreams Manila, is to take place on Monday February 2. In a news release Monday, the City of Dreams Manila is poised to become a premier leisure and entertainment destination with the […]
Melco Crown Entertainment has unveiled details of its new $3.2 billion Hollywood-themed Studio City resort, which is scheduled to open later this year. Studio City, which has art-deco inspired architecture, claims to offer the most diverse collection of entertainment offerings ever seen in Macau, including a two-tower hotel and “highly sophisticated” shopping and dining experiences. […]
Yokohama Mayor Fumiko Hayashi's announcement that her government would make an IR bid reshaped the licensing race in a way that few other events have done.
For operators in Asia, it has become easier to promote from within, rather than look further afield.
Macau’s sixth Legislative Assembly elections will take place on Sunday, with gaming-related candidates proposing more concessions, a social fund and better workers’ rights as part of their platforms. Seven gaming-linked candidates are competing as part of a 24-strong field for the 14 available seats.
Almost a decade on from Melco Crown Entertainment’s 2006 IPO, there are signs that the joint venture between two of the world’s largest casino operators is not meeting its sky-high expectations.
Summit Ascent Holdings is counting on the under penetration of the North Asian markets and its head start in the Primorye gaming zone to ensure the success of its new Tigre de Cristal property in Russia’s Far East. Speaking to AGB, Eric Landheer, Director - Corporate Finance and Strategy of Summit Ascent Holdings says the resort has a unique market position and is one of the only true integrated resorts in northern Asia.
The first casino in Russia’s Far East, which has been touted as a potential Macau of the north, has officially opened after lengthy delays.The Tigre de Cristal held its soft launch on Oct. 8th in the Primorye gaming zone near the city of Vladivostok. The debut of the casino has been postponed multiple times since 2011, but the pace of development picked up when Asian investors became involved in the project in 2013. The resort is expected to appeal mainly to travellers from northern China and Korea, although unlike in many other Asian countries locals will also be able to participate. About 300 million people live within a three-hour flight of Vladivostok.
With the opening of Galaxy Entertainment’s Phase II development seemingly doing little to generate additional traffic in Macau, the focus has now shifted to the launch of Melco Crown Entertainment’s $3.2 billion Studio City property later this year.Most analysts see the cinematic-themed property as the true game changer when it comes to boosting non-gaming facilities in Macau and therefore a better indicator as to whether the territory can diversify and attract a wider tourist base.
The gambling zone of Primorye in Russia’s Far East continues to pull ahead of rivals, with the expected summer opening of Summit Ascent’s integrated resort and news of two other major investments worth more than $1 billion.
Macau Chief Executive Fernando Chui Sai On sent a clear message to the casino industry in the first policy address of his second term in office this week - the government is no longer just paying lip service to diversifying the economy away from gambling. The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for about 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The government has cut its projected revenue from gambling receipts this year to average 20 billion patacas ($2.5 billion) a month from 27.5 billion patacas, while analysts are forecasting a second year of contraction, possibly by as much as 30 percent, according to Deutsche Bank.In his address, Chui said the government will strengthen its oversight of the casino industry as licenses come up for renewal and may require the companies to regularly submit their investment and development plans for review, in particular with regard to non-gaming activities. A tourism panel, under Chui’s supervision, will draft a five-year plan for stable casino growth that will make the region less reliant on casino revenue. Macau, Chui said, will become a center of tourism and leisure travel.