Tuesday, July 16, 2024

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Joey Yung unveils The Grand Finale of ‘Melco Residency Concert Series 2024’

Last evening, pop diva Joey Yung once again hearten up the stage and kicked off the grand finale for this year’s Melco Residency Concert Series with the first of 12 elegant encounters at Studio City.

Melco project in Sri Lanka poised to capitalize on burgeoning Indian outbound tourism: MS

The new Melco Resorts & Entertainment City of Dreams project in central Colombo, Sri Lanka, could benefit from burgeoning wealth and outbound tourism from India, with its casino possibly helping to generate around 50 percent of the property's EBITDA, brokerage Morgan Stanley predicts.

Melco’s buyback program accounts for about 15% of its market cap: UBS

Nasdaq-listed Melco Resorts & Entertainment Limited's $500 million share buyback program accounts for about 15 percent of its market cap, notes UBS in its investment memo released following the company's announcement.

Melco’s strategic investments and market positioning helped enhance performance: Bank of America

Melco Resorts & Entertainment received an upgrade from Bank of America in a decision said to reflect the gaming operator's strategic investments and market positioning.

Melco’s The House of Dancing Water revamp to be supported by Our Legacy Creations

Melco Resorts & Entertainment will partner with Our Legacy Creations (OLC) to revive the City of Dreams 'The House of Dancing Water' show.

Melco Resorts and Trip.com Group design one-stop ultra-luxury package for influencers

Melco Resorts & Entertainment and Trip.com Group recently collaborated to host a lavish three-day, two-night trip in Macau for a select group of artists and influencers from Mainland China and Hong Kong.

Debt reductions on track to improve Melco’s financial stability: CEO

A debt reduction of some $250 million has helped Melco Resorts & Entertainment to mitigate its refinancing risks and bolster the company's financial stability, says the group's CEO Lawrence Ho in its recent conference call.

Melco launching City of Dreams Sri Lanka, casino to open mid-2025

Melco has been awarded a 20-year casino license to operate City of Dreams Sri Lanka, in the country’s capital of Colombo.

Melco Resorts senior notes should help finances, possible EBITDA of $1.3B in 2024: Moody’s

Both Moody's Ratings and S&P Global Ratings issued evaluations on the recently announced senior notes linked to Melco Resorts & Entertainment Limited, stating the move should help the group repay its debt and improve financial leverage.

Melco’s EBITDA expected to surpass pre-COVID levels in 2025: S&P

Melco’s EBITDA expected to surpass pre-COVID levels in 2025: S&P S&P Global Ratings states that Macau gaming operator Melco Resorts & Entertainment Ltd. is on track for an accelerating recovery path, with its property EBITDA expected to return to 2019 levels by 2025. In a non-ratings commentary, S&P assumes the company's EBITDA will recover to 94 percent of 2019 levels in 2024 and 7 percent higher than 2019 levels in 2025. This compares with about a 75 percent level in the fourth quarter of 2023. "Melco's EBITDA recovery will likely support its deleveraging to close to pre-pandemic levels over the next 12-24 months. Strong trends in Macau's mass gaming market are fueling this recovery," the research team indicates. The ratings agency also points out that higher visitor arrivals and hotel expansion will power mass-market growth in Macau. ‘China’s inclusion of Xi’an and Qingdao in the individual visit scheme from March 6 will likely further boost visitors to Macau.’ S&P Global estimates that Macau's mass gross gaming revenue (GGR) was up 12-13 percent from 2019 levels in the first two months of 2024. This trend is at the higher end of our 5-15 percent growth forecast for 2024, compared with 2019 levels. The company's EBITDA recovery could accelerate in the coming quarters. Solid mass gaming trends and incremental contributions from Studio City Phase 2 will likely support this. During the recent Chinese New Year holiday, the company's mass GGR was up 22 percent from 2019 levels, as the company benefited from Chinese arrivals.