Asia
Melco Announces Unaudited Fourth Quarter 2023 Earnings
Melco Resorts & Entertainment Limited, a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2023.
Total operating revenues for the fourth quarter of 2023 were US$1.09 billion, representing an increase of approximately 224% from US$337.1 million for the comparable period in 2022. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.
Operating loss for the fourth quarter of 2023 was US$94.4 million, compared with operating loss of US$199.5 million in the fourth quarter of 2022.
Melco generated Adjusted Property EBITDA(1) of US$303.4 million in the fourth quarter of 2023, compared with negative Adjusted Property EBITDA of US$6.8 million in the fourth quarter of 2022.
Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2023 was US$156.6 million, or US$0.36 per ADS, compared with US$251.9 million, or US$0.57 per ADS, in the fourth quarter of 2022. Net loss attributable to noncontrolling interests was US$20.8 million and US$42.1 million during the fourth quarters of 2023 and 2022, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China’s uncertain macro-economic outlook. Visitations to Macau during this month’s Chinese New Year holiday period were close to 2019 levels and the number of visitors from China exceeded 2019.
“2023 was a year of post-pandemic recovery and the debut of our new developments, including City of Dreams Mediterranean and Studio City Phase 2. 2024 is set to be another exciting year for us as we continue to develop new ideas and strategies to bring market leading leisure and entertainment offerings to our customers.
“As part of our initiatives to ensure Melco is leading the market in all areas of our business, we are making changes to management in Macau and bolstering the leadership team. We expect these changes will strengthen us as a team to secure a stronger and more competitive future.
“City of Dreams Manila in the Philippines has continued to show solid growth with significant market share gains in mass table games and slots. City of Dreams Mediterranean in Cyprus continues to be impacted by the conflicts in the region but is starting to show some signs of recovery so far this year.”
City of Dreams Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at City of Dreams were US$559.8 million, compared with US$139.2 million in the fourth quarter of 2022. City of Dreams generated Adjusted EBITDA of US$166.2 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$7.8 million in the fourth quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$5.19 billion for the fourth quarter of 2023 versus US$850.4 million in the fourth quarter of 2022. The rolling chip win rate was 2.55% in the fourth quarter of 2023 versus 4.47% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$1.44 billion in the fourth quarter of 2023, compared with US$292.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 31.6% in the fourth quarter of 2023, compared with 29.2% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$957.4 million, compared with US$194.7 million in the fourth quarter of 2022. The gaming machine win rate was 3.1% in the fourth quarter of 2023 versus 4.5% in the fourth quarter of 2022.
Total non-gaming revenue at City of Dreams in the fourth quarter of 2023 was US$80.1 million, compared with US$30.5 million in the fourth quarter of 2022.
Altira Macau Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at Altira Macau were US$33.6 million, compared with US$9.0 million in the fourth quarter of 2022. Altira Macau generated Adjusted EBITDA of US$0.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$9.5 million in the fourth quarter of 2022. The year-over-year change in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
In the mass market table games segment, drop was US$149.0 million in the fourth quarter of 2023 versus US$31.9 million in the fourth quarter of 2022. The mass market table games hold percentage was 23.8% in the fourth quarter of 2023, compared with 20.6% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$87.8 million, compared with US$40.8 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023 versus 3.0% in the fourth quarter of 2022.
Total non-gaming revenue at Altira Macau in the fourth quarter of 2023 was US$5.3 million, compared with US$2.1 million in the fourth quarter of 2022.
Mocha and Other Fourth Quarter Results
Total operating revenues from Mocha and Other were US$28.7 million in the fourth quarter of 2023, compared with US$19.5 million in the fourth quarter of 2022. Mocha and Other generated Adjusted EBITDA of US$6.0 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$1.8 million in the fourth quarter of 2022.
Mass market table games drop was US$49.6 million in the fourth quarter of 2023 versus US$21.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 14.8% in the fourth quarter of 2023 versus 19.7% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$493.0 million, compared with US$372.7 million in the fourth quarter of 2022. The gaming machine win rate was 4.6% in the fourth quarter of 2023 versus 4.2% in the fourth quarter of 2022.
Studio City Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at Studio City were US$302.5 million, compared with US$43.4 million in the fourth quarter of 2022. Studio City generated Adjusted EBITDA of US$77.3 million in the fourth quarter of 2023, compared with negative Adjusted EBITDA of US$25.3 million in the fourth quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
Studio City’s rolling chip volume was US$566.0 million in the fourth quarter of 2023 versus US$251.4 million in the fourth quarter of 2022. The rolling chip win rate was 1.86% in the fourth quarter of 2023 versus 2.70% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$864.1 million in the fourth quarter of 2023, compared with US$113.5 million in the fourth quarter of 2022. The mass market table games hold percentage was 30.0% in the fourth quarter of 2023, compared with 27.1% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$778.3 million, compared with US$124.5 million in the fourth quarter of 2022. The gaming machine win rate was 3.2% in the fourth quarter of 2023, compared with 2.7% in the fourth quarter of 2022.
Total non-gaming revenue at Studio City in the fourth quarter of 2023 was US$65.3 million, compared with US$9.6 million in the fourth quarter of 2022.
City of Dreams Manila Fourth Quarter Results
For the quarter ended December 31, 2023, total operating revenues at City of Dreams Manila were US$120.5 million, compared with US$95.2 million in the fourth quarter of 2022. City of Dreams Manila generated Adjusted EBITDA of US$48.8 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$23.6 million in the comparable period of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.
City of Dreams Manila’s rolling chip volume was US$416.5 million in the fourth quarter of 2023 versus US$940.7 million in the fourth quarter of 2022. The rolling chip win rate was 3.97% in the fourth quarter of 2023 versus 1.84% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$198.2 million in the fourth quarter of 2023, compared with US$148.2 million in the fourth quarter of 2022. The mass market table games hold percentage was 29.1% in the fourth quarter of 2023, compared with 31.9% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$1.08 billion, compared with US$1.02 billion in the fourth quarter of 2022. The gaming machine win rate was 5.3% in the fourth quarter of 2023 versus 4.7% in the fourth quarter of 2022.
Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2023 was US$30.3 million, compared with US$24.5 million in the fourth quarter of 2022.
City of Dreams Mediterranean and Other Fourth Quarter Results
The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.
Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended December 31, 2023 were US$47.3 million, compared with US$28.7 million in the fourth quarter of 2022. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$4.7 million in the fourth quarter of 2023, compared with Adjusted EBITDA of US$10.5 million in the fourth quarter of 2022.
Rolling chip volume was US$6.4 million for the fourth quarter of 2023 versus US$1.1 million in the fourth quarter of 2022. The rolling chip win rate was negative 8.85% in the fourth quarter of 2023, compared with 16.43% in the fourth quarter of 2022. The expected rolling chip win rate range is 2.85% – 3.15%.
Mass market table games drop was US$87.6 million in the fourth quarter of 2023, compared with US$38.0 million in the fourth quarter of 2022. The mass market table games hold percentage was 22.1% in the fourth quarter of 2023, compared with 24.9% in the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of 2023 was US$492.8 million, compared with US$392.4 million in the fourth quarter of 2022. The gaming machine win rate was 5.0% in both the fourth quarters of 2023 and 2022.
Total non-gaming revenue at City of Dreams Mediterranean and Other in the fourth quarter of 2023 was US$13.0 million, compared with US$0.2 million in the fourth quarter of 2022.
The Karnataka government has announced that it will introduce a new law to regulate online betting and gaming.
Home Minister G Parameshwara said a committee of senior officials and industry representatives has been constituted and it has been given a month’s time to submit a draft of the proposed bill.
“I chaired a meeting regarding online betting and gambling yesterday along with the IT Minister. Representatives from the industry were called. There is nothing to regulate them so far. They have agreed to the introduction of a licence system and a regulation as per law,” he said.
The state government held a high-level meeting to discuss a legal framework for regulating online gaming.
IT-BT Minister Priyank Kharge said that the intent of the legislation is to curb online gambling, betting and games of chance, and protect consumers from fraud while supporting innovation and the sustainable growth of the skill-based gaming industry.
Karnataka is set to introduce a legal framework to ban gambling while permitting skill-based games following a model similar to that of Chhattisgarh.
Kharge said he held a detailed meeting with the state home minister, senior government officials, members of online gaming federations, and industry experts to discuss the proposed framework.
“The legitimate online skill-based gaming industry in India is a sunrise sector worth USD 4 billion, contributing Rs 12,000 crore in taxes and creating over 1.5 lakh jobs. Karnataka alone accounts for 25 percent of the market and contributes Rs 1350 crore annually in taxes, making it a key hub,” he said.
The minister also raised concerns over the growing underground market of offshore gambling and illegal betting.
“Alongside the legitimate sector, there is a parallel underground market that is expanding rapidly, posing risks such as predatory money collection practices, dubious shell companies, financial fraud, data breaches, and cybercrimes,” he said.
Kharge also held discussions with representatives of the E-Gaming Federation (EGF), the All India Gaming Federation (AIGF) and the Federation of Indian Fantasy Sports (FIFS) regarding their collaborative “Code of Ethics” for the industry.
The post Karnataka Govt to Introduce New Law to Regulate Online Betting and Gaming appeared first on European Gaming Industry News.
GR8 Tech, the award-winning high-performance Sportsbook and iGaming platform, in partnership with iGB, offers a deep dive into the real opportunities—and real challenges—of India’s iGaming market.
With 1.4 billion people, 954 million internet users, and 448 million interested in gaming, India offers massive potential. But it’s not a market where global strategies can simply be copied and pasted. Success here demands a profound understanding of local player behavior, payment preferences, mobile-first user experience, and cricket’s dominance—insights all explored in GR8 Tech’s “2025 India Report: How to take advantage of the opportunity.”
Produced with the involvement of both local independent market experts and GR8 Tech professionals, the report examines everything from player behavior regarding sports betting and casinos to regulatory and taxation nuances. Some notable insights include:
- Cricket Dominance: The IPL attracts more betting activity than any match involving the national team. Cricket accounts for a massive share of sports betting in India, with 20 players betting on cricket for every 2 on football and 1 on kabaddi.
- Mobile-first audience: With 77% of online traffic coming from mobile devices, operators must optimize for mobile-first experiences to effectively engage players.
- Live casino & slots lead revenue: While live casino games drive the most revenue (56.4%), slots make up 47.5% of the total volume of bets. Instant games like Aviator and JetX are gaining ground, with Aviator alone accounting for 21% of one operator’s GGR.
- Skill-based games on the rise: Indian players are moving beyond luck-based games to more interactive, skill-based experiences. Games like Teen Patti, Andar Bahar, and crash games appeal to players looking for an active, strategic role in gameplay.
- Fantasy Sports Boom: Fantasy sports, particularly fantasy cricket, are on the rise and are expected to generate ₹388 billion in revenue by 2026.
- Localized Payment Preferences: Over 90% of deposits are made via the Unified Payments Interface, making it the dominant payment method for Indian players.
“India’s iGaming market is incredibly complex and offers immense opportunities, and we cannot underestimate the value of local expertise for understanding it. This report is grounded in insights from people who live the dynamics daily and have immense experience to share. It is not about shortcuts or immediate wins, but about building a realistic, informed perspective so that when the moment comes, you are ready to act with clarity and purpose,” said Yevhen Krazhan, CSO at GR8 Tech.
With a mobile-first audience, a deep cultural connection to cricket, and rising demand for interactive, skill-based games, success in India requires local insight. From understanding player behavior to optimizing payments and product mix, the opportunity is real—but so is the need to get it right.
To help you navigate, GR8 Tech is sharing “India Report: How to Take Advantage of the Opportunity”—an essential guide to thriving in one of the world’s most promising markets.
Download the full report now and get ahead in India’s iGaming evolution.
About GR8 Tech
GR8 Tech is a high-performance Sportsbook and iGaming platform provider.
GR8 Tech’s core strengths lie in its robust technology and focus on a personalized approach based on business needs, geographic focus, or operational verticals. From comprehensive offerings like Hyper Turnkey to specialized solutions such as the Sportsbook iFrame, Infinite Casino Aggregation, or Platform Acceler8 set, GR8 Tech provides UNbeatable flexibility and performance to drive operators’ growth and success.
Trusted by top operators worldwide, GR8 Tech has over 45 successful cases and earned multiple recognitions for its high-performance sportsbook-driven platform, including accolades from the SiGMA Awards, International Investor Awards, and GamingTECH Awards.
The post The Indian iGaming Opportunity Report: Insights for Sports Betting, Casino, Payments, and More appeared first on European Gaming Industry News.
A parliamentary debate on Thailand’s Entertainment Complex Bill that had been planned to take place on Wednesday has been postponed until the next session amid rising anti-casino sentiment and concerns the bill is being rushed through.
Thai PM Paetongtarn Shinawatra confirmed that the government would instead focus in the meantime on more pressing matters such as the aftermath of the recent earthquake and how to deal with the impact of the US tariffs.
Passage of the Entertainment Complex Bill has been coming under increasing scrutiny in recent weeks with anti-gambling advocates stating protests and a group of senators voicing their opposition to the speed with which the bill was seemingly making its way through parliament.
That’s despite the addition of a clause requiring locals to hold at least THB50 million (US$1.5 million) in their bank accounts to gain entry to Thailand’s legal casinos – a clause experts say would essentially force international operators to ditch their Thailand casino bids.
The post Thailand Postpones Parliamentary Debate on Casino Bill appeared first on European Gaming Industry News.
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