Daily Asia Gaming eBrief: Melco going strong, boosted by Macau play

Wednesday 6th of November 2024

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Good morning. Results season is in full swing, with Melco the latest to boast about its offerings. Heady upticks in Macau are boosting the company’s revenue, helping pad out its investments further abroad. Both gaming and non-gaming performed well, and while some regional conflicts have affected visitation, the group is confident in t h e ongoing developments. Further in Macau, Wynn has seen a fall in non-gaming, as its hotel and retail come under fire from heady competition in 3Q24.

What you need to know

Melco delivered strong revenue results in 3Q24, boosted by both gaming and non-gaming, amongst strong Macau results.
Wynn Macau’s non-gaming revenue weakens in 3Q24, hurt by declines in hotel and retail amid intensified competition.

On the radar

PH Resorts announces board resignation amid new government role.
Another investor pulls out of The Star, causing further stock woes.
Top anti-POGO official fired over actions during POGO raid.
Sentosa land plot of online gaming-linked Cambodian money launderer sold.
Macau’s gaming and hotel foreign worker numbers continue to increase.
Chinese Navy alerts young officers to online gambling risks.
MGTO and partners promote Macau tourism to the Southeast Asia market.
Andrew MacDonald announces new position after RWS departure.

AGB Intelligence

RESULTS

City of Dreams Macau, Melco Resorts, Macau

Melco Resorts results strong in 3Q24

Melco managed to turn around its outlook for the third quarter, compared to last year, boosting its income to nearly $140 million and EBITDA to $322 million, amongst heady results in Macau, even as revenues failed to meet expectations in Manila. Looking further abroad, the operator is beginning to see returns, as its Cyprus project continues to ramp up and it looks to more sunny pastures.

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