Daily Asia Gaming eBrief: Melco’s revenues rise 224% y-o-y in 4Q23

Monday 4th of March 2024

1709253631

Good Morning
The way is up, as gaming operator Melco Resorts & Entertainment witnessed a considerable increase in total operating revenues during the fourth quarter of 2023, reaching $1.09 billion. This bump was attributed to the improved performance across all gaming segments and non-gaming operations, coupled with the removal of Covid-19 restrictions and the opening of Studio City Phase 2. Genting Malaysia also continued to bounce back, seeing its revenues rise by 23 percent to RM6.4 billion ($1.35 billion) for FY23, while adjusted EBITDA grew by 26 percent to RM2.1 billion ($435 million). Meanwhile, higher competition might lead to a slowdown in the Singapore tourism and gaming industry performance, Tradeview Capital CEO, Ng Zhu Hann, told AGB.

What you need to know

Gaming operator Melco Resorts & Entertainment witnessed a substantial increase in total operating revenues during the fourth quarter of 2023, reaching $1.09 billion.
Genting Malaysia's leisure and hospitality business sees 23% growth in FY23 amid global recovery from COVID-19.
After experiencing robust growth in 2023, Singapore is expected to undergo a slowdown in tourism and gaming in 2024 due to escalating regional competition, according to an insider.

On the radar

Premium Leisure Corp. sees 50% increase in gaming revenue last year.
Macau’s GDP grows 80.5% in 2023, driven by tourism and gaming.
RGB International turns to loss in 4Q23, as segment revenues fall.
Shin Hwa expecting FY23 loss of up to $69 million, on weak visitation.
Telegram willing to work with Malaysian gov’t to combat scams, gambling.

AGB Intelligence

MACAU

Melco reports revenue and EBITDA improvement in 4Q23

In the fourth quarter of 2023, Melco Resorts & Entertainment experienced a notable surge in total operating revenues, reaching $1.09 billion, marking a remarkable increase of approximately 224 percent compared to the same period in 2022 when revenues were $337.1 million. President Lawrence Ho noted Macau's extraordinary growth potential and resilience despite China's uncertain macro-economic outlook, citing close-to-2019 levels of visitations during the Chinese New Year holiday period.

NagaCorp’s FY23 results healthy, but recovery is gradual: Timothy McNally

While the results for 2023 were positive and showed an upswing, NagaCorp’s Chairman Timothy McNally says that business recovery has been “gradual”. The group saw increases in all of its segments, despite falling slightly short of expectations.

WATCH FULL INTERVIEW

Corporate Spotlight

Basketball player Kai Sotto is the new 1xBet ambassador in Asia

Kai Sotto, Basketball player, 1xBet ambassador, Asia

1xBet, a leading global betting company, proudly announces its partnership with rising basketball star Kai Sotto. Hailing from the Philippines, Kai Sotto will serve as the brand ambassador, championing basketball in his homeland and across various Asian nations, extending the 1xBet brand presence across Asia.

Industry Updates

Aristocrat announces inaugural gaming industry International Women’s Day.

Registration open for the ASEAN Gaming Summit 2024

Registrations for the 2024 ASEAN Gaming Summit, the calendar conference of excellence of the gaming industry in the region, are officially open. Scheduled from 19th to 21st March 2024, the Summit is the gateway to the Next-Gen of gaming in Asia.

Asia Gaming Awards 2024 recognizing excellence on March 20th in Manila

The Asia Gaming Awards, hosted by Asia Gaming Brief, is set to once again recognize and celebrate the outstanding achievements in the Asian gaming industry. The Awards ceremony will take place on the evening of Wednesday, 20th March 2024, at the Grand Ballroom of the Shangri-La The Fort, Manila.

NOMINATE NOW