Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) reported a third-quarter FY22 sales decline of 46% year-on-year to $241.84 million from $446.39 million last year. And it takes time, as you know, in Macau, because the DSAL [Phonetic] and some of the labor kind of constraints that we have in the process in terms of how you go back and you bring the waiver into the market. Lawrence, a couple of questions on the Q1 results. The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a developer, owner and operator of . The decrease in total operating . May I ask about the mass market business that you're seeing in terms of premium versus base mass? [26], In August 2019, Melco Resorts became the official sponsor of Manchester City in Japan, while also sponsoring its sister club Yokohama F. So from a 25- to 35-year-old demographic, it's very high spending. I think that's why we -- I think not just every month. [2] In its first project outside of Macau, in 2012 Melco Crown began partnering with SM Investments on the $1 billion casino resort[12] City of Dreams Manila in the Philippines,[13] in which Melco Crown was expected to invest up to $580 million. Melco International was founded in 1910 and listed on the Hong Kong Stock Exchange in 1927. But in terms of provinces that require more airplane and stuff like that, I think that's certainly a growth area. Politicians love to say they support "Made in America" when it comes to manufacturing. Morningstar analysts hand-select direct competitors or comparable companies to Dcouvrez comment nous utilisons vos donnes personnelles dans notre Politique de confidentialit et notre Politique relative aux cookies. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. But hearing that Geoff was saying that you'd be able to maintain like 20%, 25% of the cost saving, wondering if you can give us a sense, perhaps not to that extent, maybe what sort of mass market GGR would you need in order to get your EBITDA back to this level. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. I would now like to turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited. [23] Adopting a "Yokohama-First" policy[24] and stating that the location had become their "main focus,"[25] Melco Resorts dropped its bid in Osaka in September 2019[24] and began pitching "the world's biggest integrated resort" in Yokohama. In the previous quarter, Melco Resorts & Entertainment (NASDAQ:MLCO) reported ($0.14) earnings per share (EPS) to beat the analysts' consensus estimate of ($0.35) by $0.21. We'll see you next quarter. Adjusted property EBITDA at City of Dreams Manila for the first quarter of 2023 surpassed the first quarter of 2019. Are you seeing more rated customers coming in? This is Lawrence. High-growth stocks tend to represent the technology, healthcare, and communications sectors. Melco Resorts & Entertainment (NASDAQ:MLCO) has a recorded net income of -$930.53 million. (Ad), Graphite Shortage Could Derail the $7 Trillion EV Transition (Ad). [5] Melco Crown became Melco Resorts & Entertainment[6] in May 2017[6] and currently operates as a subsidiary of Melco International. Property EBITDA at COD Macau and Studio City were also negatively affected by mass hold which was lower than our historical average. But yes, you're right. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. [6][16] Ho officially became COO, CEO, and chairman of Melco Resorts in April 2017,[4] overseeing three resorts in Macau, eight Mocha Clubs, the resort in the Philippines, and the development in Cyprus. Login or create a forever free account to read this news. You may now disconnect. Download the Melco Club app now and complete signup in a few simple steps. And I guess, secondly, were you restricted in terms of capacity in Q1? Homebuilding Stocks Defying Cooling Housing Market: Time to Sell? 326 E 8th St #105, Sioux Falls, SD 57103 Wall Street Veteran: "A New Wave of Crashes Will Rock US Stocks". The Real Problem With "Made in America" Lithium. Homebuilding Stocks Defying Cooling Housing Market: Time to Sell? Commonwealth Equity Services LLC acquired a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at about $70,000. So we don't anticipate that will be down for very long. MLCOs historical performance A number of other large investors have also recently bought and sold shares of MLCO. Thank you for your participation. Thank you, Lawrence. See how this could be great news for resource, Get Melco Resorts & Entertainment Earnings Alerts. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. So I think we've been very pleased with the opening of Studio City's Phase 2. Regional Banks Showing Signs Of Recovery As Stocks Rebound, Netflix Collaboration Fuels IAS, DoubleVerify Stock Surge, A Love/Hate Relationship With The Lovesac Company, Lightning Strikes For Thor Industries, Again, The Dave & Buster's Rebound Is Still In PLAY, Graphite Shortage Could Derail the $7 Trillion EV Transition, Get a free copy of the StockNews.com research report on Melco Resorts & Entertainment (MLCO). With that, I turn the call over to Geoff to go through some of the numbers. Entering text into the input field will update the search result below. Melco Resorts & Entertainment had a negative return on equity of 559.31% and a negative net margin of 52.06%. In addition, the company also has a majority interest in Studio City opened in October 2015. Is that correct? Sure. Compare See How This Could Lead to New Opportunities. What Should Investors Make of These 3 Dividend Cuts? melco corporate; mocha clubs; studio city macau; our awards. The chart below shows up to four years of a company's revenue history. So that's going to be another -- for us at least, that's another 550-plus rooms. We have seen a very encouraging start to the recovery in Macau during the first quarter of 2023 following the relaxation of border restrictions in early January and the recovery has progressed faster than we had anticipated. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.21. [12] The casino resort opened in 2015. Group Chairman and Chief Executive Officer, Mr. Ho, Lawrence Yau Lung was granted the Leadership Gold Award in the Business Awards of Macau in 2015 and the Outstanding Individual Award at the Industry Community Award in 2020. Total depreciation and amortization expense is expected to be approximately $140 million. The firm earned $716.48 million during the quarter, compared to the consensus estimate of $713.04 million. On the call are Lawrence Ho, Geoff Davis, Evan Winkler and our Presidents in Macau, Manila and Cyprus. MLCO - Melco Resorts & Entertainment Limited NasdaqGS - NasdaqGS Real Time Price. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. C3.AI's Lukewarm Earnings: Failing to Cash in on AI Boom? Again, we wanted to do it softly, trying to get again our processes and procedures and services so they're all aligned and being in a really good place. Invest better with The Motley Fool. Congratulations on a great set of results. When we started off in the first quarter, essentially, we were working to basically get back to 70%, 80% of our availability of the hotel rooms. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. But it's very much a premium mass-led recovery because in terms of the visitation numbers, I think, across all of Macau, it's still down from 2019. Some of that was due to just -- we've lost so much staff during the pandemic that it took time to hire staff back, get them trained up again, just kind of working our way back through the systems. [10], Crown Limited's interest in Melco Crown was around 36% by June 2009,[3] and in that year Melco Crown opened its flagship $2.4 billion casino resort City of Dreams Macau in Cotai. How we use your information depends on the product and service that you use and your relationship with us. In line with its Macao peers, narrow-moat Melco Resorts witnessed a solid recovery in the first quarter, with revenue and adjusted EBITDA reaching 53% and 47%, respectively, of 2019 levels, despite fewer available rooms from the ongoing labor shortage. [24], Founding as Melco Crown Entertainment (2004-2015), Melco Resorts & Entertainment (2016-2020), "Hong Kong's Richest 2018: Gaming Tycoon Lawrence Ho Adds $1.2B To Wealth, But Aims For Bigger Prizes", "Why This Company Is Betting on Tourists Flying to Cyprus From Around the World", "Macau Casino Mogul Lawrence Ho to Operate New Russian Casino", Macau's Melco in $1 billion Philippine casino project, "Macau gaming tycoon veers from Russia toward Japan", Casino company Melco envisions esports as big draw for Japan resort, "Melco counts on Japan's immigration bill to meet casino plans", Yokohama to join bidding race for casino resort, Melco signs Naomi Osaka as brand ambassador, Our Main Focus Is on Developing in Yokohama: Melco Resortss CEO, Game On: Yokohama Enters Japan Casino Contest, Man City and Yokohama combine for Melco partnership, https://en.wikipedia.org/w/index.php?title=Melco_Resorts_%26_Entertainment&oldid=1144986099, This page was last edited on 16 March 2023, at 16:48. It operates Altira, a complex focused on VIP customers; City of Dreams, an integrated resort in Cotai serving both mass-market . Wyndham Hotels & Resorts Earnings Results, Choice Hotels International Earnings Results, Trading Channel Breakout in Lululemon Brought by Earnings, Nordstrom's Earnings Beat, A Rally In The Making. About Melco Resorts & Entertainment Limited. Enter your email address below to receive the latest news and earnings results for MLCO and its competitors with MarketBeat's FREE daily newsletter. Yes. We maintain our profit forecast and fair value estimate of USD 12.80 per share, and we think the shares are fairly valued as of market close on May 10. Youre reading a free stock page from The Motley Fools Premium Investing Services. They closed last week at $5.02 a staggering loss of nearly 80%. I understand there's a lot of presumptions on how the mix as well as the cost saving. And then from an OpEx perspective, for the first quarter of 2023, we were at about 2.0. Enjoy complimentary stays, personalised service from a VIP Host, special offers at selected restaurants, and so much more. So again, we're quite pleased with the early results of what we've seen so far. In-depth profiles and analysis for 20,000 public companies. The best is yet to come for the casino operator. Angus. And maybe also on that point, perhaps you can -- Geoff, maybe you can share with us what your daily OpEx in the quarter as well. In July 2021, SJM opened Grand Lisboa Palace, in Cotai. The Hollywood-inspired, cinematically-themed Studio City is the most diversified entertainment offering yet established in Macau. Get daily stock ideas from top-performing Wall Street analysts. MLCOs stock style is Large Core. As we normally do, we'll give you some guidance on non-operating line items for the upcoming second quarter of 2023. In-depth profiles and analysis for 20,000 public companies. 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