Melco Resorts And Entmnt Ltd Stock Price, News & Analysis

On April 26, 2023, Melco Resorts & Entertainment was awarded seven Michelin stars across four restaurants in Macau by the MICHELIN Guide Hong Kong Macau 2023. This recognition establishes Melco as a leading operator in the region’s culinary scene. The Jade Dragon earned three stars for the fifth consecutive year, while Alain Ducasse at Morpheus received two stars, also for the fifth straight year. Additionally, Pearl Dragon and Ying were each awarded one star. Chairman Lawrence Ho expressed pride in these awards, emphasizing the company's commitment to enhancing Macau's status as a top tourism destination and showcasing its culinary excellence.

Melco Resorts (Nasdaq: MLCO) announces the opening of an innovative indoor water park and its Epic Tower hotel at Studio City Phase 2 in Macau, solidifying its commitment to diversifying the local tourism industry.

The newly launched US$1.2 billion project spans nearly 10,000 square meters, featuring 16 thrilling waterslides and attractions, along with 338 chic hotel suites designed by Zaha Hadid Architects. The opening ceremony showcased Melco's dedication to enhancing Macau's leisure offerings, attended by notable government officials.

CEO Lawrence Ho emphasized the significance of this development amid a new ten-year gaming concession, marking a pivotal moment for both the company and Macau’s tourism landscape. This project is expected to elevate Studio City as Asia's entertainment hub and demonstrates Melco's long-term confidence in Macau's growth.

Melco Resorts & Entertainment Limited (MLCO) announced a share repurchase agreement to buy back 40,373,076 ordinary shares from Melco Leisure for approximately US$169.8 million. This deal, priced at US$4.2067 per share, will reduce Melco Leisure's stake from 53.1% to 51.7%. The transaction is contingent on customary conditions and aims to enhance shareholder value. Additionally, the company retains US$412 million for future repurchases as part of its US$500 million buyback program. This strategic move follows a US$200 million repayment received from Melco International in January 2023, signaling the company's strong cash position.

Melco Resorts & Entertainment Limited (MLCO) reported its fourth quarter and full year 2022 financial results. The company faced significant challenges, with total operating revenues declining by 30% to US$337.1 million in Q4 2022 compared to Q4 2021, mainly due to COVID-19 travel restrictions. The operating loss for the quarter reached US$199.5 million, up from US$104.4 million a year earlier. The net loss attributable for Q4 was US$251.9 million, or US$0.57 per ADS. Total revenues for 2022 were US$1.35 billion, down from US$2.01 billion in 2021, with a net loss of US$930.5 million. Looking ahead, the company highlighted recovery signs post-restrictions and upcoming project launches.

Melco Resorts & Entertainment Limited (MLCO) will announce its unaudited financial results for Q4 and the year ended December 31, 2022, on March 1, 2023, at 8:30 a.m. ET. A conference call will follow, requiring prior registration for dial-in details. The company operates integrated resorts in Asia and Europe, including Altira Macau and City of Dreams. The press release includes a safe harbor statement regarding forward-looking statements that could affect future performance, highlighting risks such as COVID-19 impacts, regulatory changes in Macau, and market conditions. Audio webcasts of the call will be accessible post-event.

Melco Resorts & Entertainment has been awarded 97 Stars by 2023 Forbes Travel Guide, reaffirming its leadership in Macau's hospitality sector. The company received 17 Five-Star awards across its properties, including City of Dreams and Studio City. Notably, Altira Macau marks its 14th year as an FTG Five-Star awardee in both Hotel and Spa categories. CEO Lawrence Ho expressed gratitude for the recognition and emphasized the company's commitment to exceptional hospitality despite pandemic challenges. Melco aims to enhance its service culture while anticipating increased tourist influx, particularly with the launch of upcoming projects like Studio City Phase 2.

Melco Resorts & Entertainment Limited (Nasdaq: MLCO) announces the commencement of its ten-year gaming Concession in Macau, effective January 1, 2023. This Concession allows Melco Resorts Macau to operate gaming activities across its casinos, including Altira, City of Dreams, and Studio City. The Company will pay a fee starting at MOP750 per square meter for the first three years, increasing to MOP2,500 per square meter for the subsequent seven years. Chairman Lawrence Ho expressed gratitude for the award and reiterated Melco's commitment to Macau's tourism and leisure industry growth.

Melco Resorts & Entertainment Limited (Nasdaq: MLCO) has received a ten-year gaming concession in Macau, effective from January 1, 2023, to December 31, 2032. This concession allows Melco Resorts Macau to operate several casinos, including Altira Casino and City of Dreams Casino, with an allocation of 750 gaming tables and 2,100 electronic gaming machines. The company will pay an annual premium of MOP30 million (approx. US$3.74 million), alongside variable amounts based on its operation. An investment commitment of MOP11.82 billion (approx. US$1.47 billion) is also required, with a significant portion directed towards non-gaming projects.

Melco Resorts & Entertainment Limited (Nasdaq: MLCO) has received a ten-year gaming concession from the Macau government effective January 1, 2023, to December 31, 2032. This concession allows Melco to operate games of chance in Macau's casinos. Chairman Lawrence Ho expressed gratitude for the government’s transparent awarding process and emphasized the company’s commitment to promoting sustainable tourism in Macau.