Lawrence Ho Upbeat on Japan as Melco Posts Strong Revenue Growth

Speaking on an earnings call for the April-June 2019 period, Melco Resorts & Entertainment Chairman and CEO Lawrence Ho remained upbeat about his firm’s prospects in Japan.

“With our focus on the Asian premium segment, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture, and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realize a vision for an Integrated Resort development with unique Japanese touch,” Ho stated.

Melco reported that its April-June 2019 period revenue rose 17%, helped by the opening of its Morpheus hotel in June last year and higher hold rates, though performance at its City of Dreams Manila property weakened on increased competition.

Total operating revenues for the second quarter of 2019 were US$1.44 billion. Adjusted property EBITDA was a record US$442.2 million, up 24% from the second quarter of 2018. Net income was US$100.3 million.

“The further ramp up of the award-winning Morpheus and opening of the new VIP area on the second floor helped City of Dreams deliver a strong set of results in the second quarter of 2019, with VIP volumes, mass table gaming revenue and Property EBITDA all experiencing significant growth,” Ho noted in a stock exchange filing. (AGB)