Melco Resorts & Entertainment reports Q4 EPS (57c) vs. (34c) last year

Reports Q4 revenue $337.1M vs. $480.6M last year. Lawrence Ho, CEO, commented, "Our results for the fourth quarter of 2022 continued to be impacted by the travel restrictions imposed across mainland China and Macau. However, we are encouraged by the increased visitation and volume that we have seen since the travel restrictions between mainland China and Macau were relaxed on January 8, 2023. Our recent performance reinforces our belief in the return of pent-up demand and our view that Macau will continue to develop as a leading international destination for entertainment and leisure. We are honored to have been awarded a gaming concession to continue to operate in Macau for the next 10 years. We greatly appreciate the consideration given to our proposal and our investment propositions that we believe will continue to build on our existing strengths in entertainment and non-gaming attractions. We pledge our full support to the sustainable and diversified development of the tourism and leisure industry in Macau, and will continue to work with the Macau government, the community, and stakeholders to contribute to the city’s development as a leading global tourism destination. Gaming volumes in the Philippines have reached close to pre-pandemic levels, and volumes in Cyprus have exceeded those we had seen pre-pandemic. We are optimistic about continued growth in the Philippines and Cyprus as international travel normalizes. In respect to our development projects, we expect Studio City Phase 2 to open in the second quarter of 2023. The first stage of opening is expected to include one of our hotel towers and the indoor water park, which is expected to be the largest of its kind in Asia. The second phase of opening is expected to be in the third quarter. In Cyprus, we have been informed that the Council of Ministers has approved an extension of the deadline to open City of Dreams Mediterranean under the terms of our gaming license to June 30, 2023 and we continue to work with our contractors with a target to open within that timeframe. We remain steadfast on reaching our 2030 goals in environmental sustainability. We are monitoring food waste through the Winnow AI technology installed in the employee kitchens and dining areas and continuously adjust menus accordingly. Food waste has reduced by 50% at our employee dining room at City of Dreams Manila due to continued efforts in internal engagement initiatives. Food waste composted on site in both Macau and Manila increased by 30% overall compared to 2021 and usage of the compost for our properties green areas has continued to improve as a result of ongoing adjustments with our landscaping teams. We are also working towards achieving BREEAM certification for the completed construction of Studio City Phase 2 and City of Dreams Mediterranean, following the ‘Excellent’ ratings that we obtained for the design stage of both properties."