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Melco Resorts and Entertainment Ltd ADR MLCO Stock Quote

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Morningstar‘s Stock Analysis MLCO

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Better Recovery Outlook in Philippines Helps to Buffer Macao Headwinds

Jennifer Song Senior Equity Analyst

Business Strategy and Outlook

| Jennifer Song |

We believe the gambling market in Macao will enjoy solid growth in the longer term. This structural tailwind is driven by the rising middle class in China and the penetration rate of less than 2% in Macao, compared with Las Vegas' 13%. The new hotel rooms by major operators in the next few years should accommodate increased and extended visits from bigger spenders from these provinces, and drive the top line for integrated resort operators like Galaxy Entertainment. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists would increase. In addition, neighboring Hengqin Island, 3 times the size of Macao, is under rapid development to complement Macao's growth.

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Key Statistics MLCO

Company Profile MLCO

Business Description

Melco Resorts is one of only six licenced casino operators in Macao, the only region in China with legalized gambling. It operates Altira, a complex focused on VIP customers; City of Dreams, an integrated resort in Cotai serving both mass-market and premium-end patrons; and Mocha Clubs electronic gaming machines. In addition, the company also has a majority interest in Studio City opened in October 2015. Outside Macao, Melco also owns City of Dreams Manila in Philippines, and City of Dreams Mediterranean in Cyprus. The business mix in term of adjusted EBITDA was about 84% from Macao, and the rest largely from Philippines as of the prepandemic 2019 levels.

60 Wyndham Street, 38th Floor, The Centrium
Hong Kong, Hong Kong
T +852 25983600
Industry Resorts & Casinos
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 17,878

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