Melco International profits up 10% for FY19

Gaming giant profits hit HK$1.8billion (€211million) off the back of a 10.5% jump in net revenues to HK$45billion (€5.2billion).

Hong Kong.- Melco International Development has revealed a 10.5 per cent increase in profits to HK$1.8billion (€211million) for the full year 2019.

Net revenues grew at the same rate to HK$45billion (€5.2billion) while Adjusted EBITDA grew 15.1 per cent to HK$12.5billion (€1.4billion).

“In 2019, we took a big step forward in solidifying our position as a pioneer and innovator in premium travel, leisure and entertainment,” Lawrence Ho, Chairman and CEO of Melco International, said.

“In September last year, we announced our ‘Yokohama First’ policy as we get our Japan team to plan on bringing to Yokohama the best integrated resort the world has ever seen. In December, we submitted our integrated resort proposal to the Yokohama municipal government and we continue to actively engage with the Yokohama officials to illustrate our plans,” he added.

Regarding the Coronavirus crisis and the impact it was having on the industry, he said:

“2020 promises to be a very difficult year for global Integrated Resort operators. The recent Covid-19 outbreak, along with travel bans, visa restrictions and suspended flights, are poised to hit global tourism and impact the number of visitors to all our integrated resorts.

“However, we expect our commitment to developing world-class hospitality and entertainment facilities will put us in a good position to bring the best experience to our guests, and will see us through the challenging times in the near future.”