Melco announces new changes
Melco Resorts revealed that Geoffrey Davis will be appointed as the CFO of the parent company.
Macau.- Melco International revealed during a filing that Geoffrey Davis, executive VP and chief financial officer of casino developer Melco Resorts and Entertainment Ltd, will be the new CFO of the parent firm Melco International Development Ltd starting December 31.
The announcement disclosed that Davis will assume full responsibility for the financial functions of the company, as well as his work at Melco Resorts. Davis started working in Melco Resorts in 2011 back when the casino operator was called Melco Crown Entertainment Ltd thanks to a venture with Crown Resorts Ltd. The official is set to replace Dennis Tam Chi Wai, the current group finance director of Melco International, who said that he doesn’t have a disagreement with the company and that he will focus on a business venture.
Late last week Melco Resorts & Entertainment Ltd reported that third quarter results where EBITDA increased 38 percent to US$400 million. Net revenue also increased 19 percent year-on-year to US$1.4 billion. The increase in revenues was driven by higher rolling chip revenues at City of Dreams and the start of operations at Studio City last year.
Lawrence Ho, chairman and CEO of Melco, said that a strong contribution from all gaming segments, aided by a sustained recovery in Macau and ongoing strength in the fast growing Philippines gaming market, continued to drive the company’s overall profitability, which enabled Melco to deliver an all-time record adjusted property EBITDA in the third quarter of 2017.
