Melco reveals Nagano resort plan
While it pushes for a Yokohama IR, Melco Resorts has revealed its plans to develop a 280-room hotel in Nagano, at a ski resort.
Japan.- The integrated resort (IR) race is well underway in Japan, even as locations and companies are far from being chosen. Still, most international operators are already trying to make a foothold in the country.
Melco Resorts took a further step in the archipelago, as it announced an investment in a Nagano ski resort. The developer will invest €224.6 million in Okushiga Kogen resort through its hospitality investment fund.
The plan is to support the revitalisation of the local economy. They will push hospitality, leisure and entertainment developments and hope to prove worthy of a Japanese IR licence.
Melco CEO Lawrence Ho said they want “to bring visitors to cities where international visitors don’t go.” He stated that “regional cities have the space and ability to create a better-integrated resort (IR).”
Melco’s 3Q revenue
Melco Resorts & Entertainment has released the latest financial report, which details operations from the third quarter. During the three-month period, the company generated US$1.4 billion, which is a 16% increase from 2018.
In the third quarter, Melco achieved an income of US$175.2 million, or a 104% increase when compared to 3Q18. Net income for the three-month period was US$83.2 million, while adjusted EBITDA totalled US$418.2 million, a 39% rise.
Melco says that the increase in income was due to a better performance in mass-market table games and rolling chips. The latter generated US$17.2 billion and a 40% improvement with a rate of 3%. Mass market table games increased to US$1.4 billion, representing an 8% rise.
Lawrence Ho, Chairman and CEO of Melco Resorts and Entertainment, said: “During the third quarter of 2019, Melco’s mass-market table games drop and gaming machine handle both reached all-time-record-highs. The third quarter of 2019 also marked 16 consecutive quarters of positive year-over-year growth in mass-market table games drop, highlighting the strength in Macau’s mass-gaming market.”
