The CEO of the company said that it already sold out for the upcoming lunar year holidays.
Macau.- Melco Resorts & Entertainment expects a successful lunar new year holiday despite predictions that say casino revenue will decline in January and break a 29 straight month streak of revenue growth.
Lawrence Ho, CEO of Melco, said in an interview with Bloomberg that analysts are “overreacting” in forecasting that gaming revenue will decline in Macau. He added that he expects gaming revenue in the city to grow to mid to high single digits this year, which is very different from the 1% revenue decline predicted by Bloomberg analysts.
Melco expects business to boom during the lunar new year holiday next month, as hotel rooms at its three properties are all sold out at higher rates than last year. “This Chinese New Year we will definitely see business growth,” he said. “Overall, it’s better than last year for us.”
Ho also announced that plans to start the second phase of the Studio City resort are ready to proceed. Phase 2 of the facility includes more non-gaming entertainment and a giant water park.