Melco International Development Ltd
OTC:MDEVF
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Melco International Development Ltd
OTC:MDEVF
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Melco International Development Ltd
Melco International Development is an investment holding company best known for its role in casino and resort gaming through its stakes in Melco Resorts. The group develops and owns integrated resorts that combine gaming floors, hotels, restaurants, retail space, and entertainment venues in major tourism markets. Its customers are leisure travelers, high-spending casino visitors, and conference and event guests. The company makes money mainly from gaming revenue such as table games and slot machines, along with hotel stays, dining, and other resort services tied to each property. What makes its business model different is that it sits at the top of a real-estate-and-entertainment style gaming business rather than selling a single product. It invests in and helps build large destination resorts, then earns from the long-lived cash flow these properties can generate when visitors come for both gaming and non-gaming experiences.
Melco International Development is an investment holding company best known for its role in casino and resort gaming through its stakes in Melco Resorts. The group develops and owns integrated resorts that combine gaming floors, hotels, restaurants, retail space, and entertainment venues in major tourism markets.
Its customers are leisure travelers, high-spending casino visitors, and conference and event guests. The company makes money mainly from gaming revenue such as table games and slot machines, along with hotel stays, dining, and other resort services tied to each property.
What makes its business model different is that it sits at the top of a real-estate-and-entertainment style gaming business rather than selling a single product. It invests in and helps build large destination resorts, then earns from the long-lived cash flow these properties can generate when visitors come for both gaming and non-gaming experiences.
Macau Recovery: Macau properties saw strong performance in early 2023, with Chinese New Year EBITDA reaching $6 million a day and daily mass gaming volumes in February in line with January, exceeding 2019 levels.
EBITDA & Cost Control: Q4 2022 group-wide property EBITDA was negative $7 million, but full-year EBITDA was just above breakeven despite COVID challenges, reflecting effective cost management.
Operational Efficiency: The company has permanently reduced headcount and improved operating leverage, expecting 10% fewer employees at end-2023 versus pre-pandemic while expanding with Studio City Phase 2.
Liquidity & Debt: Melco ended 2022 with nearly $2 billion in cash and has since reduced leverage by roughly $500 million, focusing on deleveraging and does not foresee equity offerings soon.
CapEx Plans: 2023 capital expenditures include $60–65 million in Cyprus, $75–80 million for Studio City Phase 2, and $150–160 million for maintenance.
Mass Market Recovery: Mass gaming volumes in Macau are running at about 70% of 2019 levels, with management optimistic about further improvement.
