Melco hits 22% rise in Q2
Melco Resorts and Entertainment announced its Q2 results, highlighting the rise of its operating revenues to 22%.Founded in 2004, Melco has entertainment and casino...
Bank of America upgrades Melco Resorts
Bank of America upgraded Melco Resorts & Entertainment, citing the gambling operator’s strategic investments and market positioning.
Bank of America raised Melco’s recommendation from Neutral to Buy, citing the gambling operator’s increased focus on customer service improvements, which began at the beginning of the year.
The investment bank stated:
“This strategic shift has started to yield positive results, with industry checks indicating a reduction in aggressive promotional competition. Consequently, Melco is expected to experience a sustained recovery in its market share of Macau’s gross gaming revenue.”
Melco manages many casinos in the Macau Special Administrative Region, including Mocha Clubs and Altira Macau in Taipa, as well as City of Dreams and Studio City on the Cotai Strip. The corporation is also a partner in City of Dreams Manila, Philippines, and administers City of Dreams Cyprus. The firm was also recently awarded a 20-year casino license to run City of Dreams Sri Lanka in the country’s capital, Colombo.
Melco is well-positioned for ongoing development, which justifies Bank of America’s upgraded price target. This is due to a combination of the company’s strategic investments in customer service, good market circumstances, and positive industry trends. The first 19 days of May have seen Macau’s casino income outperform projections, primarily from travelers rescheduling trips that they had originally postponed because of bad weather around Labor Day Golden Week.
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Melco forecasts strong revenue for Sri Lanka project
When fully operational, Melco's recently announced City of Dreams Sri Lanka project is expected to produce gross gaming revenue of $200-250 million annually.Melco's EVP...
