Melco Resorts & Entertainment Limited is a developer, owner and operator of gaming and entertainment resort facilities with an expanding international presence, including in Macau, the Philippines and Cyprus.
Melco strives to be a pioneer in premium travel, leisure and entertainment and deliver world-class offerings that go beyond gaming to satisfy tomorrow’s most sophisticated international travelers. Established in 2004 and listed on the NASDAQ in 2006, Melco today employs over 21,000 people.
Melco’s mission is to shape the future of gaming and entertainment by implementing innovative products and services. Our leading position in the industry has been strengthened through launching innovative concepts at our integrated resorts and global market expansion strategy.
“Macau is punching well above its weight when it comes to putting on a show and attracting significant numbers of visitors. The range and quality of attractions the city now has to offer is remarkable and it’s exciting to see Melco pioneering new offerings for a more family-oriented audience.
Our record-breaking number of Forbes and Michelin stars, the relentless popularity of our headline show The House of Dancing Water, and the iconic status of our resorts play a major role in the visibility and appeal of this city. But it’s partnership and collaboration that are powering the city forward, with the Government playing a central role in the diversification and maturation of Macau’s beyond gaming appeal.
Macau’s emergence as the entertainment and hospitality hub of the Greater Bay Area further strengthens its visibility and importance and means the future for the city is brighter than ever.”
In the meantime, Melco has also added a mesmerizing new hotel tower, Morpheus, designed by the late, great Zaha Hadid. The 800-room hotel, with highend restaurants, has been a critical and commercial success since opening in June 2018.
THAT’S THE SUM OF IT
Taken together, all of these properties have built Macau into a world-class destination for visitors. Although, at the time of writing this celebratory issue, it had seemed like the skies were darkening again, with revenues in negative territory for most of the past year, in fact, the situation among the concessionaires is unlike it was in previous tough times.
Lessons have been learned. Heads are wiser. Eyes are more focused on the mass market. Headcounts are continuing to grow, despite the troubles affecting Hong Kong, which are keeping tour groups away from Macau, too. It is only a matter of time before gaming revenues turn positive again, and this time, it is widely believed that Macau’s future growth will be more sustainable, as it becomes less dependent on the volatile VIP segment.
There are still projects that need to open before the concessions expire in 2022. These include the Grand Lisboa Palace, SJM’s long-delayed mega-resort in Cotai, as well as extensions to existing projects, such as Galaxy’s Phase 3 and 4, and Sands China’s renovation of SCC into The Londoner. Billions of dollars more are flowing into these projects.
Including these expansions, by the time the concessions expire, and before the new concessions that should be awarded soon begin, the gaming industry will have invested a total of roughly US$50 billion.
That’s not bad a bad return for a city that in its 2001 tender had been hoping to attract US$1 billion.