Melco International profits up 10.5 percent in 2019

Melco International Development has reported that its profits were up by 10.5 percent to HK$1.8 billion (US$234 million) for the full year of 2019.

Net revenues grew at the same pace, 10.5 percent, to HK$45 billion, and Adjusted EBITDA grew 15.1 percent to HK$12.5 billion.

Chairman and CEO Lawrence Ho commented, “In 2019, we took a big step forward in solidifying our position as a pioneer and innovator in premium travel, leisure and entertainment.”

Turning to Japan, he noted, “In September last year, we announced our ‘Yokohama First’ policy as we get our Japan team to plan on bringing to Yokohama the best integrated resort the world has ever seen. In December, we submitted our integrated resort proposal to the Yokohama municipal government and we continue to actively engage with the Yokohama officials to illustrate our plans.”

On the issue of coronavirus and its impact, Ho stated, “2020 promises to be a very difficult year for global Integrated Resort operators. The recent Covid-19 outbreak, along with travel bans, visa restrictions and suspended flights, are poised to hit global tourism and impact the number of visitors to all our integrated resorts. However, we expect our commitment to developing world-class hospitality and entertainment facilities will put us in a good position to bring the best experience to our guests, and will see us through the challenging times in the near future.”