Market volatility clouds outlook for $30.6B govt target: Melco Resorts CEO
Macau-based casino operator Melco Resorts & Entertainment Chairman and CEO Lawrence Ho has said that the broader market fluctuations have made it difficult to predict if government’s full-year target of HK$240 billion ($30.6 billion) will be achieved, according to local media. Expressing measured optimism, Ho said while the company’s first quarter performance was stable, the potential impact of United States-China trade tensions on economic development cannot be ignored.
He said both mainland and Macau-based enterprises remain united in supporting the country’s long-term goals. In addition, Ho also stressed the importance of Macau syncing up with national strategies, such as those laid out in the 14th Five-Year Plan and the Greater Bay Area (GBA) development initiative.
On future of satellite casinos
Discussing the future of satellite casinos, he emphasised how their future depends ultimately on the government. One of the 11 existing satellite casinos in Macau, Grand Dragon in Taipa, operators under Melco. The casino has a management model involving 15 gaming tables, Melco expects limited disruption if the existing arrangement comes to an end as the transition period’ for satellite casinos’ deadline nears.
Advocating for policies, Ho called for greater cross-border convenience for travelers from the Greater Bay Area. Better transport and relaxed travel requirements could make Macau an attractive weekend hotspot.
A few weeks ago, Melco International Development, the parent of casino firm Melco Resorts & Entertainment, confirmed that its casino at City of Dreams Sri Lanka in Colombo is set to open in the third quarter of 2025. In a recent filing, Melco International announced that its gaming license is valid for 20 years, effective from 1 April 2024.
The $1-billion City of Dreams Sri Lanka project is a partnership between Melco Resorts and Sri Lankan conglomerate . The infrastructure was initially developed before Melco’s involvement, and Melco is investing US$125 million in fitting out and equipping the casino. Issuing a statement on the development, Melco Resorts Chairman and CEO Lawrence Ho Yau Lung said, “We look forward to the opening of the casino at City of Dreams Sri Lanka, which is on track to open in the third quarter of 2025. This transformative project represents a capital-light investment with an attractive return profile, allowing us to extend the City of Dreams brand and broaden our customer base.”
