Melco International Development announced Thursday that its first-half profit surged 57.3 percent to HK$908 million.
Lawrence Ho Yau Lung who heads the company said in a statement to the Hong Kong Stock Exchange that the core gaming and Macau business units under its major associate Melco Crown Entertainment recorded net revenue and Ebitda growth of 4.8 percent and 8.6 percent to US$2.5 billion and US$701 million respectively in the first half of this year. The statement also said that the fifth and final hotel tower at City of Dreams, designed by Zaha Hadid, is expected to open in early 2017.
Studio City in Cotai “remains on track to open in mid-2015,” according to the statement.
“City of Dreams Manila is set to open later this year and marks Melco Crown Entertainment’s maturation into an international player in the gaming and entertainment industry,” the statement said.
The company’s casino project in Vladivostok, as part of an investment partnership with Summit Ascent, will open in the last quarter of this year, the statement said, adding that Melco International Development has signed a memorandum of understanding with Veremonte España to take part in the Barcelona World Project as a casino operator.
“Despite the slowing growth of Macau’s gross gaming revenues in the past few months, the gaming sector in Macau overall remains positive as the more profitable mass-market segments continues to grow rapidly,” the statement quoted Ho as saying.
Ho also stated that the Studio City complex was “designed to supplement City of Dreams in targeting the premium end of the mass market and complement Altira Macau which caters to more exclusive VIP guests.”
As of June 30, Melco International Development held a 33.5 percent stake in Melco Crown Entertainment, according to the statement