MELCO INT'L DEV(00200)2025-04-28 10:12Financial Performance - The company's net revenue for the year ending December 31, 2024, was HKD 36.17 billion, an increase of HKD 6.64 billion or 22.5% compared to HKD 29.53 billion for the same period in 2023[40] - Adjusted EBITDA for the year was HKD 9.03 billion, up from HKD 7.51 billion in the previous year[39] - The loss attributable to the company's owners was HKD 780 million, significantly reduced from HKD 1.74 billion in 2023[39] - Casino revenue rose by 22.2% from HKD 24,090.4 million in 2023 to HKD 29,432.3 million in 2024, with hotel room revenue increasing by 24.5% and food and beverage revenue increasing by 36.4%[106] - Total operating revenue for Melco Resorts increased to 3,780,000,000 in 2023, representing a growth of 22.8%[115] - Adjusted property EBITDA for Melco Resorts reached 1,040,000,000 in 2023, marking a 17.3% increase[116] - Net income attributable to Melco Resorts was 326,900,000 in 2023[116] Strategic Expansion and Development - The company is set to launch the highly anticipated "The House of Dancing Water" show in May 2025, enhancing the tourism experience at City of Dreams[41] - The company plans to open a new casino at City of Dreams Sri Lanka in Q3 2025, expanding its brand and customer base[41] - The group anticipates the opening of City of Dreams Sri Lanka in Q3 2025, which is expected to be a light capital investment project with significant returns[59] - The group is exploring strategic options for City of Dreams Manila to optimize investments and effectively reallocate resources[59] - The group continues to invest resources to enrich its cultural, leisure, and tourism projects in Macau, including the return of the acclaimed water show "The House of Dancing Water" to enhance the tourism experience[75] Sustainability and Corporate Social Responsibility - The group has received recognition for its community initiatives, winning awards for best corporate social responsibility programs[25] - The group is committed to achieving carbon neutrality and reducing waste and water consumption as part of its sustainability goals[45] - The group made charitable contributions of approximately HKD 135.7 million in 2024, with nearly 3,600 volunteer hours contributed by employees globally[44] - The company was awarded the "ESG Best Performance Award - Merit" and "Theme Award - Merit" at the BDO ESG Awards 2024, recognizing its outstanding performance in sustainability[101] - The group won the "Best Overall Corporate Social Responsibility Program" and "Best Corporate Social Responsibility Initiative" at the IAG Academy IR Awards for its "Small Kindness, Big Love" initiative[98] Operational Improvements and Guest Experience - The gradual improvement in operations is attributed to the recovery of inbound tourists to Macau and the opening of new facilities[40] - The group is focusing on enhancing guest experiences and has introduced new entertainment facilities, including the first Dolby Cinema in Hong Kong and Macau[56] - The upgraded membership program offers exclusive benefits and personalized experiences to guests, aimed at increasing property attractiveness and foot traffic[56] - The group has implemented significant property upgrades that have improved guest satisfaction and overall financial performance[57] - The company continues to enhance guest experiences at Studio City through the addition of new facilities and attractions, including the opening of the first Dolby Cinema in Hong Kong and Macau[67] Environmental Impact - Greenhouse gas emissions increased from 17,688 MtCO2e in 2022 to 20,770 MtCO2e in 2023, and are projected to reach 28,675 MtCO2e in 2024[46] - Total energy consumption rose from 390,278 MWh in 2022 to 470,030 MWh in 2023, with a forecast of 536,449 MWh in 2024[47] - The total amount of waste generated increased from 7,680 tons in 2022 to 15,633 tons in 2023, expected to reach 20,996 tons in 2024[48] Corporate Governance and Leadership - The company emphasizes maintaining high levels of corporate governance to ensure responsible decision-making and improve transparency to shareholders[178] - The corporate governance framework is designed in accordance with applicable laws and listing rules, with regular reviews by the board of directors[179] - The board of directors consists of six members, with three executive directors and three independent non-executive directors, ensuring compliance with independence regulations[192] - The independent non-executive directors play a crucial role in maintaining financial reporting standards and safeguarding shareholder interests[198] - The company has established a code of conduct to ensure the highest ethical standards are upheld across all employees[181] Employee Development and Community Engagement - The company emphasizes the importance of talent and diversity in its workforce, aiming to create a supportive work environment[156] - The group is committed to providing training and development opportunities to enhance employee skills and performance[159] - The company continues to focus on supporting local SMEs through various initiatives, enhancing communication platforms to better understand their needs and services[100] - The company has implemented training programs for new employees to instill its culture and values, with ongoing monitoring of cultural promotion effectiveness[190] Market Performance and Recognition - The group has received eight Michelin stars across its five fine dining establishments, reaffirming its status as a leader in Macau's culinary scene[77] - The group received a record 107 stars in the 2025 Forbes Travel Guide, with 19 properties awarded five-star honors, reinforcing its leadership in the integrated resort sector in Macau and Asia[86] - The group was recognized as one of the top ten best integrated resorts in the Asia-Pacific region by Travel + Leisure in 2024[91] - The group’s City of Dreams Mediterranean won two awards at the 2024 World Luxury Hotel Awards, showcasing its growing influence in the global market[91]