Lawrence Ho, Chairman and CEO of Melco Resorts, has denied that the recent slowdown in Macau’s gambling sector was caused by the crackdown on illegal money exchange. Instead, he attributed the slowness to other factors such as Euro 2024 and the delayed start of Chinese school holidays. According to Macau news reports, Ho said “growth in July had been noted” and he observed that August was off to a very good start, in an earnings call with analysts.
He said: “We have seen this in Macau over the years. I think this has been a story 10 years in the making.“If anything, we are very positive and optimistic about the future. I believe we will continue to see growth heading into the second half of the year.”
Ho maintained a positive outlook, expecting continued growth in the Macau gaming sector, as gaming volumes have steadily improved since mid-July. The impending completion of upgrade works at Melco’s City of Dreams Macau and Studio City properties would further support growth for the rest of 2024.
Melco recently announced its Q2 2024 revenue, which saw a 22% growth with improvement to four of the company’s properties. Melco’s Studio City was one of them, with a 40.1% increase in its Q2 operating revenue, which was attributed to Macau’s tourism boost, reflecting a positive period in Macau.
