Melco will benefit from new Cotai competition
Revenue came in at us$ 806.6 million, against expectations for us$ 815.8 million. CEO Lawrence Ho, the son of Macau gambling mogul Stanley Ho, said the company’s new attractions, including its “House of Dancing water” show and Cubic nightclub, are helping attract customers to its City of Dreams resort.
City of Dreams revenue grew to us$ 500 million from us$ 336 million in the year before. Hotel operations are doing much better: occupancy per available room grew to 87% from 75% and the average daily rate rose to us$ 171 from us$ 152.
Ho said that the company is not worried about a new resort from Galaxy Entertainment Group opening up near the City of Dreams, both in the Cotai section of Macau. Instead, he told investors that the new resort will help make Cotai a more appealing destination, drawing visitors from the Macau peninsula. “We believe that the Galaxy opening is great for Macau and it’s even better for Cotai,” he said, according to the Wall Street Journal.
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