Melco Resorts & Entertainment

Stock performance

History

Melco Resorts was established in 2004 as a joint venture between Lawrence Ho, son of Stanley Ho, and Australia's James Packer, entering Macao gaming under a sub-concession. It opened City of Dreams on Cotai in 2009 and Studio City in 2015, and Lawrence Ho's Melco International later bought out Packer's stake.

Business model

Melco operates integrated resorts in Macao, including City of Dreams, Studio City, and Altira, and has expanded abroad with City of Dreams Manila in the Philippines and City of Dreams Mediterranean in Cyprus. Its strategy has emphasized premium mass-market gaming and entertainment, such as the House of Dancing Water show.

Market position

Melco is one of Macao's six concessionaires and is listed on the Nasdaq through American depositary shares.

Country impact

Melco's resorts are major Cotai employers and tourist draws, and its exposure to Macao's volatile visitor numbers made it one of the hardest-hit operators during the 2020-22 pandemic collapse in gaming revenue.