Melco Resorts & Entertainment Chairman and CEO Lawrence Ho asserted that his firm’s rising profitability at a time when the local market is being by decline represents proof that Melco’s strategy is working.
“It’s really a validation of our strategy over the last ten or fifteen years, which is to focus on the rising middle class in China, rather than focusing on the junket rolling VIP business. And so while the market is down, we are enjoying a record year,” Ho said in an interview with Bloomberg television.
He added, “I’m bullish for the future as well, because with the integration of Macau into the Greater Bay Area, and the massive infrastructure improvement projects that have been years in the making but are coming to fruition… I think the future of Macau really as the tourism capital within the Greater Bay Area is solidified.”
Asked about Melco’s future strategy, Ho stated that organic growth would continue to be his focus, with the IR licensing bid at Yokohama his top priority.