In 2023, Melco Resorts & Entertainment's post-pandemic recovery efforts paid off with increased revenue and a smaller net loss, setting the stage for progress in the present year.
 June 2023: Macau's revenue for the year ending 31 December 2023 reached $3.78 billion, an increase of 179.6 percent.  Melco attributed this largely to the loosening of limitations within its primary market of Macau that were imposed in response to the outbreak. 

 Nevertheless, Melco also took note of the January 2023 impact of Studio City Phase 2 in Macau.  New hotels, shops, and restaurants were a part of it, which boosted regional income.

 Melco plans to continue making progress on new developments this year in an effort to build on this.  Included in this are renovations at the Countdown Hotel and a new movie theatre in Macau's Studio City Phase 2.

 After the pandemic, "2023 was a year of post-pandemic recovery and the debut of our new developments," CEO and chairman Lawrence Ho stated.  With the continued development of innovative ideas and tactics to provide consumers with industry-leading leisure and entertainment products, 2024 promises to be another thrilling year for us.

 Despite China's uncertain macroeconomic prognosis, Macau continues to show resilience and its tremendous development potential.

 Senior Executive from Macau Departs from Melco 
 On the other hand, Melco took a minor hit in Macau when COO David Sisk quit just as the results were released.

 "Our company will be searching extensively for a highly qualified candidate to lead our Macau operations going forward," Ho announced.  "During this time, our president, Evan Winkler, and I will be highly engaged in overseeing the daily operations of our Macau properties."

 Peering beyond Macau
 Melco also established a new casino in Europe in 2023, expanding its interests beyond the core Macau region.  Melco expanded its footprint in the European market with the July opening of City of Dreams Mediterranean.

 Melco may look for chances in other countries as well, according to rumours.  Ho stated that while it is premature to discuss specific markets at this time, some initiatives may be in the works when the topic came up during an investor call.

 As Ho put it, "I think given we're still climbing out of the Covid hole," the company is considering "some like smaller potential projects," but nothing is "ready to be announced" just yet. 

 The larger, more far-off projects, such as those in the United Arab Emirates or Thailand, are where we're kicking tyres just like everyone else.  These things typically take time and are a multi-year process, as we learnt from the Japan approach.

 Increases in all areas for Melco
 Melco announced an increase in revenue across the board for 2023.  Profits from the casino increased by 186.0% to $3.08bn, from rooms by 190.1% to $338.2m, from food and drink by 144.3% to $208.9m, and from entertainment, retail, and other sources by 110.9% to $150.8m.

 Despite providing extensive information on expenses, Melco did not release a detailed analysis of each property for the year.  The full reopening of Macau caused a 77.3% increase in operating expenses, with casino charges accounting for $2.03 billion of that total.

 Additionally, Melco recorded $466.9 million in non-operating expenses, mostly consisting of interest payments.  Nonetheless, pre-tax loss improved from $1.09bn in 2022 to $401.9m, thanks to the impact of revenue growth.

 The operator's tax advantage was $35.9 million, while the income from non-controlling interests was $88.4 million.  Consequently, the annual net loss was $277.6 million, down from $930.5 million the year before.

 Adj. property EBITDA also reached $1.04bn for the year, up from $0.6m the previous year.

 Leaving the year with a bang
 Moving on to the fourth quarter of 2023, sales reached $1.09 billion, an increase of 224.5% year over year.  There were $897.8 million from gaming, $103.4 million from lodging, $65.2 million from food and drink, and $27.2 million from other sources (entertainment, retail, and other).

 The difference between operational costs and non-operating expenses was $117.6 million, or 121.4% increase to $1.19 billion.  This improved from last year's pre-tax loss of $293.4m, leading to a $212.0m loss.

 Melco reported $20.8 million in revenue from its non-controlling interests and obtained a tax benefit of $34.6 million.  A net loss of $156.6 million was the consequence, down from $251.9 million in the previous year.

 In terms of adjusted property EBITDA, it was $303.4m in Q4, a 4,371.8% increase over 2022.