Overview Key strengths Key risks Solid presence in Macao, which grants few licenses and caters to a high population base. Operations at a single property in the Macao gaming market, making company vulnerable to economic cycles and social risks in the territory. Likely support from parent Melco Resorts&Entertainment Ltd. (MLCO). Weak credit metrics at least through 2024, with recovery likely over the next 12-18 months or so. Macroeconomic headwinds in China could hamper recovery and slow deleveraging. In the first quarter of 2024, market-wide mass gross gaming revenue (GGR) improved to 10% more than that in the first quarter of the pre-COVID year of 2019. VIP (or high roller) GGR was at 39% of first quarter 2019 levels.
