Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| We have done it a million times in the past and we've enjoyed having the pro position in premium mass for a very long time |
| We expect these new additions to the leadership team and management changes will strengthen us as a team to secure a stronger and more competitive future |
| Macau continues to demonstrate its extraordinary growth potential and has shown resilience despite China's uncertain macroeconomic outlook |
| So if anything, this is a very strong sign of things to come |
| And I'm glad that Chinese New Year, we've had a very strong Chinese New Year so far |
| In the Philippines, City of Dreams Manila continues to generate solid earnings with significant market share gains in mass table games and slots |
| So I'm actually really excited about that |
| We feel that bringing in someone who's got deep long-term relationships with these key luxury brands is going to help us enhance that offering |
| And I think with our guest centric and the restructuring that we're doing, I think we should be able to capture a lot of that going forward with the growth |
| 2024 is set to be another exciting year for us |
| You obviously talked, as others have, about a strong Chinese New Year, which is encouraging |
| As we move forward, our focus is to ensure that Melco's leading the market in all aspects of our business through innovation and collaboration |
| Altira broke-even in 4Q 2023 and we expect performance to improve in 2024 |
| Our RFID tables are coming next month, so we're quite excited to have them |
| And I'm pleased to say that we were the only one last year that fulfilled our full amount |
| Luck-adjusted group-wide property EBITDA for the fourth quarter of 2023 came in at $320 million; a favorable win rate had a positive impact on COD Manila of around $3 million, while unfavorable win rates at COD Macau, Studio City and Cyprus had a negative impact of approximately $20 million |
| So I think that will -- it's been a great solution for us in the past |
| The ABT generated by this customer base are at levels that had not been seen at Studio City previously, and Studio City is reaching record levels of daily mass and slot GGR |
| And as I said in the prepared remarks, we're substantially above 2019 levels |
| Our mass GGR and Macau Co property EBITDA during this CNY holiday period was meaningfully higher than 2019 levels |
| But I think we're excited to see, to make use of the full potential of these RFID tables |
| Our mass GGR was up over 22% from 2019 Chinese New Year |
| However, we have seen some signs of improving demand so far this year |
| We had a great eight-year run with David, but I think the next candidate, I think really needs to follow the DNA of Melco and what we were -- what made us great all the years before, which was focused on luxury and amazing, extraordinary guest experiences |
| And then we brought in a VP of Hotel F&B at COD to just make sure that from a guest and customer experience that we are leading the market once again across all fronts, in terms of picking up on some of the OpEx likely to get someone similar at some point here in the future at SC as we look to enhance our bench strength in those areas |
| The belief is that's going to help us regain the market share, but obviously along the way we want to make sure that we're doing it in a way that is efficient in terms of how are we allocating the resources to those efforts |
| I think post-COVID, we did -- David did a great job for us during COVID in terms of trying to survive |
| It is attracting a high end customer base to the property and driving gaming demand with the help of the new high limit gaming area that opened in December on the second floor of the Epic Tower |
| I know that you guys classify your premium mass customers into all tiers and that you highlighted some encouraging data regarding recent performance in the Golden Week |
| And so I think from top to bottom, the view here is that we've reoriented again back to being customer centric in our approach and making sure that we are leading and innovating across the premium category |
| Statement |
|---|
| Altira has faced some challenges with the change in the VIP segment and we continue to work through the repositioning of the property |
| And I think clearly the reason that we wanted to make a management change at this time was that we felt we were losing share |
| I think that's why we lost some share from that basis |
| Firstly, the numbers are suggesting that you guys have lost market share in 2023 |
| So I think, clearly, we had lost share in 2023, and I think that's part of the reason for our management change as well |
| City of Dreams Mediterranean in Cyprus continues to be impacted by the conflict in Israel, and it is uncertain how long this will last |
| And with regards to our Macau government, investment, tender, commitment, I think out of the six we've always had, I think its public knowledge that we had the lowest amount |
| I think on the last call, it was mentioned that reinvestment rate was a little bit elevated, perhaps in relation to the fact that premium mass has recovered a little bit faster |
| Another notable movement in our balance sheet in 4Q 2023 is the impairment of Altira by approximately $200 million |
| I didn’t -- If I missed it, I apologize |
| And so I think going forward, even with the additional 20% addition, we're comfortably below everybody else |
| You didn't miss it |
| But I think month-to-month it does fluctuate, even premium direct VIP with the win rate seriously affects that |
| And more important to us is not so much the top-line market share |
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