Melco International Development reported a three-fold increase in profits in the first half of 2018.
The profit of Melco Intl increased by 154.1%
Melco said that pre-tax profit reached 1.1 billion Hong Kong dollars, compared with 0.4 billion for the same period last year.
The revenue was HK $ 19.8 billion, showing a decline of 1.6% per annum. Representatives Melco reported that, despite the positive results of gambling units, this was offset by a higher commission. That, in accordance with the new reporting standards for revenue, is regarded as a decline in profits.
On the other hand, the adjusted EBITDA increased by 16.7% to 5.5 billion Hong Kong dollars.
The company also plans to continue to expand beyond Macau through the development of City of Dreams Mediterranean in Cyprus.
The opening of City of Dreams Mediterranean is planned for 2021. This first integrated resort in Cyprus is preparing to become the largest in Europe. In addition, on the horizon, three casino-satellite Cyprus Casinos (C2), which will begin operating in Nicosia, Larnaca and Paphos during 2018. Another casino in Famagusta is reportedly to be opened in the spring of 2019.
The company will also increase its presence in Japan after the establishment of the Japanese branch - in 2017 and in the first half of 2018, Melco offices were opened in Tokyo and Osaka.
Recently Melco Resorts and Entertainment Ltd announced its intention to introduce a new system of the company's contribution to the trade union fund of Macau workers.