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MELCO RESORTS & ENTERTAINMENT LIMITED

(MLCO)
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Melco sustainability strategy ‘Above & Beyond' honored by PATA Gold Awards and International Gaming Awards

09/17/2021 | 05:03am EDT

MACAU, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment has been honored by Pacific Asia Travel Association (PATA) Gold Awards 2021 as winner of the ‘Climate Change Initiative’ category and named ‘Sustainable Resort of the Year’ by International Gaming Awards (IGA) 2021. The ‘Above and Beyond’ sustainability strategy ensures that Melco achieves carbon neutrality and zero waste across all its global resorts by 2030. The influence of these goals extends far beyond the boundaries of Melco’s business, inspiring guests to rally around a better, more sustainable future for all. The strategy contributes towards Melco’s sustainability focus areas including:

  • Zeroing in on food waste. By raising awareness amongst colleagues, the amount of food being discarded has been significantly reduced. Post pandemic, the initiative alone is forecast to save 107 tonnes a year. AI technology has been deployed across Macau and Manila colleague dining areas. This enabled close monitoring of food production levels and reduced pre-consumption wastage by a massive 67%. Now with the same partner, Winnow, Melco is pioneering a new plate waste monitoring process to support further reduction. Feeding over 10,000 colleagues several times daily, the potential reduction in volume is significant.
  • Efficiency measures in Macau and the Philippines reduced greenhouse gas emissions by the equivalent of taking 5,286 cars off the road. Melco’s operations in Manila now use greywater in its cooling towers. This change alone will, when business is back to normal, save 88 Olympic sized swimming pools worth of water annually, meaning it no longer needs to be drawn from the city’s supply.
  • Reducing consumption of harmful chemicals. All Melco Macau properties achieved Green Key Awards in 2020, meeting the stringent standards set by the Foundation for Environmental Education (FEE) in a year when sanitization became such a high priority.
  • Reduction of single use plastic by targeting guest amenity kits, in-room consumables such as shampoos, as well as tackling the problem of food packaging head on. Furthermore, the installation of NORDAQ onsite filtration and bottling plant has set the most striking example for the industry. In Macau alone, Melco will take almost 15 million plastic water bottles off the table.

Ms. Denise Chen, Senior Sustainability Adviser of Melco, said, “We are thrilled to be recognized by PATA and IGA for our commitment towards Sustainability. In an industry not traditionally known for sustainability, Melco strives to continue to pioneer more environmentally responsible ways to operate integrated resorts. We will continue to protect the environment for future generations with our passion, ambition and the tough goals set in the ‘Above & Beyond’ sustainability strategy.”

Ms. Maria Helena de Senna Fernandes, Director of the Macao Government Tourism Office, said, “Amid the global disruption to the tourism industry brought by the pandemic, this year it is particularly encouraging to see in the limelight some of the best initiatives across the tourism industry in the Asia-Pacific region, in the multiple areas of marketing, sustainability and social responsibility.”

Supported by the Macao Government Tourism Office since 1995, the regional PATA Gold Awards recognizes outstanding organizations and individuals in the tourism industry, acknowledging the very best that the Asia Pacific’s travel industry has to offer. The winners were selected by an independent judging committee consisting of senior executives from the travel, tourism and hospitality sectors. PATA Gold Awards 2021 attracted a total of 113 entries from 51 travel and tourism organizations and individuals.

The International Gaming Awards recognizes excellence across the gaming industry and is supported by renowned players from all tiers of the industry.

About Melco Resorts & Entertainment Limited

The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau (www.altiramacau.com), an integrated resort located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company is currently developing City of Dreams Mediterranean (www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first authorized casino in the Republic of Cyprus, and is licensed to operate four satellite casinos (“Cyprus Casinos”). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease. For more information about the Company, please visit www.melco-resorts.com.

The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com 


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© GlobeNewswire 2021
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Financials (USD)
Sales 2021 2 336 M - -
Net income 2021 -782 M - -
Net Debt 2021 4 741 M - -
P/E ratio 2021 -7,41x
Yield 2021 0,45%
Capitalization 5 579 M 5 579 M -
EV / Sales 2021 4,42x
EV / Sales 2022 2,74x
Nbr of Employees 19 746
Free-Float 93,8%
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Number of Analysts 14
Last Close Price 11,64 $
Average target price 14,97 $
Spread / Average Target 28,6%
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Managers and Directors
Yau Lung Ho Chairman & Chief Executive Officer
Evan Andrew Winkler President & Non-Executive Director
Geoffrey Stuart Davis Chief Financial Officer & Executive Vice President
Timothy Mazik Finance Director
Thomas Jefferson Wu Independent Non-Executive Director
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