Latest news with #LawrenceHo
Yahoo
05-07-2025
- Business
- Yahoo
Macau's Recovery Accelerates: Will Melco's Top Line Keep Up?
Macau's recovery from pandemic-era lows is gaining steam and Melco Resorts & Entertainment MLCO appears to be riding that wave. Melco delivered a strong performance in the first quarter, beating revenue and earnings estimates. The company benefited from a sharp rise in visitation during peak travel periods, such as Golden Week, reflecting a renewed momentum in tourism in Macau. Strong demand in the mass gaming segment lifted table drop volumes at its flagship properties, City of Dreams and Studio City. But as investor optimism returns, the key question is whether this top-line strength is sustainable. CEO Lawrence Ho emphasized that recent gains are not just recovery-driven but also the result of operational improvements, like property renovations and the relaunch of 'House of Dancing Water.' These moves are helping to differentiate Melco's offerings and tap into China's shifting consumer preference for experiences over luxury retail. Still, high-end shopping remains a drag, especially at City of Dreams, while Studio City's more mass-focused retail has performed tailwind is China's current pro-consumption policy environment, which supports domestic tourism and discretionary spending. Yet challenges loom. Non-Macau assets, such as Manila, face a tougher competitive landscape, prompting cost revisions and strategic reviews. Furthermore, while Macau gaming spend shows resilience, the broader recovery could be vulnerable to macro headwinds and shifts in top line looks stable with further gains in first-quarter 2025. However, sustaining this momentum long-term will hinge on disciplined reinvestment, further diversification of non-gaming revenues and navigating regional volatility. The company's strong liquidity and ongoing buybacks provide a cushion, but investors should keep an eye on execution risk and competitive pressures as the post-recovery phase matures. As Melco rebuilds momentum in Macau, it faces growing competition from other U.S.-listed operators with deep pockets and established brand power, namely, Wynn Resorts WYNN and MGM Resorts MGM. Wynn, with a stronghold in the premium segment, continues to attract high-end clientele through its luxury positioning and high-quality service at Wynn Palace and Wynn Macau. Its emphasis on mass premium and operational discipline could challenge Melco's efforts to retain its share among affluent MGM China has been aggressively expanding its market share, recently surpassing 17% thanks to the strong mass-market appeal and rising contributions from non-gaming segments. MGM's alignment with local policy, especially its focus on family-friendly, non-gaming attractions, mirrors Melco's diversification strategy, intensifying the all three push forward in a more rational, cost-conscious environment, maintaining top-line growth will depend on differentiated offerings, operational excellence and effective targeting of the evolving consumer of China. Shares of MLCO have gained 84.8% in the past three months compared with the industry's growth of 40.3%. Image Source: Zacks Investment Research MLCO's current valuation looks promising for investors. The stock is currently trading at a discount compared with the industry peers, with a forward 12-month price-to-sales ratio of 0.73X. Image Source: Zacks Investment Research The Zacks Consensus Estimate for MLCO's 2025 and 2026 earnings implies a year-over-year uptick of 52.6% and 56.3%, respectively. Image Source: Zacks Investment Research Melco currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report MGM Resorts International (MGM) : Free Stock Analysis Report Melco Resorts & Entertainment Limited (MLCO) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Forbes
06-06-2025
- Business
- Forbes
Casino Tycoon Lawrence Ho's SPAC Swings Wildly After Merger With ‘Media And Entertainment Group'
Lawrence Ho, chairman and CEO of casino giant Melco International Development. A special purpose acquisition company backed by casino magnate Lawrence Ho completed its merger with an obscure media and entertainment company, whose stock was on a roller-coaster ride during its New York Stock Exchange debut on Thursday. Shares of France-based the Generation Essentials Group (TGE) skyrocketed as much as 234% on their first day of trading after the de-SPAC. The company closed flat at $10.04 on Thursday, reaching a market cap of $533 million. TGE merged with Black Spade Acquisition II, a blank-check company formed by Ho's Hong Kong-based family office Black Spade Capital, at an equity value of $488 million and enterprise value of $892 million. It came nearly a year after Ho listed Black Spade Acquisition II, raising $150 million with the aim to combine with a company in the entertainment, lifestyle or technology sectors that benefits from AI. TGE is a subsidiary of AMTD Digital, which briefly became the world's hottest stock after it went public on the New York Stock Exchange in 2022. At the time, AMTD Digital founder Calvin Choi, a well-connected Hong Kong financier, amassed a paper fortune of as much as $37 billion in less than a month after AMTD Digital's listing. Shares of AMTD Digital have since plunged more than 99% from its peak in August 2022. Lawrence Ho (middle) and Calvin Choi (middle right), founder of AMTD Digital and the Generation Essentials Group. Formerly known as World Media and Entertainment Universal, TGE says it operates as a 'global media and entertainment ecosystem covering high fashion, arts, lifestyle, cultural, entertainment as well as F&B.' The company runs media outlets including the L'Officiel fashion magazine (acquired in 2022) and the Art Newspaper (acquired in 2023), produces Chinese-language movies with a combined gross box office it says reached more than $400 million, and operates two hotels—one in Hong Kong and the other in Singapore. TGE's biggest revenue contributor in 2024 was its 'strategic investments,' which included the stocks of Bank of Qingdao, Guangzhou Rural Commercial Bank and its parent AMTD Digital, as well as film investments. The company reported an 81% jump in revenue to $77 million last year, with 45% coming from those investments, followed by hospitality and media advertising. Its net profit more than doubled to $44.7 million during the period, mainly due to the disposal of some non-core businesses. A Black Spade Capital spokesperson said there're 'strong synergies' between TGE and Ho's entertainment and hospitality empire. 'We are actively exploring new ideas and collaborations to enhance value on both sides,' the spokesperson said in an email response. 'With TGE's hardworking team and innovative spirit, and now a solid capital raising platform, we are confident they will reach the next level and become a leading global force in media, fashion, and art.' Ho, chairman and CEO of casino giant Melco International Development, is a son of late casino legend Stanley Ho. In 2021, he listed his first SPAC in the U.S., raising $169 million. Two years later, that blank-check company completed a $23 billion business combination with VinFast Auto, Vietnam's electric-vehicle maker controlled by the country's richest person Pham Nhat Vuong. VinFast saw its stock inexplicably skyrocketed to a peak market cap of $190 billion in August 2023. Its shares have since then plummeted more than 95% from its peak.
South China Morning Post
25-05-2025
- Business
- South China Morning Post
Capital from Hong Kong, mainland China sets sights on Dubai, Abu Dhabi property
The property market in the Middle East , particularly in the United Arab Emirates (UAE) cities of Dubai and Abu Dhabi, is attracting more interest and capital from Hong Kong and mainland China. Hong Kong-based Gaw Capital spent more than US$150 million on a residential building in Abu Dhabi, the capital, two weeks ago. And last week Black Spade Capital, the family office of casino billionaire Lawrence Ho Yau-lung, invested in IFCX , a Hong Kong-based real estate brokerage focused on real estate in markets including the Middle East. Meanwhile, Chinese buyer inquiries for UAE properties rose by 28 per cent in the first quarter from a year ago, according to data from property technology firm Juwai IQI. Foreign investors bought more than US$2 billion of real estate in Abu Dhabi in 2024 – a 125 per cent increase from a year earlier, the data showed. China was among the top sources of capital, along with the US, UK, France, Kazakhstan and Russia, the firm said. Gaw Capital's residential investment in Abu Dhabi was for a building at Mamsha Gardens, a low-density project with seven residential buildings on Saadiyat Island. It acquired the building from Aldar, the largest developer in Abu Dhabi, which reported that 87 per cent of its sales in the first quarter came from international buyers, said Kashif Ansari, Juwai IQI co-founder and group CEO.
Forbes
22-05-2025
- Business
- Forbes
Casino Magnate Lawrence Ho Invests In Hong Kong Real Estate Broker IFCX
Lawrence Ho, chairman and CEO of Melco International Development. Black Spade Capital, the Hong Kong-based family office of casino magnate Lawrence Ho, has made an undisclosed investment in real estate brokerage firm IFCX. Hong Kong-headquartered IFCX, founded in 2014 by ex-Morgan Stanley banker Kingston Lai, helps institutional investors invest in alternative assets such as properties, fine wines, art and other collectibles. The firm also helps property developers in Cambodia, Malaysia, the Middle East, Thailand, the U.K. and Vietnam to market and sell their projects, while providing property management services to buyers. In a statement on Tuesday, IFCX said Black Spade Capital's investment allows the firm to tap into a wider network of high-net-worth individuals, as well as the hospitality and entertainment sectors in Asia. IFCX added that it will expand its offerings to include predictive market analytics and artificial intelligence-powered tools for investor engagement. 'With Black Spade's backing, we're not only expanding our footprint,' said Lai, IFCX's CEO. 'We're redefining how real estate is traded on a global scale, bridging institutional pathways and empowering individual investors.' Ho's investment in IFCX marks his latest bet outside of his core casino business in Macau. Last August, the chairman and CEO of casino giant Melco International Development listed a special purpose acquisition company on Nasdaq after raising $150 million to target a merger with an AI company. It followed the New York Stock Exchange listing of another SPAC, which in 2023 completed a $23 billion business combination with VinFast Auto, Vietnam's electric-vehicle manufacturer controlled by the country's wealthiest person Pham Nhat Vuong. The son of late casino legend Stanley Ho, the younger Ho has also been expanding his gambling empire beyond Macau following Beijing's years-long crackdown on capital outflow through gambling in the Asian gaming hub. In January, Ho announced plans to pursue a license to operate an integrated resort in Thailand once casinos are legalized in the country, a move he described as a 'generational opportunity.' Meanwhile, Melco plans to open a casino in Sri Lanka later this year, adding to its existing portfolio that includes hospitality and gaming complexes in Macau, the Philippines and Cyprus.
South China Morning Post
21-05-2025
- Business
- South China Morning Post
Casino tycoon Lawrence Ho's family office invests in Hong Kong real estate broker IFCX
Black Spade Capital, the family office of Macau casino billionaire Lawrence Ho Yau-lung , has invested in IFCX, a Hong Kong-based real estate brokerage group that aims to pool at least US$5 billion of capital from Asian clients for investments in emerging markets. IFCX operates Asian Bankers Club, a direct investor sales company, Knightsbridge Partners, an agent for developers, and Easy Pro, a letting and property-management agency that also provides global residency solutions. 'This partnership is great for us,' Dennis Tam, Black Spade president and CEO, said on Tuesday. 'Investment in real estate in emerging markets makes sense', he added, noting the venture's focus on the Middle East, Vietnam and Thailand Ho is the chairman of Melco Resorts & Entertainment, one of the six casino concessionaires in Macau, as well as the son of the late gaming mogul Stanley Ho Hung-sun. He has an estimated net worth of US$1.2 billion, according to Forbes. Black Spade earlier invested in Vietnamese electric vehicle maker VinFast Auto Lawrence Ho Yau-lung has a net worth of US$1.2 billion, according to Forbes. Photo: AFP The partnership would allow IFCX to tap into the family office ecosystem, according to Kingston Lai, its founder and CEO. There would also be plans to improve the utilisation of artificial intelligence (AI) to build intelligent platforms for digital transactions, predictive market analytics and investor engagement tools, he added.
