Melco International Development
| Company type | Public company |
|---|---|
| Industry | Investment holding, Casino, Hospitality |
| Predecessor | The Macao Electric Lighting Company Limited |
| Founded | 1910 |
| Headquarters | Central , Hong Kong |
Area served | Hong Kong, Macau, Philippines, Cyprus |
Key people | Lawrence Ho (Chairman and CEO) |
| Products | Casino resorts, Hospitality services, Social gaming platforms |
Number of employees | 20,500+ (2017) |
| Website | www |
Melco International Development Limited, previously known as The Macao Electric Lighting Company Limited, operates as a global investment holding enterprise headquartered in Central, Hong Kong. Its portfolio includes investments in casino and hospitality sectors located in Hong Kong, Macau, the Philippines, and Cyprus. Established in 1910, it ranks among Hong Kong’s century-old corporations and has been publicly traded on the Hong Kong Stock Exchange since 1927. Initially serving as Macau’s electricity provider, Melco International pivoted around 2001 towards casino resort development and management, creating properties such as Studio City Macau, City of Dreams Macau, City of Dreams Manila, and Altira Macau. Its primary operational arm is Melco Resorts & Entertainment Limited.
1910–1987 – Macao Electric Lighting
The origins of Melco International Development Limited trace back to the formation of the Macao Electric Lighting Company, Limited (MELCO) in 1910. As one of the earliest 100 companies founded in Hong Kong, it was also the pioneer electricity supplier to Macau. The company secured its listing on the Hong Kong Stock Exchange in 1927.
1988–2004 – Melco International
In 1988, the Macao Electric Lighting Company changed its name to Melco International Development Limited. By 1993, it became a subsidiary under Shun Tak Holdings and acquired Aberdeen Restaurant Enterprises Limited, which owned notable venues such as the Jumbo Floating Restaurant and Tai Pak Floating Restaurant in Hong Kong. Melco International ended its subsidiary relationship with Shun Tak Holdings by 1996.
In 2001, Lasting Legend Limited emerged as the largest shareholder and appointed Lawrence Ho as managing director. The following year, Melco broadened its scope by entering the natural gas sector through acquiring Tongda Energy and diversified further into finance and technology by investing in firms like iAsia Technology Limited (later renamed Value Convergence Holdings Limited). Its subsidiaries VC CEF Capital, VC CEF Brokerage, and VC CEF Futures were consolidated but eventually sold off in 2009.
Melco introduced Mocha Clubs in 2003, establishing Macau’s first "cafe-style slot-machine parlors," and completed full ownership of Mocha Slot Group Limited by 2004. That same year marked the opening of offices across Beijing, Shanghai, Shenzhen, and Manila. Additionally, Melco purchased a 50% interest in Altira Macau during 2004.
2004–2014 – Integrated resorts
In November 2004, Melco International entered into a joint venture with Australian casino operator Publishing and Broadcasting Limited (PBL), appointing Lawrence Ho alongside PBL’s CEO James Packer as co-chairmen. By December of that year, this partnership was actively developing a new casino project in Macau. In 2005, Melco International’s profits soared by 770% to HK$534.2 million, returning to profitability by 2006. The joint venture acquired Macau’s final gaming license from Steve Wynn for US$900 million in 2006, shifting strategic emphasis toward "Las Vegas-style entertainment" that encompassed hotels, serviced apartments, retail outlets, dining establishments, and entertainment facilities.
Melco PBL Entertainment debuted on the NASDAQ Global Select Market in 2006 with an initial public offering that raised US$1.14 billion—ranking as the fourth-largest IPO in the United States that year—while Melco International maintained a one-third ownership stake. The Altira Macau resort opened its doors in 2007. In 2008, Melco PBL Entertainment was rebranded as Melco Crown Entertainment Limited (MCE). Melco International also became an original signatory of the Hong Kong Corporate Governance Charter and was included in the Hang Seng Corporate Sustainability Index starting in 2013. From April 2013 to April 2014, its stock price on the Hong Kong market climbed by approximately 50%.
2015–2020 – Melco Resorts and Public Listings
By May 2016, Melco International had emerged as the principal shareholder of Melco Crown. In May 2017, the company concluded its alliance with Crown Resorts, rebranding itself as Melco Resorts & Entertainment (MLCO) after purchasing Crown’s shares for $1.16 billion. At that point, Melco Resorts operated three resorts in Macau, eight Mocha Clubs venues, and a resort in the Philippines. According to Forbes in 2017, Melco International’s assets were valued at $13.4 billion, with a market capitalization of $2.8 billion and a workforce exceeding 20,500 employees, placing it fourth on Forbes’ Growth Champions ranking.
Under the leadership of chairman and CEO Lawrence Ho, Melco Resorts submitted filings to the U.S. Securities and Exchange Commission in October 2018 to spin off Studio City International Holdings Limited for an initial public offering on the NYSE. Holding a 60% ownership in Studio City, Melco Resorts anticipated raising HK$2.8 billion through the IPO while retaining majority control. The company continues to be listed on the NASDAQ Global Select Market.
As an investment holding entity, Melco International Development Limited holds diversified investments across Hong Kong, China, Cyprus, and the Philippines. Its subsidiaries include Entertainment Gaming Asia, Inc., which specializes in developing social gaming platforms. In 2019, Melco International reported revenues amounting to HK$45 billion alongside profits of HK$1.8 billion.
Melco Resorts & Entertainment Limited
Melco Resorts & Entertainment (Melco Resorts) represents a major subsidiary of Melco International, controlling 51.2% of its shares. Previously named Melco PBL Holdings until 2008 and then Melco Crown Entertainment until 2017, this division manages the Mocha Clubs gaming cafes and multiple casino resorts such as City of Dreams Macau, Altira Macau, Studio City Macau, and City of Dreams Manila. By 2016, its assets included approximately 3,000 hotel rooms, 60 dining establishments, and a workforce of around 16,000 employees. Melco Resorts operates localized subsidiaries in Cotai (Macau), the Philippines, and Cyprus—where it functions through ICR Holdings and affiliated entities.
Established in 2004 as a joint venture between Melco and Publishing & Broadcasting Limited (PBL), the company secured Macau’s final gaming license in 2006 for US$900 million, granting unrestricted casino operations until June 2022. In 2007, it inaugurated Altira Macau resort in Taipa with an investment of $1.45 billion. The $2.4 billion City of Dreams Macau opened in 2009 with Melco PBL owning a 66% stake while Hyatt International managed two hotels within the complex. Its House of Dancing Water production had become Macau’s top entertainment attraction by 2010.
Melco Crown was listed on the Hong Kong Stock Exchange in December 2011 and acquired a controlling interest in Manchester International Holdings on the Philippine Stock Exchange in 2012. That same year marked the beginning of development for the $1 billion City of Dreams Manila resort. In 2015, it launched Studio City Macau—a $3.2 billion Hollywood-themed property—following its acquisition of a 60% stake in 2011. By mid-2016, Melco Crown had invested approximately US$6.5 billion into Macau projects and received CSR Gold Awards in both 2013 and 2017.
In June 2017, Melco obtained Cyprus’s inaugural casino license featuring a 30-year duration with exclusivity for the first 15 years. By September that year, it had secured majority ownership of the City of Dreams Mediterranean Casino initiative which includes plans for up to four satellite casinos across Cyprus.
After Japan legalized integrated resorts, Melco Resorts positioned itself as a contender for one of three anticipated licenses by 2017. In 2018, it unveiled the $1.1 billion Morpheus hotel tower at City of Dreams Macau and transitioned its VIP marketing strategy from reliance on junket operators to data-driven customer engagement methods.
List of holdings
The principal assets of Melco International consist of:
- Altira Macau located in Macau
- City of Dreams Macau situated in Macau
- Morpheus tower
- Nüwa hotel
- Studio City Macau based in Macau
- Mocha Clubs operating in Macau
- City of Dreams Manila in the Philippines
See also
- List of conglomerates
- List of companies listed on the Hong Kong Stock Exchange
- List of most expensive buildings