Melco Resorts & Entertainment is currently reviewing strategic possibilities for its City of Dreams Manila property, according to CEO Lawrence Ho. This consideration reflects a broader company pivot toward an asset-light strategy—a shift that has already shaped how Melco operates across several markets. Rather than heavily investing in ownership of physical assets, the company now aims to focus on operations, branding, and partnerships.
Speaking to media during the recent gaming expo in Macau, Ho emphasized that this direction stems from lessons learned during the COVID-19 pandemic. In that period, flexibility and capital efficiency became crucial. Since then, Melco has increasingly adopted a lighter footprint when it comes to owning real estate and infrastructure directly.
Ho noted that while City of Dreams Manila remains a valuable part of Melco’s portfolio, the company is open to exploring how the property fits into its long-term strategy. He acknowledged that Melco holds a significant interest in the Manila resort through its local unit, Melco Resorts and Entertainment (Philippines) Corp., but that does not necessarily mean full ownership will remain a requirement moving forward.
Importantly, Ho clarified that there are currently no fixed decisions. Instead, the company continues to evaluate its position in Manila in light of the asset-light philosophy. This strategic re-evaluation mirrors Melco’s recent actions in Macau and Cyprus, where the firm has either sold or restructured its interest in physical properties while retaining operational roles.
Ultimately, Ho emphasized that the goal is to enhance shareholder value, reduce financial risk, and build a more agile business model. This direction, while still in flux, suggests that Melco may eventually seek partners, offload some ownership, or restructure its Manila operations to better align with global trends.
While no timeline has been disclosed, industry observers are closely watching Melco’s next move. As the casino landscape in the Philippines evolves, particularly with growing international interest and regulatory updates, City of Dreams Manila remains a prime asset—one that could take on a new form under this evolving strategy.
