Melco reaffirms commitment to sustainability in 2023 RISE to go Above & Beyond report
MACAU, April 26, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment has published its sixth sustainability strategy for the year 2023 ‘RISE to go Above & Beyond' (link). Continuing to adhere to four key material topics that underline Melco's commitment to sustainability, including "Restoring our World", "Inspiring our Communities", "Sustaining our Supply Chain" and "Empowering our Business", the strategy drives performance and sustainability initiatives to help the Company reach its ambitious goals.
Mr. Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment, said, "Our commitment to sustainability remains steadfast to our foundational principles—behaving responsibly, serving our communities, transparently sharing our journey, and igniting positive change through the unparalleled power of entertainment. The unveiling of City of Dreams Mediterranean and Studio City Phase 2 were not mere expansions; they were bold statements of our ingrained sustainability ethos, reflecting our commitment at every operational level and touchpoint.
"RISE to go Above & Beyond is about more than just business goals; it's about making a positive impact, leading by example, and showing that it's possible to be successful while being responsible stewards of our planet and communities."
Below are some key performance highlights covered in Melco's latest RISE to go Above & Beyond sustainability strategy.
On Strategy:
- Updated materiality assessment process to integrate the concept of double materiality. As in previous years, impact materiality was guided by the GRI Standards and, in 2023, the assessment includes a distinct consideration of financial impact by integrating the financial materiality approach of the IFRS S1 and SASB standards.
On Partnerships:
- Melco was the first Asian-headquartered donor and founding member to join the Sustainable Hospitality Alliance to accelerate the "Path to Net Positive Hospitality".
- Together with the Lever Foundation, Melco has set its goal of sourcing 100% cage-free eggs by 2025.
On Energy and Climate Resilience:
- Continuing to assess climate-related risk and adopting mitigation plans. Energy-efficiency measures since 2018 have resulted in annualized savings of over 57.4 million kWh.
- There are more than 25,000 photovoltaic panels at all properties in Macau, Manila and Cyprus, generating on average 9,900 MWh annually.
On Material Use and Waste:
- Progressed journey to eliminate problematic single-use plastic (SUP) and submitted first plastics inventory report to the Global Tourism Plastics Initiative.
- Avoided 5.2 million SUP bottles with the NORDAQ water filtration system serving 55% of Melco's guestrooms globally.
- Recycling or repurposing over 500 tonnes of playing cards across global locations.
- Continuing to monitor food waste with AI machines. Internal "Clean Plate Challenges" motivate and acknowledge colleagues' waste reduction efforts, with high overall participation rates recorded across all properties.
On Community, Engagement and Investment:
- Generated over US$1.1 million for SME businesses in Macau through 13 Heart of House roadshows with 257 participating SMEs, a 55% increase over 2022.
On Safety, Health and Wellbeing:
- 89% of colleagues completed the Hotel and Catering Safety Card Training Program training in 2023.
- 36 elite athletes were identified through the Company's REACH! Program, representing Melco in 55 local and national sports events.
- Close to 500 colleagues participated a series of "Feel Better" in-house mental wellness seminars, organized with Melco's partner, The Women's General Association of Macau.
On Engagement of our People:
- Women comprise 27% of Melco's boards and 35% of senior management.
- 68% of positions at the "Vice President" level and above have been filled from within Melco's local community.
On Ethical and Sustainable Supply Chain:
- Further engaged suppliers and held 27 capacity-building workshops in 2023 on topics ranging from sustainability to occupational safety and health best practices with 368 attendees, including 200 SMEs, a 31% increase over 2022.
- Achieved sourcing targets with 90% of chemicals sourced in Green and Amber categories, and 100% of bed and bath linen being OEKO-TEX®- certified, ahead of the Company's 2030 target.
- 22% of all seafood purchased by weight are from sustainable sources, an increase of 3% over 2022, for Melco's properties in Macau and Manila.
- Company's procurement strategy deepens ties with local suppliers to influence the prioritization of items with sustainability attributes, including cage-free eggs, seafood and duck from sustainable sources, lower carbon beef and plant-based alternatives.
On Ethics and Integrity:
- Security personnel trained on human rights, modern slavery and sexual exploitation with online training provided by The Mekong Club.
- 100% completion rate of Company's Corporate Governance induction training on Melco's Code of Conduct in 2023.
On Privacy and Cybersecurity:
- Implemented new, mandatory, in-depth cybersecurity training for relevant colleagues, with specialized sessions for the Board and senior management.
- Formed a Cybersecurity Disclosure Subcommittee under the Disclosure Committee to meet U.S. SEC requirements and established relevant guidelines.
About Melco Resorts & Entertainment Limited
Melco Resorts & Entertainment, 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 operates City of Dreams Mediterranean in Limassol in the Republic of Cyprus (www.cityofdreamsmed.com.cy). The Company also continues to operate three satellite casinos in other cities in Cyprus (the "Cyprus Casinos"). For more information about the Company, please visit www.melco-resorts.com.
Melco Resorts & Entertainment is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority 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: [email protected]
