In a notable third-quarter financial update, Melco Resorts announced a robust increase in their operating revenues, reaching $1.18 billion, a 16% rise from the previous year’s $1.02 billion during the same period. This growth is attributed to an enhanced performance across both gaming and non-gaming sectors, bolstered by a resurgence in tourist arrivals.
Substantial financial gains across segments:
Melco’s financial health showed considerable improvement, with operating income escalating to $138.6 million from $94.7 million year-over-year. As Inside Asian Gaming reports, the adjusted property EBITDA also rose significantly to $322.5 million, up from $280.6 million in the previous year’s quarter, reflecting the company’s strong operational execution.
The third quarter of 2024 marked a turnaround in net profits, with Melco recording a net income of $27.3 million, a stark contrast to a net loss of $16.3 million during the same period in 2023. This positive shift underscores the effective strategic measures the company has implemented over the past year.
City of Dreams Macau continues to be a stellar performer within Melco’s portfolio, generating $563.9 million in operating revenues, an increase from $506.2 million year-over-year. The property’s adjusted EBITDA was $162.8 million, slightly up from $153.9 million. The venue saw a considerable amount of activity with rolling chip volume hitting $3.3 billion, although this was lower compared to $4.43 billion in the previous year.
Studio City also posted impressive results, with revenues climbing to $364.7 million from $277.7 million. The property’s adjusted EBITDA improved markedly to $92.8 million from $67.7 million, driven by an uptick in all gaming and non-gaming operations. Despite a decrease in rolling chip volume, mass market table games drop witnessed a rise, indicating a healthy customer engagement level.
Conversely, City of Dreams Manila observed a slight decline, with revenues dipping to $118.9 million from $124.9 million in the third quarter of the previous year. The property’s adjusted EBITDA decreased to $45.9 million from $48.7 million, reflecting challenges in certain gaming segments, somewhat offset by stronger gaming machine performance.
City of Dreams Mediterranean and other operations reported revenue of $64.4 million, up from $53.4 million, with an adjusted EBITDA of $15.1 million, more than doubling from the previous year’s $7.2 million. This significant growth is attributed to the ramping up of operations after the grand opening in mid-2023.
Strategic initiatives and future outlook:
Lawrence Ho, Chairman and CEO of Melco Resorts, commented on the company’s strategic initiatives, stating, “Our initiatives to activate areas throughout our properties and drive visitation are coming together.” He highlighted the sequential increase in property EBITDA in Manila: “In Manila, despite added competition, City of Dreams’ property EBITDA increased sequentially. City of Dreams Mediterranean and our satellite casinos in Cyprus continue to face challenges due to the conflicts in the region but have had solid increases in property EBITDA quarter-to-quarter.”
As Melco Resorts continues to innovate and expand its offerings, the company remains focused on maintaining high operational standards and adapting to market dynamics to sustain its growth trajectory.
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