Melco Resorts Reports Strong Q3 2024 Earnings

Melco Resorts & Entertainment ( (MLCO) ) has released its Q3 earnings. Here is a breakdown of the information Melco Resorts & Entertainment presented to its investors.

Melco Resorts & Entertainment Limited is a prominent developer and operator of integrated resort facilities across Asia and Europe, known for its expansive gaming and non-gaming operations. In its latest third-quarter earnings report for 2024, Melco announced a substantial rise in total operating revenues, reaching $1.18 billion, marking a 16% increase from the previous year. This growth was fueled by strong performances in both gaming and non-gaming segments, particularly driven by a rebound in tourism in Macau.

Key financial highlights include an operating income of $138.6 million, up from $94.7 million in the same period last year, and an adjusted property EBITDA of $322.5 million. The company also reported a positive net income attributable to Melco Resorts of $27.3 million, a significant turnaround from a net loss in the prior year. Notably, Melco’s properties, such as City of Dreams and Studio City, showed improved financial metrics, with enhanced gaming operations and increased visitation contributing to the gains.

Strategic initiatives during the quarter included the launch of a revamped loyalty program and new gaming areas, which are expected to drive future growth. In addition, the company has been actively managing its financial position, including repurchasing shares and reducing total debt, while continuing to invest in property enhancements and new developments.

Looking ahead, Melco’s management remains optimistic about sustained growth, particularly with ongoing projects and initiatives aimed at boosting visitation and enhancing customer experiences in Macau and other regions. The company is committed to unveiling new projects and further strengthening its integrated resort portfolio.