Gaming operator Melco Resorts & Entertainment saw a 22.33 percent rise in its operating revenues for the second quarter of the year, nearing $1.16 billion, led by the continued recovery in Macau – prompting improved performance in both the mass market and non-gaming segments.
According to results published late on Tuesday, the operator also recorded a profit of some $21.39 million, reversing a loss of $23.44 million registered in the same period of 2023.
Overall casino revenues rose by 22.7 percent yearly, to $942.96 million, eclipsing all other segments. Despite this, operating expenses for the casino segment also increased, reaching $632.47 million.
The group also saw a strong acceleration in its adjusted property EBITDA, totaling $302.8 million during the period, up from $267.3 million in 2Q23.
Speaking of the results, Melco’s Chairman and CEO Lawrence Ho noted that “Our strategic initiatives to expand revenue and profitability, and drive growth continued to evolve in the second quarter of 2024 […] We’ve seen growth in GGR quarter-to-quarter and year-over-year, and our teams are focused on driving continued expansion of our market position.”
The group’s Macau operations continued to be its primary income source, with City of Dreams recording revenue of $576.4 million, an increase of over $70 million yearly, with adjusted property EBITDA rising to $165.1 million – up by nearly $4 million yearly.
The group notes that the result is ‘primarily a result of better performance in the mass market table games segment.
Altira Macau continued flat, with revenues at $29.3 million, while seeing a strong adjusted EBITDA drop down to $2 million, compared to $4.3 million in 2Q23.
Studio City brought in some $352.3 million in revenue, a strong rise from the $236 million in 2Q23, with adjusted property EBITDA also rising strongly to $79.2 million (from $41.1 million in 2Q23). The group notes that the rise was ‘primarily a result of better performance in all gaming segments and non-gaming operations.
Looking to the Philippines, City of Dreams Manila revenues were down yearly, from $116.4 million in 2Q23 to $109 million in 2Q24, with adjusted property EBITDA falling to $40.5 million (down by $6.5 million yearly). The group attributes this to ‘softer performance in the mass market table games segment’.
In Cyprus, City of Dreams Mediterranean and its three satellite casinos brought in some $58.7 million, a stark rise from the $30.9 million reported in the same period of last year.
The property generated adjusted EBITDA of $13.1 million, up by nearly 90 percent yearly. This was ‘primarily a result of better performance in the mass market segment and non-gaming operations following the opening of City of Dreams Mediterranean in mid-2023’.
Speaking of the results in non-Macau properties, Melco Chairman and CEO Lawrence Ho noted:
“City of Dreams Manila in the Philippines has consistently exhibited solid results. City of Dreams Mediterranean and our satellite casinos in Cyprus built upon the momentum seen in the past quarter, with luck adjusted EBITDA growing more than 30 percent quarter-to-quarter.”
