In the first quarter of 2024, Melco Resorts & Entertainment Ltd actively reported a total operating revenue of US$1.11 billion, marking a 55.2 percent increase from the previous year. Quarter-on-quarter, this figure saw a 1.8 percent rise, as stated in a press release issued on Tuesday.
The company attributed the surge in total operating revenue from January to March to enhanced performance across all gaming segments and non-gaming operations, largely fueled by the ongoing recovery in inbound tourism to Macau.
Melco Resorts recorded a net profit attributable to shareholders of US$15.2 million for the first quarter, a significant improvement from the net loss of US$81.3 million reported in the same period of 2023. The company had experienced a net loss of US$156.6 million in the fourth quarter of 2023.
Operating income for Melco Resorts in the three months ending March 31 amounted to US$125.4 million, soaring from a mere US$0.4 million in the first quarter of 2023, marking a sequential increase of 32.8 percent.
Total operating costs for the first quarter dipped to just under US$987.1 million, reflecting a sequential decrease of 16.8 percent, although it was up 37.8 percent from the previous year.
Adjusted property earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first quarter stood at US$298.8 million, showcasing a 1.5 percent sequential decrease but a substantial 56.6 percent year-on-year increase.
Melco Resorts, operating casinos in Macau, a property in Manila, and gaming venues in Cyprus, announced on Tuesday its investment in a casino resort in Colombo, Sri Lanka, with gaming operations expected to commence in mid-2025.
Lawrence Ho Yau Lung, the chairman and chief executive, highlighted significant developments, including management restructuring, renovation of gaming areas, and the launch of new retail outlets at Studio City.
Ho emphasized the company’s improving results, attributing them to new marketing initiatives and generated new business since management changes in late February.
City of Dreams Manila experienced solid results in the mass segment but was impacted by luck factors in VIP during the first quarter of 2024.
Despite regional conflicts, City of Dreams Mediterranean and satellite casinos in Cyprus exhibited positive cash flow through the first quarter, with plans to expand business into the summer months.
At City of Dreams Macau, total operating revenue was US$550.9 million in the first quarter of 2024, down from US$559.8 million in the previous quarter but significantly higher than US$358.3 million in the first quarter of 2023.
The majority-owned Cotai resort Studio City saw a remarkable increase in operating revenues and adjusted EBITDA, while City of Dreams Manila experienced a decrease in both metrics compared to the previous quarter and a year earlier.