In the first quarter of 2024, Melco Resorts & Entertainment Ltd actively reported total operating revenue of US$1.11 billion. This amount marks a 55.2 percent increase compared to the previous year. Moreover, quarter-on-quarter, the company saw a 1.8 percent rise. A press release issued on Tuesday confirmed these figures.
The company attributed the surge in total operating revenue from January to March to stronger performance across all gaming segments and non-gaming operations. This growth mainly resulted from the ongoing recovery in inbound tourism to Macau.
Melco Resorts achieved a net profit attributable to shareholders of US$15.2 million for the first quarter. This result represents a significant improvement from the net loss of US$81.3 million reported during the same period in 2023. In addition, the company suffered a net loss of US$156.6 million in the fourth quarter of 2023.
The company’s operating income for the three months ending March 31 amounted to US$125.4 million. This figure soared from a mere US$0.4 million in the first quarter of 2023. It also marked a sequential increase of 32.8 percent.
Total operating costs for the first quarter decreased to just under US$987.1 million. This change reflects a sequential decrease of 16.8 percent. However, operating costs were up 37.8 percent compared to the previous year.
Adjusted property earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first quarter stood at US$298.8 million. This figure shows a 1.5 percent sequential decrease. On the other hand, it represents a substantial 56.6 percent year-on-year increase.
Melco Resorts operates casinos in Macau, a property in Manila, and gaming venues in Cyprus. On Tuesday, the company announced its investment in a casino resort in Colombo, Sri Lanka. They expect gaming operations to commence in mid-2025.
Lawrence Ho Yau Lung, chairman and chief executive, highlighted several significant developments. These include management restructuring, renovation of gaming areas, and the launch of new retail outlets at Studio City.
Ho emphasized the company’s improving results. He attributed this growth to new marketing initiatives and the generation of new business following management changes in late February.
City of Dreams Manila experienced solid results in the mass segment. Nevertheless, luck factors negatively affected the VIP segment during the first quarter of 2024.
Despite ongoing regional conflicts, City of Dreams Mediterranean and satellite casinos in Cyprus generated positive cash flow through the first quarter. Furthermore, they plan to expand their business during the summer months.
At City of Dreams Macau, total operating revenue reached US$550.9 million in the first quarter of 2024. This amount fell slightly from US$559.8 million in the previous quarter. However, it remains significantly higher than US$358.3 million in the first quarter of 2023.
The majority-owned Cotai resort Studio City experienced a remarkable increase in operating revenues and adjusted EBITDA. Meanwhile, City of Dreams Manila saw a decrease in both metrics compared to the previous quarter and a year earlier.
