Melco Resorts posts revenue of US$1.16bn for Q2
Operating revenue rose mainly due to improved performance in the mass market segment and non-gaming operations.
Macau.- Melco Resorts & Entertainment Limited has reported operating revenue of US$1.16bn for the second quarter of the year, up 22 per cent in year-on-year terms. The increase was attributed to improved performance in the mass market segment and non-gaming operations driven by the recovery in inbound tourism to Macau.
The company reported operating income of US$123.7m, compared to US$64.3m in the second quarter of 2023. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$302.8m compared with US$267.3m in 2023.
City of Dreams Macau results
City of Dreams Macau reported operating revenue of US$576.4m for the second quarter, up from US$506.2m in the same period in 2023. EBITDA was US$165.1m compared with US$161.2m.
Rolling chip volume was US$4.83bn, and the rolling chip win rate was 2.99 per cent. The mass market table games drop was US$1.46bn and the hold percentage was 32.3 per cent. The gaming machine handle was US$902.3m and the win rate 3.1 per cent. Nn-gaming revenue was US$80.4m (US$68.9m in the second quarter of 2023).
Altira Macau results
Altira Macau’s operating revenue was US$29.3. The venue generated negative adjusted EBITDA of US$2m, compared with positive US$4.3m in the second quarter of 2023.
The mass market table games drop was US$134.4m and the hold percentage 20.6 per cent. The gaming machine handle was US$132.1m and the win rate 2.6 per cent. Non-gaming revenue was US$4.9m.
Studio City results
Studio City posted operating revenue of US$352.3m and adjusted EBITDA of US$79.2m, compared with adjusted EBITDA of US$41.1m in the second quarter of 2023. The company attributed the year-over-year increase to a better performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$813m and the win rate 2.97 per cent. The Mass market table games drop was US$955.6m and the hold percentage 30.1 per cent. The gaming machine handle was US$842.4m, compared to US$595.4m in the second quarter of 2023. Non-gaming revenue was US$80.4m, compared to US$74.3m in the second quarter of 2023.
Lawrence Ho, group chairman and CEO, said: “Our strategic initiatives to expand revenue and profitability, and drive growth continued to evolve in the second quarter of 2024. We are investing in people and incorporating enhancements to our properties to provide the best premium experience available in Macau to our patrons. 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.”
See also: JP Morgan lowers estimates for Melco property-level EBITDA
