Melco’s Q2 operating revenue grows 22%
Four of the operator's properties saw improvements in revenue.
Melco Resorts and Entertainment has released its unaudited financial results for the second quarter of 2024.
As a whole, total operating revenue was up approximately 22% year-on-year to a sum of $1.16bn, with improvements in the mass-market segment and non-gaming operations contributing.
This development comes as a result of the continued recovery in inbound tourism in Macau.
Total visitor arrivals in the region for H1 increased 43% year-on-year and visitation recovered to 82% of the same first half during 2019.
Operating revenue at City of Dreams, Mocha and Other, Studio City, and City of Dreams Mediterranean and Other increased during the period, while City of Dreams Manila saw a decrease and Altira Macau recorded operating revenue of $29.3m in both the second quarter of this year and last year.
Operating income was $123.7m during the quarter, compared with $64.3m during the same period last year, while adjusted property EBITDA rose 13.3% to $302.8m.
Melco Chairman and CEO Lawrence Ho 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.
“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% quarter-to-quarter.”
In other news from Asia, the Thai Government is pushing to finalise the entertainment complex bill, which would allow casinos to operate legally within entertainment complexes in the country.
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