Melco Resorts & Entertainment Q4 revenue hits $1.19bn
This figure represents a 9% increase year-on-year, with FY 2024 revenue also rising.
Key points:
– Melco has posted its Q4 & FY 2024 results
– The operator reported revenue of $1.19bn & $4.64bn for Q4 & FY24, respectively
– Aside from Altira Macau, each of the operator’s sites reported Q4 revenue rises
Melco Resorts & Entertainment has posted its Q4 and FY 2024 financial results, highlighting a revenue rise of 9% to $1.19bn for the final quarter of the year – alongside full-year revenue of $4.64bn.
Growing overall revenues across the board for both 2024’s final quarter and the year overall were juxtaposed by a Q4 year-on-year revenue decrease at Altira Macau. Studio City, on the other hand, saw its Q4 2024 revenue rise by 12.3% year-on-year to a figure of $342m.
Q4 2024
Taking a closer look at the company’s Q4 results, Melco’s overall revenue figure of $1.19bn for the period represents a 9% year-on-year increase, up $0.1bn from Q3 2024. Adjusted property EBITDA, however, fell by 2.7% in comparison to Q4 2023 to a figure of $295.4m. Elsewhere, operating income rose by 2.72% to $97m for the quarter, with net loss also being reduced to $20.3m for Q4 2024, compared to a figure of $205.9m from Q4 2023.
More specifically, Melco’s primary revenue driver for the quarter was City of Dreams, which generated a revenue figure of $591.1m during the quarter, up from the $559.8m generated during Q4 2023. Studio City’s revenue figure of $342m represented an increase of 12.3% year-on-year, while Mocha and other Q4 results rose by $0.6m year-on-year to $29.3m.
Altira Macau reported the only revenue decrease compared to Q4 2023, with its revenue falling to $31.2m compared to the $33.6m from the year prior. Further, City of Dreams Manila accounted for $133.8m of the overall revenue figure during the quarter, up 10.5% in comparison to results Q4 2023.
FY 2024
Regarding the organisation’s FY 2024 results, revenue rose by 20.4% from 2023, settling at an overall figure of $4.64bn for 2024. Melco has attributed this rise to an improved performance in all gaming segments and an influx of additional tourist traffic into Macau during the year.
In the case of operating income, the company revealed a figure of $484.6m, up from a figure of $65m from 2023 – with adjusted EBITDA also rising by 15.9% in comparison to 2023 to $1.22bn for the year just passed.
Good to know: Earlier this month, the operator received global recognition for its sustainability efforts
Highlights from the year
Melco started the year facing challenges related to its European operations, as North Cyprus halved its casino income tax rates as part of its new tax reform which also saw gaming table and slot machine tax increase by 17%.
More recently, in Q3 Melco Resorts reiterated it was confident of growth prospects following the announcement of its share repurchase program.
Speaking on the release of these latest results, Lawrence Ho, Melco Chairman and CEO, commented, “2024 was a year of transition for us in Macau. We invested in our business to enhance the customer experience and to build a stronger foundation for growth. The contributions from these initiatives are now evident with market share in the fourth quarter of 2024 growing month-to-month and property visitation exceeding pre-pandemic levels.
“We are committed to continuing to deliver on our strategic objectives and expect to continue to unveil new and exciting projects to support the ongoing growth in Macau. City of Dreams Manila had a strong quarter with a sequential increase in property EBITDA as well as market share. City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited solid results despite the challenges posed by the conflicts in the region.
“And last, but not least, the development of the casino at City of Dreams Sri Lanka is progressing well and we expect to commence casino operations in the third quarter of 2025.”
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