Revenues at Melco Resorts & Entertainment were up 22 per cent during the second quarter of 2024 to reach US$1.16bn due to an improved performance in the mass market segment and non-gaming operations, led by the continued recovery in inbound tourism to Macau during the second quarter of 2024.
Operating income for the second quarter of 2024 was US$123.7m, compared with operating income of US$64.3m in the second quarter of 2023. Melco generated Adjusted Property EBITDA of US$302.8m in the second quarter of 2024, compared with Adjusted Property EBITDA of US$267.3m in the second quarter of 2023.
Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2024 was US$21.4m, or US$0.05 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$23.4m, or US$0.05 per ADS, in the second quarter of 2023. Net loss attributable to noncontrolling interests was US$22.7m and US$27.7m during the second quarters of 2024 and 2023, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.
Lawrence Ho, our Chairman and Chief Executive Officer, 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 per cent quarter-to-quarter.”
In Macau, revenues at City of Dreams were US$576.4m, compared with US$506.2m in the second quarter of 2023. Altira Macau was stable with revenue of US$29.3m in both the second quarters of 2024 and 2023. Revenues at Studio City were also up, hitting US$352.3m, compared with US$236m.
Revenues fell in the Philippines with City of Dreams Manila brought in US$109m, compared with US$116.4m. Revenues in Cyprus, where the company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean, almost doubled to reach US$58.7m, compared with US$30.9 m.
