Casino group Melco Resorts & Entertainment Ltd. reported total operating income of just $1.16 billion in the three months to June 30, up 22.3% from a year earlier. On a quarterly basis, the figure showed a 4.5% increase, according to a Tuesday press release.
The company posted shareholder net income of $21.4 million, compared to a net loss of $23.4 million in the prior year. Those profits increased 40.8% sequentially from $15.2 million in the first quarter of 2024.
Total operating expenses for the April-June period rose 17.2% year-over-year to $1.04 billion. Those expenditures were up 5.0% from the previous quarter.
Operating profit for the second quarter was $123.7 million, up 92.5% from a year ago but down 1.3% sequentially. 파워볼사이트
Melco Resorts said in a release on Tuesday that the increase in total operating revenue during the reporting period was “primarily due to improved performance in its public market segment and non-gaming operations due to the continued recovery of Macau inbound tourism during the second quarter of 2024.”
Adjusted Real Estate Earnings Before Interest, Taxation, Depreciation, and Amortization (EBITDA) was $322.8 million, up 13.3% Y/Y and up 1.3% sequentially.
Melco Resort operates a casino in Macau, a property in Manila, the Philippine capital, and a gaming ground on the Mediterranean island of Cyprus.
“Strategic initiatives to expand revenue and profitability and drive growth continued to evolve in the second quarter of 2024,” Lawrence Hoya-Urung, Chairman and CEO of Melco Resorts, said in prepared remarks
The CEO said the company is investing in people and incorporating enhancements into its group’s assets “to provide customers with the best premium experience available in Macau.”
“We saw quarterly and year-over-year growth in GGR [total gaming revenue], and our team is focused on driving the continued expansion of our market position,” he added
John DeCree and Max Marsh, analysts at CBRE Capital Advisors Inc, said in a note on Tuesday: “We estimate that Melco’s GGR share will increase by 60 basis points sequentially to 14.8% in the second quarter of 2024.
“The initial improvement is encouraging considering that management began investing in Q2 to counter market share losses, including major new hires.”
Melco Resorts flagged some operational changes at its Macau properties after introducing new property level management earlier this year. This included construction projects in the group’s premium bulk gambling division.
