In a recent report by Melco Resorts and Entertainment, it was revealed that four of the operator’s properties experienced improvements in revenue during the second quarter of 2024. The unaudited financial results showed a total operating revenue increase of approximately 22% year-on-year, reaching an impressive sum of $1.16 billion. This growth was attributed to enhancements in the mass-market segment and non-gaming operations, signaling a positive trend for the company.
The surge in revenue comes amidst the ongoing recovery of inbound tourism in Macau, with total visitor arrivals in the region for the first half of the year rising by 43% compared to the previous year. Visitation rates have also rebounded to 82% of the levels seen in the same period in 2019, indicating a strong revival in tourism activity.
Specifically, City of Dreams, Mocha and Other, Studio City, and City of Dreams Mediterranean and Other all saw increases in operating revenue, while City of Dreams Manila experienced a slight decrease. Altira Macau maintained an operating revenue of $29.3 million in both the second quarter of 2024 and the same period last year, showing stability in its performance.
During the quarter, operating income reached $123.7 million, a significant increase from $64.3 million in the previous year. Adjusted property EBITDA also rose by 13.3% to $302.8 million, showcasing strong financial performance across the board.
Melco Chairman and CEO, Lawrence Ho, expressed his satisfaction with the company’s progress, stating, “Our strategic initiatives to expand revenue and profitability have continued to evolve in the second quarter of 2024. We are investing in our staff and enhancing our properties to offer the ultimate premium experience in Macau. The growth in Gross Gaming Revenue (GGR) quarter-to-quarter and year-over-year is a testament to our commitment to maintaining a leading position in the market.”
Ho also highlighted the success of City of Dreams Manila in the Philippines and the positive momentum of City of Dreams Mediterranean and the satellite casinos in Cyprus. He noted, “City of Dreams Mediterranean and our satellite casinos in Cyprus have shown strong performance, with luck adjusted EBITDA increasing by over 30% quarter-to-quarter.”
Overall, Melco Resorts and Entertainment’s financial report for the second quarter of 2024 paints a picture of growth and prosperity for the company, setting a solid foundation for continued success in the future.
