Melco Resorts & Entertainment MLCO reported a 22% increase in second-quarter sales to $1.159 billion, slightly falling short of $1.161 billion expectations, with notable revenue growth across most segments.
The rise in total operating revenues was mainly due to stronger performance in the mass market segment and non-gaming operations, driven by the continued recovery of inbound tourism to Macau in the quarter.
Operating income for the second quarter was $123.7 million versus $64.3 million in the second quarter of 2023.
Melco generated Adjusted Property EBITDA of $302.8 million, compared with $267.3 million in the second quarter of 2023.
The company reported adjusted earnings per ADS of $0.064, missing the street view of $0.09.
Total operating revenues at City of Dreams were $576.4 million, compared with $506.2 million in the year-ago period.
Total operating revenues at Altira Macau were $29.3 million in both the second quarters of 2024 and 2023.
Total operating revenues from Mocha and Other were $30.7 million in the second quarter of 2024, compared with $28.8 million in the second quarter of 2023.
Total operating revenues at Studio City were $352.3 million, compared with $236.0 million a year ago.
Total operating revenues at City of Dreams Manila were $109.0 million, down from $116.4 million in the second quarter of 2023.
Total cash and bank balances as of quarter-end totaled $1.28 billion, including $125.2 million of restricted cash.
Total debt, net of unamortized deferred financing costs and original issue premiums, was $7.22 billion.
As of June-end, available liquidity, comprising cash and undrawn revolving credit facilities, totaled $3.09 billion.
Price Action: MLCO shares are trading lower by 3.90% to $5.18 at last check Tuesday.
Photo via Company
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
