Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) reported second-quarter 2023 sales growth of 220.1% Y/Y to $947.94 million, beating the consensus of $881.75 million.
Adjusted loss per ADS was $(0.018) versus the consensus loss of $(0.140).
The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations primarily due to the relaxation of COVID-19-related restrictions in Macau in January 2023.
"The strength of our Macau recovery is evident in the 43% increase in gross gaming revenue in the second quarter of 2023 compared to the first quarter of 2023," said Chair and CEO Lawrence Ho.
The opening of Studio City Phase 2's Epic Tower and indoor waterpark in April 2023 and the launch of residency concerts at Studio City in the same month also boosted revenues.
Operating income for the second quarter of 2023 was $64.3 million, compared with an operating loss of $(209.2) million in the year-ago period.
Adjusted Property EBITDA rose significantly to $267.3 million from $(13.8) million a year ago.
The company exited the quarter with $1.56 billion in cash and equivalents.
"Labor supply issues in Macau have been largely resolved... We expect to add another 560 hotel rooms to our portfolio with the opening of W Macau at Studio City in September and are well positioned to support the continuing increase of customers in Macau," Ho added.
Price Action: MLCO shares are trading lower by 2.75% at $13.24 on the last check Tuesday.
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