Melco Resorts & Entertainment has announced total operating revenues for the quarter ending September 30, 2024 of US$1.18bn, an increase of 16 per cent from $1.02bn in Q3 2023.
The company said the increase was “primarily attributable to the improved performance in all gaming segments and non-gaming operations, led by the continued recovery in inbound tourism to Macau during the third quarter of 2024.”
Operating income for the quarter was $138.6m, up from $94.7m in Q3 2023. Adjusted Property EBITDA reached $322.5m, up from $280.6m in Q3 2023.
Net income for the quarter was $27.3m, or $0.06 per ADS, compared with the net loss of $16.3m, or $0.04 per ADS, in Q3 2023.
“Our initiatives to activate areas throughout our properties and drive visitation are coming together,” said Lawrence Ho, chairman and CEO. “We launched a revamped loyalty programme, opened a new Signature Club premium slot area at City of Dreams, and a highly themed slot area called the Dragon Zone at Studio City, in partnership with Aristocrat Gaming.
“We are enhancing accessibility into City of Dreams with a new light tunnel entrance which is complemented by live performances. We expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.
“In Manila, despite added competition, City of Dreams’ property EBITDA increased sequentially. City of Dreams Mediterranean and our satellite casinos in Cyprus continue to face challenges due to the conflicts in the region but have had solid increases in property EBITDA quarter-to-quarter.”
