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Melco Resorts & Entertainment (NASDAQ: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
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Posted In: MLCO