Melco Resorts & Entertainment (MLCO) reported a 22% increase in second-quarter sales, reaching $1.159 billion. This figure fell slightly short of the anticipated $1.161 billion, but showcased notable revenue growth across various segments. The surge in total operating revenues was primarily driven by robust performance in the mass market segment and non-gaming operations. This growth was fueled by the ongoing recovery of inbound tourism to Macau during the quarter.
Operating income for the second quarter reached $123.7 million, significantly higher than the $64.3 million recorded in the same period of 2023. Melco generated Adjusted Property EBITDA of $302.8 million, exceeding the $267.3 million achieved in the second quarter of 2023. However, the company reported adjusted earnings per ADS of $0.064, missing the market’s expected $0.09.
Breaking down the revenue contributions, City of Dreams generated $576.4 million in total operating revenues, compared to $506.2 million in the previous year. Altira Macau recorded $29.3 million in total operating revenues for both the second quarters of 2024 and 2023. Mocha and Other operations generated $30.7 million in total operating revenues during the second quarter of 2024, up from $28.8 million in the same period last year. Studio City witnessed a significant increase in total operating revenues, reaching $352.3 million, compared to $236.0 million in the preceding year. However, City of Dreams Manila experienced a slight decrease in total operating revenues, dropping to $109.0 million from $116.4 million in the second quarter of 2023.
As of the end of the quarter, Melco’s total cash and bank balances amounted to $1.28 billion, which included $125.2 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, stood at $7.22 billion. At the end of June, available liquidity, comprising cash and undrawn revolving credit facilities, totaled $3.09 billion.
On Tuesday, MLCO shares were trading down 3.90% at $5.18.
