The post-COVID recovery continues for Macau’s Melco Resorts & Entertainment, with the company reporting total operating revenues of US$1.16 billion in 2Q24 – up 22% year-on-year and 4.5% higher than in the March quarter.
Releasing its quarterly results late Tuesday Asia time, Melco said the improved result was primarily attributable to improved performance in the mass market segment and in its non-gaming operations, led by the continued recovery in inbound tourism to Macau. This included a 22.7% year-on-year increase in gaming revenues to US$943 million, also up 3.3% sequentially, and a 20.7% year-on-year increase in non-gaming revenues to US$217 million.
Adjusted Property EBITDA of US$302.8 million was up 13.3% year-on-year and 1.3% sequentially, while net income attributable to Melco Resorts & Entertainment was US$21.4 million, reversing a net loss of US$23.4 million in 2Q23.
“Our strategic initiatives to expand revenue and profitability and drive growth continued to evolve in the second quarter of 2024,” said Melco Chairman and CEO, Lawrence Ho. “We are investing in people and incorporating enhancements to our properties to provide the best premium experience available in Macau to our patrons. We’ve seen growth in GGR quarter-to-quarter and year-over-year, and our teams are focused on driving continued expansion of our market position.
“City of Dreams Manila in the Philippines has consistently exhibited solid results. City of Dreams Mediterranean and our satellite casinos in Cyprus built upon the momentum seen in the past quarter, with luck adjusted EBITDA growing more than 30% quarter-on-quarter.”
By property, City of Dreams Macau reported 2Q24 GGR of US$643 million, up 10% year-on-year, of which mass table games comprised US$471 million and VIP table games US$144 million, with another US$28 million coming from slots. Adjusted EBITDA of US$165 million was up 2% year-on-year and 8% sequentially.
Studio City reported a 58% year-on-year and 7% quarter-on-quarter increase in total GGR to US$339 million, dominated by mass which comprised US$287 million. Adjusted EBITDA climbed 93% versus 2Q23 but fell 10% quarter-on-quarter to US$79 million.
In the Philippines, City of Dreams Manila reported a 2% decline both year-on-year and quarter-on-quarter to US$123 million with Adjusted EBITDA of US$40 million. Mass GGR chipped in US$57 million of the total and slots US$48 million, with a smaller US$18 million contribution from VIP.
And in Cyprus, total GGR of US$54 million was flat quarter-on-quarter with the property reporting no VIP revenue. Mass GGR of US$27 million was slightly down on the March 2024 quarter but slots GGR, also at US$27 million, was up 5%.
Adjusted EBITDA at City of Dreams Mediterranean reached US$13 million, up 90% year-on-year and 24% quarter-on-quarter.