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Melco shows 4Q24 revenue growth but profit down on higher Macau costs

Ben Blaschke by Ben Blaschke
Fri 28 Feb 2025 at 04:23
Melco prices US$750 million Senior Notes offering

City of Dreams Macau

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Macau’s Melco Resorts & Entertainment reported total operating revenues of US$1.19 billion in the three months to 31 December 2024, up 8.9% year-on-year and slightly improved from the US$1.18 billion reported in the September quarter.

The quarter was highlighted by “improved performance in all gaming segments and non-gaming operations”, the company said, with City of Dreams Macau and City of Dreams Manila both producing strong year-on-year GGR growth.

Group-wide gaming revenue grew by 8.3% year-on-year to US$972 million while non-gaming grew by 11.8% to US$219 million.

However, Adjusted Property EBITDA of US$295.4 million was down 2.6% year-on-year and 8.5% quarter-on-quarter, with Melco reporting a net loss of US$20.3 million after returning to profit in 3Q24.

In its earnings release, the company pointed to “higher operating costs, largely due to an increase in staffing levels to enhance service quality and improve performance” at its flagship resort City of Dreams Macau.

Notably, the group’s Q4 Hold-Adjusted property EBITDA margin fell three percentage points year-on-year to 25.6% while Macau margin fell 3.9 percentage points to 24.3%

“2024 was a year of transition for us in Macau,” said Melco Chairman and CEO, Lawrence Ho. “We invested in our business to enhance the customer experience and to build a stronger foundation for growth. The contributions from these initiatives are now evident with market share in the fourth quarter of 2024 growing month-to-month and property visitation exceeding pre-pandemic levels.

“We are committed to continuing to deliver on our strategic objectives and expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.”

By property, City of Dreams Macau saw an 8% year-on-year increase in GGR to US$669 million in Q4, including an 8% increase in mass gaming revenues to US$491 million. VIP GGR grew by 11% to US$147 million and slots GGR by 5% to US$32 million, although Adjusted EBITDA fell 16% to US$140 million.

At Studio City, total GGR grew by 9% to US$322 million, despite the transfer of VIP rolling chip operations to City of Dreams in late October 2024 as part of a strategic repositioning of Studio City to focus on the premium mass and mass segments.

As a result, VIP GGR fell by 45% to US$6 million, although mass GGR grew by 10% to US$287 million and slots GGR by 19% to US$29 million. Adjusted EBITDA fell 12% to US$81 million.

Altira Macau, meanwhile, saw a 17% decline in GGR to US$31 million with breakeven Adjusted EBITDA.

At City of Dreams Manila, total GGR grew by 14% year-on-year to US$149 million thanks to a 109% increase in VIP gaming revenues to US$35 million. Mass GGR held steady at US$58 million, as did slots GGR at US$57 million.

And City of Dreams Mediterranean reported a 31% year-on-year increase in total GGR to US$57 million – evenly split between mass and slots revenues – while Adjusted EBITDA grew by 149% to US$12 million due to the continued ramp up of operations following the property’s opening in mid-2023

For FY24, Melco reported total operating revenues of US$4.64 billion, up from US$3.78 billion in 2023, with operating income climbing 646% to US$484.6 million and Adjusted Property EBITDA by 17% to US$1.22 billion.

Net income was US$43.5 million, reversing a loss of US$326.9 million in 2023.

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Tags: City of Dreams MacauCity of Dreams ManilaCity of Dreams MediterraneanMacauMelco Resorts and EntertainmentprofitrevenueStudio City
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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