Melco International Development Limited, the Hong Kong-listed parent of Macau concessionaire Melco Resorts & Entertainment, has reported a HK$784.6 million (US$98.1 million) loss for the year ended 31 December 2024, down from a loss of HK$1.74 billion (US$217.5 million) reported a year earlier.
The narrowed loss was in part due to a 22.5% increase in net revenues to HK$36.2 billion (US$4.53 billion), which the company said was primarily attributable to the continued recovery in inbound tourism to Macau in 2024 and the ramp up of operations following the opening of Studio City Phase 2 starting in April 2023 and City of Dreams Mediterranean in mid-2023. This, it explained, led to improved performance in its casino and hospitality operations for the year.
Melco International also reported a 20.2% increase in Adjusted EBITDA to HK$9.03 billion (US$1.13 billion), with the rise in revenue having been somewhat offset by gaming tax, license fees and other operating expenses.
The company will not pay a final dividend for FY24.
“In 2024, we pursued strategic expansion and refinement to invest in a brighter future,” said Group Chairman and CEO, Lawrence Ho. “I am pleased to report that our efforts are beginning to yield results, marking a meaningful market gain and we expect this positive momentum to continue into 2025.
“In Macau, we are encouraged by the market’s robust tourism recovery, with visitor volumes approaching pre-pandemic levels. To meet the evolving demands of the growing middle class, we focused on elevating the premium experience through innovative investments. The launch of new attractions including Studio City Cinema, continuous enhancements in property engagement, alongside a revitalised loyalty program, have reinforced our commitment to providing industry-leading guest engagement.
“Beyond Macau, our diversified portfolio continues to demonstrate resilience and strategic value. Performance of City of Dreams Manila remained solid throughout 2024, supported by increased international visitor arrivals and tourism revenue from inbound tourism expenditures, as well as the government’s heightened commitment to tourism development. In Cyprus, despite regional challenges, operational upgrades at City of Dreams Mediterranean and our satellite casinos have driven measurable performance improvements. Meanwhile, we look forward to the opening of the casino at City of Dreams Sri Lanka, which is set to launch in the third quarter of 2025. The project represents a capital-light investment with an attractive return profile, allowing us to extend the City of Dreams brand and broaden our customer base.
“Looking ahead, we are excited about the grand return of ‘House of Dancing Water’ in May 2025, as a cultural milestone that will enrich Macau’s artistic landscape and amplify City of Dreams’ appeal. Guided by our asset-light strategy, we also remain proactive in evaluating partnerships and exploring emerging markets. I am confident in the Group’s resilience and look forward to our continued success in achieving our visionary goals in the coming fiscal year.”
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