Melco Resorts & Entertainment has reported total operating revenues of US$4.64 billion for 2024 for its world-wide properties, up from US$3.78 billion the year prior. This is according to unaudited financial results published in a press release on Thursday.
The concessionaire attributed the rise to an “improved performance in all gaming segments and non-gaming operations, led by the continued recovery in inbound tourism to Macao,” where Melco’s core operations are based. The statement also noted that the 2023 opening of Studio City Phase 2 contributed to 2024’s improved results, along with the mid-2023 launch of City of Dreams Mediterranean.
Operating income for 2024 came in at US$484.6 million, compared with just US$65 million for 2023.
Melco’s adjusted property earnings before interest, taxes, depreciation and amortisation (EBITDA) were US$1.22 billion for the year ended 31 December 2024, up from US$1.04 billion in 2023.
[See more: Casino operator Melco has opened a new office in Bangkok]
Net income attributable to Melco for 2024 was US$43.5 million, or US$0.10 per American depository share (ADS), compared with a net loss of US$326.9 million (US$0.75 per ADS) for 2023.
Lawrence Ho, the chairman and CEO, described 2024 as “a year of transition for us in Macao” and noted that Melco’s market share in the SAR was growing month-to-month.
On the same day Melco published its full year results, it announced the upcoming return of its long-running residency show, The House of Dancing Water. The ambitiously revamped production will be staged at City of Dreams from May, after an almost five-year hiatus.
[See more: It’s official: The House of Dancing Water returns this May, with new cast and storyline]
For the fourth quarter of 2024, Melco’s total operating revenues amounted to US$1.19 billion. That’s an increase of about 9 percent when compared with the same period in 2023, and a quarterly increase of about 5.5 percent.
Operating income for the period was US$97 million, up from an operating loss of US$94.4 million in the fourth quarter of 2023. The figure was down from the third quarter’s US$138.6 million.
Melco generated adjusted property EBITDA of US$295.4 million in the fourth quarter, compared with a figure of US$303.4 million a year prior.
Net loss attributable to Melco for the period was US$20.3 million, or US$0.05 per ADS, down from US$205.9 million, or US$0.47 per ADS, in the fourth quarter of 2023.
