Melco International Development’s loss attributable to owners of the company for the first six months of this year totalled HK$253.2 million (US$32.5 million), representing a year-on-year decrease of around 65 percent, according to its mid-term financial results, which were published last Friday.
The gaming concessionaire explained that the HK$480 million (US$61.56 million) reduction in losses largely stemmed from the “improved performance” of its casino and hospitality operations as a result of Macao’s recovering tourism sector.
Meanwhile, the loss after tax for the first six months of this year fell by around 68 percent, from HK$1.40 billion (US$180 million) in 2023 to HK$0.44 billion (US$56 million) in 2024. Net revenue for the first six months of this year reached a total of HK$17.7 billion (US$2.27 billion), representing a year-on-year jump of 36.3 percent.
[See more: Melco’s operating revenues jump 22 percent in the second quarter]
In terms of adjusted earnings before interest, taxes depreciation and amortisation (EBITDA) during the first half of this year, Melco reported a total of HK$4.49 billion (US$580 million), a year-on-year increase of 40 percent in comparison to last year’s HK$3.20 billion (US$410 million).
As a result of the casino operator’s continued losses, its board did not “recommend the payment of an interim dividend” for the period spanning January and June of this year.
Looking ahead to the future, Melco said that the company would be “prudent and agile” in dealing with short-term challenges and uncertainties, and that it remained “confident in its long-term prospects across regions.” The company is looking to expand its foothold in Asia, with the work currently underway for City of Dreams Sri Lanka, which is expected to open by mid-2025.
