Melco Resorts & Entertainment has released its unaudited financial results for the third quarter of 2024.
Total operating revenues for the period were US$1.18 billion, representing an increase of approximately 16 percent from US$1.02 billion for the comparable period in 2023.
The company attributed an increase in total operating revenues primarily to the improved performance in all gaming segments and non-gaming operations, led by the continued recovery in inbound tourism to Macao.
Operating income for the third quarter of 2024 was US$138.6 million, compared with operating income of US$94.7 million in the same period last year.
[See more: Wynn Resorts releases its third quarter results]
Melco generated adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) of US$322.5 million in the third quarter of 2024, compared with US$280.6 million in the comparable period a year ago.
Net income attributable to Melco for the third quarter of 2024 was US$27.3 million, compared with the net loss of US$16.3 million in the third quarter of 2023.
Lawrence Ho, the chairman and CEO, said: “Our initiatives to activate areas throughout our properties and drive visitation are coming together.”
He added: “We launched a revamped loyalty program, opened a new Signature Club premium slot area at City of Dreams, and a highly themed slot area called the Dragon Zone at Studio City, in partnership with Aristocrat Gaming. We are enhancing accessibility into City of Dreams with a new light tunnel entrance which is complemented by live performances. We expect to continue to unveil new and exciting projects to support the ongoing growth in Macao.”
