Melco Resorts reports 22% Q2 revenue rise, adjusted property EBITDA hits $303 million

Melco Resorts and Entertainment has reported a 22% increase in operating revenue for the second quarter of 2024, reaching $1.16 billion compared to the same period last year.

The casino operator also saw a rise in adjusted property EBITDA, which climbed to nearly $303 million, up from $267 million in the previous year.

Operating income for the quarter nearly doubled to $123.7 million, a notable jump from $64.3 million in 2023. Melco also reported a net income of $21.4 million, marking a significant recovery from a net loss of $23.4 million in the same quarter last year.

“Our strategic initiatives to expand revenue and profitability, and drive growth continued to evolve in the second quarter of 2024,” said Melco Chairman and CEO Lawrence Ho.

“City of Dreams Manila in the Philippines has consistently exhibited solid results. City of Dreams Mediterranean and our satellite casinos in Cyprus built upon the momentum seen in the past quarter, with luck adjusted EBITDA growing more than 30 per cent quarter-to-quarter,” he added.

City of Dreams, Melco’s flagship property, reported a 13.8% increase in operating revenue year-on-year, with adjusted EBITDA reaching $165.1 million. However, rolling chip volume fell from $5.76 billion to US$4.83 billion compared to the same period in 2023, while mass-market table games drop rose to $1.46 billion from $1.24 billion.

Studio City, another Cotai property, saw its operating revenue surge by 49% year-on-year to $352.3 million. Adjusted EBITDA for the property more than doubled, reaching $79.2 million, compared to $41.1 million in the second quarter of 2023. Studio City’s rolling chip volume also saw a modest increase, rising from $789.5 million to $813 million over the same period.