Melco Resorts Turns To First Quarter Surplus On Revenue Growth
Casino group Melco Resorts and Entertainment reported first-quarter 2024 total operating revenue of $1.11 billion, up 55.2% year-over-year. On a quarter-over-quarter basis, the figure was up 1.8%, according to a press release Tuesday.
The casino company said the December quarter's increase in gross operating revenue was primarily attributable to "improving performance in all gaming and non-gaming operations segments, driven by continued recovery in Macau inbound tourism" during the first three months of 2024.
The company reported net income of shareholders of $15.2 million in the first quarter of 2023, compared with a net loss of $81.3 million in the first quarter of 2023. Melco Resorts reported a net loss of $156.6 million in the fourth quarter of 2023.
In the three months to March 31, Melco Resorts' operating profit came in at $125.4 million, up sharply from $400,000 in the first quarter of 2023. The figure represents a 32.8% quarter-over-quarter increase. 홀짜게임
Total operating expenses for the first quarter fell 16.8% from the previous quarter to just under $987.1 million, a 37.8% increase from the same period last year.
Adjusted real estate earnings before interest, taxation, depreciation and amortization (EBITDA) in the first quarter were $298.8 million, down 1.5% from the previous quarter but up 56.6% year-over-year.
Melco Resort operates a casino in Macau, with a property located in the Philippine capital of Manila and a gaming venue on the Mediterranean island of Cyprus. The company announced on Tuesday it was investing in a casino resort in the Sri Lankan capital of Colombo. It said gaming operations at Melco Resort are expected to begin "in mid-2025."
Lawrence Ho Yau Loong, Chairman and Chief Executive Officer of Melco Resorts, said in a prepared speech: "We have had an eventful year so far. Management has changed, sales staff has been restructured, walls have been torn down, game territory has begun to be reshaped, and we have opened several new retail locations in Studio City."
"In terms of financing, we have repaid an additional $250 million in debt, raised $750 million in bonds, and extended the maturity of our $1.9 billion revolving credit facility, significantly reducing our refinancing risk in 2025," he added
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