This Macau casino operator may have a lucky hand. Shares of Melco Resorts & Entertainment (MLCO -1.26%) have been on a hot streak rallying more than 40% in the past month. The casino operator is benefiting from a recovery in gaming activity and visitor traffic to the Chinese administrative region of Macau where it generates the bulk of its business. Following several years of pandemic-era disruptions, it appears the company is finally moving forward. With a path for long-term growth and climbing profitabili ...

Financial Data and Key Metrics - Group-wide adjusted property EBITDA for Q1 2024 was approximately $299 million, with luck-adjusted EBITDA at $329 million [8] - Unfavorable win rates negatively impacted results at City of Dreams Macau and City of Dreams Manila by approximately $33 million, while a favorable win rate at Studio City had a slight positive impact of $2 million [8] - Consolidated cash on hand as of March 31, 2024, was around $1.3 billion, with $635 million excluding Studio City, the Philippines, and Cyprus operations [9] - Total depreciation and amortization expense for Q2 2024 is expected to be $135 million to $140 million, with corporate expense at $20 million and consolidated net interest expense at $120 million to $125 million [9] Business Line Performance - Melco Macau's property EBITDA reached 89% of 2019 levels in Q1 2024, with March recording the highest mass table games dropped ever at both COD Macau and Studio City [5] - City of Dreams Manila generated solid results in mass table games and slots but faced challenges in VIP gaming [7] - City of Dreams Mediterranean and satellite casinos in Cyprus showed positive EBITDA and cash flow in Q1 2024 [7] Market Performance - Macau's performance improved in March and April, with the highest daily gaming revenue since reopening in January 2023 [5] - The company gained market share in April, reflecting the steps taken to regain leadership in premium mass gaming [5] - The Philippines and Cyprus markets showed positive trends, with cautious optimism for continued profitability despite regional conflicts [7] Strategic Direction and Industry Competition - The company is focusing on debt reduction as its top priority, having paid down $250 million in debt and raised $750 million in bonds [5] - Expansion into Sri Lanka with the City of Dreams Sri Lanka project, expected to open in mid-2025, is a capital-light investment with an attractive return profile [7] - The company is enhancing its services and offerings to maintain its market-leading position in Macau, leveraging government initiatives to increase accessibility [5][6] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about Macau's growth potential, citing government initiatives like multi-entry visas and improved online visa applications [5] - The company is cautiously optimistic about expanding profitability in Europe and the Middle East despite ongoing conflicts [7] - The hiring of Tim Kelly as Property President of City of Dreams Macau is expected to strengthen the brand and customer reach [7] Other Important Information - The company is actively reviewing alternatives to refinance $300 million at Studio City by July 2025 [8] - Total CapEx for 2024 is estimated at $415 million, including $50 million for the Sri Lanka project [21] Q&A Session Summary Question: How is Melco capitalizing on the multi-entry visa arrangement in Macau? - The company is exploring opportunities to leverage its physical positioning at Studio City, including infrastructure improvements to facilitate greater tour volume [13][14][15] Question: What are the priorities for cash deployment? - Debt reduction remains the top priority, with the company continuing to look for capital-light development opportunities [13] Question: What is the update on smart gaming tables? - The company is prioritizing the adoption of smart table technology, with full implementation expected by next year [16] Question: How is the promotional environment in Macau? - The competitive environment remains intense, with signs of stabilization in player reinvestment programs [19] Question: What are the CapEx figures for 2024? - Total CapEx is estimated at $415 million, with $140 million for COD Macau, $75 million for Studio City, $40 million for Manila, and $20 million for COD Mediterranean [21] Question: What changes have been made at the property level? - The company has restructured its sales force and made customer-centric changes, including enhanced food and beverage offerings and improved gaming floor layouts [23][24][25][26][27] Question: What is the outlook for Sri Lanka? - The company sees significant potential in Sri Lanka, particularly as a gateway to the Indian market, with expected GGR of $200 million to $250 million [33][34][60] Question: How is the sales force restructuring impacting market share? - Centralizing the sales force has improved customer experience and is expected to drive further market share gains [48][49] Question: What is the EBITDA performance in April compared to 2019? - EBITDA has improved but is not yet at 2019 levels, with April trends stronger than March [51][53] Question: How are the new travel easing measures impacting bookings? - May bookings are up compared to last year, with higher room bookings at Studio City and better player quality for Golden Week [55] Question: What is the medium-term capital structure plan for Studio City? - The company is exploring various alternatives to address the 2025 maturities, including secured and unsecured options [58] Question: Does the Sri Lanka investment change interest in Thailand? - The company remains interested in Thailand but will focus on balance sheet repair before pursuing more robust involvement [63][64]

Melco Resorts (MLCO) reported $1.11 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 55.3%. EPS of $0.04 for the same period compares to -$0.14 a year ago.The reported revenue represents a surprise of +3.93% over the Zacks Consensus Estimate of $1.07 billion. With the consensus EPS estimate being $0.02, the EPS surprise was +100.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Melco Resorts (MLCO) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this casino company would post earnings of $0.03 per share when it actually produced earnings of $0.13, delivering a surprise of 333.33%.Over the last four quarters, the company ...

MACAU, April 30, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited ("Melco") is pleased to announce its partnership with John Keells Holdings PLC ("John Keells"), the largest listed conglomerate on the Colombo Stock Exchange, in their US$1 billion plus integrated resort development in central Colombo. As part of the partnership, the integrated resort, which had previously been branded "Cinnamon Life Integrated Resort", will be rebranded as "City of Dreams Sri Lanka". City of Dreams Sri Lanka w ...

MACAU, April 30, 2024 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE:MSC) ("Studio City" or the "Company"), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the first quarter of 2024. Total operating revenues for the first quarter of 2024 were US$150.2 million, compared with total operating revenues of US$51.5 million in the first quarter of 2023. The change was primarily attributable to the continued recovery in inbound touris ...

MACAU, April 26, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment has published its sixth sustainability strategy for the year 2023 ‘RISE to go Above & Beyond' (link). Continuing to adhere to four key material topics that underline Melco's commitment to sustainability, including "Restoring our World", "Inspiring our Communities", "Sustaining our Supply Chain" and "Empowering our Business", the strategy drives performance and sustainability initiatives to help the Company reach its ambitious goals. Mr. ...

MACAU, April 25, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (NASDAQ:MLCO), a developer, owner and operator of integrated resort facilities in Asia and Europe, today announces that it will release its unaudited financial results for the first quarter of 2024 on Tuesday, April 30, 2024 to be followed by a conference call on the same day at 8:30 a.m. Eastern Time (or 8:30 p.m. Singapore Time). To join the conference call, please register in advance using the below Online Registration Link. ...

MACAU, April 09, 2024 (GLOBE NEWSWIRE) -- Melco Resorts Finance Limited ("Melco Resorts Finance") announces that it has priced its international offering of senior notes (the "New Notes"). Melco Resorts Finance is a wholly-owned subsidiary of Melco Resorts & Entertainment Limited ("Melco"). The offering consists of US$750 million aggregate principal amount of 7.625% senior notes due 2032. The New Notes were priced at 100%. Melco Resorts Finance intends to use the net proceeds from the offering to partially ...

MACAU, April 08, 2024 (GLOBE NEWSWIRE) -- Melco Resorts Finance Limited ("Melco Resorts Finance") announces that it proposes to conduct an international offering of senior notes (the "New Notes"), the net proceeds from which will be used to make a partial repayment of the principal amount outstanding under the revolving credit facility, together with accrued interest and associated costs, pursuant to a senior facilities agreement entered into by MCO Nominee One Limited, a subsidiary of Melco Resorts Finance ...