FOR IMMEDIATE RELEASE Melco Announces Unaudited Third Quarter 2024 Earnings Macau, Tuesday, November 5, 2024 – Melco Resorts & Entertainment Limited (Nasdaq: MLCO) ("Melco" or the "Company"), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the third quarter of 2024. Total operating revenues for the third quarter of 2024 were US$1.18 billion, representing an increase of approximately 16% from US$1.02 billion for the compa ...

Financial Data and Key Metrics - Group-wide adjusted property EBITDA for Q3 2024 was $323 million, a 7% increase compared to Q2 2024 [14] - Favorable win rates at City of Dreams (COD) Macau and Studio City positively impacted property EBITDA by approximately $27 million [14] - Operational expenses (OpEx) in Macau remained stable at approximately $2.9 million per day, excluding the cost of the Studio City residency conference [15] - Consolidated cash on hand as of September 30, 2024, was approximately $1.2 billion, with over $3 billion in available liquidity [16] - Total debt declined by approximately $60 million in Q3 2024 following the repurchase of Studio City bonds due in 2025 [17] - The company repurchased 20.7 million ADSs for approximately $12 million during the quarter, with 17.7 million ADSs cancelled [17] Business Line Performance - In Macau, the revamped loyalty program, including the Signature Club for premium mass customers, is showing benefits in increasing efficiency in player reinvestment [6][7] - City of Dreams Manila improved its performance quarter-to-quarter despite added competition [12] - City of Dreams Mediterranean and satellite casinos in Cypress faced challenges due to regional conflict but saw solid increases in GGR and EBITDA through Q3 2024 [12] - City of Dreams Sri Lanka opened in October 2024, with the casino and Nuwa hotel on track to open in the second half of 2025 [13] Market Performance - Macau gaming market continues to grow, with projects planned to attract and retain high-quality patrons, including enhancements to accessibility and customer flow at City of Dreams and a revamp of Studio City's high-limit gaming area [10][11] - The House of Dancing Water is expected to relaunch in Q2 2025 [11] - During Golden Week, mass drop at Melco properties increased by over 20% year-over-year, with record mass drop updates at both City of Dreams and Studio City [23][24] Strategic Direction and Industry Competition - The company is focused on operational discipline and driving revenue to improve EBITDA margins [15] - The promotional environment in Macau is stabilizing, with the company focusing on retaining top players and creating an aspirational path for mid-level players [31][32][33] - The company aims to return to dividend-paying status in the second half of 2025, subject to business conditions [27] - Capital allocation priorities include debt reduction, with potential for opportunistic share repurchases if equity value becomes significantly dislocated [36][37] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the Macau market, with strong performance during Golden Week and ongoing investments in property enhancements expected to drive future growth [23][24][25] - The company sees significant potential to return to 2019 EBITDA levels, with 2025 expected to be a pivotal year for realizing this potential [51][52] - The company aims to regain its position as the third-largest operator in Macau by 2025, though achieving 2019 market share levels may take longer due to fewer hotel rooms and gaming tables [54][55] Other Important Information - Total depreciation and amortization expense for Q4 2024 is expected to be approximately $135 million to $140 million [18] - Corporate expense for Q4 2024 is expected to be approximately $20 million, with consolidated net interest expense expected to be $120 million to $125 million [18] - CapEx for Q4 2024 is expected to be approximately $115 million, with preliminary plans for 2025 targeting around $400 million, including $70 million to $75 million for Sri Lanka [43][44] Q&A Session Summary Question: Performance during Golden Week and dividend resumption timeline [21][22] - Golden Week performance was strong, with mass drop up over 20% year-over-year and record mass drop updates at both City of Dreams and Studio City [23][24] - Dividend resumption is targeted for the second half of 2025, subject to business conditions and debt reduction progress [27] Question: Promotional environment and share repurchase plans [31][34] - The promotional environment is stabilizing, with the company focusing on effective allocation of promotional spending [32][33] - Share repurchases are opportunistic, with no programmatic plans, but the company remains open to further repurchases if equity value becomes significantly dislocated [36][37] Question: Impact of luxury spending trends on premium mass customers [40] - Post-COVID, Chinese consumers are prioritizing experiences over luxury goods, benefiting Macau's gaming and entertainment offerings [41][42] Question: CapEx guidance for 2024 and 2025 [43] - CapEx for Q4 2024 is expected to be approximately $115 million, with 2025 CapEx targeting around $400 million, including $70 million to $75 million for Sri Lanka [43][44] Question: Dividend trigger and EBITDA potential [47][48] - No specific net debt to EBITDA trigger for dividend resumption; the decision will be holistic, considering leverage ratios and business outlook [50] - Significant potential exists to return to 2019 EBITDA levels, with 2025 expected to be a pivotal year for realizing this potential [51][52] Question: Promotional program and OpEx guidance [58][60] - The company relaunched its player program in mid-September, focusing on guaranteed benefits for top players and new promotional offerings for new entrants [63][64] - OpEx per day is expected to increase to $3.0 million by the end of 2024, with a further increase of $0.1 million per day expected with the relaunch of the House of Dancing Water in Q2 2025 [61][62]

Melco Resorts (MLCO) came out with quarterly earnings of $0.08 per share, missing the Zacks Consensus Estimate of $0.09 per share. This compares to loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.11%. A quarter ago, it was expected that this casino company would post earnings of $0.10 per share when it actually produced earnings of $0.06, delivering a surprise of -40%.Over the last four quarters, the company ...

MACAU, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the third quarter of 2024. Total operating revenues for the third quarter of 2024 were US$1.18 billion, representing an increase of approximately 16% from US$1.02 billion for the comparable period in 2023. The increase in total operating revenues was pri ...

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Melco Resorts (MLCO) closed the last trading session at $7.38, gaining 29.7% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $9.66 indicates a 30.9% upside potential.The average comprises seven short-term price targets ranging from a low of $6 to a high of $14, with a standard deviation of $2.67. While the lowest estimate indicates a decline of 18.7% from the current price level, t ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. ...

Melco Resorts & Entertainment Limited (NASDAQ: MLCO ) operates casino resorts with locations in Macau with the City of Dreams, Studio City, Altria, and Mocha Clubs resorts, in Philippines with the City of Dreams Manila resort, and in Cyprus with theI am an avid investor with a major focus on small cap companies with experience in investing in US, Canadian, and European markets. My investment philosophy to generating great returns on the stock market revolves around identifying mispriced securities by unders ...

Macao looks poised to benefit.Shares of gambling company Melco Resorts & Entertainment (MLCO 15.93%) jumped as much as 17% in trading on Thursday after news broke that China's political leadership, known as the Politburo, said it would provide "necessary fiscal spending" to meet 5% GDP growth targets. Investors think that could mean more visits to gambling hub Macao, a special administrative region of China, which would help a still-recovering gambling industry. Melco's shares closed the day up roughly 16%. ...

Melco Resorts & Entertainment Limited (MLCO) reported lower-than-expected second-quarter 2024 results with earnings and revenues missing the Zacks Consensus Estimate but increasing on a year-over-year basis.The quarterly performance was backed by increased revenue contributions from casino, rooms and food and beverage. This was partially offset by soft contributions from entertainment, retail and other operations.Furthermore, improved performance in the mass market segment and non-gaming operations, led by ...