MELCO INT'L DEV(00200)2025-03-28 14:30Financial Performance - Net revenue for the year ended December 31, 2024, was HKD 36.17 billion, an increase of HKD 6.64 billion or 22.5% compared to HKD 29.53 billion for the year ended December 31, 2023[2] - Adjusted EBITDA for the year ended December 31, 2024, was HKD 9.03 billion, up from HKD 7.51 billion for the year ended December 31, 2023[2] - Loss attributable to owners for the year ended December 31, 2024, was HKD 780 million, a significant improvement from a loss of HKD 1.74 billion for the year ended December 31, 2023[2] - Basic loss per share attributable to owners for the year ended December 31, 2024, was HKD 0.52, compared to HKD 1.16 for the year ended December 31, 2023[4] - The company reported a total comprehensive loss of HKD 1.51 billion for the year ended December 31, 2024, compared to HKD 3.44 billion for the year ended December 31, 2023[4] - The company reported a net loss of HKD 1,683,737,000 for the year ended December 31, 2024, compared to a net loss of HKD 3,494,121,000 in the previous year, showing an improvement of approximately 51.9%[24][25] - The total income tax expense for the year ended December 31, 2024, was HKD 48,561,000, compared to HKD 98,363,000 for 2023, reflecting a decrease of approximately 50.7%[6] - The company reported a loss attributable to owners of the company of HKD 784,603,000 for the year ended December 31, 2024, a significant improvement from a loss of HKD 1,743,932,000 in 2023, representing a reduction of approximately 55.0%[42] Assets and Liabilities - Total non-current assets as of December 31, 2024, were HKD 73.47 billion, down from HKD 76.68 billion as of December 31, 2023[5] - Current liabilities increased to HKD 18.65 billion as of December 31, 2024, from HKD 8.73 billion as of December 31, 2023[5] - Total equity as of December 31, 2024, was HKD 8.21 billion, a decrease from HKD 10.37 billion as of December 31, 2023[6] - Total assets as of December 31, 2024, amounted to HKD 84,749,503,000, with classified assets of HKD 84,629,880,000[27] - Total liabilities as of December 31, 2024, were HKD 76,542,982,000, with classified liabilities of HKD 71,361,571,000[27] - The company's equity attributable to owners dropped by 93.1%, from HKD 665.0 million in 2023 to HKD 45.9 million in 2024[90] Revenue Breakdown - The increase in net revenue was primarily driven by the recovery of inbound tourists to Macau and the gradual improvement in operations of new developments[2] - The gaming revenue for the year ended December 31, 2024, was HKD 29,432,330,000, up from HKD 24,090,362,000 in 2023, reflecting a growth of 22.0%[33] - Room revenue grew by 24.5% from HKD 2,647.6 million in 2023 to HKD 3,296.6 million in 2024[92] - Non-gaming revenue for City of Dreams Mediterranean and others reached 31,800,000 in 2023, marking a significant increase of 136.6%[112] - The total non-gaming revenue for Melco Resorts was 243,700,000 in 2023, indicating a growth of 28.7%[108] Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2024, were HKD 2,042,744,000, compared to HKD 1,984,670,000 in 2023, reflecting a growth of 2.9%[30] - The company plans to implement significant capital expenditures for new projects in the coming years, seeking various financing methods[127] Debt and Financing - The company’s interest-bearing borrowings as of December 31, 2024, totaled HKD 60,687,698,000, a decrease of 4.4% from HKD 63,557,455,000 in 2023[47] - The company issued new interest-bearing borrowings of HKD 6,651,509,000 in 2024, down from HKD 9,811,171,000 in 2023, representing a decline of 32.5%[48] - The company repaid interest-bearing borrowings amounting to HKD 9,144,543,000 in 2024, a significant decrease of 50.0% compared to HKD 18,633,784,000 in 2023[48] - The group had available undrawn borrowing capacity totaling HKD 17,160,000,000 as of December 31, 2024, compared to HKD 8,250,000,000 in 2023, representing an increase of 107.0%[113] Operational Highlights - The group reported a strong recovery in tourism in Macau, with visitor numbers approaching 2019 levels, indicating a positive market trend[61] - The performance of City of Dreams Manila remained robust in 2024, benefiting from increased international visitor numbers and government support for tourism development[61] - The anticipated opening of City of Dreams Sri Lanka's casino in Q3 2025 is expected to enhance the brand and expand the customer base[63] - The return of the water show "The House of Dancing Water" in May 2025 is expected to elevate the cultural and artistic offerings in Macau[68] Corporate Governance and Social Responsibility - The company emphasizes the importance of high-quality performance and rewards based on performance, responsibilities, and contributions to the group's development[131] - The group won the "Best Overall Corporate Social Responsibility Program" and "Best Corporate Social Responsibility Initiative" at the IAG Academy IR Awards in 2024, reflecting its commitment to social responsibility[85] - The group was recognized as an "Industry Mover" in the 2025 S&P Global Sustainability Yearbook, indicating its progress in sustainable development within the gaming and entertainment sector[87] Employee and Training Initiatives - The total employee count increased to 21,795 as of December 31, 2024, up from 20,220 in 2023, with total employee costs amounting to HKD 6,972,000,000[128] - The company provides employee training to enhance performance and personal growth, aligning training goals with individual and company needs[132]