Melco Resorts & Entertainment(US:MLCO)2024-11-29 11:06Financial Performance - Melco Resorts Finance Limited reported a total revenue of HK$5.2 billion (approximately US$663 million) for the third quarter of 2024, representing a 15% increase compared to the same period last year[6]. - The company achieved an adjusted EBITDA of HK$1.8 billion (approximately US$230 million), reflecting a 20% year-over-year growth[6]. - The company reported a net income of HK$800 million (approximately US$102 million) for the third quarter, a significant improvement from a net loss of HK$200 million in the same quarter last year[6]. - Total operating revenues for Q3 2024 were US$997.4 million, a 17.9% increase from US$846.1 million in Q3 2023[23]. - Net income for Q3 2024 was US$10.6 million, compared to a net loss of US$26.6 million in Q3 2023[24]. - Total operating revenues for the nine months ended September 30, 2024, were US$2.98 billion, a 32.5% increase from US$2.25 billion in the same period of 2023[36]. - Net income for the nine months ended September 30, 2024, was US$19.5 million, compared to a net loss of US$145.9 million in the comparable period of 2023[37]. Visitor and Market Trends - User data indicated a 25% increase in the number of visitors to Melco's integrated resorts in Macau, with a total of 1.5 million visitors in Q3 2024[6]. - The company anticipates a continued recovery in the gaming market, projecting a revenue growth of 10-15% for the next quarter[9]. Operational Developments - Melco is investing HK$1.2 billion (approximately US$153 million) in new technology and product development to enhance customer experience and operational efficiency[6]. - The company plans to expand its market presence by opening two new gaming venues in Macau by the end of 2025[6]. - Melco Resorts Finance Limited has initiated discussions for potential acquisitions to strengthen its portfolio in the Asia-Pacific region[9]. Gaming Performance - Melco's gaming machine win rate improved to 12.5%, up from 11.8% in Q3 2023, indicating better performance in the gaming segment[6]. - Total operating revenues at City of Dreams for Q3 2024 were US$602.5 million, up from US$542.5 million in Q3 2023[26]. - Rolling chip volume for Q3 2024 was US$3.30 billion, down from US$4.43 billion in Q3 2023, with a win rate of 3.97% compared to 2.48%[27]. - Mass market table games drop increased to US$1.40 billion in Q3 2024, compared to US$1.32 billion in Q3 2023, with a hold percentage of 32.3%[28]. Cash Flow and Debt Management - Cash and cash equivalents as of September 30, 2024, were US$580.6 million, with restricted cash of US$125.2 million[40]. - Net cash provided by operating activities for Q3 2024 was US$126.3 million, compared to US$114.7 million in Q3 2023[43]. - Net cash used in investing activities for Q3 2024 was US$37.9 million, primarily for property and equipment acquisitions of US$28.6 million[45]. - Net cash used in financing activities for the nine months ended September 30, 2024, was US$178.6 million, primarily due to the repayment of US$994.2 million under the 2020 Credit Facilities and financing costs of US$27.2 million, offset by US$750.0 million from the issuance of 2032 Senior Notes and US$100.3 million from the drawdown of the revolving credit facility[53]. - As of September 30, 2024, the company's total gross indebtedness amounted to US$5,008.2 million, including US$1.15 billion in 2029 Senior Notes and US$750.0 million in 2032 Senior Notes[55]. Asset and Liability Overview - Total assets decreased to US$5,851.5 million as of September 30, 2024, from US$5,967.2 million at the end of 2023[60]. - The company reported total liabilities of US$6,072.2 million as of September 30, 2024, compared to US$6,198.2 million at the end of 2023[60].