Melco Announces Unaudited Fourth Quarter 2024 Earnings

Core Viewpoint - Melco Resorts & Entertainment Limited reported a significant recovery in its financial performance for the fourth quarter and full year of 2024, driven by improved gaming and non-gaming operations, alongside a strategic focus on enhancing customer experience and market share in Macau [2][5][36]. Financial Performance - Total operating revenues for Q4 2024 were US$1.19 billion, a 9$1.09 billion in Q4 2023 [2]. - Operating income for Q4 2024 was US$97.0 million, compared to an operating loss of US$94.4 million in Q4 2023 [2]. - Adjusted Property EBITDA for Q4 2024 was US$295.4 million, slightly down from US$303.4 million in Q4 2023 [3]. - For the full year 2024, total operating revenues reached US$4.64 billion, up from US$3.78 billion in 2023 [36]. - Operating income for 2024 was US$484.6 million, compared to US$65.0 million in 2023 [37]. - Net income attributable to Melco for 2024 was US$43.5 million, or US$0.10 per ADS, a significant recovery from a net loss of US$326.9 million in 2023 [38]. Gaming Operations - Rolling chip volume increased to US$6.24 billion in Q4 2024 from US$5.19 billion in Q4 2023, with a win rate of 2.35$1.53 billion in Q4 2024, compared to US$1.44 billion in Q4 2023, with a hold percentage of 32.0$1.03 billion, up from US$0.96 billion in Q4 2023, maintaining a win rate of 3.1$85.6 million, an increase from US$80.1 million in Q4 2023 [9]. - Non-gaming revenue at Studio City for Q4 2024 was US$73.2 million, compared to US$65.3 million in Q4 2023 [18]. - City of Dreams Mediterranean and Other reported total operating revenues of US$59.2 million in Q4 2024, up from US$47.3 million in Q4 2023 [24]. Capital Expenditures and Financial Position - Capital expenditures for Q4 2024 were US$94.9 million, focusing on enhancement projects and new developments [33]. - As of December 31, 2024, total cash and bank balances were US$1.27 billion, with total debt at US$7.16 billion, a slight reduction from the previous quarter [30]. - Available liquidity, including cash and undrawn credit facilities, was approximately US$3.35 billion as of December 31, 2024 [30]. Share Repurchase Program - For the year ended December 31, 2024, the company repurchased approximately 20.7 million ADSs for about US$112 million under its US$500 million share repurchase program [34]. - From January 1, 2025, to February 26, 2025, an additional 3.7 million ADSs were repurchased for approximately US$20 million, leaving US$368 million remaining under the program [35].