Melco International Development (200) H2 2024 earnings summary

Executive summary

• Net revenues rose 22.5% year-over-year to HK$36.17 billion, driven by Macau tourism recovery and ramp-up of Studio City Phase 2 and City of Dreams Mediterranean.

• Adjusted EBITDA increased 20.3% to HK$9.03 billion, reflecting improved casino and hospitality operations.

• Loss attributable to owners narrowed to HK$784.6 million from HK$1,743.9 million in 2023.

• No final dividend was declared for 2024.

Financial highlights

• Casino revenues grew 22.2% to HK$29.43 billion; food and beverage revenue up 36.4%.

• Basic loss per share improved to HK$0.52 from HK$1.16 year-over-year.

• Net asset value per share dropped to HK$0.03 from HK$0.40.

• Gearing ratio increased slightly to 71.6%.

Outlook and guidance

• Positive momentum expected to continue in 2025, supported by tourism recovery, new attractions, and strategic investments in Macau and global markets.

• City of Dreams Sri Lanka casino on track to open in Q3 2025; asset-light expansion strategy continues.

• Anticipated return of 'House of Dancing Water' show and further property enhancements in Macau.