Melco International Development (200) Q2 2024 earnings summary

Executive summary

• Total operating revenues for Q2 2024 reached $1,160 million, up 22.3% year-over-year, driven by mass market and non-gaming recovery amid increased Macau tourism.

• Adjusted Property EBITDA reached $303 million, a 13.3% increase year-over-year.

• Net income attributable to shareholders was $21.4 million, reversing a net loss of $23.4 million in the prior year quarter.

• Operating income nearly doubled to $124 million, up 92.5% year-over-year.

• Maintained a global presence with high-quality assets and a diverse, award-winning product portfolio.

Financial highlights

• Gaming revenue grew 22.7% year-over-year to $943 million; non-gaming revenue rose 20.7% to $217 million.

• Adjusted Property EBITDA for Q2 2024 was $302.8 million, up from $267.3 million in Q2 2023.

• Total operating costs and expenses increased 17.2% to $1,036 million.

• EPS was $0.05 per ADS, compared to a loss of $0.05 per ADS in Q2 2023.

• Casino revenues were $943 million, rooms $101 million, food and beverage $72 million, and entertainment/other $44 million for the quarter.

Outlook and guidance

• Depreciation & amortization expected at $135-140 million, corporate expenses at $20 million, and net interest expense at $120-125 million for 3Q 2024.

• Ongoing capital projects include a new cineplex at Studio City, upgrades at Grand Hyatt, and refurbishment of The Countdown Hotel.

• Continued recovery in inbound tourism to Macau is expected to support mass market and non-gaming segments.