Melco International Development (200) Q3 2024 earnings summary

Executive summary

• Achieved global presence with high-quality integrated resort assets across Asia and Europe, recognized for operational excellence and award-winning products.

• Reported total operating revenues of $1.18 billion for Q3 2024, up 16% year-over-year, driven by improved gaming and non-gaming operations amid Macau tourism recovery.

• Operating income rose to $139M, up from $94.7M in Q3 2023.

• Net income was $27.3M, reversing a net loss of $16.3M in Q3 2023.

• Focused on stakeholder value, strong balance sheet, and liquidity, with ongoing capital returns and sustainability initiatives.

Financial highlights

• Total operating revenues for Q3 2024 were $1.18B, up 16% year-over-year; gaming revenue rose 16.3% and non-gaming revenue increased 12.5%.

• Adjusted Property EBITDA reached $323M, up from $280.6M year-over-year.

• Casino revenues were $944.4M, up from $812.1M; rooms, food & beverage, and other segments also saw growth.

• Total operating costs and expenses were $1.04B, up from $922.5M in Q3 2023.

• EPS was $0.06 per ADS, compared to a loss of $0.04 per ADS in Q3 2023.

Outlook and guidance

• 4Q'24 depreciation and amortization expected at $135-140M; corporate expenses at $20M; net interest expense at $120-125M.

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

• Upcoming projects include MICE space upgrades, hotel refurbishments, and new casino openings in Sri Lanka.