Melco International Development (200) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 operating revenues reached $1,191M, up 8.9% year-over-year; full-year revenues rose 22.9% to $4,638M, driven by improved gaming and non-gaming segments and Macau tourism recovery.

• Adjusted EBITDA for 4Q'24 was $270M, down 6.1% YoY; full-year Adjusted EBITDA increased 18.6% to $1,140M.

• Net loss for 4Q'24 narrowed to $20.3M, a significant improvement from $205.9M in 4Q'23; full-year net income was $43.5M, compared to a net loss of $326.9M in 2023.

• Continued global expansion with integrated resorts in Macau, the Philippines, Cyprus, and Sri Lanka.

• Recognized for sustainability and ESG achievements, including carbon neutrality and zero waste targets by 2030.

Financial highlights

• Gaming revenue for 4Q'24 was $972M (up 8.3% YoY); non-gaming revenue was $219M (up 11.8% YoY).

• Operating income for 4Q'24 was $97M, reversing a $94M loss in 4Q'23.

• Adjusted Property EBITDA for 4Q'24 was $295M, down 2.6% YoY; full-year Adjusted Property EBITDA rose 17% to $1,220M.

• Q4 2024 total net non-operating expenses were $131.9M, mainly from $119.8M interest expense and $14.2M FX losses.

• Q4 2024 capital expenditures were $94.9M, focused on Macau, Studio City, and Sri Lanka projects.

Outlook and guidance

• Depreciation & amortization expected at $135–140M, corporate expenses at $25–30M, and net interest expense at $120–125M for 1Q 2025.

• Revenue growth attributed to continued recovery in inbound tourism to Macau and ramp-up of new properties.

• Upcoming projects include property renovations, new dining options, and the opening of City of Dreams Sri Lanka.