Stock Track | Melco Shares Surge as Macau Gaming Recovery Fuels Strong Q3 Results

Stock Track21:19

Shares of Melco Resorts & Entertainment Limited (NASDAQ: MLCO) surged in pre-market trading on November 5, 2024, after the casino operator reported robust financial results for the third quarter, driven by the continued recovery in Macau's gaming and tourism industries.

For the three months ended September 30, 2024, Melco posted total operating revenues of $1.18 billion, an increase of 16% compared to the same period in 2023. Adjusted Property EBITDA, a key profitability metric for gaming companies, jumped 15% year-over-year to $322.5 million.

The strong performance was primarily attributable to improved operations across all gaming segments, as well as higher non-gaming revenue streams, led by the rebound in inbound tourism to Macau during the third quarter.

Melco's flagship integrated resort City of Dreams saw a 30% increase in Adjusted EBITDA to $162.8 million, driven by higher rolling chip volume and mass market table games drop. The company's Hollywood-themed Studio City property also reported a significant 37% surge in Adjusted EBITDA to $92.8 million.

Melco's Chairman and CEO, Lawrence Ho, expressed optimism about the company's initiatives to drive visitation and enhance its offerings. He highlighted the launch of a revamped loyalty program, new themed gaming areas, and live performances at its Macau properties.

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