Melco Resorts & Entertainment Q3 adjusted EBITDA beats estimates, helped by Macau properties

Reuters11-06
Melco Resorts & Entertainment Q3 adjusted EBITDA beats estimates, helped by Macau properties

Overview

  • Melco Q3 operating revenue rises 11% yr/yr, driven by gaming and non-gaming improvements

  • Adjusted EBITDA for Q3 beats estimates, reflecting strong operational performance

  • Macau Property EBITDA improves 21% yr/yr, driven by new gaming areas

Outlook

  • Melco Resorts did not provide specific financial guidance for future quarters or full year

Result Drivers

  • MACAU GROWTH - Co attributes 21% yr/yr increase in Macau Property EBITDA to new gaming areas and stable margins

  • PHILIPPINES AND CYPRUS - Co reports 45% qtr/qtr EBITDA growth in Philippines and 53% yr/yr growth in Cyprus, driven by gaming and non-gaming operations

  • NEW GAMING AREAS - Introduction of new gaming areas and facilities contributed to differentiated customer experience and revenue growth

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Operating Revenue

$1.31 bln

Q3 Net Income

$62.06 mln

Q3 Adjusted EBITDA

Beat

$380.40 mln

$320.71 mln (3 Analysts)

Q3 Operating Income

$184.51 mln

Q3 Pretax Profit

$62.91 mln

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the casinos & gaming peer group is "buy"

  • Wall Street's median 12-month price target for Melco Resorts & Entertainment Ltd is $11.00, about 26.4% above its November 5 closing price of $8.10

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: ID:nGNX3y2q1v

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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