Casino group Melco Resorts & Entertainment Ltd. reported total operating income of $1.11 billion for the first quarter of 2024, up 55.2% year-over-year. As of the quarter, the figure was up 1.8%, according to a press release Tuesday.
The casino company said the increase in gross operating revenue in the December quarter was “primarily due to improved performance in all gaming segments and non-gaming operations, driven by continued recovery in Macau inbound tourism.”
The company posted a net loss of $81.3 million in the first quarter of 2023, compared with a net loss of $15.2 million in the first quarter of 2023. Melco Resorts reported a net loss of $156.6 million in the fourth quarter of 2023.
Melco Resort’s operating profit for the three months to March 31 was $125.4 million, a 32.8% sequential increase from $400,000 in the first quarter of 2023.
Total operating expenses for the first quarter were only $987.1 million, a 16.8% sequential decrease. The figure was 37.8% higher than the year before.
Adjusted real estate earnings (EBITDA) for the first quarter before interest, taxation, depreciation and amortization fell 1.5% sequentially to $298.8 million, but increased 56.6% year-over-year.
Melco Resorts operates a casino in Macau, in the Philippine capital of Manila, and a gaming site on the Mediterranean island of Cyprus. The company announced investments in its casino resort in the Sri Lankan capital, Colombo, on Tuesday. It said local gaming operations are expected to “start in mid-2025.”
“We have had an eventful year so far. We’ve had a change of management, our sales force has been restructured, we’ve started to tear down walls and reorganize our gaming areas, and we’ve opened several new retail locations in Studio City,” Lawrence Hou Yau Loong, chairman and chief executive of Melco Resorts, said in a prepared speech
“In terms of financing, we have repaid another $250 million in debt, raised $750 million in bonds and extended the maturity of our $1.9 billion revolving credit facility, significantly reducing the risk of refinancing in 2025,” he added
BY: 에볼루션 바카라사이트