Hong Kong Stock Exchange-listed Melco International Development saw a significant reduction in loss for 2024, according to the group’s most recent financial results.
The company is the listed parent of Macau-centric gaming operator Melco Resorts & Entertainment.
For the year, the company registered a loss attributable to owners of the company amounting to HK$784.6m ($100.9m). This is a 55 per cent yearly reduction.
The decrease in loss was bolstered by a 22.5 per cent increase in net revenues, totaling HK$36.17bn ($4.65bn). The group attributes the revenue increase to the continued recovery in inbound tourism to Macau in 2024 as well as the ramp up of operations following Studio City Phase 2’s opening and that of City of Dreams Mediterranean, both in 2023. The group notes that the two ramp-ups led to "improved performance in our casino and hospitality operations for the year."
Adjusted EBITDA also improved, rising to HK$9.03bn ($1.16bn), up from HK$7.51bn ($965.5m) in 2023.
Source: Asia Gaming Brief
