Melco Resorts & Entertainment Ltd MLCO reported third-quarter FY23 sales growth of 321% year-on-year to $1.017 billion, missing the analyst consensus estimate of $1.026 billion.
The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.
Revenues from Casino increased 346.3% Y/Y, and Rooms jumped 270%.
The operating income for the quarter was $94.7 million compared to a loss of $(198.5) million last year.
Melco generated an adjusted Property EBITDA of $280.6 million in Q3 compared to a negative adjusted property EBITDA of $(34.9) million last year.
Adjusted loss per ADS of $(0.025) missed the analyst consensus estimate of $0.03.
The company held $1.42 billion in cash and equivalents as of September 30, 2023.
Lawrence Ho, our Chairman and Chief Executive Officer, commented, "Macau's recovery continued to grow from strength to strength into the third quarter of 2023, especially during the summer months, with our property visitation and casino player hours benefiting from this growth."
Price Action: MLCO shares are trading lower by 10.94% at $7.93 on the last check Tuesday.
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