Investing
Melco Resorts stock up almost 2% as Q1 earnings beats expectations By Investing.com
![](https://personalfinancedefined.com/wp-content/uploads/2023/02/LYNXNPEC0D0AP_L.jpg)
MACAU – Melco Resorts & Entertainment Limited (NASDAQ: NASDAQ:), a prominent player in the Asian and European integrated resort market, reported a mixed financial performance for the first quarter of 2024. Despite surpassing analyst expectations for adjusted earnings per share (EPS), the company fell short on revenue estimates.
For the first quarter, Melco announced an adjusted EPS of $0.04, modestly outperforming the analyst projection of $0.03. However, the company’s revenue of $1.11 billion did not meet the consensus estimate of $1.13 billion. Compared to the same period last year, Melco’s revenue saw a substantial increase of approximately 55% from $716.5 million, signaling a robust recovery trajectory as the company capitalized on the resurgence of inbound tourism to Macau.
The company’s stock experienced an uptick of +1.82% following the earnings release.
Melco’s Chairman and Chief Executive Officer, Mr. Lawrence Ho, attributed the revenue growth to improved performance across all gaming segments and non-gaming operations. He highlighted the company’s proactive management changes and marketing initiatives, which have begun to reflect positively in the March and April results. Mr. Ho expressed optimism about the growth prospects in Macau and Melco’s ability to maintain its market leadership.
The company’s operating income for the quarter stood at $125.4 million, a significant leap from the $0.4 million reported in the first quarter of 2023. Additionally, Melco generated an adjusted property EBITDA of $298.8 million, up from $190.8 million in the previous year’s first quarter.
Melco’s financial position remains solid with total cash and bank balances of $1.29 billion, including restricted cash, and a net debt reduction of approximately $150 million compared to the end of the previous quarter. Capital expenditures for the first quarter of 2024 amounted to $36.4 million, primarily related to enhancement projects at City of Dreams in Macau and Studio City.
remove ads
.
Looking ahead, Mr. Ho’s statement reflects confidence in the company’s strategic initiatives and the expected seasonal strength in the upcoming summer months, despite challenges such as regional conflicts and the impact of luck factors in VIP segments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here
![](https://personalfinancedefined.com/wp-content/uploads/2023/02/pf-logo.png)
-
Personal Finance5 days ago
Americans reveal their biggest financial regret about potential retirement
-
Investing6 days ago
Israel stocks lower at close of trade; TA 35 down 0.88% By Investing.com
-
Side Hustles6 days ago
5 Key Strategies for Attracting and Retaining Top Talent
-
Passive Income4 days ago
5 Ways to Push Past Your Comfort Zone
-
Make Money6 days ago
A Labor Day Salute to You — the American Worker
-
Personal Finance6 days ago
Fed interest rate cuts won't help your credit card debt
-
Passive Income6 days ago
Work Smarter with 12 Months of Microsoft 365 for Just $45
-
Side Hustles5 days ago
Don’t Wait to Fire That Toxic Client — It’s Vital For Your Business Health