Q2 2024 Melco Resorts & Entertainment Ltd Earnings Call Transcript
Key Points
- Melco Resorts and Entertainment Ltd (MLCO) reported a group-wide adjusted property EBITDA of approximately $303 million for Q2 2024.
- Rolling chip win rates increased to more normal levels of approximately 3% in the second quarter.
- City of Dreams Mediterranean and satellite casinos in Cyprus saw luck-adjusted EBITDA grow more than 30% quarter to quarter.
- The partnership with John Keells Group for City of Dreams Sri Lanka is progressing well, with the hotel and banquet facilities expected to open in Q4 2024.
- Melco Resorts and Entertainment Ltd (MLCO) has a robust liquidity position with around $1.3 billion of consolidated cash on hand and over $3 billion in available liquidity as of June 30, 2024.
- Operational expenses in Macau increased from approximately $2.7 million per day to $2.9 million per day, primarily due to increased labor costs.
- The promotional environment in Macau remains highly competitive, which could impact margins.
- Retail sales in Macau, similar to Hong Kong and the rest of China, remain weak, affecting non-gaming revenues.
- The company faces headwinds in Manila due to the phasing out of POGOs and increased supply in the market.
- The reopening of the House of Dancing Water show has been delayed to Q1 2025 due to technological challenges, impacting future operational costs.
Ladies and gentlemen, thank you for participating in the second quarter 2024 earnings conference call of Melco Resorts & Entertainment Limited. (Operator Instructions) Today's conference is being recorded. I would now like to turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited. Please go ahead.
Thanks, operator, and thank you all for joining us today for our second quarter 2024 earnings call. On the call are Lawrence Ho, Geoff Davis, Evan Winkler, and our Property Presidents in Macau, Manila, and Cyprus.
Before we get started, please note that today's discussion may contain forward-looking statements made under the safe harbor provision of federal securities law and our actual results could differ from our anticipated results.
In addition, we may discuss non-GAAP measures, a definition and reconciliation of each of these measures to the most comparable GAAP financial measures are
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