Q3 2024 Melco Resorts & Entertainment Ltd Earnings Call Transcript
Key Points
- Melco Resorts and Entertainment Ltd (MLCO) reported a 7% increase in group-wide adjusted property EBITDA for the third quarter of 2024, reaching approximately $323 million.
- The company launched a revamped loyalty program, including the Signature Club, which is showing benefits in player reinvestment efficiency.
- Melco Resorts and Entertainment Ltd (MLCO) opened new themed slot areas and enhanced accessibility at its properties, which are expected to drive increased visitation.
- The liquidity position of Melco Resorts and Entertainment Ltd (MLCO) remains robust with approximately $1.2 billion of consolidated cash on hand and over $3 billion in available liquidity.
- The company successfully repurchased 20.7 million ADSs for approximately $12 million, reflecting confidence in its valuation and financial health.
- City of Dreams Mediterranean and satellite casinos in Cyprus continue to face challenges due to ongoing regional conflicts.
- Despite improvements, the promotional environment remains intense, which could impact profitability.
- Melco Resorts and Entertainment Ltd (MLCO) is prioritizing debt reduction over dividend payments, with no specific timeline for resumption.
- The company is operating with fewer hotel rooms and tables compared to 2019, which may limit its ability to regain market share quickly.
- Operational expenses in Macau are expected to increase, with daily OpEx potentially reaching $3.0 million by the end of the year.
Ladies and gentlemen, thank you for participating in the third quarter 2024 earnings conference call of Melco Resorts & Entertainment Limited. (Operator Instructions) Today's conference is being recorded. I'll now turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited. Please go ahead.
Thank you, operator, and thank you all for joining us today for our third 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 laws. 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 included in the
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