Melco Resorts & Entertainment (NASDAQ:MLCO) has announced a robust financial performance for the second quarter of 2024, showcasing significant gains.
The company's total operating revenues surged by 22.7% to reach $1.01 billion, up from the $820.9 million recorded in the same quarter the previous year.
The highlight of the quarter was the reversal of fortunes in terms of profitability.
Melco Resorts reported a net income of $9.5 million for Q2 2024, a stark contrast to the net loss of $24.6 million during Q2 2023.
This turnaround has been largely attributed to increased revenues from its flagship property, City of Dreams.
Despite these gains, the company faced substantial non-operating expenses totalling $76.8 million for the quarter, primarily due to an interest expense of $80.4 million, although this was slightly mitigated by interest income of $4.9 million.
As of June 30, 2024, Melco's consolidated cash and cash equivalents stood at $492.9 million, supplemented by restricted cash reserves of $124.6 million.
Following the earnings release, the company's share price dropped over 6% to $5.08 in premarket trading.