Melco resorts sees Q3 revenue surge 17.9% to $997.4M

Melco Resorts & Entertainment (NASDAQ:MLCO), a leading operator of integrated resorts in Macau, has posted impressive financial results for the third quarter of 2024.

The company reported a 17.9% increase in total operating revenues, reaching $997.4 million for Q3 2024, up from $846.1 million in the same period last year.

This growth was largely driven by a surge in performance at Melco’s flagship property, City of Dreams, as well as a reduction in depreciation and amortization costs.

During the quarter, Melco reported a net income of $10.6 million, a significant improvement compared to a net loss of $26.6 million in Q3 2023.

This marks a notable financial turnaround for the company, which has faced challenges in recent years due to the global pandemic and economic fluctuations in the region.

Operating revenues at City of Dreams rose to $602.5 million in Q3 2024, compared to $542.5 million in the same period last year.

As of September 30, 2024, Melco's liquidity position remained robust, with cash and cash equivalents totaling $580.6 million, along with restricted cash of $125.2 million.