Exhibit 99.1
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Melco Announces Unaudited Fourth Quarter 2024 Earnings
MACAU, Feb. 27, 2025 (GLOBE NEWSWIRE) — Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Total operating revenues for the fourth quarter of 2024 were US$1.19 billion, representing an increase of approximately 9% from US$1.09 billion for the comparable period in 2023. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations.
Operating income for the fourth quarter of 2024 was US$97.0 million, compared with operating loss of US$94.4 million in the fourth quarter of 2023.
Melco generated Adjusted Property EBITDA(1) of US$295.4 million in the fourth quarter of 2024, compared with Adjusted Property EBITDA of US$303.4 million in the fourth quarter of 2023.
Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2024 was US$20.3 million, or US$0.05 per ADS, compared with the net loss attributable to Melco Resorts & Entertainment Limited of US$205.9 million, or US$0.47 per ADS, in the fourth quarter of 2023. The net loss attributable to noncontrolling interests was US$19.6 million and US$20.8 million during the fourth quarters of 2024 and 2023, respectively, the majority of which related to the net loss attributable to Studio City and City of Dreams Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “2024 was a year of transition for us in Macau. We invested in our business to enhance the customer experience and to build a stronger foundation for growth. The contributions from these initiatives are now evident with market share in the fourth quarter of 2024 growing month-to-month and property visitation exceeding pre-pandemic levels. We are committed to continuing to deliver on our strategic objectives and expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.
“City of Dreams Manila had a strong quarter with a sequential increase in property EBITDA as well as market share. City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited solid results despite the challenges posed by the conflicts in the region.
“And last, but not least, the development of the casino at City of Dreams Sri Lanka is progressing well and we expect to commence casino operations in the third quarter of 2025.”
City of Dreams Fourth Quarter Results
For the quarter ended December 31, 2024, total operating revenues at City of Dreams were US$591.1 million, compared with US$559.8 million in the fourth quarter of 2023. City of Dreams generated Adjusted EBITDA of US$140.1 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$166.2 million in the fourth quarter of 2023. The year-over-year decrease in Adjusted EBITDA was primarily a result of higher operating costs, largely due to an increase in staffing levels to enhance service quality and improve performance.
Rolling chip volume increased to US$6.24 billion during the fourth quarter of 2024 compared to US$5.19 billion in the fourth quarter of 2023. The rolling chip win rate was 2.35% in the fourth quarter of 2024 versus 2.55% in the fourth quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to US$1.53 billion in the fourth quarter of 2024, compared with US$1.44 billion in the fourth quarter of 2023. The mass market table games hold percentage was 32.0% in the fourth quarter of 2024, compared with 31.6% in the fourth quarter of 2023.
Gaming machine handle for the fourth quarter of 2024 was US$1.03 billion, compared with US$0.96 billion in the fourth quarter of 2023. The gaming machine win rate was 3.1% in both the fourth quarters of 2024 and 2023.
Total non-gaming revenue at City of Dreams in the fourth quarter of 2024 was US$85.6 million, compared with US$80.1 million in the fourth quarter of 2023.
Altira Macau Fourth Quarter Results
For the quarter ended December 31, 2024, total operating revenues at Altira Macau were US$31.2 million, compared with US$33.6 million in the fourth quarter of 2023. Altira Macau generated negative Adjusted EBITDA of US$0.3 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$0.3 million in the fourth quarter of 2023.
In the mass market table games segment, drop was US$125.1 million in the fourth quarter of 2024 versus US$149.0 million in the fourth quarter of 2023. The mass market table games hold percentage was 22.7% in the fourth quarter of 2024, compared with 23.8% in the fourth quarter of 2023.
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