Melco International Development (200) has announced its full-year results for 2024, reporting a net revenue of 36.17 billion Hong Kong dollars, a 22.5% increase from 29.53 billion in the same period of 2023. Its loss narrowed to 780 million Hong Kong dollars, compared to a loss of 1.74 billion Hong Kong dollars in 2023.
The adjusted EBITDA was 9.03 billion Hong Kong dollars, up from 7.51 billion Hong Kong dollars in 2023. The board of directors recommended not to declare a final dividend.
The total assets of Melco International were recorded at 84.75 billion Hong Kong dollars, a decrease of 5.2% year-on-year, while total liabilities were 76.43 billion Hong Kong dollars, down 3.2% year-on-year, resulting in a capital-to-debt ratio of 71.6%.
By property, the total operating revenue of City of Dreams was 2.28 billion USD, an 18% year-on-year increase. The adjusted property EBITDA was 621 million USD, up 7.8% year-on-year, while non-gaming revenue totaled 325 million USD, a 16% increase year-on-year.
Studio City has undergone a strategic repositioning, focusing on high-end mass and mass sectors. The VIP gaming operations of Studio City were transferred to City of Dreams by the end of October 2024. Studio City reported total operating revenue of 1.39 billion USD, a 45% increase year-on-year, with adjusted property EBITDA of 341 million USD, up 65%, and non-gaming revenue of 313 million USD, a rise of 28.8%.
The total operating revenue of Altira Macau was 125 million USD, up 13.6% year-on-year, while the adjusted property EBITDA was 1.9 million USD, an increase of 38.4%, and non-gaming revenue reached 20.4 million USD, up 5.6%.
Mocha Entertainment and other properties achieved a total operating revenue of 122 million USD, a 4.2% increase year-on-year, with an adjusted property EBITDA of 27 million USD.
Melco International Group’s Chairman and CEO, Lawrence Ho, stated that the group actively sought strategic business expansion opportunities last year and pursued excellence to invest in a better future. “I am pleased to report that our efforts have begun to yield results in the market, and we expect this positive momentum to continue in 2025.”
Ho also mentioned that “The House of Dancing Water” will return in May this year, which he believes will further enhance the artistic content of City of Dreams and promote the development and prosperity of cultural arts in Macau. Additionally, to attract and retain high-end and high-value guests, the area outside the main entrance of the City of Dreams casino and surrounding activities will undergo renovations to promote increased foot traffic. Furthermore, all properties in Macau are expected to fully adopt smart baccarat tables by the end of March this year to further enhance the group’s marketing strategy and improve the efficiency of customer re-betting.
Moreover, the group is expanding its global business footprint through the City of Dreams Sri Lanka project, the country’s first integrated resort. The construction of the casino is expected to commence operations in the third quarter of this year.
As of December 31, 2024, due to operational improvements at Studio City Phase II after its opening in April 2023 taking longer than anticipated, the group recognized an impairment of approximately 931 million Hong Kong dollars on the properties, plants, and equipment, intangible assets, and right-of-use assets of Studio City.
Additionally, due to the underperformance of Altira Macau, the group recognized a net impairment of approximately 18.4 million Hong Kong dollars on certain properties, plants, and equipment, and intangible assets last year. As of December 31, 2023, due to market conditions, ongoing disruptions from the COVID-19 pandemic, and the termination of the group’s previous arrangements with Macau gaming intermediaries, the performance forecast for Altira Macau changed, leading to a recognized net impairment of 1.11 billion Hong Kong dollars on certain properties, plants, equipment, intangible assets, and right-of-use assets for Altira Macau.
