Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) stock rose 2.03% (As on August 14, 11:19:45 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the second quarter of FY 24. The company has generated Adjusted Property EBITDA of US$302.8 million in the second quarter of 2024, slightly higher than the US$298.8 million recorded in the previous three-month period. Net income attributable to Melco Resorts & Entertainment Limited also improved in the April to June period to US$21.4 million, up from US$15.2 million in the first quarter. Total cash and bank balances as of June 30, 2024 aggregated to US$1.28 billion, including US$125.2 million of restricted cash. Capital expenditures for the second quarter of 2024 were US$47.6 million, which included costs related to the enhancement projects at City of Dreams in Macau and Studio City.

MLCO in the second quarter of FY 24 has reported the adjusted earnings per share of 6 cents, missing the analysts’ estimates for the adjusted earnings per share of 10 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 22 percent to $1.16 billion in the second quarter of FY 24, missing the analysts’ estimates for revenue by 0.53%. The increase in total operating revenues was primarily attributable to the improved performance in the mass market segment and non-gaming operations, led by the continued recovery in inbound tourism to Macau during the second quarter of 2024. Operating income for the second quarter of 2024 was US$123.7 million, compared with operating income of US$64.3 million in the second quarter of 2023.

Moreover, for the quarter ended June 30, 2024, total operating revenues at City of Dreams were US$576.4 million, compared with US$506.2 million in the second quarter of 2023. Rolling chip volume was US$4.83 billion for the second quarter of 2024 versus US$5.76 billion in the second quarter of 2023. Gaming machine handle for the second quarter of 2024 was US$902.3 million, compared with US$771.5 million in the second quarter of 2023. For the quarter ended June 30, 2024, total operating revenues at City of Dreams Manila were US$109.0 million, compared with US$116.4 million in the second quarter of 2023. Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended June 30, 2024 were US$58.7 million, compared with US$30.9 million in the second quarter of 2023.