Melco reports 22% revenue growth in 2024

Melco International Development announced a strong performance for the year ending December 31, 2024, with net revenues totaling HKD36.17 billion, a 22.5% increase compared to the previous year.

According to the financial report of the listed parent of gaming operator Melco Resorts & Entertainment, the growth was primarily attributed to the recovery of inbound tourism to Macau and the successful opening of new attractions such as Studio City Phase 2 and City of Dreams Mediterranean, which boosted the company’s casino and hospitality operations.

Adjusted EBITDA reached HKD9.03 billion, up from HKD7.51 billion in 2023.

However, the company reported a loss attributable to owners of HKD0.78 billion, an improvement from the previous year’s loss of HKD1.74 billion.

Group chairman and CEO Lawrence Ho highlighted the company’s strategic investments in the city’s premium tourism sector, which have helped attract more visitors as tourism volumes approach pre-pandemic levels.

The CEO also noted continued growth in international markets, particularly in Manila and Cyprus, and the upcoming launch of City of Dreams Sri Lanka in 2025.

Ho also expressed optimism about the company’s future growth and its strategic initiatives in a statement from the company’s financial report. “Looking ahead, we are excited about the grand return of ‘House of Dancing Water’ in May 2025, as a cultural milestone that will enrich Macau’s artistic landscape and amplify City of Dreams’ appeal. Guided by our asset-light strategy, we also remain proactive in evaluating partnerships and exploring emerging markets,” he said.