Results in Macau show improvement, leading Melco to a turnaround.

 Revenues for Melco Resorts & Entertainment came to $1.18 billion, an increase of 16% over the same quarter in 2023, according to a results call held on Tuesday.

 Thanks to Golden Week, which attracted over 993,000 people to the casino hub, Melco surpassed third-quarter projections and began a solid fourth quarter in Macau. These numbers rivalled those before the epidemic.

 Macau Business reports that over the national holiday, from October 1st to the 7th, Melco's flagship City of Dreams had three of its best mass-table drop days ever.  During the same time, Studio City, a sibling property of Call of Duty, had four of its best days for mass table drops.

 The 2015-opened City of Dreams Manila in the Philippines is likewise run by Melco.  Limassol, Cyprus's City of Dreams Mediterranean, which the firm calls "the first integrated resort in Europe," debuted to the public last year.  Despite the property's sluggish start, revenue increased by 20.6% to $64.4 million in Q3, which included three satellite casinos in Cyprus.

 The operator, with headquarters in Hong Kong, is hard at work on City of Dreams Sri Lanka, a brand new resort casino.  The first phase of the project, a five-star hotel called Cinnamon Life, opened to the public on October 15th.  A casino and other non-gaming facilities will be added in Phase 2.

 Total operational revenues for the third quarter of 2023 were $1.18 billion, an increase of 16% from $1.02 billion in the same period the previous year.  Of that sum, $944.4 million came from gaming in the casinos, and an additional $111.0 million came from lodging revenue.  An additional $73.5 million came from food and drink, while $46.3 million came from the many shopping and entertainment options available on the premises.

 This year's operating income was $138.6 million, up from $94.7 million the previous year.

 Increased from $280.6 million in 2023 to $322.5 million, EBITDA stands for earnings before interest, taxes, depreciation, and amortisation.  The previous year's net loss of $16.3 million was reversed this year with a net income of $27.3 million. 

 According to Melco's chief executive officer and chairman, Lawrence Ho, "initiatives to activate areas throughout our properties and drive visitation" are to thank.

 The new Signature Club is one of these programs, and it's designed for premium mass players. Another is an improved loyalty program that offers special perks.  Ho claimed that the advantages of a more efficient player reinvestment strategy were becoming apparent as a result of the revised loyalty program.

 Studio City's new Dragon Zone slot floor and City of Dreams' premium slot section are both projects of the corporation in collaboration with Aristocrat Gaming.  According to Macao News, it is also placing new "smart tables" at Studio City's baccarat tables that are fitted with radiofrequency identification technology (RFiD).

 "New light tunnel entrance complemented by live performances" has been erected at City of Dreams by Melco to astonish incoming clients, according to Ho.  "We are committed to delivering innovative and captivating projects that will fuel Macau's continuous growth."

 Positive results point to an increasing trend for Melco in the Chinese gaming sector, according to CBRE Equity Research analyst John DeCree.  According to Seeking Alpha, an investing website, Melco is "upping its game in Macau, with a renewed focus on its highest-value customers," as stated by DeCree.   With additional RFiD-enabled tables, the fresh momentum should continue to increase.

 As a whole, the numbers back up Ho's optimistic expectations for the company's Q2 earnings report.  He made the statement, "We've seen growth in GGR quarter-to-quarter and year-over-year," when interviewed.  In addition, we have dedicated teams whose primary goal is to further strengthen our position in the market.

 Forecasted capital expenditures for 2024 are $400 million, with $70–75 million going towards cost of goods sold in Sri Lanka.

 "Indicating that it could outperform the broader market in the near term," says NASDAQ.com of Melco stock's present "buy" rating from Zacks Rank.