)
Overview
<ul>
<li>Macau-based integrated resort operator’s Q1 revenue rose 11% yr/yr on improved mass market operations</li>
<li>Q1 adjusted property EBITDA up 12% yr/yr, driven by mass market and non-gaming growth</li>
<li>Company announced new $500 mln share repurchase program and completed $13.8 mln in buybacks</li>
</ul>
Outlook
<ul>
<li>Company continues to focus on profitability and competitive positioning with key growth initiatives</li>
</ul>
Result Drivers
<ul>
<li>MASS MARKET GROWTH - Improved mass market operations, especially in Macau, were the primary driver of revenue and profit growth</li>
<li>NON-GAMING REVENUE - Higher non-gaming revenues contributed to year-over-year growth, especially at City of Dreams</li>
<li>CYPRUS TOURISM IMPACT - Results in Cyprus were adversely affected by lower tourism arrivals due to Middle East conflicts Company press release:</li>
</ul>
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
<h3>Q1 $1.37</h3>
Operatin bln
g
Revenue
<h3>Q1 EPS $0.07</h3>
Q1 Net $70.88
Income mln
Q1 Beat $381 mln $310.14
Adjusted mln (2
EBITDA Analysts
)
<h3>Q1 $178.98</h3>
Operatin mln
g Income
Analyst Coverage
<ul>
<li>The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 11 “strong buy” or “buy”, 3 “hold” and no “sell” or “strong sell”</li>
<li>The average consensus recommendation for the casinos &amp; gaming peer group is “buy”</li>
<li>Wall Street’s median 12-month price target for Melco Resorts &amp; Entertainment Ltd is $9.40, about 70.9% above its April 29 closing price of $5.50 For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)</li>
</ul>

MLCO

Macau's Melco Resorts' Q1 revenue rises 11% on mass market gains