Melco Resorts & Entertainment Q2 Revenue Jumps 220%, Sees Recovery In Macau On Easing Labor Supply Issues
Portfolio Pulse from Nabaparna Bhattacharya
Melco Resorts & Entertainment Ltd reported Q2 2023 sales growth of 220.1% Y/Y to $947.94 million, beating the consensus of $881.75 million. The increase was primarily due to improved performance in all gaming segments and non-gaming operations, largely due to the easing of COVID-19 restrictions in Macau. The company also reported an operating income of $64.3 million, compared to an operating loss of $(209.2) million in the year-ago period. Despite the positive report, MLCO shares are trading lower by 2.75%.
August 04, 2023 | 9:53 am
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NEGATIVE IMPACT
Despite reporting a significant increase in Q2 2023 sales and a return to operating income, Melco Resorts & Entertainment's shares are trading lower.
Melco Resorts & Entertainment reported strong Q2 2023 earnings, with sales growth of 220.1% Y/Y and a return to operating income. However, despite these positive results, the company's shares are trading lower, indicating that the market may have already priced in the earnings beat or there may be other factors at play affecting the stock's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100