Why Casino Gaming Operator Melco Resorts & Entertainment Shares Are Down Today
Portfolio Pulse from Lekha Gupta
Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares fell after reporting Q4 FY23 results with sales growth of 224% Y/Y to $1.09 billion, missing analyst estimates of $1.128 billion. The growth was attributed to improved performance in gaming and non-gaming operations after COVID-19 restrictions were relaxed in Macau and the opening of Studio City Phase 2. Revenue from City of Dreams and Studio City showed significant increases, while adjusted Property EBITDA turned positive. The company's adjusted loss per ADS of $0.127 beat analyst estimates.
February 29, 2024 | 4:48 pm
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Melco Resorts & Entertainment reported Q4 FY23 results with a 224% Y/Y sales growth to $1.09 billion, missing the $1.128 billion analyst estimate. Adjusted loss per ADS of $0.127 beat estimates. Shares are down 7.81%.
The drop in MLCO shares is directly related to the company's Q4 FY23 earnings report, where it missed analyst sales estimates despite showing significant year-over-year growth. The adjusted loss per ADS beating estimates wasn't enough to offset the negative impact of the sales miss on investor sentiment.
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