Melco Resorts Q2 Sales Up 22% On Strength In Non-Gaming Operations, Inbound Tourism To Macau
Portfolio Pulse from Nabaparna Bhattacharya
Melco Resorts & Entertainment (NASDAQ:MLCO) reported a 22% increase in Q2 sales to $1.159 billion, driven by non-gaming operations and inbound tourism to Macau. Despite the growth, the company missed revenue and earnings expectations. Operating income rose to $123.7 million, and Adjusted Property EBITDA increased to $302.8 million. MLCO shares are down 3.90% to $5.18.
August 13, 2024 | 2:45 pm
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Melco Resorts & Entertainment reported a 22% increase in Q2 sales to $1.159 billion, driven by non-gaming operations and inbound tourism to Macau. However, the company missed revenue and earnings expectations, leading to a 3.90% drop in share price.
Despite the positive growth in sales and operating income, the company missed both revenue and earnings expectations, which is likely causing the short-term decline in share price. The market's reaction to missing expectations often results in a negative impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100