Overview

• Melco Q3 operating revenue rises 11% yr/yr, driven by gaming and non-gaming improvements

• Adjusted EBITDA for Q3 beats estimates, reflecting strong operational performance

• Macau Property EBITDA improves 21% yr/yr, driven by new gaming areas

Outlook

• Melco Resorts did not provide specific financial guidance for future quarters or full year

Result Drivers

• MACAU GROWTH - Co attributes 21% yr/yr increase in Macau Property EBITDA to new gaming areas and stable margins

• PHILIPPINES AND CYPRUS - Co reports 45% qtr/qtr EBITDA growth in Philippines and 53% yr/yr growth in Cyprus, driven by gaming and non-gaming operations

• NEW GAMING AREAS - Introduction of new gaming areas and facilities contributed to differentiated customer experience and revenue growth

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the casinos & gaming peer group is "buy"

• Wall Street's median 12-month price target for Melco Resorts & Entertainment Ltd is $11.00, about 26.4% above its November 5 closing price of $8.10

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: ID:nGNX3y2q1v

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(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.)