Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q2 2024 Earnings Conference Call August 13, 2024 8:30 AM ET

Company Participants

Jeanny Kim - Senior Vice President, Group Treasurer
Evan Winkler - President
Lawrence Ho - Chairman and CEO
Geoff Davis - EVP and CFO

Conference Call Participants

George Choi - Citi
Ricardo Chinchilla - Deutsche Bank
John DeCree - CBRE
Praveen Choudhary - Morgan Stanley

Operator

Ladies and gentlemen, thank you for participating in the Second Quarter 2024 Earnings Conference Call of Melco Resorts and Entertainment Limited. At this time, all participants are in listen-only mode. After the call, we will conduct a question-and-answer session. Today's conference is being recorded.

I would now like to turn the call over to Miss Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts and Entertainment Limited. Please go ahead.

Jeanny Kim

Thanks operator and thank you all for joining us today for our second quarter 2024 earnings call. On the call are Lawrence Ho, Geoff Davis, Evan Winkler and our property presidents in Macau, Manila and Cypress. Before we get started, please note that today's discussion may contain forward-looking statements made under the safe harbor provision of federal securities law.

Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures. A definition and reconciliation of each of these measures to the most comparable GAAP financial measures are included in the earnings release.

Finally, please note that our supplementary earnings slides are posted on our Investor Relations website. With that, I'll turn the call over to Mister Lawrence Ho.

Lawrence Ho

Thank you, Jeanny, and thank you all for joining us today. A strategic initiative to expand profitability and drive growth continue to evolve in the second quarter of 2024. We are investing in people and incorporating enhancements to our properties to provide the best premium experience available in Macau to our patrons.

Our GGR has continued to grow quarter-to-quarter and year-over-year, and our teams are focused on driving continued expansion of our market position. I'd like to take this opportunity to welcome Tim Kelly. He has just joined us this month as Property President for City of Dreams Macau. We're very excited to have him on board to lead our initiatives for CoD Macau.

City of Dreams Manila had another solid quarter. We've experienced some headwinds in the market, but we remain confident that we will maintain our market position and continue generating solid results. City of Dreams Mediterranean and our satellite casinos in Cyprus build upon the momentum seen in the first quarter. With luck adjusted EBITDA growing more than 30% quarter-to-quarter.