...August 2, 2023 This report does not constitute a rating action. HONG KONG (S&P Global Ratings) Aug. 3, 2023--The EBITDA of Melco Resorts & Entertainment Ltd. is on track to recover to close to its pre-pandemic level in 2024. It is benefiting from a strong recovery in Macao's mass market and incremental contributions from Studio City Phase 2. In the second quarter of 2023, market-wide mass gross gaming revenue (GGR) climbed to 86% of second-quarter 2019 levels. Its revenue from VIP players recovered to 35% of second-quarter 2019 levels. The mass-market recovery outpaced our prior expectation that it would hit 75% of 2019 levels in the second quarter of 2023. We now assume these revenues will rise to 90%-95% of 2019 levels in the second half of the year. As a result, we now believe mass GGR could recover this year to 85%-90% of 2019 levels, compared with our previous expectation for a recovery this year to 75%-85% of 2019 levels. We expect it to fully recover in 2024. Melco's second-quarter...
