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6.42
3.55%
0.22
After Hours:
6.46
0.04
+0.62%
Why is Melco Resorts Entertainment Ltd Adr (MLCO) Stock down?
We've noticed a 6.81% decline in Melco Resorts Entertainment Ltd Adr (MLCO) stock during the 2024-11-12 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
07 Nov, 2023:
Melco Resorts & Entertainment Ltd (MLCO) dropped by 15.38% from $8.91 to $7.54 in the trading on Tuesday November 7, 2023. The reasons why MLCO stock down today include:
- Third-quarter 2023 financial results: Revenue for the quarter increased from $241.8 million a year ago to $1.02 billion on the back of a recovery in Macao's gaming market overall. However, Melco reported a loss of $16.3 million, or $0.01 per share. Analysts were expecting $1.03 billion in revenue and break-even earnings.
- Debt problem: Melco Resorts has $7.77 billion of debt, and that's becoming a challenge given the company's current profitability. At the current adjusted EBITDA run rate, the multiple of debt to adjusted EBITDA is 6.9, which is very high for a casino company amid rising interest rates. This is also a headwind causing MLCO stock down today.
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