The continued recovery of the Macau market should see concessionaire Melco Resorts & Entertainment increase its Adjusted EBITDA to around $1.3 billion in 2024, up from US$900,000 in 2023, in what ratings agency Moody’s believes will go a long way towards helping the company reduce its debt profile.
In a note following an announcement by Melco that its wholly-owned subsidiary, Melco Resorts Finance, was proposing a Senior Notes offering, Moody’s said increased cash flow through the coming year would help the company further reduce its debt, which had reached $8.7 billion as of end-2022. Melco has since paid off around $1 billion of that debt and has promised to continue focusing on debt reduction in the short-term.
