Melco Resorts & Entertainment Limited ( MLCO ) shares are trading higher on Tuesday after reporting first-quarter results depicting a slight debt reduction.

The company reported total operating revenues of $1.11 billion, representing an increase of approximately 55% year over year. Sales beat estimates of $1.02 billion.

The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations, largely driven by the continued recovery in inbound tourism to Macau during the quarter.

“On the financing side, we repaid another $250 million in debt, raised $750 million in bonds, and extended the maturity of our $1.9 billion revolving credit facility, significantly reducing our refinancing risk in 2025,” said  Lawrence Ho, Chairman and Chief Executive Officer.

The company reported adjusted earnings per ADS of $0.044, marginally missing the street view of $0.05.

Melco generated Adjusted Property EBITDA of $298.8 million in the quarter, compared with Adjusted Property EBITDA of $190.8 million in the first quarter of 2023.

Total cash and bank balances as of March 31, 2024, aggregated to $1.29 billion, including $124.9 million of restricted cash. 

Total debt, net of unamortized deferred financing costs and original issue premiums, was $7.32 billion at the end of the first quarter of 2024.

Price Action: MLCO shares are trading higher by 4.86% to $6.90 at the last check Tuesday.