Melco Resorts & Entertainment has announced that Q1 revenue was down 36 per cent year-on-year but that its net loss has narrowed.
Macau.- Presenting its unaudited financial results for the first quarter of 2021, Melco Resorts & Entertainment has reported that income came in at US$520m. That represents a decrease of 36 per cent in comparison with the US$810m produced during the same period of 2020.
The fall is expected considering the ongoing impact of the Covid-19 pandemic and the decline in inbound tourism. Lawrence Ho, president, and general director of Melco said that the company had seen a moderate recovery.
He said: “Covid-19 and the subsequent travel restrictions continue to have a significant negative impact on our operating and financial performance. Despite these challenges, our integrated resorts experienced a moderate recovery in business levels during the first quarter.”
Ho also praised Macau‘s government measures during the pandemic, adding: “We commend the Macau government’s measured approach to reopening the border and schemes to boost the economy and support local jobs.
“In this regard, we continue to prioritize epidemic prevention measures to keep our colleagues and customers safe, while working collaboratively with small and medium enterprise (SME) partners to contribute to Macau’s sustainable development and economic recovery.”
Net loss attributable to Melco Resorts & Entertainment for the first quarter of 2021 was US$232.9m, or US$0.49 per ADS, compared with a net loss of US$364m, or US$0.76 per ADS, in the first quarter of 2020.