Casino operator Melco Resorts & Entertainment Limited says it has reached its goal to reduce operating costs for its Macau venues.
Hong Kong.- Casino operator Melco Resorts & Entertainment Limited has reached its goal to reduce daily operating costs for its Macau venues in second quarter.
It communicated the news in a filing published by wholly-owned subsidiary Melco Resorts Finance, as it issued new senior notes to the market.
The company said it had managed to reduce daily operating costs for its venues to US$1.5 million, down from US$2.5 million reported in May.
Daily operating costs were closer to US$3 million before the Covid-19 outbreak.
The company said it had undertook “various mitigating measures to manage through the current COVID-19 outbreak challenges, such as implementing a cost reduction program to minimise cash outflow of non-essential items and rationalising our capital expenditure program with deferrals and reductions which benefits our balance sheet.”
On Tuesday Melco Resorts Finance issued new notes due in 2028 for which it expects to obtain US$500 million.