Melco International posts US$1.08bn in revenue for H1

Melco has seen a gradual return of visitors.
Melco has seen a gradual return of visitors.

Melco International Development has reported net revenues of HK$8.43bn (US$1.08bn) for the first half of the year, up 10 per cent year-on-year.

Macau.- Melco International Development has reported a 10 per cent year-on-year growth in net revenues for the first half of 2021.

Melco’s revenues for the period were HK$8.43bn (US$1.08bn). Net losses after tax amounted to HK$3.75bn, while EBITDA was HK$732.5m, compared to a negative EBITDA of HK$886.2m for the first six months of 2020. Mass and premium mass-market players were the primary drivers.

Lawrence Ho, group chairman and chief executive officer, said: “Macau has enjoyed a steady recovery in its overall economy as travel restrictions loosen and visitors gradually return. This also led to a gradual recovery in business levels at our integrated resorts during the second quarter of 2021.”

Ho said over 70 per cent of Melco’s staff in Macau and Hong Kong has been vaccinated against Covid-19 through its Get the Jab campaign 

He said: “We are encouraged by the progress of the Covid-19 vaccine rollouts in Macau, Hong Kong and China, and, along with the increasing vaccination rates across the globe.”

Studio City reported negative adjusted property EBITDA of US$6.4m while VIP gaming volume declined 44 per cent year-on-year to HK$891m.

The City of Dreams complex in Manila posted US$119.6m in adjusted property EBITDA. VIP gaming rolling chip volume declined 18.7 per cent to HK$8.6bn and mass play rose 151 per cent to HK$1.5bn year-on-year.

The casino has been closed since August 6 due to a resurgence in cases in the city. The city of Manila has recently extended restrictions until September 7.

Cyprus’s casinos partially resumed operations at limited capacity in H1

Yokohama IR plans likely to be cancelled

Although there hasn’t been an official announcement yet, analysts at Maybank Investment Bank Bhd believe plans to develop an integrated resort in Yokohama will be shelved soon following Takeharu Yamanaka‘s victory in mayoral elections.

Yamanaka was one of several anti-IR candidates. According to local media reports, Yamanaka said: “We will issue a formal statement soon making it clear that Yokohama will not make a hosting bid for an IR.”

Melco Resorts & Entertainment and Genting Singapore were the two remaining candidates to be Yokohama’s partner for its bid. 

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