Melco posts losses of US$1.59bn for 2020

Melco reported losses due to the impact of Covid-19 on its operations across Asia and Europe.
Melco reported losses due to the impact of Covid-19 on its operations across Asia and Europe.

Melco International Development has reported that net revenues were down 70.2 per cent year-on-year to HK$13.42bn (US$1.73bn).

Macau.- Melco International Development has published consolidated annual results for 2020, reporting a loss after tax of HK$12.38bn (US$1.59bn).

The group, which is the majority owner of Macau-based casino operator Melco Resorts & Entertainment, said operations across Asia and Europe had been deeply affected by the impact of the Covid-19 pandemic.

The casino operator generated negative adjusted EBITDA of HK$1.20bn (US$154.4m) for the year, compared to HK$12.50bn (US$1.61bn) for 2019.

Lawrence Ho, Melco Group chairman and CEO, said: “Despite the challenges, we can see our integrated resorts experiencing a moderate recovery in business levels towards the fourth quarter of 2020.

“This was substantiated by the positive Property EBITDA for the Macau operations, as well as our global operations as a whole in the fourth quarter of the year.”

Melco Resorts & Entertainment reported an 85 per cent drop in revenue year-on-year for the third quarter (Q3) of 2020.

Melco reopens Nüwa hotel at Macau

Melco Resorts and Entertainment’s revamped Nüwa at the City of Dreams complex in Macau reopened yesterday, March 31, after more than a year of renovation. The hotel is now accepting bookings.

The company had expected to reopen the revamped hotel, which has around 300 accommodations units, on February 8, but opening was delayed.

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