Melco Resorts posts net loss of US$183.3m for Q1

Melco reported a decline in operating revenue due to border restrictions in Macau.
Melco reported a decline in operating revenue due to border restrictions in Macau.

Melco Resorts has shared its financial results for the first quarter of the year 2022, reporting a reduced net loss.

Macau.- Melco Resorts & Entertainment has reported a reduction of first-quarter net losses from US$232.9m to US$183.3m year-on-year. However, operating revenues were US$474.9m, down 8.5 per cent year-on-year and down 1.2 when compared to the previous quarter.

The company attributed the decline to “heightened border restrictions in Macau related to Covid-19 which led to a softer performance in the mass-market table games segment.”

(EBITDA) came in at US$56m. Adjusted property EBITDA declined by 40.4 per cent.

Lawrence Ho, group chairman and CEO, said: “We saw a relatively solid performance across all of our segments in Macau through the Chinese New Year holiday period in early February, but an increase of Covid cases in mainland China and tighter border controls led to Macau gross gaming revenue falling more than 50 per cent from February to March 2022.”

The company’s CEO also confirmed that Studio City’s Phase II construction is expected to be finished by September.

City of Dreams Manila operating revenues up 9.3 per cent 

Melco also shared financial results for City of Dreams in the Philippines. It collected US$86.9m in operating revenues. The figure was up 9.3 per cent year-on-year and up 3.6 per cent when compared to the previous quarter. The casino posted US$33.0m in adjusted property EBITDA. Gaming rolling chip volume was US$647.9m and mass play was US$127.3m.

Ho said: “We have been operating our casino at 100-per cent capacity since March 1, when Covid-related restrictions were reduced to alert level 1. We are starting to see international travel return, and in April we saw daily volumes reach close to 80 per cent of pre-Covid levels.”

Melco Cyprus posts an operating revenue of US$16.1m

The company also shared financial results for Melco Cyprus. Operating revenues stood at US$16.1m in the first quarter of the year. Adjusted EBITDA was US$0.9m in the first quarter, compared with negative adjusted EBITDA of US$6.4m in the prior-year period.

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Melco Resorts & Entertainment