Melco Resorts posts net loss of US$251.5m for Q2

Melco Resorts’ second-quarter net loss increased by 35.4 per cent year-on-year.

Macau.- Melco Resorts & Entertainment has announced that its net loss rose 35.4 per cent year-on-year to US$251.5m. The group’s operating revenue for the second quarter was US$296.1m, a drop of 47.7 per cent from US$566.4m reported in the second quarter of 2021. When compared to the first quarter of 2022, the figure slipped 37.7 per cent.

The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was negative US$13.8m, versus positive US$79.1m in the prior-year quarter. 

Lawrence Ho Yau Lung, the group’s chairman and chief executive said: “It goes without saying that our results for the second quarter of 2022 were heavily impacted by the Covid-19 pandemic and the restrictions imposed across mainland China and Macau. 

“Throughout the pandemic, ensuring the health and safety of our Colleagues has been very important, and these continued to be our highest priority through the recent outbreak in Macau.”

He added: “In contrast to the challenges we have been facing in Macau, our businesses in the Philippines and Cyprus have been improving with volumes gradually recovering toward pre-Covid-19 levels. 

“City of Dreams Manila has been operating at 100 per cent capacity since March 1, 2022 and saw a fairly quick recovery in domestic business. International visitation continues to ramp up, and we expect to see further growth as more of the travel restrictions around Asia are lifted and travel returns to normal. Cyprus also saw a pick-up in volumes and profitability with a relaxation in Covid-19 related restrictions.”

City of Dreams Macau second quarter results

City of Dreams posted operating revenues of US$97.3m for the second quarter of the year. The casino venue generated a negative Adjusted EBITDA of US$28.5m, compared with an Adjusted EBITDA of US$79.5m in the second quarter of 2021. Rolling chip volume was US$748.1m while the rolling chip win rate was 2.57 per cent.

Mass-market tabletop games generated US$209.1m. The percentage of mass market table games held in the second quarter was 33.0 per cent, compared to 32.4 per cent in the second quarter of 2021. Slot machine transactions were US$217.1m, compared to US$494.9m in the second quarter of 2021. The slot win rate was 2.7 per cent.

City of Dreams’ total non-gaming revenue was US$24.3m, compared to US$52.2m in the second quarter of 2021.

City of Dreams Manila second quarter results

City of Dreams Manila posted operating revenues of US$111.7m and adjusted EBITDA of US$49m for the second quarter of 2022. EBITDA was US$13.3m in the second quarter of 2021.

Rolling chip volume was US$771.3m while mass-market table games fell to US$178.4m. Slot machine transactions were US$925.6m, compared to US$401m in the second quarter of 2021. The slot win rate was 5.3 per cent, compared to 5.5 per cent in the second quarter of 2021.

Gross non-gaming revenue for City of Dreams Manila was US$27.3m, compared to US$6.9m in the second quarter of 2021.

Altira Macau posts operating revenue of US$7.2m

Operating revenue at Altira Macau was US$7.2m, compared to US$18.3m in the second quarter of 2021. The casino venue generated negative adjusted EBITDA of US$11.3m, compared with negative US$17.3m in the second quarter of 2021.

In the mass market table games segment, the drop was US$29.3m versus US$43.7m in the second quarter of 2021. The gaming machine handle was US$41.5m, compared with US$50.2m in the second quarter of 2021. Non-gaming revenue was US$1.9m.