Melco Resorts posts US$446.4m in operating revenue for Q3

Melco Resorts revenue was down 21 per cent quarter-on-quarter.
Melco Resorts revenue was down 21 per cent quarter-on-quarter.

Melco Resorts has shared its financial results for the third quarter of the year. Operating revenue was down 21 per cent quarter-on-quarter from US$566.4m to US$446.4m.

Macau.- Melco Resorts & Entertainment has reported total operating revenue of US$446.4m for the third quarter of the year. The figure was down 21 per cent from US$566.4m in the previous quarter but up 110 per cent year-on-year.

The company attributed the yearly increase to non-gaming operations and inbound tourism in Macau. The quarterly decline, however, was related to new outbreaks of Covid-19. The casino operator registered GGR of US$402m, down 28 per cent when compared to the previous quarter. Adjusted property EBITDA reached US$31.9m, compared to negative US$76.7m last year.

Lawrence Ho, group chairman and CEO, said: “Continued travel restrictions and quarantine measures in Macau and the region negatively impacted our third quarter operating and financial performance. To preserve our cash and liquidity, we continue to enforce strong cost control discipline in respect to both operating expenses and capital expenditures.”

He said the company was confident that “pent-up demand for Macau remains intact and strong.”

The company said that Studio City construction is progressing and that Melco expects to launch Phase 2 expansion before December 27, 2022. Phase two will offer approximately 900 additional luxury hotel rooms and suites, one of the world’s largest indoor/outdoor water parks, a Cineplex, fine-dining restaurants and MICE space.

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