Melco Resorts posts US$566.4m in revenue for Q2

Melco's revenue in Q2 was boosted by mass and premium mass gaming.
Melco's revenue in Q2 was boosted by mass and premium mass gaming.

Melco Resorts & Entertainment has reported total operating revenues of US$566.4m for the second quarter of 2021, up 222 per cent.

Macau.- Melco Resorts & Entertainment has reported revenue of US$566.4m for Q2, up 222 per cent from US$175.9m in Q2 2020.

The company attributed the increase to improved performance in all gaming segments and non-gaming operations as a result of an increase in inbound tourism in Macau.

It reported an operating loss of US$128.1m, while Adjusted Property EBITDA was US$79.1m, compared with negative US$156.3m in the second quarter of 2020.

Lawrence Ho, group chairman and CEO, said: “We are pleased to see a progressive recovery in business levels during the second quarter of 2021 in our integrated resorts, despite the challenges that we have faced as a result of the Covid-19 pandemic and related travel restrictions. 

“Mass and premium mass-market players have proven to be the primary drivers of the recovery this quarter and are expected to be going forward as we continue to dedicate our resources toward these segments of the market.”

He said the company remains optimistic on its Macau market outlook, especially as Macau explores scenarios for more flexible travel with other cities in the Greater Bay area.

The company also made reference to the expansion of Studio City. The Macau government has approved a request for a seven-month delay to complete the phase 2 expansion, taking it to December 27, 2022.

In July, Melco launched a share purchase plan for eligible employees who agreed to participate in the company’s voluntary leave programme.

Melco said the programme aims “to recognize the dedication and commitment of its employees and provide eligible employees the opportunity to benefit from the Company’s long-term growth.”

The programme will allow eligible employees to use a portion of their salaries from July 2021 to June 2022, to purchase and receive a grant of restricted shares under the Melco Resorts 2011 Share Incentive Plan.

Lawrence Ho purchased 1,248,048 Melco Resorts shares (equivalent to US$6.7m), which represent approximately 0.09 per cent of Melco Resorts’ issued shares.

City of Dreams Manila posts US$52.7m in revenue

As for the City of Dreams complex in Manila, Melco posted total operating revenues of US$52.7m for the quarter, compared to US$7.2m in the second quarter of 2020. 

The venue generated adjusted EBITDA of US$13.3m, compared to negative US$22.6m in Q2 2020.

City of Dreams Manila remained closed from March 29 to April 30, 2021 under the government imposed enhanced community quarantine measures in Metro Manila and adjacent provinces. It reopened on May 1 with limited gaming capacity at 50 per cent.

Metro Manila and the Entertainment City casino resort zone will remain under general community quarantine (GCQ) until July 31.

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