Melco sees “marginally” positive EBITDA in October

According to the company’s CFO, October’s numbers show a slight recovery.

Macau.- Despite a continued drop in revenues reported for Q3, Melco Resorts turned “marginally in positive EBITDA territory” in October, CFO Geoff Davis said in an earnings call.

He said that takes into account roughly US$10 million of bad debts.

David Sisk, the company’s chief operating officer said that Macau operations were currently at about 35 percent of volumes seen before the pandemic.

He added that the junket business and house-managed VIP business had been “somewhat challenged by the visa process” in reference to border restrictions measures which were lifted for visitors from mainland China in September.

He said that players returning seemed to be “a bit more cautious,” but that “playing time has not changed that much”.

Sisk added: “Players don’t move between the properties as much now. I think that’s probably more of a reaction to Covid-19, and just the difficulty as you go through each of the properties and having to go through a kind of a check as you’re going from property to property or in and out of the casinos”.