decrease in total operating revenues<\/a><\/em><\/strong> was primarily attributable to softer performance in all gaming segments and non-gaming operations as a result of the Covid-19 pandemic, which resulted in a significant decline in inbound tourism in the third quarter of 2020.\u201d\u00a0<\/p>\n\n\n\nOperating loss for the third quarter reached US$275.0 million.\u00a0EBITDA was negative US$76.7\u00a0million.\u00a0\u00a0<\/p>\n\n\n\n
Lawrence Ho, chairman and chief executive officer (CEO), said: \u201cCovid-19 and the subsequent travel restrictions continue to have a significant negative impact on our operating and financial performance. <\/p>\n\n\n\n
“Despite that, our integrated resorts experienced a moderate recovery in business levels during the third quarter, benefiting from the partial resumption of casino operations in Cyprus and Manila, as well as the gradual resumption of visa issuances by the Mainland Chinese authorities under the Individual Visit Scheme (IVS).\u201d <\/p>\n\n\n\n
The CEO said the company has managed its balance sheet aided by\u00a0the issuance of a series of new senior notes and by Studio City’s private share placements.<\/p>\n\n\n\n
Ho confirmed the progress of the expansion of Studio City and said the integrated resort will hold\u00a0900 additional luxury hotel rooms and suites, one of the world\u2019s largest indoor\/outdoor water parks, a cineplex, restaurants and MICE space.\u00a0\u00a0<\/p>\n\n\n\n
However, the company admitted that\u00a0the Covid-19 outbreak had impacted construction and that additional time will be needed. <\/p>\n\n\n\n
Finally, the chairman said the firm remains committed to building the best integrated resort (IR) in the world in Japan, affirming once again that it will be involved in one of the bids for three IR licences in the country next year.<\/p>\n\n\n\n
Ho said: \u201cThe process in Japan has been substantially delayed and remains complex. We will continue to be patient as we evaluate the landscape to ensure that Melco pursues the right opportunity that takes advantage of Melco\u2019s core strengths to drive strong value creation.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"
Total operating revenues were US$210m for the period.<\/p>\n","protected":false},"author":2,"featured_media":11560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Melco Resorts & Entertainment reported an 85% year-on-year revenue drop to US$210 million for Q3 2020, primarily due to the Covid-19 pandemic's impact on tourism and gaming operations. Despite significant operating losses, the company is managing its balance sheet and progressing with the Studio City expansion, while reaffirming its commitment to a Japan IR bid amidst delays.","focusai_entities":"Melco Resorts & Entertainment, City of Dreams, Lawrence Ho, Studio City","focusai_location":"Macau, Cyprus, Manila, Japan, Mainland China","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Japan IR Strategy","query":"Given the substantial delays and complexity in Japan's IR licensing process, what specific adjustments to Melco's bid strategy or partnership structure are being considered to mitigate ongoing uncertainties and optimize value creation?"},{"label":"Capital Structure Resilience","query":"Beyond the recent senior notes issuance and Studio City share placements, what further capital structure optimization or liquidity enhancement measures are anticipated to support ongoing operations and strategic developments amidst prolonged market volatility?"}],"footnotes":""},"categories":[16338,163],"tags":[257,665,2054],"class_list":["post-11558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-macau","tag-melco","tag-revenue"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11558"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11558\/revisions"}],"predecessor-version":[{"id":11565,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11558\/revisions\/11565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11560"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}