Operator reports a US$364 million net loss for the first quarter of the year as a result of the on-going Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n
Macau.- Melco Resorts<\/strong><\/em> has reported a US$364million net loss for the first quarter of the year as a result of the on-going Covid-19 pandemic. <\/p>\n\n\n\n The numbers compared with the $120.1 million in net profits recorded for the same period last year. <\/p>\n\n\n\n The gaming operator saw a 41 per cent year-on-year drop in operating revenues to $810million (MOP6.4billion) with Adjusted Property EBITDA cut by 82 per cent to $75.3 million.<\/p>\n\n\n\n Melco\u2019s CEO, Lawrence Ho, said the group continues to “manage its balance sheet in a prudent manner” and has $1.2billion in cash and cash equivalents.<\/p>\n\n\n\n “With the entry into a new senior facilities agreement in April 2020, we have undrawn revolver capacity of approximately US$1.6billion,” the group said in a statement. <\/p>\n\n\n\n “In addition, we further bolstered our balance sheet with our sale of the shares we held in Crown Resorts Limited, resulting in gross sales proceeds of approximately US$355million,” the group added.<\/p>\n\n\n\n The pandemic looks set to impact the operator’s development projects across Asia. <\/p>\n\n\n\n “The Covid-19 outbreak has also impacted the construction of the Studio City Phase 2 project and the progress of construction works at the City of Dreams Mediterranean project,” the group noted.<\/p>\n\n\n\n “We currently expect additional time will be needed to complete the construction of both projects.”<\/p>\n\n\n\n Off the back of the results, Melco has decided to suspend its quarterly dividend program so as \u2018to preserve liquidity\u2019 and to \u2018continue investing in our business\u2019.<\/p>\n\n\n\n “Melco remains committed to returning capital to shareholders with a regular quarterly dividend and will evaluate the resumption of its quarterly dividend as the operating environment evolves,” Ho added in the financial report.<\/p>\n","protected":false},"excerpt":{"rendered":" Operator reports a US$364 million net loss for the first quarter of the year as a result of the on-going Covid-19 pandemic.<\/p>\n","protected":false},"author":2,"featured_media":6485,"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 reported a US$364 million net loss for Q1, a significant reversal from prior-year profits, driven by a 41% year-on-year revenue drop due to the Covid-19 pandemic. The operator is actively managing its balance sheet, bolstering liquidity through a new senior facilities agreement and the sale of Crown Resorts shares, while suspending its quarterly dividend to preserve capital amidst project delays in Asia.","focusai_entities":"Melco Resorts, Lawrence Ho, Crown Resorts Limited","focusai_location":"Macau, Asia","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Melco Liquidity Strategy","query":"How will Melco's current liquidity position and capital preservation measures impact its long-term debt covenants and future expansion capabilities beyond the immediate pandemic recovery?"},{"label":"Project Delay Impact","query":"What are the revised projected completion timelines and potential cost overruns for Studio City Phase 2 and City of Dreams Mediterranean, and how will these delays affect Melco's competitive positioning in the respective markets?"}],"footnotes":""},"categories":[160,16338,163],"tags":[257],"class_list":["post-6480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6480","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=6480"}],"version-history":[{"count":7,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6480\/revisions"}],"predecessor-version":[{"id":777010414,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6480\/revisions\/777010414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/6485"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=6480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=6480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=6480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}