Melco Resorts has announced financial results for the three months ending June 30 showing US$49.4 million in losses.<\/p>\n\n\n\n\n\n\n\n
Philippines.- Melco Resorts has reported a Php2.41 billion (US$49.4 million) loss for its Philippines integrated resort, City of Dreams Manila, for the second quarter of the year.<\/p>\n\n\n\n
The company attributes the fall to the \u201ctemporary closures of business and imposition of prohibition measures\u201d in the country to fight against the Covid-19 pandemic.<\/p>\n\n\n\n
During lockdown in the Philippines, Melco was granted permission by PAGCOR in June \u201cto undertake a dry run\/trial run of its gaming and hospitality operations with only a limited number of participants strictly adhering to the new guidelines on social distancing and hygiene and sanitation procedures imposed by the Philippine government”.<\/p>\n\n\n\n
The company said: \u201cThe PAGCOR-sanctioned dry run\/trial run aimed to address all potential operational concerns to achieve a seamless reopening for City of Dreams Manila”. <\/p>\n\n\n\n
This trial period came to an end August 3 when President Rodrigo Duterte reimposed stricter quarantine measures in Metro Manila.<\/p>\n\n\n\n
Melco reported rolling chip volume of Php7.3 billion (US$149.8 million) in Q2 compared with Php98.8 billion (US$2.03 billion) in the same period in 2019, with rolling chip win rate dropping from 5.21 per cent to 3.38 per cent.<\/p>\n\n\n\n
Mass market table games dropped to Php400 million (US$8.2 million) from Php10 billion (US$205.2 million) in 2019, with hold falling from 30.4 per cent to 24.3 per cent. Gaming machine numbers fell from Php49 billion (US$1.0 billion) in the second quarter of 2019 to just Php1.5 billion (US$30.8 million).<\/p>\n","protected":false},"excerpt":{"rendered":"
Melco Resorts has announced financial results for the three months ending June 30 showing US$49.4 million in losses.<\/p>\n","protected":false},"author":2,"featured_media":9071,"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$49.4 million loss for its City of Dreams Manila integrated resort in Q2, primarily due to COVID-19 related business closures and restrictions in the Philippines. Despite a PAGCOR-sanctioned dry run, gaming volumes across all verticals saw drastic declines compared to the prior year, exacerbated by renewed lockdown measures.","focusai_entities":"Melco Resorts, City of Dreams Manila, PAGCOR, President Rodrigo Duterte","focusai_location":"Philippines, Metro Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Melco Capital Expenditure?","query":"What is Melco Resorts' revised capital expenditure plan for City of Dreams Manila given these Q2 operational losses and market uncertainties?"},{"label":"PAGCOR Regulatory Adaptation?","query":"How will PAGCOR's regulatory framework adapt to support integrated resorts during prolonged operational disruptions and ensure market stability?"}],"footnotes":""},"categories":[160,163,16333],"tags":[29,128],"class_list":["post-9069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-finance-news","category-south-east-asia-news","tag-casino","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9069","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=9069"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9069\/revisions"}],"predecessor-version":[{"id":9077,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9069\/revisions\/9077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9071"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}