issued US$500 million<\/a><\/em><\/strong> aggregate principal amount of 6.00 per cent senior notes due 2025, and US$500 million aggregate principal amount of 6.50 per cent senior notes due 2028 in July.<\/p>\n\n\n\nMelco also said it is committed to continue the construction and expansion of Studio City, and the City of Dreams Mediterranean integrated resort in Europe. It also still intends to enter Japan’s IR race.<\/p>\n\n\n\n
Ho said: \u201cTurning to Japan, I want to highlight our unwavering commitment to bring to the country the best IR the world has ever seen.\u201d<\/p>\n\n\n\n
\u201cWe believe our focus on the Asian premium segment, a portfolio of high-quality assets, devotion to craftsmanship, dedication to world-class entertainment offerings, market-leading social safeguard systems, established track record of successful partnerships, culture of exceptional guest service, and commitment to employee development puts Melco in a strong position to help Japan realize the vision of developing a world-leading IR with a unique, Japanese touch.\u201d<\/p>\n\n\n\n
He added: \u201cLastly, we are excited to see some early signs of returning to normal operations in our integrated resorts.\u201d<\/p>\n\n\n\n
Operating revenues at City of Dreams during Q2 were US$105.4 million, compared to US$790.8 million in the second quarter of 2019. It generated negative EBITDA of US$70.3 million.<\/p>\n\n\n\n
Operating revenues at Altira Macau were US$17.0 million, compared to US$104.3 million in the second quarter of 2019.<\/p>\n\n\n\n
At Studio City, revenues reached US$10.9 million, down from US$328.9 million, and at City of Dreams Manila, total operating revenues for the quarter were US$7.2 million compared to US$176.1 million in the second quarter of 2019. Losses were due primarily to the government-mandated casino closure for all of the second quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"
Revenue for the second quarter fell to US$0.18 billion.<\/p>\n","protected":false},"author":2,"featured_media":0,"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 88% year-on-year decline in Q2 2020 operating revenues to US$0.18 billion, resulting in significant operating losses, primarily due to the Covid-19 pandemic and associated casino closures. The company has implemented liquidity preservation strategies, including debt financing and asset divestment, while reaffirming commitments to ongoing projects in Europe and its pursuit of an Integrated Resort license in Japan.","focusai_entities":"Melco Resorts & Entertainment Limited, Lawrence Ho, Crown Resorts Limited, Melco Resorts Finance, Studio City Finance Limited, Studio City, City of Dreams Mediterranean, City of Dreams, Altira Macau, City of Dreams Manila","focusai_location":"Macau, Philippines, Europe, Japan","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":"Liquidity Strategy Efficacy?","query":"Given the significant operating losses, what is Melco's projected liquidity runway, and how do the recent senior note issuances and asset sales specifically de-risk its capital structure for sustained operations and development?"},{"label":"Japan IR Bid Impact?","query":"How does the current financial downturn and the company's focus on liquidity preservation impact the competitive positioning and capital allocation strategy for Melco's proposed Japan IR bid?"}],"footnotes":""},"categories":[157,16338,158],"tags":[473,470,665],"class_list":["post-9211","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-ir","tag-japan","tag-melco"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9211","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=9211"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9211\/revisions"}],"predecessor-version":[{"id":9224,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9211\/revisions\/9224"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}