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Melco reports first quarter operating loss of US$135.9 million

CEO Lawrence Ho blames poor results on effects of Covid-19 restrictions and tighter border controls.

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CEO Lawrence Ho blames poor results on effects of Covid-19 restrictions and tighter border controls.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Melco Resorts & Entertainment Limited has reported that its total operating revenues for the first quarter of 2022 were US$474.9 million, representing a decrease of approximately 8 per cent from US$518.9 million for the comparable period in 2021. 

The decrease in total operating revenues was primarily attributable to heightened border restrictions in Macao related to Covid-19 which led to softer performance in the mass market table games segment, the company said.

Operating loss for the first quarter of 2022 was US$135.9 million, compared with US$162.8 million in the first quarter of 2021.

Melco generated Adjusted Property EBITDA of US$56.0 million in the first quarter of 2022, compared with US$30.1 million in the first quarter of 2021.

Net loss attributable to Melco Resorts & Entertainment for the first quarter of 2022 was US$183.3 million, compared with US$232.9 million in the first quarter of 2021. 

The net loss attributable to non-controlling interests was US$38.6 million and US$44.6 million during the first quarters of 2022 and 2021, respectively, all of which were related to Studio City, City of Dreams Manila and the Cyprus Operations.

Lawrence Ho, Melco’s Chairman and Chief Executive Officer, commented: “Our results for the first quarter of 2022 continue to reflect the impact of the Covid-19 pandemic. We saw a solid performance in Macao through the Chinese New Year holiday period, but Covid-related restrictions and tighter border controls led to Macao  gross gaming revenue falling more than 50 per cent from February to March 2022, and negatively impacted our operating and financial performance for the remainder of the first quarter.”

 

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