Gaming operator Melco Resorts & Entertainment Limited reported on Wednesday an operating loss of US$149.9 million for the first quarter of this year, compared with operating income of US$191.1 million in the same quarter of last year.
The company, headed by Lawrence Ho Yau-lung, said in a statement that its total operating revenues for the first quarter of this year were US$810 million, representing a decrease of 41 per cent year-on-year.
“The decrease in total operating revenues was primarily attributable to softer performance in all gaming segments and non-gaming operations as a result of the temporary casino closure in Macau and enhanced quarantine and social distancing measures to mitigate the COVID-19 outbreak in the first quarter of 2020,” the statement said.
The Macau government ordered the closure of all casinos in Macau between February 5 and February 19 as part of its raft of measures to stem the spread of the novel coronavirus.
Adjusted property EBITDA fell 82 per cent year-on-year to US$75.3 million.
Net loss attributable to the company for the first quarter of this year was US$364 million, compared with net income of US$120 million in the same quarter of last year.
The statement quoted Ho as thanking both the central and local governments “for their proactive response to contain the spread of the virus.” He also thanked Macau Chief Executive Ho Iat Seng “for his decisive leadership, which is exactly what we need in these difficult times.”
Ho also said that construction on the expansion of Studio City “is progressing.” According to Ho, the expansion project includes 900 hotel guestrooms and suites, “one of the world’s largest indoor/outdoor water parks, a Cineplex, fine-dining restaurants and state-of-the-art MICE space.”
Melco owns casinos in Macau, Manila and Cyprus. It also runs Mocha Clubs, a chain of slot-machine parlours in Macau. It owns four of Macau’s 37 casinos that are in operation, according to the Gaming Inspection and Coordination Bureau (DICJ).
(The Macau Post Daily/Macau News)
Photo@Forbes
