Melco International posted a HK$9.99 billion loss last year, according to figures cited by TDM.
Net revenues in 2022 for the gaming concessionaire slid by HK$10.57 billion, a decrease of 32.4% compared to the HK$15.64 billion recorded in 2021.
In a statement, the company drew attention to “travel restrictions in Macau and Mainland China related to Covid-19 during the year as well as the government-mandated temporary closure of the group’s casinos in Macau in July 2022”.
This led to a “softer performance in our casino and hospitality operations in 2022”, Melco said.
However, CEO Lawrence Ho struck a hopeful note. “The shadow of Covid-19 is finally receding after three long years”, he stated. “The relaxation of social-distancing measures since 8 January 2023 has resulted in an upsurge in visitors, creating optimism for the city’s immediate future”.
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Ho said that the construction of Studio City Phase 2 was “complete”, with the first phase of property set to open in the coming quarter.
Hopes are high for a rapid recovery of Macao’s gaming sector in the wake of the pandemic. In a report earlier this month, JP Morgan analysts estimated that earnings would “recover to about 100 percent to 110 percent [of pre-pandemic levels] in 2024 to 2025”.
Gross gaming revenue (GGR) at Macao’s casinos increased last month by 247 percent year-on-year, from 3.67 billion patacas to 12.74 billion patacas, according to figures released over the weekend by the Gaming Inspection and Coordination Bureau (DICJ).
