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Melco International records steep losses and sharp falls in net revenue for 2022

However, CEO Lawrence Ho strikes a positive note, stating that “The shadow of COVID-19 is finally receding”.

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However, CEO Lawrence Ho strikes a positive note, stating that “The shadow of COVID-19 is finally receding”.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 12:27 am

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”.

[See more: Top gaming industry figure backs calls for diversification]

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).

 

UPDATED: 22 Dec 2023, 12:27 am

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