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Melco Resorts & Entertainment posts a net loss for 2022 of US$930.5 million

CEO Lawrence Ho highlighted the impact of “travel restrictions imposed across mainland China and Macau” during the pandemic.

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CEO Lawrence Ho highlighted the impact of “travel restrictions imposed across mainland China and Macau” during the pandemic.

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PUBLISHED

UPDATED: 22 Dec 2023, 12:29 am

Melco Resorts & Entertainment Limited has reported a net loss of US$930.5 million (approximately 7.5 billion patacas) for 2022, up from the loss of US$811.8 million (6.5 billion patacas) it incurred in 2021.

In a regulatory filing to the Hong Kong Stock Exchange, the casino operator’s CEO, Lawrence Ho, highlighted the impact of “travel restrictions imposed across mainland China and Macau” during the pandemic.

The company posted US$337.1 million (2.72 billion patacas) in total operating revenues for the fourth quarter of 2022, representing a decrease of approximately 30 per cent from the US$480.6 million (roughly 3.8 billion patacas) for the comparable period in 2021.

[See more: GGR at Macao’s casino’s increases 33.1 per cent year-on-year]

With the lifting of restrictions in January, Ho said he felt optimistic about “the return of pent-up demand” and that he was “encouraged by the increased visitation and volume” seen since the ending of travel curbs.

However, Melco cautioned: “While quarantine-free travel within Greater China has resumed, the pace of recovery remains highly uncertain, and disruptions caused by the Covid-19 outbreak continue to have a material adverse impact on our operations, financial position and future prospects into the first quarter of 2023.”

Melco’s announcement comes amid Macao’s efforts to revive its tourism industry in the wake of Covid. More than a million visitors poured into Macao in January – a rise of 259 per cent month-on-month — with occupancy rates at hotels showing steep gains.

 

UPDATED: 22 Dec 2023, 12:29 am

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