Melco Resorts & Entertainment Limited announced on Thursday that its total operating revenues for the second quarter fell about 88 per cent to US$0.18 billion (MOP 1.44 billion).
A statement by the gaming operator said the revenue decline “was primarily attributable to softer performance in all gaming segments and non-gaming operations as a result of the COVID-19 pandemic, which resulted in a significant decline in inbound tourism in the second quarter of 2020.”
The company’s operating loss for the second quarter was US$370.8 million, compared with an operating income of US$208.0 million in the same quarter of last year.
The company generated negative adjusted property EBITDA of US$156.3 million in the second quarter, according to the statement.
The net loss attributable to the company for the second quarter was US$368.1 million. In last year’s second quarter, Melco recorded a net income of US$101.8 million.
The statement quoted Melco Chairman and CEO Lawrence Ho Yau Lung as saying that his company “continues to manage its balance sheet in prudent manner,” adding that “despite the current economic uncertainty, sustainability remains a high priority in Melco’s operations.” Ho also said that “Melco remains committed to its global development programme.”
Melco owns four of Macao’s 41 casinos. It also owns City of Dreams Manila and a casino in Cyprus.
(The Macau Post Daily/Macau News)