Melco Resorts reports PHP2.4bn Q2 losses
Melco Resorts and Entertainment has announced a net loss of nearly PHP2.4bn ($49.5m) for Q2 2020.
It’s a massive fall from a net profit of PHP1.1bn the previous year. The group stated the decline “is primarily related to the drop in total net operating revenues, as a result of the temporary closures of business and imposition of prohibition measures.”
Operating revenue for City of Dreams Manila was PHP387.2m, compared to PHP9.2bn in 2019.
For H1, operating revenue in 2020 was PHP6bn against PHP16.7bn in 2019. Operating loss for the second quarter stands at PHP2.1bn, compared to an operating profit of PHP1.7bn.
The group said various closures affected both casino and non-casino related profits. The group’s adjusted EBITDA was negative PHP1.1bn, while adjusted EBITDA for 2019 was PHP4.3bn.
For H1, the group’s operating loss stands at PHP2.1bn, with PHP2.5bn operating profit for the first six months in 2019. Net loss for H1 is PHP2.9bn, a drop from a net profit of PHP1.4bn in H1 2019.
Casinos in Manila were shut down since mid-March, but City of Dreams Manila was allowed to do a trial run of its casino operations with a limited number of participants. However, as of the beginning of August, the trial run is suspended due to renewed strict regulations.
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