Melco attributes this decrease to weaker performance in the rolling chip segment of its casinos.
Despite this downturn in revenue, Melco recorded reduced operating loss in 2021’s fourth quarter. Operating loss stood at $104.4m, compared to losses of $144.8m in the fourth quarter of 2020.
Melco generated adjusted property EBITDA of $94m, which too was down on the $53.4m EBITDA generated in Q4 2020.
Even with this slightly gloomy picture in Melco’s fourth quarter, it has seen positives in its full-year listings. Total operating revenue stood at $2.01bn for the year, up by US$280m in total revenue for 2020.
Melco attributes its full-year revenue gains to improved performances in mass-market table games, gaming machine segments and higher non-gaming revenues.
What’s more, operating loss was down to $577.5m, from $940.6m for the full year in 2020.
Net loss decreased for the full year, too, dropping from $1.26bn at the end of 2020, to $811.8m at the end of 2021.
Covid-19 measures continue to plague Melco’s operations, with its flagship casino being based in travel-restricted Macau. These measures have continued to affect the operator moving into 2022.
Melco's Chairman and CEO, Lawrence Ho, said: “Covid-related travel restrictions continued to impact our fourth quarter operating and financial performance.
“We have maintained strong cost discipline under these challenging times and are pleased to see improving EBITDA profitability across each of our geographies this quarter.
"We are confident our customers will return in numbers once restrictions are eased.”
