The operator noted that the decline was primarily attributable to heightened Covid-19 border restrictions in Macau, which led to “softer performance in the mass market table games segment”.
City of Dreams represented $256.7m of total revenue, with Altira Macau revenue amounting to $13.9m. Studio City reported $71.1m in revenue, with City of Dreams Manila revenue amounting to $86.9m.
Total operating revenue from Mocha Clubs was $21.2m, while the group’s temporary Cyprus casino reported revenue of $16.1m for the period.
Melco reported an operating loss of $135.9m for Q1 2022, compared to $162.8m in Q1 2021. And net loss attributable to Melco for the period was $183.3m, compared to $232.9m in the prior-year period.
Adjusted Property EBITDA was $56m for the first quarter of 2022, compared to $30.1m in the first quarter of 2021.
“Our results for the first quarter of 2022 continue to reflect the impact of the Covid pandemic,” said Melco Resorts & Entertainment Limited Chairman and CEO Lawrence Ho.
“We saw a solid performance in Macau through the Chinese New Year holiday period, but Covid-related restrictions and tighter border controls led to Macau GGR falling more than 50% from February to March 2022, and negatively impacted our operating and financial performance for the remainder of the first quarter.
“Disciplined liquidity management remains a key area of focus. Total debt increased by US$1.3bn year-on-year as we increased available liquidity to support our operations and ongoing development projects. We will be prudent in managing our balance sheet and liquidity profile as we manage the business through this challenging environment.”