Published
Land-BasedCasinoFinancialIndustry

Melco Resorts sees Q2 revenue plunge 48%

Melco Resorts and Entertainment has published its unaudited financial results for Q2 2022.

melco resorts financial background gambling insider web image

Total operating revenue fell to $296.1m, a significant decline of 48%. This poor result can be attributed to travel restrictions and business closures as a result of a surge in Covid cases in Macau and mainland China.

This result is comparable to Studio City’s, which reported revenue at “negative $1.9m,” as it also felt the impact of pandemic-related restrictions. The likes of Galaxy Entertainment Group, MGM China, Wynn Macau and SJM Holdings have also felt this pain.

Melco generated negative adjusted property EBITDA of $13.8m, compared to adjusted property EBITDA of $79.1m.

Q2 operating loss stood at $209.2m, compared to $128.1m, while net loss attributable to the company amounted to $251.5m, compared to $185.7m.

Melco CEO and Chairman Lawrence Ho said: “It goes without saying that our results for the second quarter of 2022 were heavily impacted by the Covid-19 pandemic and the restrictions imposed across mainland China and Macau.

“Throughout the pandemic, ensuring the health and safety of our colleagues has been very important, and these continued to be our highest priority through the recent outbreak in Macau.

“We very much appreciate the Macau Government’s expeditious handling and publication of the amendments to the gaming law in June, and the publication of the regulations for the new concession tender.”

Last month, the Macau Government set up a committee to examine and evaluate bidders for new casino licences.

Concessionaires are expected to be decided by the end of the year, after Macau extended its current concession period from June 2022 to December 2022. 

The extension was designed to account for a legal period in which changes to Macau’s gaming law are to be ratified for the future.


Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Executive Profiles
Wynn Macau
MGM Resorts Japan
BetConstruct
Bloomberry Resorts Corporation
Sightline Payments

Global Gaming Awards Asia: What to expect in 2023

Gambling Insider looks ahead to the Global Gaming Awards Asi...

The power of the rebrand

With the help of industry experts, Gambling Insider Editor T...

Evolution Europe CEO Gionata La Torre: The Italian job

Evolution Group’s new CEO Europe, sits down with Gambling...

Big Question: How can slots innovate from here?

Simon Hammon, CEO of Relax Gaming, Erkki Nikunen, Partner &...

Read Magazine

30 March, 2023

Wilfred Wong: Macau “cannot just rely on gaming”

Sands China’s President and Executive Director, Wilfred Wong, has echoed earlier calls by the Chinese Government to diversify the gambling province of Macau.