Melco revealed that its total operating revenues for Q4 2022 were $337.1m. This is a loss of $143.5m from the comparable period in 2021, which had a total of $480.6m in total operating revenue.
Lawrence Ho, Chairman and CEO of Melco, explained: “Our results for the fourth quarter of 2022 continued to be impacted by the travel restrictions imposed across mainland China and Macau.”
The travel restrictions that were placed on Macau and mainland China were in direct response to Covid-19. This led to a drop in tourism and a drop in performance in the rolling chip and table games market.
However, since January 8, travellers are no longer required to present a negative nucleic acid test on arrival in Macau. This has seen a 233% increase in gross game revenue; MOP3.5bn ($371m) in December 2022 when compared to MOP11.6b in January 2023.
The report also detailed that the operating loss for Q4 2022 was US$199.5m, which was compared with the operating loss of Q4 2021 of $104.4m.
Ho continues: “However, we are encouraged by the increased visitation and volume that we have seen since the travel restrictions between mainland China and Macau were relaxed on January 8, 2023.
“Our recent performance reinforces our belief in the return of pent-up demand and our view that Macau will continue to develop as a leading international destination for entertainment and leisure.
“Gaming volumes in the Philippines have reached close to pre-pandemic levels, and volumes in Cyprus have exceeded those we had seen pre-pandemic. We are optimistic about continued growth in the Philippines and Cyprus as international travel normalises.”
The full year results, relating to the year ending December 31 2022, found that the total operating revenue for Melco was $1.35bn, compared to $2.01bn in 2021.