Melco Resorts and Entertainment reports $716.5m in Q1 revenue; net loss falls
Following less strict Covid-19 restrictions in Macau, Melco sees its numbers on the rise.
Melco Resort and Entertainment has announced its unaudited Q1 results for 2023. Melco is an owner and operator of several integrated facilities in Asia and Europe. Melco reported revenue of $716.5m, a 51% increase year-on-year.
There was a similar increase in operating income, with Melco reporting $400,000 for Q1, having reported an operating loss of $135.9m in Q1 2022.
Net loss, however, was $81.3m, although this was still considerably down year-on-year from $183.3m.
EBITDA was up to $190.8m, rising from $56m in Q1 2022, displaying a 239% increase.
Melco would have been disappointed with its last quarterly figures in Q4 2022, which saw a big decrease in revenue year-on-year. These Q1 figures show a promising return to form for Melco.
The high figures in this Q1 report are something that has been seen across many companies, with less strict Covid-19 restrictions seeing revenue and income on the rise as a result of the increased footfall.
The relaxation of Covid-19 restrictions in Macau has been something that many companies have benefited from, now the numbers show that Melco is also part of that group, with the full operation of its Altira Macau being a huge boost for the company.
Lawrence Ho, Chairman and CEO said, “We have seen a very encouraging start to the recovery in Macau during the first quarter of 2023, following the relaxation of border restrictions in early January.
“We continued to see improving momentum into April and Golden Week in May, with mass market table games drop and mass gross gaming revenue during the Golden Week period exceeding the same period in 2019.”
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