Melco Resorts revenue falls 88% for Q2
Melco Resorts & Entertainment Limited has annouced Q2 operating revenue was $180m, an 88% drop from $1.5bn for the same period in 2019.
The fall in revenue was attributed to “softer performance in all gaming segments and non-gaming operations as a result of the COVID-19 pandemic, which resulted in a significant decline in inbound tourism in the second quarter of 2020.”
Operating loss was $370.8m, a massive fall year-on-year compared to operating income of $208m. Adjusted property EBITDA was $156.3m, a year-on-year fall from $448m.
The group’s net loss was $368.1m, almost triple the $101.8m Melco lost for Q2 2019. The group’s casinos brought in $147.5m in revenue.
The group’s H1 operating revenue was $987m, compared to $2.8bn for the first six months of 2019. Operating loss for the first half of 2020 was $520.7m, compared to an operating income of $399m for H1 2019.
Chairman and CEO Lawrence Ho says the group implemented measures to mitigate the damage the pandemic caused, from selling shares to suspending dividend programs.
He added: “To further enhance our balance sheet, our subsidiary, Melco Resorts Finance Limited, recently accessed the capital markets and issued US$850 million aggregate principal amount of 5.750% senior notes due 2028.”
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