Melco Resorts & Entertainment said it had returned to positive EBITDA in Q4, although revenue was down 64 percent from the prior-year quarter.
Melco Resorts & Entertainment Q4 (Company filing)
Melco Resorts has been given an extension on its deadline to complete its phase 2 expansion of Studio City in Macau. The latest extension takes the deadline to December 27, 2022, around 7 months of extra time.
Macau casino operator Melco Resorts has launched a number of voluntary programs for their staff to take extended voluntary leave or to step down from the company to “pursue new objectives and priorities”
A leading Macau official is predicting daily visitation over the five-day Golden Week holiday will be 20 percent above the highest rates seen since the beginning of the pandemic.
Melco Resorts & Entertainment executives say they remain upbeat about the recovery in Macau and say the mass business is likely to hit 2019 level by the end of the year.
Melco Resorts & Entertainment said its Q1 revenue dropped 36 percent from a year ago, although its net loss narrowed.
Melco Resorts & Entertainment is unlikely to return to its pre-pandemic revenue levels before 2023, but when it does its margins are likely to be better due to a higher proportion of mass-market players, according to Moody’s Investors Service.
Melco Resorts & Entertainment announces the launch of the ‘Melco Mentoring and Networking Group’ as part of its commitment to Whole Person Development for colleagues.
Melco Resorts & Entertainment said it ha become the first integrated resort operator in Macau and the Philippines to achieve the international third-party responsible gaming accreditation RG Check across all of its integrated resorts.
Consensus estimates for Q1 earnings at Macau’s six operators may be too high, with corporate EBITDA likely to be lower than the prior quarter due to an uneven recovery and higher expenses, Morgan Stanley says.
Melco Resorts & Entertainment said its Studio City Phase 2 has been named winner of the ‘Regional Award, Asia’ at the BREEAM Awards, which recognize significant achievements in sustainable development.