Melco Resorts & Entertainment posted heavy losses in the second quarter, due to the impact of Covid-19 and frequent travel restrictions.
City of Dreams, Studio City, Altira Macau and gaming operators operating smaller casino operations in the city posted a net loss of US$251.5 million, up from a loss of US$185.7 million in Q2 2021. Recorded. He lost $183.3 million in the first quarter of the year.
The dismal figures come on the back of a 48% year-over-year decline in operating revenues for the entire group to $296.1 million. Adjusted EBITDA increased from $79.1 million to $13.8 million in the same period last year.
Both Cotai properties suffered significant losses, with City of Dreams operating revenues down 72% to $97.3 million, an Adjusted EBITDA loss of $28.5 million, and Studio City revenues plummeting to $35.9 million and an adjusted EBITDA loss of $31.1. One million.
Altira Macau’s revenue also fell by more than half to $7.2 million, with an adjusted EBITDA loss of $11.3 million.
Melco’s Mocha Clubs and satellite casino Grand Dragon posted operating revenues of US$17 million, compared with US$24.1 million in the second half of last year, generating adjusted EBITDA of US$2.5 million.
Melco Chairman and CEO Lawrence Ho commented: “It goes without saying that our performance in Q2 2022 was significantly impacted by the Covid-19 pandemic and the restrictions imposed in mainland China and Macau … in contrast to the challenges facing Macau. , the Philippines and Cyprus are improving, with volumes gradually returning to pre-Covid levels.”