Melco Resorts reports 36% decline in revenue for Q1 2021

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Melco Resorts reports 36% decline in revenue for Q1 2021

Melco Resorts & Entertainment Limited has reported total operating revenues for the first quarter of 2021 of $520m (£372.4m), a 36% decline from $810m for the comparable period in 2020.

Net loss was $232.9m against $364m in 2020, while operating loss for Q1 2021 was $162.8m compared to $149.9m the previous year. Adjusted property EBITDA was $30.1m. The net loss attributable to noncontrolling interests was $44.6m. 

According to the statement, the decrease in total operating revenues was primarily attributable to a year-on-year decline in inbound tourism in the first quarter of 2021, compared to the first quarter of 2020, which was only partially impacted by the restrictions from the COVID-19 pandemic.

“Covid-19 and the subsequent travel restrictions continue to have a significant negative impact on our operating and financial performance,” said Lawrence Ho, Melco chairman and CEO. “Despite these challenges, our integrated resorts experienced a moderate recovery in business levels during the first quarter.”

The total operating revenues at City of Dreams were $302.5m for Q1 2021, compared to $467.6m the previous year. Adjusted EBITDA for the venue was $40m, and rolling chip volume was $4.13bn, against $8.65bn in Q1 2020. Mass market table games drop was $730m and gaming machine handle for the quarter was $510.2m. Total non-gaming revenue at City of Dreams for Q1 2021 was $47.1m, compared to $47m for the same period the previous year.

The total operating revenue at Studio City (pictured) was $97.9m, compared to $136.6m previously. City of Dreams Manila reported $79.5m in revenue. Operating revenue at Altira Macau was $14.3m, compared to $52.9m previously. And Mocha Clubs earned $17.8m for the period.