Casino operator Melco takes 41% hit

A 41 per cent decrease in operating revenues in the first quarter of the year has been recorded by giant Asian operator Melco Resorts and Entertainment.

Revenues were US$0.81bn. The company puts the steep decline down to temporary closure of the Macau locations and quarantine and social distancing measures.

There is a loss for the quarter of $149.9m and EBITDA stood at $74.3m compared with $413.5m in the comparable quarter – a decrease of 82 per cent. The net loss was $364m compared with a profit of $120.1m last year.

Lawrence Ho, chairman and CEO, said that Covid-19 had presented unprecedented challenges to the tourism industry. He said that Melco at the end of March had liquid assets of over $1.2bn.

Melco owns properties in Macau, the Philippines and the City of Dreams Mediterranean (pictured), Cyprus, currently operating in temporary premises while the main resort is being constructed.