Losses continue for Melco casinos

Major casino operator Melco Resorts has reported a net loss of US$183.3m in the first quarter of 2022, an improvement on the net loss of $232.9m last year.

The company operates venues in Macau, Manila and Cyprus. Revenues for the quarter were $474.9m, down 8.5 per cent, mainly attributed to the Covid restrictions in China that prevented many players from crossing into Macau to play.  

Said CEO Lawrence Ho: “We saw a relatively solid performance across all of our segments in Macau through the Chinese New Year holiday but an increase in Covid cases in mainland China and tighter border controls led to Macau gross gaming revenue falling more than 50 per cent from February to March.”

In the Philippines, the City of Dreams figures were up as the casino in Manila was fully back in action for the entire quarter. The same was largely true in Cyprus where revenues moved past $16m in the quarter, compared with minor revenues in 2021.