Melco Q4 adjusted EBITDA almost doubles

Melco Resorts and Entertainment said 4Q21 adjusted EBITDA almost doubled on tight cost controls, but revenue dipped due to a soft performance in the rolling chip segment and Covid restrictions.

The company said adjusted property EBITDA was $94m, compared with $53.4m a year earlier. Total revenue was $480.6m, down nine per cent from the same period a year earlier. Melco’s net loss narrowed to $159.9m from $199.7m.

“Covid-related travel restrictions continued to impact our fourth quarter operating and financial performance,” chairman and CEO Lawrence Ho said.

“We have maintained strong cost discipline under these challenging times and are pleased to see improving EBITDA profitability across each of our geographies this quarter.”

On a conference call with investors, Ho said the market in Macau continued to be “range-bound” due to China’s zero-Covid policy despite a strong Chinese New Year period.

Source: Asia Gaming Brief