Casino operator Melco Resorts has become the latest of the big groups to report that following a disastrous 2020 there is a modest improvement in the first quarter of 2021.
Lawrence Ho, CEO, said: “Covid-19 and the subsequent travel restrictions continue to have a significant negative impact on our operating and financial performance. Despite these challenges, our integrated resorts experienced a moderate recovery in business levels during the first quarter of 2021.”
Revenues for the quarter were US$0.52bn, down 36 per cent from $0.81bn. A drop in inbound tourism was largely to blame for the downturn. There is an operating loss of $162.8m compared with a loss of $149.9m. The net loss is $232.9m compared with $364m.
The company remains on course to bid for the rights to build and operate an integrated resort in Japan.
Melco Resorts and Entertainment has venues in Asia and Europe. It operates the Altira and Cotai casinos in Macau and the Mocha Clubs, the non-casino based operation of slots in Macau.
It also has Studio City, the cimea-themed resort in Cotai, Macau. In the Philippines it has City of Dreams Manila and in Europe it is developing the City of Dreams Mediterranean in Cyprus.