Melco Resorts posts US$391m in gaming revenue for Q4

Melco Resorts has shared its financial results for the fourth quarter of the year, reporting a 5 per cent rise in net gaming revenue quarter-on-quarter.

Macau.- Melco Resorts & Entertainment has reported total operating revenue of US$481m for the fourth quarter of the year. The figure was up 8 per cent quarter-on-quarter from US$446.4m but down 9 per cent when compared to the previous year.

The company reduced its net loss by a third to US$159.9m, compared with a net loss of US$199.7m in the fourth quarter of 2020. Operating loss for the fourth quarter of 2021 was US$104.4m, compared with an operating loss of US$144.8m in the fourth quarter of 2020.

Adjusted property EBITDA grew by 190 per cent quarter-on-quarter to US$94.0m, compared with adjusted property EBITDA of US$53.4m recorded the previous year, mainly due to strong cost control measures and bonus/bad debt expense reversal.

Mass revenue was up 15 per cent to US$290m while VIP revenue was down 43 per cent to US$61m.

Lawrence Ho, group chairman and CEO, said: “COVID-related travel restrictions continued to impact our fourth quarter operating and financial performance. 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. We are confident that our customers will return in numbers once restrictions are eased.

“We are pleased to see Macau’s vaccination rate now at over 80 per cent and, to play our part, Melco’s employee vaccination rate in Macau has reached 95 per cent. We hope that increasing vaccination rates can facilitate an easing of travel restrictions within the Greater Bay Area.”

Referring to Macau’s gaming law amendment bill, he said: “We are committed to participating in the public tender for the award of a gaming concession and will continue to promote economic diversification in Macau. 

“Our actions to date reflect our confidence in the pent-up demand for leisure and in the long-term growth and stability of Macau.”