Asian casino operator Melco Resorts Entertainment Limited reported unaudited financial results for the three months to the end of June, up 35.4% from a year earlier to a net loss of $251.5 million.
The Nasdaq-listed company used its official press release (pdf) on Thursday to detail that this was its 10th consecutive quarter of losses and about 37.2% higher than the $183.3 million shortfall it recorded in the first three months of 2022. The operator also attributed the most recent loss to its business being "severely impacted" by "restrictions imposed across mainland China and Macau" related to the coronavirus pandemic.
Reversal of receipt:
Melco Resorts and Entertainment Limited is responsible for impressive City of Dreams Macao, Studio City Macao and Altira Macao venues in Macau, as well as gambling-friendly facilities in Cyprus and the Philippines. Melco Resorts and Entertainment Limited went on to explain that second-quarter operating revenue fell 48% year over year to $296.1 million, as related adjusted earnings before interest, tax depreciation and amortization were down more than 82.5% to just $13.8 million.
Property Punch:
Leading City of Dreams Macau venues and Melco Resorts and Entertainment Limited said second-quarter operating revenue plunged 72% year-over-year to $97.3 million, while the 2,270-room development posted a $28.5 million deficit in adjusted earnings before interest, taxes, depreciation and amortization. In addition, three-month revenue at its nearby Studio City Macau operations fell 65.6% to $35.9 million with a loss of $31.1 million in shared revenue, the company noted.
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