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Melco Resorts Posts 46% Revenue Decline In Q3 Hit By Travel Restrictions; Says Cautiously Optimistic On Macau e-Visas – Melco Resorts and Enter (NASDAQ:MLCO)
The decrease in total operating revenues was primarily attributable to the government mandated temporary closure of its casinos in Macau in July and heightened travel restrictions in Macau and mainland China related to COVID-19.
Revenues from Casino decreased 51.2% Y/Y, Rooms fell 22.3%, and Food and beverage dropped 12.6%.
The operating loss for the quarter was $(198.5) million compared to a loss of $(182.2) million last year.
Melco generated a negative Adjusted Property EBITDA of $(34.9) million in Q3 compared to $31.9 million last year.
Loss per ADS was $(0.53) versus $(0.49) last year.
The company held $1.57 billion in cash and equivalents as of September 30, 2022.
Lawrence Ho, our Chairman and Chief Executive Officer, commented, “We are also cautiously optimistic that the granting of e-visas and group visas, which commenced on November 1, 2022, will lead to a gradual increase in visitation.”
