Melco International Development Limited, the parent company of Macau concessionaire Melco Resorts & Entertainment, has reported a 28% year-on year decline in net revenues to HK$8.43 billion (US$1.07 billion) in the six months to 30 June 2022, with a loss after tax of HK$4.58 billion (US$584 million).
The results come after Melco Resorts last month reported operating revenues of US$296.1 million from its casinos in Macau, the Philippines and Cyprus.
Melco International’s 1H22 results included Adjusted EBITDA of HK$168.2 million (US$21.4 million), down 77% year-on-year, with the decline mainly attributable to heightened border restrictions in Macau and mainland China related to COVID-19, which led to softer performance in the company’s casino and hospitality operations.
Lawrence Ho, Group Chairman and CEO of Melco International, said, “COVID-19 outbreaks and related restrictions continued to have material impact on our operations and financial position in the first half of 2022. Nevertheless, businesses in the Philippines and Cyprus have been improving with volumes gradually recovering toward pre-COVID levels.
“To cope with the challenges, disciplined liquidity management remained a key focus of the Group with prudence in managing its balance sheet and liquidity profile in the challenging environment.
“Looking ahead, with a pre-eminent portfolio of superior properties and exciting new projects underway, the Group is well-poised to bring new quality experiences to guests and, with pioneering and innovative offers in leisure and entertainment, set the industry benchmark.”
