Melco Resorts & Entertainment Limited has been granted a near 15-month extension by its parent firm, Melco International Development Limited, for repayment of a US$250 million loan facility partially accessed last year.
According to details filed overnight, Melco Resorts drew down US$200 million on 7 April 2022, sparking a 12-month countdown for repayment to 7 April 2023. However, it has now been given until 30 June 2024 to complete repayment.
Melco, which operates City of Dreams, Studio City and Altira in Macau, City of Dreams Manila in the Philippines and is developing City of Dreams Mediterranean in Cyprus, recently reached 11 consecutive quarters of losses as a result of the COVID-19 pandemic, with its 3Q22 loss of US$243.5 million wider than the US$233.2 million loss recorded a year earlier.
However, there is hope that the string of poor results will come to an end soon after Macau and mainland China suddenly began easing most pandemic control measures last month – paving the way for cross-border travel to pick up again once current COVID-19 outbreaks stemming from such easing start to subside.
