• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 18 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Melco Resorts slumps to US$364 million loss in 1Q20 as COVID-19 hits hard

Ben Blaschke by Ben Blaschke
Fri 15 May 2020 at 04:49
Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco’s flagship property City of Dreams Macau

43
SHARES
942
VIEWS
Print Friendly, PDF & Email

Melco Resorts & Entertainment slumped to a net loss of US$364 million in the first quarter of 2020, down from income of US$120.1 million in 1Q19 as the closure of its properties in Macau, Manila and Cyprus, along with ongoing border restrictions between Macau and China, take their toll.

With group-wide GGR down 40% to US$964 million, Adjusted Property EBITDA fell 82% to US$75 million, although it could have been worse if not for high hold in the VIP segment. Normalized EBITDA was US$12 million.

In a statement published alongside the company’s results announcement, Chairman and CEO Lawrence Ho revealed Melco had made the decision to suspend its quarterly dividend program in order to preserve liquidity, describing it as “a prudent course of action given current conditions.”

He added, “Melco continues to manage its balance sheet in a prudent manner. As of 31 March 2020, we had cash and cash equivalents of over US$1.2 billion.

“With the entry into a new senior facilities agreement in April 2020, we have undrawn revolver capacity of approximately US$1.6 billion. In addition, we further bolstered our balance sheet with our sale of the shares we held in Crown Resorts Limited, resulting in gross sales proceeds of approximately US$355 million.”

For further opinion on the Crown transaction, see Melco’s sale of 9.99% Crown stake – losing a battle to win the war?

Property predicament
At flagship property City of Dreams Macau, total operating revenues fell 34.4% to US$467.7 million, with Adjusted EBITDA down from US$228.6 million in 1Q19 to US$61.0 million.

Rolling chip volume fell 15.6% to US$8.65 billion although VIP GGR actually increased slightly to US$356 million due to a high 4.11% win rate.

Mass table drop plummeted 56.7% to US$570 million with win down a similar amount to US$192 million, while slot machine handle fell 48.0% to US$520 million with win of US$20 million.

Studio City saw its operating revenues fall 58% to US$136.6 million with Adjusted EBITDA down from US$96.4 million to US$9.4 million.

Rolling chip volume was down 48.2% to US$1.38 billion in 1Q20 with VIP win falling 49.8% to US$45 million.

Mass market table drop decreased to US$352.8 million, from US$851.4 million in 1Q19, while mass win fell 62.2% to US$91 million. Slot machine handle was down 44.5% to US$311 million with hold of US$10 million.

At Altira, GGR fell 63% to US$82 million while Mocha Clubs suffered a 42% decline to US$18 million.

In the Philippines, City of Dreams Manila saw operating revenues fall 22.5% year-on-year to US$110.3 million and Adjusted EBITDA by 51.1% to US$29.6 million.

Rolling chip volume fell 49.4% to US$1.16 billion but like its Macau counterpart was aided by a higher win rate of 3.72%. VIP GGR was down 40.8% to US$43 million. Mass table drop declined 14.7% to US$157 million with mass GGR down 8.4% to US$52 million, while gaming machine handle was down only slightly to US$859.2 million, with win of US$36 million.

Melco’s Cyprus casinos, comprising four satellite casinos and its temporary facility near the site of under-construction City of Dreams Mediterranean, produced total operating revenues of US$18.8 million compared to US$21.3 million in 1Q19.

RelatedPosts

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Wed 17 Sep 2025 at 19:04
Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Government figures indicate Macau’s gaming industry recorded US$17.9 billion surplus in 2024

Wed 17 Sep 2025 at 18:04
Publication of record

Melco ordered to pay total US$13,700 to City of Dreams Manila workers let go during COVID

Wed 17 Sep 2025 at 17:03
Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco prices new notes offering at US$500 million

Wed 17 Sep 2025 at 06:16
Load More
Tags: Altira MacauCity of Dreams MacauCity of Dreams Manilacovid-19Europefirst quarterLawrence HoMacauManilaMelco Resorts & EntertainmentMocha ClubsPhilippinesStudio CityVIP
Share20Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lankan cabinet approves budget proposal to increase betting levy, double casino entry for locals

by Newsdesk
Thu 18 Sep 2025 at 02:27

The Sri Lankan cabinet has approved a proposal in the country’s 2025 budget that will see the betting levy increased and casino entry fee for locals doubled. According to a report by local business media outlet Economy Next, Cabinet Spokesman...

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

by Newsdesk
Thu 18 Sep 2025 at 02:08

CDC Gaming, the premier source of news, commentary and analysis for the gaming industry in the Americas and sister company to Inside Asian Gaming, has announced a revamped, reimagined and refreshed Day Zero Party ahead of this year’s Global Gaming...

Wynn says UAE development contribution to total around US$900 million as Thailand opportunity looms large

Cryptocurrency payments, smart table rollout across all games among technology innovations being planned at Wynn Al Marjan Island

by Ben Blaschke
Thu 18 Sep 2025 at 02:01

Wynn Al Marjan Island is looking to open with smart gaming tables installed across all or most of its gaming areas and payment options that include cryptocurrencies, the company has revealed. David Patent, Executive Vice President, Gaming Operations at Wynn’s...

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

by Newsdesk
Wed 17 Sep 2025 at 19:04

IAG sat down with Nilo Thaddeus Rodriguez – the President and CEO of Newport World Resorts – to discuss the property’s recent market share gains and what new features and attractions we can expect to see in the coming months.

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語