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Melco parent falls to US$910 million loss in 1H20

Newsdesk by Newsdesk
Sat 29 Aug 2020 at 17:13
Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco’s flagship property City of Dreams Macau

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Melco International Development Limited, the majority shareholder of Melco Resorts & Entertainment, has posted a loss of HK$7.06 billion (US$910.9 million) for the first six months of 2020, down from a profit of HK$1.02 billion (US$131.6 million) in 1H19 due to the impact of COVID-19 on its global casinos operations.

Pointing to “unprecedented challenges” presented to global tourism since the start of the year, Melco International revealed a 65.6% decline in net revenues to HK$7.68 billion, recording negative Adjusted EBITDA of HK$890 million (US$114.8 million).

The company, which holds a 56.8% stake in Melco Resorts, did not recommend an interim dividend for the period.

“The COVID-19 pandemic has resulted in a significant impact to the global economy and our operations,” said Chairman and CEO Lawrence Ho.

“While we are currently unable to determine when the recovery of the industry will be, Melco Group is committed to continue our strategic development program, bolstering our pioneering and innovative role in providing premium travel, leisure and entertainment to our shareholders, partners and customers.”

Melco’s current development projects include the Phase 2 expansion of Studio City in Macau as well as the renovation of flagship hotel Nüwa and rebranding of The Countdown Hotel as “Libertine.” Both hotels are at City of Dreams Macau. The company is also developing €550 million City of Dreams Mediterranean in Cyprus.

Melco Resorts & Entertainment Limited last week reported a net loss of US$368.1 million for the three months to 30 June 2020.

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Tags: covid-19financial resultsHong KongLawrence HolossMelco InternationalMelco Resorts & Entertainmentrevenue
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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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