• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 8 July 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
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
No Result
View All Result
IAG
No Result
View All Result

Melco focusing on liquidity management after ninth straight quarter of losses in 1Q22

Ben Blaschke by Ben Blaschke
Fri 6 May 2022 at 04:56
Melco wins sustainability awards for “Above and Beyond” strategy

The flagship property of Melco Resorts and Entertainment, City of Dreams Macau.

46
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

The Chairman and CEO of Melco Resorts & Entertainment Limited, Lawrence Ho, has pointed to “disciplined liquidity management” as an ongoing focus after the company reported a net loss of US$183.3 million for the three months to 31 March 2022 – the ninth consecutive quarter of significant losses.

Although the loss was narrowed from the US$232.9 million loss reported in the first quarter of 2021 due to lower expenses, group-wide revenue for the period declined 8% year-on-year to US$474.9 million due to ongoing COVID-19 restrictions impacting its Macau operations. This was also 65% lower than the US$1.36 billion in revenues recorded in 1Q19.

Adjusted Property EBITDA of US$56.0 million was improved from US$30.1 million in the first quarter of 2021.

Addressing the results, Ho said they “continue to reflect the impact of the COVID pandemic. We saw a solid performance in Macau through the Chinese New Year holiday period, but COVID-related restrictions and tighter border controls led to Macau GGR falling more than 50% from February to March 2022, and negatively impacted our operating and financial performance for the remainder of the first quarter.

“Disciplined liquidity management remains a key area of focus. Total debt increased by US$1.3 billion year-on-year as we increased available liquidity to support our operations and ongoing development projects. We will be prudent in managing our balance sheet and liquidity profile as we manage the business through this challenging environment.”

Melco did point out, however, that liquidity is not currently strained with cash on hand of US$1.9 billion and US$3.3 billion of total liquidity, including its revolving credit facilities.

Melco saw declining revenues at all of its Macau properties, with City of Dreams recording total operating revenues of US$256.7 million, down 15.1% year-on-year, with rolling chip handle falling from US$4.13 billion to US$2.45 billion. Mass table games drop suffered a 24.4% decline to US$552.5 million and gaming machine handle a 25.5% fall to US$380.1 million.

At Studio City, total operating revenues fell from US$97.9 million in 1Q21 to US$71.1 million on a 38.0% decline in mass table games drop to US$191.8 million and 16.3% decline in gaming machine handle to US$233.0 million. Rolling chip volume fell from US$505.0 million to US$439.3 million in 1Q22.

At Altira Macau, which has phased out VIP play, total operating revenues remained flat at US$13.9 million, although an Adjusted EBITDA loss of US$9.4 million was narrowed from a US$29.6 million loss in 1Q21.

While Macau properties continue to suffer, Melco’s Manila and Cyprus operations showed some improvement with operating revenues at City of Dreams Manila up from US$79.5 million to US$86.9 million and Adjusted EBITDA from US$29.4 million to US$33.0 million.

Those results would have been considerably better if not for a low win rate in the rolling chip segment, where volume grew by 138% to US$647.9 million. Mass table games drop grew from US$100.0 million to US$127.3 million and gaming machine handle from US$568.9 million to US$776.7 million.

In Cyprus, operating revenues at Cyprus Casinos was US$16.1 million compared with “insignificant operating revenues in the first quarter of 2021.”

RelatedPosts

Industry gathers for milestone Macau After Dark at Vasco – Bar and Lounge as MAD concept celebrates 30th edition

Industry gathers for milestone Macau After Dark at Vasco – Bar and Lounge as MAD concept celebrates 30th edition

Tue 8 Jul 2025 at 05:57
Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Citi: Hot July start for Macau gaming revenues as concert culture maintains momentum

Mon 7 Jul 2025 at 18:50
Macau planning to ban all forms of advertising for gambling activities

Macau planning to ban all forms of advertising for gambling activities

Fri 4 Jul 2025 at 15:04
Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

Wed 2 Jul 2025 at 18:10
Load More
Tags: City of Dreams MacauLawrence HoliquidityMacauMelco Resorts and EntertainmentrevenueStudio City
Share18Share3
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Philippines President Marcos open to stricter online gambling regulations if “well-studied”

Philippines President Marcos open to stricter online gambling regulations if “well-studied”

by Newsdesk
Tue 8 Jul 2025 at 06:21

Philippines President Ferdinand Marcos Jr has expressed cautious support for calls to impose stricter regulations on the growing eGames – or domestic online gaming – sector, provided any such restrictions are based on factual studies. According to state-run Philippine News...

Industry gathers for milestone Macau After Dark at Vasco – Bar and Lounge as MAD concept celebrates 30th edition

Industry gathers for milestone Macau After Dark at Vasco – Bar and Lounge as MAD concept celebrates 30th edition

by Newsdesk
Tue 8 Jul 2025 at 05:57

Around 100 industry guests came together at Artyzen Grand Lapa Macau’s sophisticated Vasco – Bar and Lounge on Monday night to celebrate the latest edition of regular social networking event Macau After Dark (MAD). This was the 30th edition of...

IGT, Scientific Games help boost AGEM Index in December

Konami, Aristocrat lead strong gain for AGEM Index in June

by Newsdesk
Tue 8 Jul 2025 at 05:44

The AGEM Index – a monthly stock performance guide comprising 12 global gaming suppliers – grew by 9.3 % month-on-month or 162.11 points to 1,903.29 points in June, with Konami and Aristocrat seeing the largest positive contributions. The index was...

FBM Philippines kicks-off new “Rain or Shine, It’s Game Time” promotion this week

FBM Philippines kicks-off new “Rain or Shine, It’s Game Time” promotion this week

by Newsdesk
Tue 8 Jul 2025 at 05:43

CLIENT PROMOTION FBM is turning the excitement up with the “Rain or Shine, It’s Game Time” promotion! This campaign levels off to maintain the excitement of the rainy season in the Philippines, taking place from 1 July to 2 August....



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

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

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
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English