Gaming operator Melco Resorts & Entertainment Limited reported today total operating revenues of US$530 million in the fourth quarter of last year, a year-on-year decrease of about 64 percent.
"The decrease in total operating revenues was primarily attributable to softer performance in all gaming segments and non-gaming operations as a result of the COVID-19 pandemic, which resulted in a significant decline in inbound tourism throughout 2020 which continued through the fourth quarter," the company said in a statement.
Operating loss for the fourth quarter of 2020 was US$144.8 million, compared with income of US$173.4 million in the fourth quarter of 2019.
The company generated Adjusted Property EBITDA of US$53.4 million in the last quarter of 2020, compared with US$409.8 million in the same quarter of 2019.
Net loss attributable for Melco Resorts & Entertainment Limited for the fourth quarter of 2020 was US$199.7 million, compared with US$68.1 million in the same quarter of 2019.
The statement quoted Melco Chairman and CEO Lawrence Ho Yau Lung as saying that "COVID-19 and the subsequent travel restrictions continue to have a significant negative impact on our operating and financial performance. Despite these challenges, our integrated resorts experienced a moderate recovery in business levels during the fourth quarter."
Ho pointed out that at the end of last year the company "had cash on hand of approximately US$1.8 billion." He also said that "turning to Japan, I want to highlight our continued commitment to bringing to the country a world-leading IR [integrated resort]."
Melco operates casino-hotel resorts in Macau, Manila and Cyprus.
