Nasdaq-listed Melco Resorts & Entertainment Limited said in a statement yesterday that its total operating revenues for the third quarter of this year rose 110 percent year-on-year to US$446.4 million.
The statement said that "the increase in total operating revenues was primarily attributable to improved performance in all gaming segments and non-gaming operations as a result of a year-over-year increase in inbound tourism in Macau."
Operating loss the for third quarter was US$182.2 million, compared with an operating loss of US$275.0 million in the same quarter of last year.
Melco generated adjusted property EBITDA of US$31.9 million in the third quarter of this year, compared with negative adjusted property EBITDA of US$76.7 million in the same quarter of 2020.
Net loss attributable to the company for the third quarter of this year was US$233.2 million, compared with a net loss of US$331.6 million in the same quarter of 2020.
Melco Chairman and CEO Lawrence Ho Yau Lung was quoted by the statement as saying that "continued travel restrictions and quarantine measures in Macau and the [wider] region negatively impacted our third quarter operating and financial performance."
However, Ho also said that "Macau remains one of the safest regions in the world thanks to the government's careful handling of the global [COVID-19] pandemic, and we applaud the government's effort to further increase vaccination rates towards the goal of increasing immunity in Macau." He pointed out that Melco staff members' vaccination rate has reached close to 95 percent.
Ho also said that "looking forward, we remain confident that pent-up demand for Macau remains intact and strong," adding that "Melco remains steadfast in its investment commitments in Macau...". He said that construction of Studio City Phase 2 was on track for completion before December 27, 2022, which would provide about 900 luxury hotel rooms and suites, an indoor-cum-outdoor water park "expected to be one of the largest in the world," a Cineplex and "state-of-the-art" MICE space.
Melco owns gaming resorts in Macau, Manila and Cyprus. The company owns four of Macau's 42 casinos. It also runs eight Mocha Club electronic gaming parlours in Macau.
