Gaming operator Melco Resorts & Entertainment Limited announced in a statement yesterday total operating revenues of US$474.9 million in the first quarter, a year-on-year decline of approximately 8 percent.
"The decrease in total operating revenues was primarily attributable to heightened border restrictions in Macau related to COVID-19 which led to softer performance in the mass market table games segment," the statement said.
Operating loss for the first quarter was US$135.9 million, compared with US$162.8 million a year ago.
Adjusted EBITDA amounted to US$56.0 million in the first three months of the year, compared with US$30.1 million in the same quarter of 2021.
Net loss for the first quarter was US$183.3 million, compared with US$232.9 million a year ago.
The statement quoted Melco Chairman and CEO Lawrence Ho Yau Lung as saying that "our results for the first quarter of 2022 continue to reflect the impact of the COVID-19 pandemic," adding that "disciplined liquidity management remains a key area of focus."
Ho pointed out that "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 runs casino-hotel resorts in Macau, Manila and Cyprus. The company owns four of Macau's 42 casinos including the City of Dreams (COD) and Studio City resorts in Cotai.
