Melco Resorts & Entertainment has reported $566.4m in total operating revenue for the second quarter of 2021, a 222% year-on-year increase given last year’s Covid-19 closures.
Operating loss was $128.1m and adjusted property EBITDA stood at $79.1m. The slow recovery of tourism in Macau was named as one of the main reasons for the increased figures.
“We are pleased to see a progressive recovery in business levels during the second quarter of 2021 in our integrated resorts, despite the challenges we have faced as a result of the Covid-19 pandemic and related travel restrictions,” said Lawrence Ho, Chairman and CEO.
“Mass and premium mass market players have proven to be the primary drivers of the recovery this quarter and are expected to be going forward.”
City of Dreams reported $347.6m in operating revenue for Q2, compared to $105.4m recorded the previous year. Mass market table games drop for the period was $806.8m, while gaming machine handle was $494.9m.
Another of the company’s casinos, Studio City, earned $104.5m in operating revenue. City of Dreams Manila reported $52.7m in revenue for the quarter, even as the casino remained closed from 29 March to 30 April 2021, due to government-imposed quarantine measures in the Philippines.
Despite the pandemic-related setbacks, Melco remains invested in its expansion plans. According to its report, “Melco remains committed to its investment program in Macau and abroad”.
The operator is constructing an expansion of Studio City and planning a facility upgrade of City of Dreams Macau. The company also intends to shift Altira Macau casino towards premium mass customers, with the change expected to take place within 12 months.