Travel Restrictions Hit Melco Resorts' Q3 Results; Remains Confident On Pent-Up Demand For Macau

Melco Resorts & Entertainment Ltd MLCO reported third-quarter FY21 sales of $446.39 million, a 109.7% increase Y/Y.
The revenue increase was driven by improved performance in all gaming segments and non-gaming operations due to a year-over-year increase in inbound tourism in Macau.
Revenues from Casino increased 118.5% Y/Y, Rooms grew 120.2%, Food and beverage rose 53.3%.
The operating loss narrowed to $(182.2) million in the quarter.
Melco generated Adjusted Property EBITDA of $31.9 million in Q3 versus $(76.7) million last year.
Adjusted loss per ADS was $(0.43) versus $(0.654) last year.
The company held $1.5 billion in cash and equivalents as of September 30, 2021.
"Continued travel restrictions and quarantine measures in Macau and the region negatively impacted our third quarter operating and financial performance," said CEO Lawrence Ho.
"Looking forward, we remain confident that pent-up demand for Macau remains intact and strong," Ho added.
Price Action: MLCO shares are trading lower by 1.98% at $11.36 on the last check Tuesday.