Melco Resorts Posts 47% Revenue Decline In Q2 Battered By COVID-19 Curbs In China And Macau

Melco Resorts & Entertainment Ltd MLCO reported a second-quarter FY22 sales decline of 48% year-on-year to $296.11 million, versus $566.44 million last year.
The revenue decrease was driven by heightened border restrictions in Macau and mainland China related to COVID-19, which led to a softer performance in the rolling chip and mass market table games segments.
Revenues from Casino decreased 51.6% Y/Y, Rooms fell 32.6%, and Food and beverage dropped 21.6%.
The operating loss for the quarter was $(209.2) million compared to a loss of $(128.1) million last year.
Melco generated a negative Adjusted Property EBITDA of $(13.8) million in Q2.
Adjusted loss per ADS was $(0.506) versus $(0.351) last year.
The company held $1.6 billion in cash and equivalents as of June 30, 2022.
"It goes without saying that our results for the second quarter of 2022 were heavily impacted by the COVID-19 pandemic and the restrictions imposed across mainland China and Macau," said Chairman and CEO Lawrence Ho.
Price Action: MLCO shares are trading higher by 2.26% at $5.66 on the last check Thursday.
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