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.
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