It was an expected depressing financial report for 2020 from Hong Kong-based casino operator Melco Resorts and Entertainment.

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The group, with entertainment and casino gaming operations in Asia and Europe, revealed that the calendar year showed operating revenues of $1.73bn, compared with $5.74bn in 2019. The decrease was attributed to the "softer performance in all gaming segments and non-gaming operations as a result of the Covid-19 pandemic."

There was an operating loss of $940.6m, compared with an income of $747.7m in the previous year.

The company said that travel bans, restrictions and quarantine requirements by the governments in Macau, Hong Kong and parts of China on visitors traveling to and from Macau were principally to blame for the downturn. Additionally, the Philippines casino operations were closed and in Cyprus casino operations were suspended for much of the year.

The construction of the Studio City phase two project and work on the City of Dreams Mediterranean project had also been hampered in Cyprus by the pandemic.

Lawrence Ho, CEO, said that the company remains committed to the Studio City project and the City of Dreams in Macau, while the proposed Japanese resort will continue to be the group’s focus.