International casino operator Melco Resorts and Entertainment has reported a sharp increase in operating revenues for the second quarter of 2022.
Its unaudited financial results showed revenues at US$566.4m, up 222 per cent from $175.9m in the comparable 2020 period. The increase is mainly attributed to the return of gaming operations as a result of increased inbound tourism in Macau.
The operating loss for the quarter was $128.1m compared with a loss of $370.8m. EBITDA was $79.1m compared with negative EBITDA of $156.3m.
Lawrence Ho, CEO, said: “We are pleased to see a progressive recovery in business levels during the quarter in our integrated resorts, despite the challenges that we have faced. We remain optimistic on our Macau market outlook.”
He applauded the Macau government’s measured approach to reopening the border and schemes to boost the economy and support local jobs.”
Melco continues its construction of the expansion at Studio City in Macau, where 900 additional hotel rooms are going in, plus one of the world’s largest indoor/outdoor water parks, a Cineplex and up-market F&B.
Its City of Dreams Mediterranean development continues in Cyprus and will open in summer of 2022. The company is also committed to winning the right to open a resort in Japan.