Melco Resorts Q4 Registered 30% Sales Decline Due To Travel Curbs; Bags Gaming Concession In Macau For 10 Years

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  • Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) reported a fourth-quarter FY22 sales decline of 30% year-on-year to $337.1 million Wednesday, missing the consensus of $406.8 million. 
  • The decrease in total operating revenues was primarily attributable to the heightened travel restrictions in Macau and mainland China related to COVID-19.
  • Revenues from Casino decreased 31.5% Y/Y, Rooms fell 38.9%, and Food and beverage dropped 9.2%.
  • The operating loss for the quarter was $(199.48) million compared to a loss of $(104.37) million last year.
  • Melco generated a negative Adjusted Property EBITDA of $(6.78) million compared to $93.97 million last year.
  • Adjusted loss per ADS was $(0.513) versus the consensus loss of $(0.83).
  • The company held $1.99 billion in cash and equivalents.
  • "Our results for the fourth quarter of 2022 continued to be impacted by the travel restrictions imposed across mainland China and Macau," Chair and CEO Lawrence Ho commented. "However, we are encouraged by the increased visitation and volume that we have seen since the travel restrictions between mainland China, and Macau were relaxed on January 8, 2023...We are honored to have been awarded a gaming concession to continue to operate in Macau for the next 10 years."
  • Price Action: MLCO shares are trading higher by 2.5% at $13.10 premarket on the last check Wednesday.
  • Image courtesy of Melco

 

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