Melco International with 70pct y-on-y break in revenue in 2020

Melco International Development Limited, the parent company of gaming operator Melco Resorts, reported a 70 per cent year-on-year decrease in net revenues for 2020, to about HK$13.4 billion (US$1.6 billion).

The group also ended last year with HK$12.38 billion in losses after taxes, with its board recommending that no payment of final dividends is made.

‘COVID-19 and the subsequent travel restrictions significantly impacted our operating and financial performance throughout the year of 2020,’ Melco’s Chairman and CEO, Lawrence Ho, indicated in the financial report.

Still, Ho underlined the group had bounced back to positive Property EBITDA for the in the fourth quarter of the year and the operator’s focus in upgrading its existing properties sin Macau.

‘The construction of our next major project, Studio City Phase 2, is ongoing. Upon completion, it will offer approximately 900 luxury rooms and suites, thus augmenting Studio City’s hotel room inventory by approximately 60 per cent,’ Ho noted.

‘In addition, the non-gaming attractions, including one of the world’s largest indoor/outdoor water parks, a cineplex, fine-dining restaurants, and state-of-the-art MICE space, will ensure a wider demographic reach.’

Meanwhile, the renovated Nüwa re-opened on March 31, with The Countdown closed for renovation. Melco’s City of Dreams Mediterranean in Cyprus is also scheduled to open in the summer of 2022.