{"id":275,"date":"2024-06-28T12:38:56","date_gmt":"2024-06-28T09:38:56","guid":{"rendered":"https:\/\/trueffortunecasinonodepositbonus.icu\/2024\/06\/28\/melco-resorts-reports-98-2-million-net-loss-in-third-quarter\/"},"modified":"2024-06-28T12:38:56","modified_gmt":"2024-06-28T09:38:56","slug":"melco-resorts-reports-98-2-million-net-loss-in-third-quarter","status":"publish","type":"post","link":"https:\/\/trueffortunecasinonodepositbonus.icu\/2024\/06\/28\/melco-resorts-reports-98-2-million-net-loss-in-third-quarter\/","title":{"rendered":"Melco Resorts Reports $98.2 Million Net Loss in Third Quarter"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/0fsVasp-KpI\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Melco Resorts &#038; Entertainment, the manager of the City of Dreams Macau integrated resort, announced a net deficit of $98.2 million (\u00a375 million\/\u20ac82.9 million) for the third quarter. This was due to the ongoing limitations related to the COVID-19 pandemic, which continued to negatively affect its performance.<\/p>\n<p>The total operating income for the three months ending September 30 was only $900,000, a significant decrease of 94.3% from $158.1 million in the same period last year.<\/p>\n<p>The COVID-19 crisis nearly completely eliminated gaming and non-gaming income, bringing Macau&#8217;s tourism industry to a near standstill.<\/p>\n<p>It wasn&#8217;t until late September that entry restrictions from mainland China, Hong Kong, and other areas into the Macau Special Administrative Region were eased, and visas were reissued. Macau&#8217;s travel restrictions and COVID-19 quarantine requirements (which have only recently begun to be loosened) also suppressed visitor numbers.<\/p>\n<p>As a result, the provision of gaming-related services generated a loss of $16.5 million in the third quarter, compared to income of $96.7 million in the same period last year.<\/p>\n<p>Room revenue dropped significantly by 88.1% to $2.6 million, food and beverage revenue declined by 73.1% to $4.6 million, and entertainment revenue decreased by 97.5% to $134,000.<\/p>\n<p>Service fee revenue was cut in half from $10.5 million to $4.6 million, while shopping mall revenue was a mere $5. <\/p>\n<p>The firm announced a total income of HK$20 million, with HK$319,000 originating from retail and other sources.<\/p>\n<p>Overall operational expenditures in the current three-month period were HK$73.5 million, a decrease of 33.5% from the same period in the previous year.<\/p>\n<p>General and administrative costs dropped by 56.8% to HK$15.2 million, while food and beverage costs also fell by 68.3% to HK$4.5 million.<\/p>\n<p>Expenses related to gaming services increased by 29.8% to HK$7.4 million, while cost reductions were achieved in accommodations, entertainment, the shopping center, and retail. Depreciation and amortization expenses rose slightly to HK$41.5 million.<\/p>\n<p>Despite cost reductions across the company, the substantial decline in income resulted in an operational deficit of HK$72.5 million, compared to a profit of HK$47.6 million in the third quarter of the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was HK$30.2 million, down from HK$90.9 million in 2019.<\/p>\n<p>Melco Resorts also reported HK$48.5 million in non-operating expenses, including HK$30 million in interest costs and HK$18.5 million in debt write-off losses, which in turn led to a pre-tax loss of HK$121.1 million, compared to a profit of HK$18.7 million last year.<\/p>\n<p>The operator received a HK$36,000 income tax credit in the third quarter and earned HK$22.9 million from equity participation profits, but still recorded a net loss of HK$98.2 million, compared to a profit of HK$14.3 million in the same period of 2019.<\/p>\n<p>Examining Melco Resorts&#8217; annual results for the nine months ending September 30, total operating income was HK$25.5 million, a decrease of 94.4% year-over-year.<\/p>\n<p>Despite the 39&#8230; <\/p>\n<p>The COVID-19 outbreak had a significant impact on the company&#8217;s financial performance.  Earnings from gaming-related services were nonexistent.  With the exception of a substantial 88.5% rise in mall event income to $14.7 million, all other business segments experienced revenue decreases in the first nine months of 2020.<\/p>\n<p>Operating expenses dropped by 26.0% to $254.1 million, but the decline in revenue led to an operating loss of $228.6 million for Studio City during this time frame, in contrast to a profit of $115.8 million in the previous year.<\/p>\n<p>Total non-operating expenses reached $103.1 million, resulting in a pre-tax loss of $331.7 million, a significant decrease from a profit of $16.9 million in the prior year. Studio City received a $106,000 tax credit and generated $71.4 million in profit from equity interests, but this still resulted in a net loss of $260.1 million, compared to a profit of $12.8 million in the previous year.<\/p>\n<p>Sign up for the iGaming News Newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Melco Resorts &#038; Entertainment, the manager of the City of Dreams Macau integrated resort, announced&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>City of Dreams Macau Suffers Q3 Loss Amid Pandemic<\/title>\n<meta name=\"description\" content=\"Melco Resorts &amp; Entertainment reports a $98.2 million net deficit for City of Dreams Macau, citing ongoing COVID-19 restrictions.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trueffortunecasinonodepositbonus.icu\/2024\/06\/28\/melco-resorts-reports-98-2-million-net-loss-in-third-quarter\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Melco Resorts Reports $98.2 Million Net Loss in Third Quarter\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Melco Resorts &amp; 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