Melco Resorts Philippines has posted a net loss of P2.4 billion (US$49.3 million) in the three months ended June 30, 2020, due to the temporary closure of its casino amidst the COVID-19 outbreak in the Philippines.
The company, which operates the City of Dreams Manila in Entertainment City, saw a significant drop in total net operating revenues as a result of the temporary closure of business and the imposition of prohibition measures.
Total net operating revenues were P387.2 million, down from P9.2 billion. Melco said this was partially offset by lower operating costs and expenses during the period.
Adjusted EBITDA was negative P1.1 billion, compared to P4.3 billion in the prior-year period.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Covid-19 forced the rapid and unexpected closure of venues across Australia, changing the operating environment with unprecedented speed and leaving managers scrambling to adapt...
Lower operating costs and a better business mix are likely to have helped the bottom line of Macau’s operators in the fourth quarter, despite continued low revenues, Morgan Stanley says.
Mohegan Gaming & Entertainment has announced that it has priced its previously announced private offering of US$1.175 billion in aggregate principal amount of 8 percent, second priority senior secured notes due 2026, at an offering price of 100 percent of the principal amount. The offering is expected to occur on or about January 26.
South Korea said on Sunday it will extend social distancing measures introduced to try to curb the spread of the novel coronavirus pandemic for another six days, to Jan. 3 after reporting a further 970 cases on Saturday.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
