Melco Q2 results jump on mass/premium sector

Melco Resorts & Entertainment posted a sharp improvement in Q2 results compared with the prior year, boosted by mass and premium mass gamers, with the figures in line with Bernstein Research’s expectations.

The company posted a 222 percent increase in operating revenues for the three months to end-June of $566.4 million, which was just slightly ahead of $0.52 billion in Q1.

Adjusted Property EBITDA was $79.1 million in the second quarter of 2021, compared with negative Adjusted Property EBITDA of US$156.3 million in the second quarter of 2020.

The net loss attributable to Melco Resorts & Entertainment Limited for the second quarter of 2021 was US$185.7 million, or US$0.39 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$368.1 million, or US$0.77 per ADS, in the second quarter of 2020.

“We are pleased to see a progressive recovery in business levels during the second quarter of 2021 in our integrated resorts, despite the challenges that we have faced as a result of the COVID-19 pandemic and related travel restrictions,” Chairman and CEO Lawrence Ho said. “Mass and premium mass market players have proven to be the primary drivers of the recovery this quarter and are expected to be going forward as we continue to dedicate our resources toward these segments of the market.

We remain optimistic on our Macau market outlook, especially as Macau explores scenarios for more flexible travel with other cities in the Greater Bay Area.”