{"id":237,"date":"2024-06-27T03:05:07","date_gmt":"2024-06-27T00:05:07","guid":{"rendered":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/"},"modified":"2024-06-27T03:05:07","modified_gmt":"2024-06-27T00:05:07","slug":"melco-resorts-posts-98-2-million-net-loss-in-q3","status":"publish","type":"post","link":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/","title":{"rendered":"Melco Resorts Posts $98.2 Million Net Loss in Q3"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/BW9borBWlsY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Melco Resorts &#038; Entertainment, a Macau integrated resort operator, recorded a net deficit of $98.2 million (\u00a375 million\/\u20ac82.9 million) for the third quarter, as ongoing limitations related to the COVID-19 outbreak continue to affect its performance.<\/p>\n<p>The total earnings for the three months concluding September 30 were only $900,000, a 94.3% decline from $158.1 million in the same period last year.<\/p>\n<p>The COVID-19 pandemic has almost completely eliminated gaming and non-gaming earnings, resulting in a near-total halt in Macau&#8217;s tourism sector.<\/p>\n<p>It wasn&#8217;t until late September that entry limitations from mainland China, Hong Kong, and other areas to the Macau Special Administrative Region were eased, and visas were once again granted. Macau&#8217;s transportation restrictions and COVID-19 quarantine requirements (which have only recently begun to be loosened) also hit 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 earnings of $96.7 million in the third quarter of last year.<\/p>\n<p>Room earnings plummeted 88.1% to $2.6 million, food and beverage earnings fell 73.1% to $4.6 million, and entertainment earnings dropped 97.5% to $134,000.<\/p>\n<p>Service fee earnings fell by more than half to $4.6 million from $10.5 million, while retail earnings were a mere $5. <\/p>\n<p>A sum of two million dollars, sales and other income totaled $319,000.<\/p>\n<p>Overall operational expenditures for the three-month period were $73.5 million, a decrease of 33.5% from the same time frame the previous year.<\/p>\n<p>General and administrative expenses decreased by 56.8% to $15.2 million, while food and beverage costs also fell by 68.3% to $4.5 million.<\/p>\n<p>Service costs related to gambling increased by 29.8% to $7.4 million, while cost reductions were achieved in lodging, entertainment, shopping, and retail. Depreciation and amortization costs rose slightly to $41.5 million.<\/p>\n<p>Despite cost reductions across the company, the significant drop in income resulted in an operating loss of $72.5 million, compared to a profit of $47.6 million in the third quarter of the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $30.2 million, down from a positive $90.9 million in 2019.<\/p>\n<p>Melco Resorts also reported $48.5 million in non-operating expenses, including $30 million in interest expenses and $18.5 million in debt write-off losses, which in turn resulted in a pre-tax loss of $121.1 million, compared to a profit of $18.7 million last year.<\/p>\n<p>The operator received a $36,000 income tax credit in the third quarter and earned $22.9 million in profit from equity interests, but still recorded a net loss of $98.2 million, compared to a profit of $14.3 million in the same period of 2019.<\/p>\n<p>Based on Melco Resorts&#8217; performance to date, total operating revenue for the nine months ending September 30 was $25.5 million, a decrease of 94.4% year-over-year.<\/p>\n<p>Despite $39. <\/p>\n<p>The COVID-19 outbreak had a catastrophic effect on Studio City&#8217;s gaming-related service operations, resulting in a $0 million deficit.  Although shopping mall event income saw a remarkable 88.5% surge to $14.7 million, all other aspects of the business encountered revenue dips in the initial nine months of 2020.<\/p>\n<p>Despite a 26.0% decrease in operational expenditures to $254.1 million, the revenue drop led to an operating deficit of $228.6 million for the period, in contrast to a gain of $115.8 million in 2019.<\/p>\n<p>Overall non-operating expenses reached $103.1 million, leading to a pre-tax deficit of $331.7 million, a substantial decline from the $16.9 million profit recorded the previous year.  Studio City received a tax credit of $106,000 and generated $71.4 million in profit from its equity holdings, but this was insufficient to offset the losses, culminating in a net loss of $260.1 million compared to a profit of $12.8 million last year.<\/p>\n<p>Keep up-to-date on the latest developments in iGaming by subscribing to our newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Melco Resorts &#038; Entertainment, a Macau integrated resort operator, recorded a net deficit of $98.2 million (\u00a375 million\/\u20ac82.9 million) for the third quarter, as ongoing limitations related to the COVID-19 outbreak continue to affect its performance. The total earnings for the three months concluding September 30 were only $900,000, a 94.3% decline from $158.1 million [&hellip;]<\/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>Melco Resorts Hit Hard by COVID-19<\/title>\n<meta name=\"description\" content=\"Macau\" 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:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/\" 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 Posts $98.2 Million Net Loss in Q3\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Macau\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Secrets of Casino Success | Licensed &amp; Trusted\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T00:05:07+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/\",\"url\":\"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/\",\"name\":\"Melco Resorts Hit Hard by COVID-19\",\"isPartOf\":{\"@id\":\"https:\/\/vegas2web.icu\/#website\"},\"datePublished\":\"2024-06-27T00:05:07+00:00\",\"dateModified\":\"2024-06-27T00:05:07+00:00\",\"author\":{\"@id\":\"https:\/\/vegas2web.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Macau\",\"breadcrumb\":{\"@id\":\"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/vegas2web.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Melco Resorts Posts $98.2 Million Net Loss in Q3\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/vegas2web.icu\/#website\",\"url\":\"https:\/\/vegas2web.icu\/\",\"name\":\"Discover the Secrets of Casino Success | Licensed &amp; Trusted\",\"description\":\"Explore the dynamic world of online gambling with our fresh casino news, honest game reviews, and informative insights. Our licensed platform is your gateway to thrilling entertainment.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/vegas2web.icu\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/vegas2web.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/vegas2web.icu\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png\",\"contentUrl\":\"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png\",\"caption\":\"admin\"},\"description\":\"This talented writer and mathematician holds a Ph.D. in Applied Mathematics and a Masters in Probability Theory. With a deep understanding of the intricacies of casino games, they have published numerous articles on game theory, probability, and combinatorics in relation to gambling. Their expertise in discrete mathematics and stochastic processes has made them a sought-after consultant for licensed casinos worldwide. Their articles, reviews, and news pieces provide valuable insights into the world of casino gaming.\",\"sameAs\":[\"http:\/\/theworldcasino.vip\"],\"url\":\"https:\/\/vegas2web.icu\/author\/ezvhu8xt\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Melco Resorts Hit Hard by COVID-19","description":"Macau","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/","og_locale":"en_GB","og_type":"article","og_title":"Melco Resorts Posts $98.2 Million Net Loss in Q3","og_description":"Macau","og_url":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/","og_site_name":"Discover the Secrets of Casino Success | Licensed &amp; Trusted","article_published_time":"2024-06-27T00:05:07+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/","url":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/","name":"Melco Resorts Hit Hard by COVID-19","isPartOf":{"@id":"https:\/\/vegas2web.icu\/#website"},"datePublished":"2024-06-27T00:05:07+00:00","dateModified":"2024-06-27T00:05:07+00:00","author":{"@id":"https:\/\/vegas2web.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0"},"description":"Macau","breadcrumb":{"@id":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/vegas2web.icu\/2024\/06\/27\/melco-resorts-posts-98-2-million-net-loss-in-q3\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Homepage","item":"https:\/\/vegas2web.icu\/"},{"@type":"ListItem","position":2,"name":"Melco Resorts Posts $98.2 Million Net Loss in Q3"}]},{"@type":"WebSite","@id":"https:\/\/vegas2web.icu\/#website","url":"https:\/\/vegas2web.icu\/","name":"Discover the Secrets of Casino Success | Licensed &amp; Trusted","description":"Explore the dynamic world of online gambling with our fresh casino news, honest game reviews, and informative insights. Our licensed platform is your gateway to thrilling entertainment.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/vegas2web.icu\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/vegas2web.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/vegas2web.icu\/#\/schema\/person\/image\/","url":"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png","contentUrl":"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png","caption":"admin"},"description":"This talented writer and mathematician holds a Ph.D. in Applied Mathematics and a Masters in Probability Theory. With a deep understanding of the intricacies of casino games, they have published numerous articles on game theory, probability, and combinatorics in relation to gambling. Their expertise in discrete mathematics and stochastic processes has made them a sought-after consultant for licensed casinos worldwide. Their articles, reviews, and news pieces provide valuable insights into the world of casino gaming.","sameAs":["http:\/\/theworldcasino.vip"],"url":"https:\/\/vegas2web.icu\/author\/ezvhu8xt\/"}]}},"_links":{"self":[{"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/posts\/237"}],"collection":[{"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/comments?post=237"}],"version-history":[{"count":0,"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/posts\/237\/revisions"}],"wp:attachment":[{"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/media?parent=237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/categories?post=237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vegas2web.icu\/wp-json\/wp\/v2\/tags?post=237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}