Melco Resorts & Entertainment, a Macau casino group, improved its net loss in the three months ending March 31, 2021. It came in at US$232.9 million, compared to a loss of US$364 million in the same period last year. The loss increased from quarter to quarter, rising from a fourth-quarter loss of US$199.7 million in 2020.
Total operating revenues for the first quarter of 2021 were US$0.52 billion. It was down 36% from US$0.81 billion in the same period of 2020. The drop in total operating revenues was primarily due to a year-over-year decline in inbound tourism in the first quarter of 2021.
“COVID-19 and the resulting travel restrictions continue to have a significant negative impact on our operation,” said Lawrence Ho, our Chairman, and Chief Executive Officer. Despite these difficulties, our integrated resorts saw a moderate increase in business in the first quarter.
“While COVID-19 has had an impact on Melco’s global development program, the company remains committed to it. Studio City is expanding in Macau. Studio City will have around 900 additional luxury hotel rooms and suites. It will also feature one of the world’s largest indoor/outdoor water parks, a Cineplex, fine-dining restaurants, and state-of-the-art MICE space. Phase 1 of Studio City’s current water park has been completed, and it will open on May 22, 2021.
Furthermore, “Talking of Japan, we remain committed to bringing a world-class IR to the country. We continue to believe that Melco’s focus on the Asian premium segment, a portfolio of high-quality assets, devotion to craftsmanship, commitment to world-class entertainment offerings, market-leading social safeguard systems, established track record of successful partnerships, the culture of exceptional guest service, and ongoing commitment to employee development positions Melco in a strong position to assist.