Melco Resorts & Entertainment reported a net loss of US$199.7 million for the three months to 31 December 2020, but like most Macau operators returned to positive EBITDA in the quarter, driven by strong recovery at its two City of Dreams properties in Macau and Manila.
Adjusted EBITDA in 4Q20 was US$53.4 million, down from US$409.8 million in the corresponding period in 2019 but vastly improved from an Adjusted EBITDA loss of US$76.7 million in the third quarter.
Likewise, total operating revenues of US$530 million were down 64% year-on-year but up 152% on revenues of US$210 million in Q3.
At City of Dreams Macau operating revenues in 4Q20 were US$321.2 million compared to US$759.1 million in the fourth quarter of 2019 and US$30.8 million in 3Q20. The flagship Macau property printed Adjusted EBITDA of US$57.3 million for the quarter, reversing a 3Q loss of US$49.2 million. The strong recovery at City of Dreams was led by the mass market, which saw table drop improve to US$740 million – more than 50% of the US$1.41 billion in 4Q19.
City of Dreams Manila was also in the black in Q4 with Adjusted EBITDA of US$16.8 million, improved from US$5.2 million in the previous quarter on a 47% increase in operating revenues to US$63.8 million.
All other Melco properties reported an Adjusted EBITDA loss in 4Q20, with Studio City falling to a loss of US$5.5 million versus Adjusted EBITDA of US$117.4 million in the fourth quarter of 2019 and a loss of US$21.7 million in the third quarter last year. Operating revenues at Studio City were US$88.2 million, up from US$30.2 million in Q3.
Altira Macau reported operating revenues of US$28.0 million and an Adjusted EBITDA loss of US$13.4 million, Mocha Clubs revenues of US$12.8 million and an Adjusted EBITDA loss of US$500,000, and Cyprus Casinos revenues of US$8.2 million and an Adjusted EBITDA loss of US$1.2 million.
Melco Chairman and CEO Lawrence Ho said the company was encouraged by recent developments.
“COVID-19 and the subsequent travel restrictions continue to have a significant negative impact on our operating and financial performance,” he said. “Despite these challenges, our integrated resorts experienced a moderate recovery in business levels during the fourth quarter.”