In Macau, a senior executive at renowned casino operator Melco Resorts and Entertainment Limited reportedly explained that the mass market gaming sector will take longer to recover compared to the VIP and premium mass sectors.
The revelations from David Sisk, chief operating officer of the Nasdaq-listed company, come amid a growing number of casinos across the former Portuguese enclave to prepare for the Labor Day holiday from Saturday. Local gambling businesses are expected to post their highest daily figures since the start of the two-week shutdown last year due to the coronavirus pandemic, sources explained during the five-day celebration.
Sisk reportedly used a conference call with investors to reveal that his company's mass market customers "do not seem to be acting as strongly as in the past" and that this may be the result of "other customers coming in now." He went on to say that his company had not lost any shares in Macau's premium mass sector and that revenue in the sector had "slightly increased" as some VIP players "switched from junket."
Melco Resorts and Entertainment Limited is responsible for the City of Dreams Macao, Studio City Macao and Altira Macao venues, and Geoff Davis, the company's chief financial officer, reportedly told investors that the company's daily operating expenses for the first quarter rose about 10% to 'about $2.1 million'. He also reportedly said the company's debt offerings have fallen by about $6 million since the fourth quarter of last year, now in the region of $17 million. 온라인카지노사이트
Melco Resorts and Entertainment Limited reported a net loss for the first quarter to $519.9 million, a decrease of 1.7% quarter-on-quarter and 36% year-on-year. However, sources said the previous figure was better than the company's deficit of $364 million in the same three months of 2020, but also better than its fourth-quarter deficit of $199.7 million.
Melco Resorts and Entertainment Limited also operates gambling-friendly venues in Cyprus and the Philippines, and reportedly posted positive first-quarter earnings before interest, tax, depreciation and amortization, even though related individual property indicators fell 60% year-over-year to $30.1 million. The company reportedly said the decline was driven by losses related to $28.8 million in bad debt, up from $23 million in the previous quarter.