Macau Casinos Remain Vulnerable to Covid-19 Uncertainty

Economic instability caused by Covid-19 outbreaks is expected to last at least through the end of 2022, according to Melco Resorts Finance Ltd’s third-quarter report released on Tuesday.

The corporation is tied to casino operator Melco Resorts and Entertainment Ltd, which has seen its Manila casino industry revive significantly since the country entered Covid-19 lockdowns earlier last year. According to Melco Resorts chairman Lawrence Ho Yau Lung, City of Dreams Manila has restored to full operating capacity by the first quarter of this year.

Melco expects that uncertainty around Covid-19 outbreaks will persist for at least the rest of 2022, with travel bans or restrictions, visa limitations, and quarantine procedures being important issues influencing profitability for the year

Business recovery has been uneven in Macau, where the firm operates its flagship City of Dreams resort and the majority-owned Studio City, as well as the Altira Macau hotel casino in Taipa, due to periodic travel bans tied to China’s “dynamic zero Covid” plan.

Melco Resorts’ net loss increased to US$243.8 million in the third quarter of this year, mostly due to the poor performance of the Macau market, compared to a group-wide net loss of US$233.2 million the previous year. Despite this, the net loss was down 3.1 percent from the second quarter of this year.

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