Melco Resorts & Entertainment Limited (MLCO) Q1 2021 Earnings Call Transcript msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
State-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of approximately PHP152.6 million (US$3.2 million) for the first three months of 2021. It compared with net income of around PHP777.4 million in the prior-year period.
The body saw its revenue from gaming operations decline sharply during the period, as many casinos in the Philippines have remained closed or have been operating with limitations, as part of efforts to stem the further spread of the Covid-19 pandemic in the country.
Pagcor’s total revenue from gaming operations for the first three months of 2021 decreased by 51.4 percent year-on-year to just above PHP8.36 billion, compared to approximately PHP17.22 billion in the first quarter of 2020.
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Casino operator Melco Resorts and Entertainment Ltd could see its 2021 revenue recover to 50 percent of 2019 levels, says a Thursday note from Moody’s Investors Service Inc.
This would probably be “driven by a faster recovery in the mass-market segment than the VIP segment,” said analysts Sean Hwang, Gloria Tsuen, and Keun Woo Park.
Melco Resorts’ key market is Macau, where it runs the City of Dreams and Studio City resorts on Cotai, and Altira in Taipa. It also runs the City of Dreams Manila casino resort in the Philippine capital, and has gaming operations in the Republic of Cyprus.
Recently-issued Macau government data on the structure of the gaming market in the first quarter, showed that mass-market games – including slot machines – provided 61.4 percent of all Macau’s casino gross gaming revenue (GGR), at MOP14.51 billion (US$1.82 billion).
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Melco Announces Earnings Release Date
Melco Resorts & Entertainment LimitedApril 21, 2021 GMT
MACAU, April 21, 2021 (GLOBE NEWSWIRE) Melco Resorts & Entertainment Limited (Nasdaq: MLCO), a developer, owner and operator of integrated resort facilities in Asia and Europe, today announces that it will furnish its unaudited financial results for the first quarter of 2021 on Form 6-K with the U.S. Securities and Exchange Commission (“SEC”) on Wednesday, April 28, 2021 to be followed by a conference call on the same day at 8:30 a.m. Eastern Time (or 8:30 p.m. Hong Kong Time).