Melco Resorts & Entertainment Limited, developer, owner and operator of integrated resort properties in Asia and Europe, released third quarter 2020 financial results last week.

Reported total operating revenue for the third quarter of 2020 was $ 0.21 billion, down about 85% from the same period in 2019 ($ 1.44 billion). The decline in total operating revenue is mainly due to lower performance across all gaming operations and other segments as a result of the COVID-19 pandemic, which resulted in a significant decline in inbound tourism in the third quarter of 2020.

Lawrence Ho, Chairman and CEO of Melco, said:

"COVID-19 and subsequent travel restrictions continue to have a significant negative impact on our operating and financial performance. Despite this, our integrated resorts saw a moderate recovery in business activity in the third quarter thanks to the partial reopening of casinos in Cyprus and Manila, as well as the gradual resumption of visa issuance by mainland Chinese authorities. Melco is committed to continuing to prioritize epidemic prevention by working hand in hand with local SME partners while contributing to the city’s sustainable development and economic recovery. ".

Melco’s operating loss for the third quarter of 2020 was US $ 275.0 million compared to operating income of US $ 175.2 million in the third quarter of 2019. In the third quarter of 2020, Melco showed a negative corrected EBITDA in the amount of $ 76.7 million compared with $ 418.2 million in the third quarter of 2019.