Casino & games

Melco Resorts to pay one month discretionary bonus to all employees

| By Conor Mulheir
Melco Resorts and Entertainment has announced that a one-month, non-recurring discretionary bonus will be paid to all of its eligible non-management employees.

Lawrence Ho, chairman and chief executive of the casino operator said: “We are pleased to announce a non-recurring discretionary bonus to recognize the hard work, loyalty and dedication of our eligible non-management colleagues ahead of the Chinese New Year.

“The year 2020 has certainly been challenging; affecting businesses and communities all around the world. We appreciate our colleagues’ every contribution during this difficult time as we continue to stand as one to weather the challenges in the new year with optimism and courage.”

Results published in November showed that Melco’s revenue had fallen 85.2% year-on-year to $212.9m (£155.7m/€175.8m) in the third quarter of 2020.

The operator reported a $386.9m loss as stringent travel restrictions put in place in Macau in response to the novel coronavirus (Covid-19) pandemic took their toll on its revenue.

Casino remained the operator’s largest revenue contributor, though its $170.8m Q3 total represented an 86.3% decline year-on-year.

Hotel revenue was down 82.9% at $15.2m, while food and beverage slipped 77.4% to $13.4m.

The City of Dreams resort in Macau continued to be the operator’s leading property, despite revenue falling by 88.4% to $91.4m. Studio City, which it part-owns, brought in just $30.8m, down 90.1% and Altria Macau revenue fell 90.8% to $11.0m.

Its Cyprus operation, a temporary casino operating while Melco constructs its City of Dreams Mediterranean property, was the most resilient business unit, with revenue down 23.2% at $20.5m.

The sharp declines suffered in 2020 followed a year of strong growth in 2019. The 3 months to 30 September 2019 saw it bring in $1.44bn in revenue, up from $1.24bn for the same period in 2018.

Gross gaming revenue in Macau amounted to MOP60.44bn (£5.55bn/€6.15bn/$7.57bn) in 2020, down from MOP292.46bn in 2019.

The jurisdiction showed signs of recovery in December as GGR reached MOP7.82bn. This figure was 65.8% lower than the MOP22.84bn generated in the same month in 2019, but the second highest monthly total of 2020.

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