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Melco International Announces 2020 Annual Results

April 6, 2021 Financial No Comments Email Email

Melco International Development Limited (“Melco International”, together with its subsidiaries (collectively the “Group”), HKEx Code: 200) today announced its annual results for the year ended 31 December 2021.

Net revenues for 2020 were HK$13.42 billion and the loss after tax for the year amounted to HK$12.38 billion. While being severely impacted by the significant decline in inbound tourism and temporary closure of casinos since the pandemic, the Group remains optimistic on the recovery of Macau and expects increased visitation in the near term, particularly where in February 2021, all quarantine restrictions were lifted for those travelling from mainland China to Macau. Also, the rollout of COVID-19 vaccines in Macau and many other countries would also be expected to soon facilitate the tourism industry’s recovery.

In the wake of the pandemic, the Group has prudently managed its balance sheet with cost reduction programs to minimize cash outflows, and implemented rationalization efforts to control capital expenditures. Meanwhile, the Group has issued senior notes and completed private placements to reinforce its balance sheet as well as enhance its ability to fund development projects that are integral to the Group’s long-term growth.

Mr. Lawrence Ho, Group Chairman and Chief Executive Officer of Melco International, said, “COVID-19 and the subsequent travel restrictions significantly impacted our operating and financial performance throughout the year of 2020. Despite these challenges, we can see our integrated resorts experiencing a moderate recovery in business levels towards the fourth quarter of 2020. This was substantiated by the positive Property EBITDA for the Macau operations, as well as our global operations as a whole in the fourth quarter of the year.”

“While impacted by COVID-19, we remain steadfast in continuing our strategic development program in Asia and globally. In Macau, the construction of our next major project, Studio City Phase 2, is ongoing. Upon completion, it will offer approximately 900 luxury rooms and suites, thus augmenting Studio City’s hotel room inventory by approximately 60 percent. In addition, the non-gaming attractions, including one of the world’s largest indoor/outdoor water parks, a cineplex, fine-dining restaurants, and state-of-the-art MICE space, will ensure a wider demographic reach.”

“On top of that, our competitiveness is set to be further enhanced with the upgrade of City of Dreams, with the fully renovated Nüwa recently reopening at the end of March this year. The Countdown will be closed for renovation as part of its rebranding.”

“In Cyprus, the development of City of Dreams Mediterranean continues to progress and is set to open in the summer of 2022. It will become the largest integrated resort in Europe once fully completed. To achieve such distinction, it will offer visitors over 500 luxury hotel rooms, approximately 10,000 square metres of MICE space, a striking outdoor amphitheater, a fun-filled family adventure park, and an impressive array of fine-dining and luxury retail options.

“Japan remains a focus of the Group, and we are committed to bringing to the country a world-leading integrated resort. Though the process has been delayed and remains complex due to COVID-19, momentum has returned as jurisdictions are again initiating RFP processes. The Group will continue to be patient as we evaluate the landscape to ensure that we pursue the right opportunity that takes advantage of our core strengths to drive strong value creation.”

“2020 was certainly a very difficult year worldwide, however we are confident that Macau will achieve a sooner rather than later turnaround, as it remains the most attractive integrated resort market in the world. In respect of the Group, we trust that with the strengthening of our financial position through recent capital market transactions, we can overcome the adversities which may transpire in the near term, while concurrently investing for the future. Meanwhile, our commitment to employee development and community support also remains as the backbone of our corporate development, and we are firmly driven by our focus on sustainability goals, with the aim to become carbon neutral and zero waste by 2030 as part of our business strategy.”

Commitments towards Sustainability

Amidst the economic uncertainty, the Group remains firmly driven by its focus around its sustainability goals. They stand at the core of the Group’s strategy and have become part of daily operations for its entire workforce, from top to bottom. Studio City Phase 2 has been named winner of the ‘Regional Award, Asia’ at the BREEAM Awards 2021. The accolade recognizes the project’s targeted sustainability strategy, as well as its contribution towards achieving the Group’s carbon neutral and zero waste goals. In addition, the Group currently holds BREEAM “Excellent” Ratings for the design stage for both Studio City Phase 2 and City of Dreams Mediterranean in Cyprus.

Caring for the Community

Mindful of serious public health concerns associated with COVID-19, the Group mobilized its workforce en masse in Macau to support the local community. Thousands of colleagues took part in a multitude of volunteering events during work hours to support its community partners, SMEs and groups such as the elderly, single families, long-term patients, children and more. In recognition of its commitment in caring for the community over the past year, Melco International was awarded the “15 Years Plus Caring Company Logo” in 2021. Its subsidiary, Melco Resorts & Entertainment, was named winner of the 2020 Industry Community Awards’ “Community Award – Asia”, which recognizes its proactive and innovative corporate social responsibility initiatives, especially in its efforts to support the local community through the “Simple Acts of Kindness” program.

 Safeguarding the Wellbeing of Guests and Colleagues

The health and safety of the guests and colleagues is always the Group’s top priority. The Group’s stringent operational protocols to safeguard the wellbeing of its valued guests and colleagues have been recognized by Sharecare and Forbes Travel Guide. Morpheus and Nüwa at City of Dreams, Star Tower at Studio City, Altira Macau and Nüwa at City of Dreams Manila have become among the first hotels and resorts in the world to achieve the Sharecare Health Security VERIFIED® with Forbes Travel Guide certification, establishing the Group as the first integrated resort operator in Macau to receive the recognition. The Group will continue to support the government’s anti-epidemic measures as it remains fully dedicated to providing the most memorable luxury hospitality experiences to all guests.

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