Operator News
Cyprus – Melco back to making a profit in Cyprus
By Phil - 1 August 2021
Melco Resorts & Entertainment’s temporary casino and four satellite casinos in Cyprus are back to making a profit again following their recent reopenings.
For the quarter ended June 30, 2021, total operating revenues at Cyprus Casinos were US$10m, compared to US$3.5m in the second quarter of 2020. Cyprus Casinos generated negative Adjusted EBITDA of US$0.8m in the second quarter of 2021, compared with negative Adjusted EBITDA of US$6min the second quarter of 2020. Rolling chip volume was US$1.5m and the rolling chip win rate was negative 4.40 per cent in the second quarter of 2021. The expected rolling chip win rate range is 2.85 per cent to 3.15 per cent. No rolling chip gross gaming revenue was generated in the second quarter 2020.
Mass market table games drop was US$14.4m in the second quarter of 2021, compared with US$4.1m in the second quarter of 2020. The mass market table games hold percentage was 15.6 per cent in the second quarter of 2021, compared to 11.1 per cent in the second quarter of 2020.
Gaming machine handle for the second quarter of 2021 was US$161m, compared with US$57.2m in the second quarter of 2020. The gaming machine win rate was 4.9 per cent in the second quarter of 2021 versus 5.2 per cent in the second quarter of 2020.
Melco Resorts & Entertainment CEO Lawrence Ho said: “We were pleased to reopen our casino operations in Cyprus in mid-May after a government-mandated lockdown from the beginning of the year with restrictions on patron capacity and gaming position. On June 10, the restrictions on gaming positions were lifted allowing us to accommodate our normal capacity. We are encouraged that Cyprus returned to profitability in June, and that Cyprus has virtually breakeven in EBITDA for the quarter.”
