Melco's Stock Slides As COVID-Related Travel Restrictions Hit Q4 Performance

• Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) reported a fourth-quarter FY21 sales decline of 9% year-on-year, to $480.61 million, reflecting softer performance in the rolling chip segment.
• Revenues from Casino fell 11.3% Y/Y to $390.6 million, Rooms grew 8% Y/Y, and Food & Beverage declined 3.2%.
• The company incurred an operating loss of $(104.4) million versus $(144.8) million last year.
• Adjusted property EBITDA increased 76% Y/Y to $94 million.
• EPS loss was $(0.32) versus $(0.395) last year.
• "COVID-related travel restrictions continued to impact our fourth quarter operating and financial performance," said Chairman and CEO Lawrence Ho.
• The company held $1.6 billion in cash and equivalents as of December 31, 2021.
• Price Action: MLCO shares are trading lower by 7.09% at $9.31 on the last check Tuesday.