Melco International Development revealed in its annual results that the company suffered a HK$12.38bn (US$1.59bn) loss last year.
The HK$12.38bn loss after tax comes after the company profited HK$1.77bn in 2019. Similarly, owners had a basic loss per share of HK$4.19, when in 2019 they had basic earnings per share of HK$0.46.
In 2019 the group’s adjusted EBITDA was HK$12.50bn ($1.61bn), which dropped to just HK$1.20bn for the year ended 31 December 2020.
The effects of the pandemic resulted in the company lowering its net revenue by 70% to HK$13.42bn. It said that the decrease was down to a “softer performance” in casinos and hospitality due to lockdowns.
The company suffered at the hands of government ruling which saw closures, restrictions and travel bans across Asia.
The group said the pandemic has also affected its resort tenants and business partners, which could “increase the risk of these entities defaulting on their contractual obligations with the group.”
Chairman and CEO, Lawrence Yau Lung Ho, said: “While COVID-19 has brought unprecedented challenges, we will not bow to its headwinds. We remain steadfast in realizing our asset enhancement goals, as evidenced by Studio City Phase 2, our next major project in Macau.
“Looking ahead, it is difficult to predict how and when the pandemic will pass. Nonetheless, we remain confident that with the rollout of vaccines around the world, the worst is behind us.
“We can overcome whatever adversities which may transpire in the near term, while concurrently investing for the future,” he concluded.