On Wednesday trading, Melco Resorts shares rebounded by more than 10 percent, bringing enthusiasm among investors. The surge came after Melco Resort had reported a net loss of about $185.7 million in the second-quarter earnings.
Melco stock trading on the NASDAQ jumped up by $1.36 per share and closed at $14.91. It was much relief for Casino Company traders who had witnessed the stock tumbled by nearly 17 percent in 2021.
“April through June, Melco’s operations in Macau, the Philippines, and Cyprus generated revenue of $566.4 million. While that’s a nine percent quarter on the quarter rise from Q1’s $520 million, the income wasn’t enough to offset expenses.”
Billionaire founder, Chairman, and CEO Lawrence Ho shares a belief that Melco’s future is bright. Speaking after the surge, Ho told investors that the gaming company was progressively recovering. Ho added that the casino business was looking at more flexible travel with other cities in Macau.
In the Q2 earnings report, Melco shared a decline almost by 4 percent. However, the Wednesday rebound more than regained those losses. In an attempt to expand revenue streams, Melco has revealed a plan to change the customers’ outlook of Altira Macau.
Altira features 216 guestrooms, a casino floor, 220 table games, and 5000 slot machines. The business has long focused on VIP business, but Ho says that property will embark on the premium mass market.
“At Altira, we’ve embarked upon a strategic shift that aligns Melco’s first integrated resort with the company’s broader focus on the high-margin premium mass segment.”