'A considerable amount of time'

Lawrence Ho Yau Lung, pictured, is chairman and CEO of the Nasdaq-listed company and made the announcement Thursday during a conference call with investors to discuss fourth-quarter financial results.  바카라사이트

Macau and Melco Resorts and Entertainment Limited is responsible for the electronic game console stores of Studio City Macao, Altira Macao, City of Dreams Macao real estate and the city's mocha club chain. In addition, the Field and Hong Kong-based company operates the City of Dreams Manila venue in the Philippines and hopes to open a 500-room City of Dreams Mediterranean gambling-friendly development in the small Cypriot town of Tserkejoy by the end of next year.

Ho also reportedly told shareholders that he believed Macau's casino industry would face significant challenges over the next four to six months due to the coronavirus outbreak, even though it was recently allowed to reopen after the government imposed a 15-day shutdown. The president also reportedly explained that he believes the VIP sector will be the first to rebound as it relies on high-value individuals across Southeast Asia.

Melco Resorts & Entertainment Limited reportedly said the daily operating costs of its Macau portfolio amounted to about $2.5 million. Although this tally was about $500,000 lower than since the start of "cost reduction efforts" with "variable cost reductions related to business levels."

The casino company's fourth-quarter financial results showed operating revenue up 3% year-over-year to $1.45 billion, with overall casino revenue up 1.6% to $1.25 billion, driven by the performance of its mass market business. However, the operating company reported a more than 46% decline in net profit to $68.1 million over the three-month period as operating profit fell 15% to $173.4 million and property gains before interest, tax, depreciation and amortization fell 4% to nearly $499.8 million.

Melco reportedly said all of this resulted in an annual net profit of about $373.2 million, up 9.7% from 2018 and up 9.7% from 2018 on revenue of just $4.98 billion.