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Melco Resorts & Entertainment Ltd. (MLCO) Stock Declining in Premarket

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Melco Resorts & Entertainment Ltd. (MLCO), a developer and operator of casino gaming and resort facilities, has seen a decline of 8.54% in the premarket trading session. As a result that, MLCO stock is currently changing hands at $10.93. There appears to be no obvious reason, like SEC filing or any press release, behind this decline. On Tuesday, MLCO stock closed the day at $11.95 after declining some 5.91% during regular trading hours. For now, let us discuss some recent major developments related to MLCO stock.

Unaudited Q2 2021 financial results

On 27th of July, MLCO announced the unaudited quarterly results for second quarter of fiscal year 2021, ended 30th June 2021. According to the details, the company generated operating revenue of $566.44 million during the quarter, while during equivalent period of 2020, it was $175.85 million. The total costs and operating expenses bore by the company during the quarter stood at $694.49 million, while during equivalent period of 2020, it was $546.64 million. The company bore operating loss of $128.05 million during the quarter, while during equivalent period of 2020; the operating loss was $370.79 million. The net loss by the company during the period stood at $220.52 million, while during equivalent period of 2020, the net loss was $426.81 million. The net loss per basic and diluted share was $0.129, while during equivalent period of 2020, it was $0.257. The company had cash and cash equivalents of $1.51 billion at the end of quarter. The total assets at the end of quarter stood at $9.03 billion. The total liabilities at the end of quarter were $7.68 billion. Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco, praised the performance of company and said that the company is proud to highlight the progress made towards carbon neutrality, inspirations to the local communities, improvements to supply chain sustainability, and reinforcement of high ethical standards.

MLCO adoption of share purchase and award program

On 8th of July, MLCO announced that it was adopting a share purchase and award program. The program was meant to recognize the dedication and commitment of the employees as well as providing the eligible employees to reap the benefits from company’s long term, growth. The share purchase and award program was applicable to the eligible employees who had agreed in 2020 to participate in company’s voluntary leave program in wake to pandemic. The leave program was among number of measures taken by the company to manage its costs during the times of pandemic. Under the share purchase and award program, the employee was invited to use a portion of his/her basic salary to purchase and receive a grant of restricted shares under the Melco Resorts 2011 Share Incentive Plan, with an aggregate value equal to 200% of the amount of base salary so applied as at the grant date.

What lies ahead for MLCO?

The recent past performance of MLCO wasn’t that up to the mark, mainly due to the effects of pandemic imparting their influence on the stock. But, as the gravity of pandemic is abating, the futire seems optimistic for MLCO stock. The EPS of MLCO during next year is expected to increase by some 121%. So, potential investors should keep a close watch on MLCO stock.

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