Melco reports higher 4th quarter net loss due to deferred tax assets nil

The casino operator Melco Resorts & Entertainment Ltd. said on Friday that the net loss attributable to the company for the fourth quarter has climbed to US$205.9 million from US$156.6 million that was declared in late February.

This adjustment is the result of US$49.3 million in net deferred tax assets that were removed from the company’s accounts after being reported in its report.

Melco Resorts operates gambling establishments in Cyprus, Manila, Philippines, and Macau.

The gaming firm said in a statement on Friday that “the company concluded its assessment of the realisability of its net deferred tax assets in light of its cumulative consolidated net losses over the past three years.”

In addition, it said, “Deferred tax assets, net, as of December 31, 2023, was recorded as US$49.3 million in the original form 6-K, and in the annual report is reduced to nil.”

As a result, the company reviewed its annual and fourth-quarter financial statements, as well as the balance sheet and statement of operations for 2023 as a whole.

The net loss for Melco Resorts in 2023 has been revised up from the US$277.6 million reported in February to US$326.9 million. This is still better than the US$930.5 million loss that was recorded in 2022, however.

In 2023, Melco Resorts’ total operating revenue climbed by 179.7% annually to around $3.78 billion.

Original story by: GGRAsia