Shares of Hong Kong-based Melco Resorts & Entertainment (MLCO) lost 3.9% and closed at $13.55 on Tuesday after the company’s second-quarter 2021 financial results missed estimates. Melco owns, runs and develops integrated resorts with casino and gaming facilities in Europe and Asia. The company reported a net loss of $0.39 per share, narrower than the year-ago loss of $0.77 per share, but wider than the Street’s estimate of $0.36 per share. Total operating revenues surged 222% year-over-year to $566.4 million but fell short of analysts’ expectations of $615.16 million. Total operating revenues at City of Dreams were $347.6 million, up from $105.4 million in the second quarter of 2020.
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