Millennium & Copthorne Hotels New Zealand Limited Announces Closure of All Its Restaurants and Bars; Reaffirms Earnings Guidance for the First and Second Half of 2020
On 18 March, the company forecasted that the level of hotel revenue loss for the first half of 2020 would be approximately NZD 24 million. With the closure of some of its hotels from tomorrow, this figure will certainly increase and it is now almost certain that MCK's hotel operations for both the first and second half of 2020 will trade at a loss.