Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco”
or the “Company”), a developer, owner, and operator of integrated
resort facilities in Asia and Europe, today reported its unaudited
financial results for the third quarter of 2020.
Total operating revenues for the third quarter
of 2020 were US$0.21 billion, representing a decrease of
approximately 85% from US$1.44 billion for the comparable period in
2019. The decrease in total operating revenues was primarily
attributable to softer performance in all gaming segments and
non-gaming operations as a result of the COVID-19 pandemic, which
resulted in a significant decline in inbound tourism in the third
quarter of 2020.
Operating loss for the third quarter of 2020 was
US$275.0 million, compared with operating income of US$175.2
million in the third quarter of 2019.
Melco generated negative Adjusted Property
EBITDA(1) of US$76.7 million in the third quarter of 2020, compared
with Adjusted Property EBITDA of US$418.2 million in the third
quarter of 2019.
Net loss attributable to Melco Resorts &
Entertainment Limited for the third quarter of 2020 was US$331.6
million, or US$0.70 per ADS, compared with net income attributable
to Melco Resorts & Entertainment Limited of US$83.2 million, or
US$0.17 per ADS, in the third quarter of 2019. The net loss
attributable to noncontrolling interests during the third quarter
of 2020 was US$55.3 million and the net income attributable to
noncontrolling interests during the third quarter of 2019 was
US$8.9 million, all of which were related to Studio City, City of
Dreams Manila, and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “COVID-19 and the subsequent travel
restrictions continue to have a significant negative impact on our
operating and financial performance. Despite that, our integrated
resorts experienced a moderate recovery in business levels during
the third quarter, benefiting from the partial resumption of casino
operations in Cyprus and Manila, as well as the gradual resumption
of visa issuances by the Mainland Chinese authorities under the
Individual Visit Scheme (IVS).
“While we are encouraged by the recent positive
developments, ensuring the safety and well-being of our colleagues,
customers and communities in which we operate remains our highest
priority. Melco also fully supports the Macau SAR government’s
newly launched scheme for tourists from Mainland China with the aim
to expand the number of visitors, boost the economy and protect
local jobs. In support of the scheme, Melco strives to continue
prioritizing epidemic prevention measures by working hand-in-hand
with local small and medium enterprise (SME) partners, while
contributing collaboratively to the city’s sustainable development
and economic recovery.
“We continue to prudently manage our balance
sheet. Aided by the issuance of a series of new senior notes and
the Studio City private share placements (but excluding Melco’s
subscription therein of approximately US$280 million), as of
September 30, 2020, we had cash on hand of approximately US$1.9
billion and undrawn revolver capacities of approximately US$1.7
billion.
“Melco remains committed to its global
development program. Construction on the expansion of Studio City
is progressing. Upon completion, Studio City will offer
approximately 900 additional luxury hotel rooms and suites, one of
the world’s largest indoor/outdoor water parks, a Cineplex,
fine-dining restaurants and state-of-the-art MICE space. In Europe,
we are developing City of Dreams Mediterranean which, upon
completion, will be Europe’s largest integrated resort with
approximately 500 luxury hotel rooms, a 1,500-seat amphitheater,
and approximately 10,000 square meters of MICE space.
“Turning to Japan, I want to highlight our
unwavering commitment to bring to the country the best IR the world
has ever seen. We believe our focus on the Asian premium segment, a
portfolio of high-quality assets, devotion to craftsmanship,
dedication to world-class entertainment offerings, market-leading
social safeguard systems, established track record of successful
partnerships, a culture of exceptional guest service, and a
continuing commitment to employee development puts Melco in a
strong position to help Japan realize the vision of developing a
world-leading IR with unique Japanese touch. The process in Japan
has been substantially delayed and remains complex. We will
continue to be patient as we evaluate the landscape to ensure that
Melco pursues the right opportunity that takes advantage of Melco’s
core strengths to drive strong value creation.”
City of Dreams
Third Quarter Results
For the quarter ended September 30, 2020, total
operating revenues at City of Dreams were US$91.4 million, compared
to US$787.3 million in the third quarter of 2019. City of Dreams
generated negative Adjusted EBITDA of US$49.2 million in the third
quarter of 2020, compared with Adjusted EBITDA of US$233.0 million
in the third quarter of 2019. The year-over-year decrease in
Adjusted EBITDA was primarily a result of softer performance in all
gaming segments and lower non-gaming revenue, as well as a higher
provision for credit losses.
Rolling chip volume was US$1.86 billion for the
third quarter of 2020 versus US$17.18 billion in the third quarter
of 2019. The rolling chip win rate was 3.34% in the third quarter
of 2020, versus 2.69% in the third quarter of 2019. The expected
rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$90.1 million in the third quarter of 2020, compared with US$1.41
billion in the third quarter of 2019. The mass market table games
hold percentage was 38.1% in the third quarter of 2020, compared to
33.2% in the third quarter of 2019.
Gaming machine handle for the third quarter of
2020 was US$0.11 billion, compared with US$1.21 billion in the
third quarter of 2019. The gaming machine win rate was 3.4% in the
third quarter of 2020, versus 3.1% in the third quarter of
2019.
Total non-gaming revenue at City of Dreams in
the third quarter of 2020 was US$18.0 million, compared with
US$104.2 million in the third quarter of 2019.
Altira Macau
Third Quarter Results
For the quarter ended September 30, 2020, total
operating revenues at Altira Macau were US$11.0 million, compared
to US$113.9 million in the third quarter of 2019. Altira Macau
generated negative Adjusted EBITDA of US$16.8 million in the third
quarter of 2020, compared with Adjusted EBITDA of US$14.1 million
in the third quarter of 2019. The year-over-year decrease in
Adjusted EBITDA was primarily a result of softer performance in all
gaming segments.
Rolling chip volume was US$0.34 billion in the
third quarter of 2020 versus US$4.05 billion in the third quarter
of 2019. The rolling chip win rate was 3.06% in the third quarter
of 2020, versus 3.62% in the third quarter of 2019. The expected
rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment, drop was
US$15.7 million in the third quarter of 2020, versus US$154.2
million in the third quarter of 2019. The mass market table games
hold percentage was 16.9% in the third quarter of 2020, compared
with 21.6% in the third quarter of 2019.
Gaming machine handle for the third quarter of 2020 was US$42.6
million, compared with US$79.4 million in the third quarter of
2019. The gaming machine win rate was 2.3% in the third quarter of
2020, versus 4.2% in the third quarter of 2019.
Total non-gaming revenue at Altira Macau in the
third quarter of 2020 was US$2.2 million, compared with US$6.8
million in the third quarter of 2019.
Mocha Clubs
Third Quarter Results
Total operating revenues from Mocha Clubs were
US$11.3 million in the third quarter of 2020, compared to US$29.5
million in the third quarter of 2019. Mocha Clubs generated
negative Adjusted EBITDA of US$0.5 million in the third quarter of
2020, compared with Adjusted EBITDA of US$6.3 million in the same
period in 2019.
Gaming machine handle for the third quarter of
2020 was US$279.6 million, compared with US$633.6 million in the
third quarter of 2019. The gaming machine win rate was 4.0% in the
third quarter of 2020, versus 4.7% in the third quarter of
2019.
Studio City
Third Quarter Results
For the quarter ended September 30, 2020, total
operating revenues at Studio City were US$30.8 million, compared to
US$337.7 million in the third quarter of 2019. Studio City
generated negative Adjusted EBITDA of US$21.7 million in the third
quarter of 2020, compared with Adjusted EBITDA of US$106.4 million
in the third quarter of 2019. The year-over-year decrease in
Adjusted EBITDA was primarily a result of softer performance in all
gaming segments and lower non-gaming revenue.
Studio City’s rolling chip volume was US$0.15
billion in the third quarter of 2020, versus US$2.77 billion in the
third quarter of 2019. The rolling chip win rate was 3.41% in the
third quarter of 2020, versus 2.71% in the third quarter of 2019.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$49.7 million in the third quarter of 2020, compared with
US$880.6 million in the third quarter of 2019. The mass market
table games hold percentage was 31.5% in the third quarter of 2020,
compared to 28.4% in the third quarter of 2019.
Gaming machine handle for the third quarter of
2020 was US$99.2 million, compared with US$711.2 million in the
third quarter of 2019. The gaming machine win rate was 2.7% in the
third quarter of 2020, versus 2.8% in the third quarter of
2019.
Total non-gaming revenue at Studio City in the
third quarter of 2020 was US$11.5 million, compared with US$49.4
million in the third quarter of 2019.
City of Dreams Manila
Third Quarter Results
For the quarter ended September 30, 2020, total
operating revenues at City of Dreams Manila were US$43.4 million,
compared to US$130.5 million in the third quarter of 2019. City of
Dreams Manila generated Adjusted EBITDA of US$5.2 million in the
third quarter of 2020, compared with Adjusted EBITDA of US$49.9
million in the comparable period of 2019. The year-over-year
decrease in Adjusted EBITDA was primarily a result of softer
performance in all gaming segments and lower non-gaming
revenue.
City of Dreams Manila’s rolling chip volume was
US$0.56 billion in the third quarter of 2020, versus US$2.44
billion in the third quarter of 2019. The rolling chip win rate was
2.68% in the third quarter of 2020, versus 0.89% in the third
quarter of 2019. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop decreased to
US$63.8 million for the third quarter of 2020, compared with
US$202.1 million in the third quarter of 2019. The mass market
table games hold percentage was 29.0% in the third quarter of 2020,
compared to 31.3% in the third quarter of 2019.
Gaming machine handle for the third quarter of
2020 was US$0.29 billion, compared with US$1.02 billion in the
third quarter of 2019. The gaming machine win rate was 5.8% in the
third quarter of 2020, versus 5.3% in the third quarter of
2019.
Total non-gaming revenue at City of Dreams
Manila in the third quarter of 2020 was US$8.7 million, compared
with US$32.3 million in the third quarter of 2019.
Cyprus Operations
Third Quarter Results
The Company is currently operating a temporary
casino, the first casino in the Republic of Cyprus, and is licensed
to operate four satellite casinos. Upon the completion and opening
of City of Dreams Mediterranean, the Company will continue to
operate the satellite casinos while operation of the temporary
casino will cease.
For the quarter ended September 30, 2020, total
operating revenues at Cyprus Casinos were US$20.5 million, compared
to US$26.7 million in the third quarter of 2019. Cyprus Casinos
generated Adjusted EBITDA of US$6.3 million in the third quarter of
2020, compared with US$8.5 million in the third quarter of 2019.
The year-over-year decrease in Adjusted EBITDA was primarily a
result of softer performance in the rolling chip and mass market
table games segments.
Rolling chip volume was US$0.2 million for the
third quarter of 2020, versus US$38.9 million in the third quarter
of 2019. The rolling chip win rate was negative 36.03% in the third
quarter of 2020, versus 8.66% in the third quarter of 2019. The
expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop was US$23.3 million
in the third quarter of 2020, versus US$36.2 million in the third
quarter of 2019. The mass market table games hold percentage was
20.6% in the third quarter of 2020, compared to 21.9% in the third
quarter of 2019.
Gaming machine handle for the third quarter of
2020 was US$307.5 million, compared with US$311.5 million in the
third quarter of 2019. The gaming machine win rate was 5.1% in the
third quarter of 2020, versus 5.0% in the third quarter of
2019.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2020 were US$110.3 million, which mainly included
interest expenses, net of amounts capitalized of US$91.9 million
and loss on extinguishment of debt of US$18.5 million.
Depreciation and amortization costs of US$153.5
million were recorded in the third quarter of 2020, of which
US$14.4 million related to the amortization expense for our gaming
subconcession and US$5.7 million related to the amortization
expense for the land use rights.
The negative Adjusted EBITDA for Studio City for
the three months ended September 30, 2020 referred to in this press
release was US$8.5 million less than the negative Adjusted EBITDA
of Studio City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated November 5, 2020
(the “Studio City earnings release”). The Adjusted EBITDA of Studio
City contained in the Studio City earnings release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in this press release. Such intercompany
charges include, among other items, fees and shared service charges
billed between SCIHL and its subsidiaries and certain subsidiaries
of Melco. Additionally, Adjusted EBITDA of Studio City included in
this press release does not reflect certain intercompany costs
related to the table games operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of September 30,
2020 aggregated to US$1.90 billion, including US$150.0
million for a bank deposit with an original maturity over
three months and US$9.9 million of restricted cash. Total debt, net
of unamortized deferred financing costs and original issue
premiums, was US$5.64 billion at the end of the third quarter of
2020.
Capital expenditures for the third quarter of
2020 were US$116.8 million, which primarily related to various
projects at City of Dreams, Studio City Phase 2 and City of Dreams
Mediterranean construction.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position, and
prospects during the fourth quarter of 2020.
Commencing from July 15, 2020, certain travelers
entering Guangdong from Macau were no longer subject to mandatory
quarantine, while from August 12, 2020, those entering China from
Macau were generally no longer subject to mandatory quarantine. On
August 26, 2020, the Chinese authorities resumed the issuance of
IVS visas for Guangdong residents, while the nationwide resumption
of IVS visa issuance commenced on September 23, 2020. Despite these
developments, our operations continue to be impacted by significant
travel bans, restrictions, and quarantine requirements imposed by
the governments in Macau, Hong Kong, and certain provinces in China
on visitors traveling to and from Macau, and such bans,
restrictions and requirements have been, and may continue to be,
modified by the relevant authorities from time to time as COVID-19
developments unfold. Additionally, health-related precautionary
measures remain in place at our properties in Macau, which could
continue to impact visitation and customer spending.
Our Philippines casino gaming operations were
closed due to the community quarantine for the entire island of
Luzon, including Metro Manila, which began on March 16, 2020 and
was extended to November 30, 2020. However, as permitted by PAGCOR,
since June 19, 2020, City of Dreams Manila has conducted a dry
run/trial run of its gaming and hospitality operations with a
limited number of participants strictly adhering to the new
guidelines on social distancing and hygiene and sanitation
procedures imposed by the government of the Philippines. The
PAGCOR-sanctioned dry run/trial run, which aims to address all
potential operational concerns to achieve a seamless re-opening for
City of Dreams Manila, is expected to continue until such time that
PAGCOR provides formal notice that City of Dreams Manila can resume
operations again on a regular basis in the future.
In Cyprus, commencing from October 23, 2020, the
cities of Limassol and Paphos became subject to a 11 p.m. to 5 a.m.
curfew. On November 4, 2020, the Cyprus government announced
the curfew would be extended throughout the rest of Cyprus
commencing from November 5, 2020 and the curfew is currently
expected to be in place through November 30, 2020. As a result, our
operations in Cyprus are required to be closed during those hours
while the curfew remains in place.
The COVID-19 outbreak has also impacted the
construction of the Studio City Phase 2 project and the progress of
construction work at the City of Dreams Mediterranean project. We
currently expect additional time will be needed to complete the
construction of these projects.
As the disruptions from the COVID-19 outbreak
are ongoing, any recovery from such disruptions will depend on
future developments, such as the duration of travel and visa
restrictions and customer sentiment and behavior, including the
length of time before customers resume traveling and participating
in entertainment and leisure activities at high-density venues and
the impact of potential higher unemployment rates, declines in
income levels and loss of personal wealth resulting from the
COVID-19 outbreak on consumer behavior related to discretionary
spending and traveling, all of which are highly uncertain.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its third quarter 2020 financial
results on Thursday, November 5, 2020 at 8:30 a.m. Eastern Time (or
9:30 p.m. Hong Kong Time). To join the conference call, please use
the dial-in details below:
US Toll
Free |
|
1 844 760
0770 |
US Toll / International |
|
1 347 549 4094 |
HK Toll |
|
852 3018 8307 |
HK Toll Free |
|
800 906 613 |
Japan Toll |
|
81 3 4503 6004 |
Japan Toll Free |
|
012 092 5482 |
UK Toll Free |
|
080 0051 4241 |
Australia Toll |
|
61 290 833 216 |
Australia Toll Free |
|
1 800 754 642 |
Philippines Toll Free |
|
1 800 1612 0312 |
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Passcode |
|
5797219 |
An audio webcast will also be available at
http://www.melco-resorts.com.
To access the replay, please use the dial-in
details below:
US Toll
Free |
|
1 855 452
5696 |
US Toll / International |
|
1 646 254 3697 |
HK Toll |
|
852 3051 2780 |
HK Toll Free |
|
800 963 117 |
Japan Toll |
|
81 3 4580 6717 |
Japan Toll Free |
|
012 095 9034 |
Philippines Toll Free |
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1 800 1612 0166 |
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Conference ID |
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5797219 |
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the “SEC”), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. These factors include, but are not limited to, (i) the
recent global pandemic of COVID-19, caused by a novel strain of the
coronavirus, and the continued impact of its consequences on our
business, our industry and the global economy, (ii) growth of the
gaming market and visitations in Macau, the Philippines and the
Republic of Cyprus, (iii) capital and credit market volatility,
(iv) local and global economic conditions, (v) our anticipated
growth strategies, (vi) gaming authority and other governmental
approvals and regulations, and (vii) our future business
development, results of operations and financial condition. In some
cases, forward-looking statements can be identified by words or
phrases such as “may”, “will”, “expect”, “anticipate”, “target”,
“aim”, “estimate”, “intend”, “plan”, “believe”, “potential”,
“continue”, “is/are likely to” or other similar expressions.
Further information regarding these and other risks, uncertainties
or factors is included in the Company’s filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company undertakes no duty to update
such information, except as required under applicable law.
Non-GAAP Financial Measures
(1) |
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“Adjusted EBITDA” is net income/loss before interest, taxes,
depreciation, amortization, pre-opening costs, development costs,
property charges and other, share-based compensation, payments to
the Philippine parties under the cooperative arrangement (the
“Philippine Parties”), land rent to Belle Corporation and other
non-operating income and expenses. “Adjusted Property EBITDA” is
net income/loss before interest, taxes, depreciation, amortization,
pre-opening costs, development costs, property charges and other,
share-based compensation, payments to the Philippine Parties, land
rent to Belle Corporation, Corporate and Other expenses and other
non-operating income and expenses. Adjusted EBITDA and Adjusted
Property EBITDA are presented exclusively as supplemental
disclosures because management believes they are widely used to
measure the performance, and as a basis for valuation, of gaming
companies. Management uses Adjusted EBITDA and Adjusted Property
EBITDA as measures of the operating performance of its segments and
to compare the operating performance of its properties with those
of its competitors. The Company also presents Adjusted EBITDA and
Adjusted Property EBITDA because they are used by some investors as
ways to measure a company’s ability to incur and service debt, make
capital expenditures, and meet working capital requirements. Gaming
companies have historically reported Adjusted EBITDA and Adjusted
Property EBITDA as supplements to financial measures in accordance
with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property
EBITDA should not be considered as alternatives to operating
income/loss as indicators of the Company’s performance, as
alternatives to cash flows from operating activities as measures of
liquidity, or as alternatives to any other measure determined in
accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA
and Adjusted Property EBITDA do not include depreciation and
amortization or interest expense and, therefore, do not reflect
current or future capital expenditures or the cost of capital. The
Company compensates for these limitations by using Adjusted EBITDA
and Adjusted Property EBITDA as only two of several comparative
tools, together with U.S. GAAP measurements, to assist in the
evaluation of operating performance. |
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Such U.S. GAAP measurements include operating income/loss, net
income/loss, cash flows from operations and cash flow data. The
Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes
and other recurring and nonrecurring charges, which are not
reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the
Company’s calculation of Adjusted EBITDA and Adjusted Property
EBITDA may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA
with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release. |
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(2) |
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“Adjusted net income/loss” is net income/loss before pre-opening
costs, development costs, property charges and other, loss on
extinguishment of debt and costs associated with debt modification,
net of noncontrolling interests and taxes calculated using specific
tax treatments applicable to the adjustments based on their
respective jurisdictions. Adjusted net income/loss attributable to
Melco Resorts & Entertainment Limited and adjusted net
income/loss attributable to Melco Resorts & Entertainment
Limited per share (“EPS”) are presented as supplemental disclosures
because management believes they are widely used to measure the
performance, and as a basis for valuation, of gaming companies.
These measures are used by management and/or evaluated by some
investors, in addition to income/loss and EPS computed in
accordance with U.S. GAAP, as an additional basis for assessing
period-to-period results of our business. Adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited and
adjusted net income/loss attributable to Melco Resorts &
Entertainment Limited per share may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net
income/loss attributable to Melco Resorts & Entertainment
Limited with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release. |
About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares
listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a
developer, owner and operator of integrated resort facilities in
Asia and Europe. The Company currently operates Altira Macau
(www.altiramacau.com), an integrated resort located at Taipa, Macau
and City of Dreams (www.cityofdreamsmacau.com), an integrated
resort located in Cotai, Macau. Its business also includes the
Mocha Clubs (www.mochaclubs.com), which comprise the largest
non-casino based operations of electronic gaming machines in Macau.
The Company also majority owns and operates Studio City
(www.studiocity-macau.com), a cinematically-themed integrated
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), an integrated resort in the
Entertainment City complex in Manila. In Europe, the Company is
currently developing City of Dreams Mediterranean
(www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is
expected to be the largest and premier integrated destination
resort in Europe. The Company is currently operating a temporary
casino, the first authorized casino in the Republic of Cyprus, and
is licensed to operate four satellite casinos (“Cyprus Casinos”).
Upon the opening of City of Dreams Mediterranean, the Company will
continue to operate the satellite casinos while operation of the
temporary casino will cease. For more information about the
Company, please visit www.melco-resorts.com.
The Company is strongly supported by its single
largest shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong Kong
Limited and is substantially owned and led by Mr. Lawrence Ho, who
is the Chairman, Executive Director and Chief Executive Officer of
the Company.
For the
investment community, please contact: Richard
HuangDirector, Investor RelationsTel: +852 2598 3619Email:
richardlshuang@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
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Melco
Resorts & Entertainment Limited and Subsidiaries |
Condensed
Consolidated Statements of Operations (Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
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Three Months
Ended |
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Nine Months
Ended |
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September
30, |
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September
30, |
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2020 |
|
2019 |
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2020 |
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2019 |
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Operating
revenues: |
|
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|
|
|
|
|
|
Casino |
$ |
170,775 |
|
|
$ |
1,242,192 |
|
|
$ |
1,030,914 |
|
|
$ |
3,727,770 |
|
Rooms |
|
15,184 |
|
|
|
88,438 |
|
|
|
67,228 |
|
|
|
258,918 |
|
Food and beverage |
|
13,385 |
|
|
|
59,081 |
|
|
|
48,047 |
|
|
|
172,745 |
|
Entertainment, retail and other |
|
13,552 |
|
|
|
48,945 |
|
|
|
53,732 |
|
|
|
126,727 |
|
Total
operating revenues |
|
212,896 |
|
|
|
1,438,656 |
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|
|
1,199,921 |
|
|
|
4,286,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(207,188 |
) |
|
|
(823,115 |
) |
|
|
(986,818 |
) |
|
|
(2,423,186 |
) |
Rooms |
|
(8,573 |
) |
|
|
(22,887 |
) |
|
|
(34,897 |
) |
|
|
(67,225 |
) |
Food and beverage |
|
(14,822 |
) |
|
|
(44,966 |
) |
|
|
(62,482 |
) |
|
|
(133,452 |
) |
Entertainment, retail and other |
|
(9,378 |
) |
|
|
(24,792 |
) |
|
|
(44,915 |
) |
|
|
(73,039 |
) |
General and administrative |
|
(80,985 |
) |
|
|
(145,123 |
) |
|
|
(326,214 |
) |
|
|
(423,000 |
) |
Payments to the Philippine Parties |
|
(2,743 |
) |
|
|
(8,740 |
) |
|
|
(7,678 |
) |
|
|
(45,995 |
) |
Pre-opening costs |
|
(428 |
) |
|
|
(525 |
) |
|
|
(1,049 |
) |
|
|
(4,638 |
) |
Development costs |
|
(2,831 |
) |
|
|
(30,433 |
) |
|
|
(22,633 |
) |
|
|
(39,873 |
) |
Amortization of gaming subconcession |
|
(14,364 |
) |
|
|
(14,206 |
) |
|
|
(43,050 |
) |
|
|
(42,601 |
) |
Amortization of land use rights |
|
(5,726 |
) |
|
|
(5,663 |
) |
|
|
(17,161 |
) |
|
|
(16,982 |
) |
Depreciation and amortization |
|
(133,439 |
) |
|
|
(140,640 |
) |
|
|
(410,757 |
) |
|
|
(422,362 |
) |
Property charges and other |
|
(7,426 |
) |
|
|
(2,372 |
) |
|
|
(37,990 |
) |
|
|
(19,578 |
) |
Total
operating costs and expenses |
|
(487,903 |
) |
|
|
(1,263,462 |
) |
|
|
(1,995,644 |
) |
|
|
(3,711,931 |
) |
Operating
(loss) income |
|
(275,007 |
) |
|
|
175,194 |
|
|
|
(795,723 |
) |
|
|
574,229 |
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,437 |
|
|
|
3,597 |
|
|
|
3,732 |
|
|
|
7,169 |
|
Interest expenses, net of amounts capitalized |
|
(91,864 |
) |
|
|
(80,123 |
) |
|
|
(250,288 |
) |
|
|
(225,668 |
) |
Loan commitment fees |
|
(2,471 |
) |
|
|
(883 |
) |
|
|
(5,644 |
) |
|
|
(1,673 |
) |
Foreign exchange gains (losses), net |
|
1,101 |
|
|
|
(79 |
) |
|
|
(5,117 |
) |
|
|
(9,409 |
) |
Other expenses, net |
|
(50 |
) |
|
|
(3,815 |
) |
|
|
(151,857 |
) |
|
|
(20,166 |
) |
Loss on extinguishment of debt |
|
(18,497 |
) |
|
|
- |
|
|
|
(19,733 |
) |
|
|
(3,721 |
) |
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
(310 |
) |
|
|
(579 |
) |
Total
non-operating expenses, net |
|
(110,344 |
) |
|
|
(81,303 |
) |
|
|
(429,217 |
) |
|
|
(254,047 |
) |
(Loss)
income before income tax |
|
(385,351 |
) |
|
|
93,891 |
|
|
|
(1,224,940 |
) |
|
|
320,182 |
|
Income tax
(expense) credit |
|
(1,560 |
) |
|
|
(1,788 |
) |
|
|
5,166 |
|
|
|
(6,777 |
) |
Net (loss)
income |
|
(386,911 |
) |
|
|
92,103 |
|
|
|
(1,219,774 |
) |
|
|
313,405 |
|
Net loss
(income) attributable to noncontrolling interests |
|
55,330 |
|
|
|
(8,913 |
) |
|
|
156,016 |
|
|
|
(8,371 |
) |
Net (loss)
income attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited |
$ |
(331,581 |
) |
|
$ |
83,190 |
|
|
$ |
(1,063,758 |
) |
|
$ |
305,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Melco Resorts & Entertainment Limited
per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.232 |
) |
|
$ |
0.058 |
|
|
$ |
(0.743 |
) |
|
$ |
0.212 |
|
Diluted |
$ |
(0.232 |
) |
|
$ |
0.058 |
|
|
$ |
(0.743 |
) |
|
$ |
0.211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Melco Resorts & Entertainment Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.695 |
) |
|
$ |
0.174 |
|
|
$ |
(2.228 |
) |
|
$ |
0.637 |
|
Diluted |
$ |
(0.696 |
) |
|
$ |
0.173 |
|
|
$ |
(2.230 |
) |
|
$ |
0.634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in net (loss) income attributable
to |
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,430,817,899 |
|
|
|
1,436,810,952 |
|
|
|
1,432,437,101 |
|
|
|
1,436,357,772 |
|
Diluted |
|
1,430,817,899 |
|
|
|
1,443,031,676 |
|
|
|
1,432,437,101 |
|
|
|
1,443,251,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
2020 |
|
2019 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,743,183 |
|
|
$ |
1,394,982 |
|
Investment securities |
|
25,003 |
|
|
|
49,369 |
|
Bank deposit with an original maturity over three months |
|
150,000 |
|
|
|
- |
|
Restricted cash |
|
9,487 |
|
|
|
37,390 |
|
Accounts receivable, net |
|
142,417 |
|
|
|
284,333 |
|
Amounts due from affiliated companies |
|
403 |
|
|
|
442 |
|
Inventories |
|
39,152 |
|
|
|
43,959 |
|
Prepaid expenses and other current assets |
|
84,137 |
|
|
|
84,197 |
|
Total
current assets |
|
2,193,782 |
|
|
|
1,894,672 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
5,658,837 |
|
|
|
5,723,909 |
|
Gaming
subconcession, net |
|
99,058 |
|
|
|
141,440 |
|
Intangible
assets, net |
|
30,288 |
|
|
|
31,628 |
|
Goodwill |
|
86,576 |
|
|
|
95,620 |
|
Long-term
prepayments, deposits and other assets |
|
267,047 |
|
|
|
176,478 |
|
Investment
securities |
|
- |
|
|
|
568,936 |
|
Restricted
cash |
|
406 |
|
|
|
130 |
|
Deferred tax
assets |
|
6,794 |
|
|
|
3,558 |
|
Operating
lease right-of-use assets |
|
97,708 |
|
|
|
111,043 |
|
Land use
rights, net |
|
727,558 |
|
|
|
741,008 |
|
Total
assets |
$ |
9,168,054 |
|
|
$ |
9,488,422 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
6,308 |
|
|
$ |
21,882 |
|
Accrued expenses and other current liabilities |
|
934,592 |
|
|
|
1,420,516 |
|
Income tax payable |
|
8,474 |
|
|
|
8,516 |
|
Operating lease liabilities, current |
|
27,811 |
|
|
|
33,152 |
|
Finance lease liabilities, current |
|
67,099 |
|
|
|
39,725 |
|
Current portion of long-term debt, net |
|
250,000 |
|
|
|
146 |
|
Amounts due to affiliated companies |
|
1,706 |
|
|
|
1,523 |
|
Total
current liabilities |
|
1,295,990 |
|
|
|
1,525,460 |
|
|
|
|
|
|
|
Long-term
debt, net |
|
5,392,447 |
|
|
|
4,393,985 |
|
Other
long-term liabilities |
|
21,982 |
|
|
|
18,773 |
|
Deferred tax
liabilities, net |
|
49,980 |
|
|
|
56,677 |
|
Operating
lease liabilities, non-current |
|
79,453 |
|
|
|
88,259 |
|
Finance
lease liabilities, non-current |
|
269,500 |
|
|
|
262,040 |
|
Total
liabilities |
|
7,109,352 |
|
|
|
6,345,194 |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
|
|
|
|
|
1,456,547,942 and 1,456,547,942 shares issued; |
|
|
|
|
|
1,430,857,414 and 1,437,328,096 shares outstanding,
respectively |
|
14,565 |
|
|
|
14,565 |
|
Treasury shares, at cost; 25,690,528 and 19,219,846 shares,
respectively |
|
(121,537 |
) |
|
|
(90,585 |
) |
Additional paid-in capital |
|
3,196,685 |
|
|
|
3,178,579 |
|
Accumulated other comprehensive losses |
|
(20,814 |
) |
|
|
(18,803 |
) |
Accumulated losses |
|
(1,787,662 |
) |
|
|
(644,788 |
) |
Total Melco
Resorts & Entertainment Limited shareholders’ equity |
|
1,281,237 |
|
|
|
2,438,968 |
|
Noncontrolling interests |
|
777,465 |
|
|
|
704,260 |
|
Total
shareholders' equity |
|
2,058,702 |
|
|
|
3,143,228 |
|
Total
liabilities and shareholders' equity |
$ |
9,168,054 |
|
|
$ |
9,488,422 |
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net (Loss) Income Attributable to Melco
Resorts & Entertainment Limited to |
Adjusted Net
(Loss) Income Attributable to Melco Resorts & Entertainment
Limited (Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited |
$ |
(331,581 |
) |
|
$ |
83,190 |
|
|
$ |
(1,063,758 |
) |
|
$ |
305,034 |
|
Pre-opening costs |
|
428 |
|
|
|
525 |
|
|
|
1,049 |
|
|
|
4,638 |
|
Development costs |
|
2,831 |
|
|
|
30,433 |
|
|
|
22,633 |
|
|
|
39,873 |
|
Property charges and other |
|
7,426 |
|
|
|
2,372 |
|
|
|
37,990 |
|
|
|
19,578 |
|
Loss on extinguishment of debt |
|
18,497 |
|
|
|
- |
|
|
|
19,733 |
|
|
|
3,721 |
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
310 |
|
|
|
579 |
|
Income tax impact on adjustments |
|
(355 |
) |
|
|
(1,934 |
) |
|
|
(4,178 |
) |
|
|
(4,216 |
) |
Noncontrolling interests impact on adjustments |
|
(8,321 |
) |
|
|
(99 |
) |
|
|
(10,677 |
) |
|
|
(7,183 |
) |
Adjusted net
(loss) income attributable to Melco Resorts & Entertainment
Limited |
$ |
(311,075 |
) |
|
$ |
114,487 |
|
|
$ |
(996,898 |
) |
|
$ |
362,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
(loss) income attributable to Melco Resorts & Entertainment
Limited per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.217 |
) |
|
$ |
0.080 |
|
|
$ |
(0.696 |
) |
|
$ |
0.252 |
|
Diluted |
$ |
(0.218 |
) |
|
$ |
0.079 |
|
|
$ |
(0.697 |
) |
|
$ |
0.251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
(loss) income attributable to Melco Resorts & Entertainment
Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.652 |
) |
|
$ |
0.239 |
|
|
$ |
(2.088 |
) |
|
$ |
0.756 |
|
Diluted |
$ |
(0.654 |
) |
|
$ |
0.238 |
|
|
$ |
(2.091 |
) |
|
$ |
0.752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in adjusted net (loss) income
attributable to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,430,817,899 |
|
|
|
1,436,810,952 |
|
|
|
1,432,437,101 |
|
|
|
1,436,357,772 |
|
Diluted |
|
1,430,817,899 |
|
|
|
1,443,031,676 |
|
|
|
1,432,437,101 |
|
|
|
1,443,251,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Operating (Loss) Income to Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2020 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of Dream Manila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(22,653 |
) |
|
$ |
(2,367 |
) |
|
$ |
(111,994 |
) |
|
$ |
(66,769 |
) |
|
$ |
(20,982 |
) |
|
$ |
2,447 |
|
|
$ |
(52,689 |
) |
|
$ |
(275,007 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,743 |
|
|
|
- |
|
|
|
- |
|
|
|
2,743 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
812 |
|
|
|
- |
|
|
|
- |
|
|
|
812 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
29 |
|
|
|
77 |
|
|
|
- |
|
|
|
322 |
|
|
|
- |
|
|
|
428 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,831 |
|
|
|
2,831 |
|
Depreciation and amortization |
|
5,407 |
|
|
|
1,850 |
|
|
|
59,743 |
|
|
|
44,399 |
|
|
|
16,733 |
|
|
|
3,470 |
|
|
|
21,927 |
|
|
|
153,529 |
|
Share-based compensation |
|
140 |
|
|
|
36 |
|
|
|
1,512 |
|
|
|
484 |
|
|
|
340 |
|
|
|
54 |
|
|
|
8,526 |
|
|
|
11,092 |
|
Property charges and other |
|
261 |
|
|
|
30 |
|
|
|
1,517 |
|
|
|
71 |
|
|
|
5,550 |
|
|
|
(3 |
) |
|
|
- |
|
|
|
7,426 |
|
Adjusted
EBITDA |
|
(16,845 |
) |
|
|
(451 |
) |
|
|
(49,193 |
) |
|
|
(21,738 |
) |
|
|
5,196 |
|
|
|
6,290 |
|
|
|
(19,405 |
) |
|
|
(96,146 |
) |
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,405 |
|
|
|
19,405 |
|
Adjusted
Property EBITDA |
$ |
(16,845 |
) |
|
$ |
(451 |
) |
|
$ |
(49,193 |
) |
|
$ |
(21,738 |
) |
|
$ |
5,196 |
|
|
$ |
6,290 |
|
|
$ |
- |
|
|
$ |
(76,741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2019 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
$ |
7,797 |
|
|
$ |
4,584 |
|
|
$ |
167,828 |
|
|
$ |
60,424 |
|
|
$ |
19,788 |
|
|
$ |
5,452 |
|
|
$ |
(90,679 |
) |
|
$ |
175,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,740 |
|
|
|
- |
|
|
|
- |
|
|
|
8,740 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
765 |
|
|
|
- |
|
|
|
- |
|
|
|
765 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
24 |
|
|
|
6 |
|
|
|
- |
|
|
|
495 |
|
|
|
- |
|
|
|
525 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,433 |
|
|
|
30,433 |
|
Depreciation and amortization |
|
6,173 |
|
|
|
1,618 |
|
|
|
63,135 |
|
|
|
45,592 |
|
|
|
19,381 |
|
|
|
2,541 |
|
|
|
22,069 |
|
|
|
160,509 |
|
Share-based compensation |
|
54 |
|
|
|
39 |
|
|
|
1,124 |
|
|
|
421 |
|
|
|
371 |
|
|
|
52 |
|
|
|
5,774 |
|
|
|
7,835 |
|
Property charges and other |
|
31 |
|
|
|
33 |
|
|
|
889 |
|
|
|
(7 |
) |
|
|
826 |
|
|
|
- |
|
|
|
600 |
|
|
|
2,372 |
|
Adjusted
EBITDA |
|
14,055 |
|
|
|
6,274 |
|
|
|
233,000 |
|
|
|
106,436 |
|
|
|
49,871 |
|
|
|
8,540 |
|
|
|
(31,803 |
) |
|
|
386,373 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
31,803 |
|
|
|
31,803 |
|
Adjusted
Property EBITDA |
$ |
14,055 |
|
|
$ |
6,274 |
|
|
$ |
233,000 |
|
|
$ |
106,436 |
|
|
$ |
49,871 |
|
|
$ |
8,540 |
|
|
$ |
- |
|
|
$ |
418,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Operating (Loss) Income to Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(62,735 |
) |
|
$ |
(1,515 |
) |
|
$ |
(260,100 |
) |
|
$ |
(210,500 |
) |
|
$ |
(54,233 |
) |
|
$ |
(6,808 |
) |
|
$ |
(199,832 |
) |
|
$ |
(795,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,678 |
|
|
|
- |
|
|
|
- |
|
|
|
7,678 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,374 |
|
|
|
- |
|
|
|
- |
|
|
|
2,374 |
|
Pre-opening costs |
|
37 |
|
|
|
- |
|
|
|
(21 |
) |
|
|
133 |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
|
|
1,049 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,633 |
|
|
|
22,633 |
|
Depreciation and amortization |
|
16,086 |
|
|
|
5,459 |
|
|
|
186,253 |
|
|
|
131,043 |
|
|
|
49,553 |
|
|
|
9,128 |
|
|
|
73,446 |
|
|
|
470,968 |
|
Share-based compensation |
|
366 |
|
|
|
41 |
|
|
|
3,960 |
|
|
|
1,416 |
|
|
|
1,066 |
|
|
|
155 |
|
|
|
25,172 |
|
|
|
32,176 |
|
Property charges and other |
|
897 |
|
|
|
56 |
|
|
|
11,325 |
|
|
|
4,414 |
|
|
|
5,753 |
|
|
|
129 |
|
|
|
15,416 |
|
|
|
37,990 |
|
Adjusted
EBITDA |
|
(45,349 |
) |
|
|
4,041 |
|
|
|
(58,583 |
) |
|
|
(73,494 |
) |
|
|
12,191 |
|
|
|
3,504 |
|
|
|
(63,165 |
) |
|
|
(220,855 |
) |
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63,165 |
|
|
|
63,165 |
|
Adjusted
Property EBITDA |
$ |
(45,349 |
) |
|
$ |
4,041 |
|
|
$ |
(58,583 |
) |
|
$ |
(73,494 |
) |
|
$ |
12,191 |
|
|
$ |
3,504 |
|
|
$ |
- |
|
|
$ |
(157,690 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
$ |
19,985 |
|
|
$ |
12,150 |
|
|
$ |
509,575 |
|
|
$ |
148,088 |
|
|
$ |
82,244 |
|
|
$ |
11,145 |
|
|
$ |
(208,958 |
) |
|
$ |
574,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
45,995 |
|
|
|
- |
|
|
|
- |
|
|
|
45,995 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,283 |
|
|
|
- |
|
|
|
- |
|
|
|
2,283 |
|
Pre-opening costs |
|
25 |
|
|
|
- |
|
|
|
29 |
|
|
|
2,555 |
|
|
|
(7 |
) |
|
|
2,036 |
|
|
|
- |
|
|
|
4,638 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
39,873 |
|
|
|
39,873 |
|
Depreciation and amortization |
|
17,480 |
|
|
|
5,609 |
|
|
|
195,130 |
|
|
|
137,361 |
|
|
|
57,531 |
|
|
|
7,806 |
|
|
|
61,028 |
|
|
|
481,945 |
|
Share-based compensation |
|
258 |
|
|
|
120 |
|
|
|
2,835 |
|
|
|
1,113 |
|
|
|
1,001 |
|
|
|
128 |
|
|
|
17,059 |
|
|
|
22,514 |
|
Property charges and other |
|
73 |
|
|
|
(328 |
) |
|
|
4,766 |
|
|
|
8,535 |
|
|
|
4,182 |
|
|
|
- |
|
|
|
2,350 |
|
|
|
19,578 |
|
Adjusted
EBITDA |
|
37,821 |
|
|
|
17,551 |
|
|
|
712,335 |
|
|
|
297,652 |
|
|
|
193,229 |
|
|
|
21,115 |
|
|
|
(88,648 |
) |
|
|
1,191,055 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
88,648 |
|
|
|
88,648 |
|
Adjusted
Property EBITDA |
$ |
37,821 |
|
|
$ |
17,551 |
|
|
$ |
712,335 |
|
|
$ |
297,652 |
|
|
$ |
193,229 |
|
|
$ |
21,115 |
|
|
$ |
- |
|
|
$ |
1,279,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net (Loss) Income Attributable to Melco
Resorts & Entertainment Limited to |
Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited |
$ |
(331,581 |
) |
|
$ |
83,190 |
|
$ |
(1,063,758 |
) |
|
$ |
305,034 |
Net (loss)
income attributable to noncontrolling interests |
|
(55,330 |
) |
|
|
8,913 |
|
|
(156,016 |
) |
|
|
8,371 |
Net (loss)
income |
|
(386,911 |
) |
|
|
92,103 |
|
|
(1,219,774 |
) |
|
|
313,405 |
Income tax expense (credit) |
|
1,560 |
|
|
|
1,788 |
|
|
(5,166 |
) |
|
|
6,777 |
Interest and other non-operating expenses, net |
|
110,344 |
|
|
|
81,303 |
|
|
429,217 |
|
|
|
254,047 |
Property charges and other |
|
7,426 |
|
|
|
2,372 |
|
|
37,990 |
|
|
|
19,578 |
Share-based compensation |
|
11,092 |
|
|
|
7,835 |
|
|
32,176 |
|
|
|
22,514 |
Depreciation and amortization |
|
153,529 |
|
|
|
160,509 |
|
|
470,968 |
|
|
|
481,945 |
Development costs |
|
2,831 |
|
|
|
30,433 |
|
|
22,633 |
|
|
|
39,873 |
Pre-opening costs |
|
428 |
|
|
|
525 |
|
|
1,049 |
|
|
|
4,638 |
Land rent to Belle Corporation |
|
812 |
|
|
|
765 |
|
|
2,374 |
|
|
|
2,283 |
Payments to the Philippine Parties |
|
2,743 |
|
|
|
8,740 |
|
|
7,678 |
|
|
|
45,995 |
Adjusted
EBITDA |
|
(96,146 |
) |
|
|
386,373 |
|
|
(220,855 |
) |
|
|
1,191,055 |
Corporate and Other expenses |
|
19,405 |
|
|
|
31,803 |
|
|
63,165 |
|
|
|
88,648 |
Adjusted
Property EBITDA |
$ |
(76,741 |
) |
|
$ |
418,176 |
|
$ |
(157,690 |
) |
|
$ |
1,279,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
September
30, |
|
September
30, |
|
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Room
Statistics(4): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average daily rate (5) |
|
$ |
152 |
|
|
$ |
175 |
|
|
$ |
171 |
|
|
$ |
177 |
|
|
|
Occupancy per available room |
|
|
19 |
% |
|
|
99 |
% |
|
|
32 |
% |
|
|
99 |
% |
|
|
Revenue per available room (6) |
|
$ |
29 |
|
|
$ |
173 |
|
|
$ |
54 |
|
|
$ |
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
Average daily rate (5) |
|
$ |
208 |
|
|
$ |
208 |
|
|
$ |
230 |
|
|
$ |
207 |
|
|
|
Occupancy per available room |
|
|
15 |
% |
|
|
98 |
% |
|
|
24 |
% |
|
|
98 |
% |
|
|
Revenue per available room (6) |
|
$ |
31 |
|
|
$ |
204 |
|
|
$ |
54 |
|
|
$ |
202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
Average daily rate (5) |
|
$ |
119 |
|
|
$ |
135 |
|
|
$ |
134 |
|
|
$ |
134 |
|
|
|
Occupancy per available room |
|
|
13 |
% |
|
|
100 |
% |
|
|
20 |
% |
|
|
100 |
% |
|
|
Revenue per available room (6) |
|
$ |
16 |
|
|
$ |
135 |
|
|
$ |
27 |
|
|
$ |
134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
Average daily rate (5) |
|
$ |
291 |
|
|
$ |
179 |
|
|
$ |
222 |
|
|
$ |
175 |
|
|
|
Occupancy per available room |
|
|
26 |
% |
|
|
98 |
% |
|
|
58 |
% |
|
|
98 |
% |
|
|
Revenue per available room (6) |
|
$ |
77 |
|
|
$ |
176 |
|
|
$ |
129 |
|
|
$ |
172 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(7): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
101 |
|
|
|
102 |
|
|
|
96 |
|
|
|
104 |
|
|
|
Average number of gaming machines |
|
|
101 |
|
|
|
178 |
|
|
|
109 |
|
|
|
173 |
|
|
|
Table games win per unit per day (8) |
|
$ |
1,390 |
|
|
$ |
19,152 |
|
|
$ |
4,813 |
|
|
$ |
19,858 |
|
|
|
Gaming machines win per unit per day (9) |
$ |
104 |
|
|
$ |
202 |
|
|
$ |
123 |
|
|
$ |
214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
515 |
|
|
|
517 |
|
|
|
489 |
|
|
|
517 |
|
|
|
Average number of gaming machines |
|
|
482 |
|
|
|
863 |
|
|
|
476 |
|
|
|
836 |
|
|
|
Table games win per unit per day (8) |
|
$ |
2,033 |
|
|
$ |
19,520 |
|
|
$ |
6,149 |
|
|
$ |
18,387 |
|
|
|
Gaming machines win per unit per day (9) |
$ |
85 |
|
|
$ |
478 |
|
|
$ |
202 |
|
|
$ |
511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
291 |
|
|
|
292 |
|
|
|
279 |
|
|
|
293 |
|
|
|
Average number of gaming machines |
|
|
595 |
|
|
|
896 |
|
|
|
579 |
|
|
|
952 |
|
|
|
Table games win per unit per day (8) |
|
$ |
774 |
|
|
$ |
12,126 |
|
|
$ |
2,234 |
|
|
$ |
12,481 |
|
|
|
Gaming machines win per unit per day (9) |
$ |
48 |
|
|
$ |
243 |
|
|
$ |
96 |
|
|
$ |
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
301 |
|
|
|
311 |
|
|
|
300 |
|
|
|
306 |
|
|
|
Average number of gaming machines |
|
|
2,256 |
|
|
|
2,267 |
|
|
|
2,274 |
|
|
|
2,260 |
|
|
|
Table games win per unit per day (8) |
|
$ |
1,450 |
|
|
$ |
2,975 |
|
|
$ |
2,712 |
|
|
$ |
4,451 |
|
|
|
Gaming machines win per unit per day (9) |
$ |
96 |
|
|
$ |
259 |
|
|
$ |
143 |
|
|
$ |
256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
25 |
|
|
|
38 |
|
|
|
30 |
|
|
|
38 |
|
|
|
Average number of gaming machines |
|
|
304 |
|
|
|
409 |
|
|
|
362 |
|
|
|
372 |
|
|
|
Table games win per unit per day (8) |
|
$ |
2,041 |
|
|
$ |
3,256 |
|
|
$ |
1,901 |
|
|
$ |
2,562 |
|
|
|
Gaming machines win per unit per day (9) |
$ |
565 |
|
|
$ |
416 |
|
|
$ |
483 |
|
|
$ |
432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
|
Room statistics exclude rooms that were temporarily closed or
provided to staff members during the three and nine months ended
September 30, 2020 due to the COVID-19 outbreak |
(5) |
|
Average daily rate is calculated by dividing total room revenues
including complimentary rooms (less service charges, if any) by
total occupied rooms including complimentary rooms |
(6) |
|
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
(7) |
|
Table games and gaming machines that were not in operation during
the three and nine months ended September 30, 2020 due to
government mandated closures or social distancing measures in
relation to the COVID-19 outbreak have been excluded |
(8) |
|
Table games win per unit per day is shown before discounts,
commissions, non-discretionary incentives (including our
point-loyalty programs) and allocating casino revenues related to
goods and services provided to gaming patrons on a complimentary
basis |
(9) |
|
Gaming machines win per unit per day is shown before
non-discretionary incentives (including our point-loyalty programs)
and allocating casino revenues related to goods and services
provided to gaming patrons on a complimentary basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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