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 fourth quarter and full year ended
December 31, 2020.
Total operating revenues for the fourth quarter
of 2020 were US$0.53 billion, representing a decrease of
approximately 64% from US$1.45 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 throughout 2020 which continued through the fourth
quarter.
Operating loss for the fourth quarter of 2020
was US$144.8 million, compared with operating income of US$173.4
million in the fourth quarter of 2019.
Melco generated Adjusted Property EBITDA(1) of
US$53.4 million in the fourth quarter of 2020, compared with
Adjusted Property EBITDA of US$409.8 million in the fourth quarter
of 2019.
Net loss attributable to Melco Resorts &
Entertainment Limited for the fourth quarter of 2020 was US$199.7
million, or US$0.42 per ADS, compared with net income attributable
to Melco Resorts & Entertainment Limited of US$68.1 million, or
US$0.14 per ADS, in the fourth quarter of 2019. The net loss
attributable to noncontrolling interests during the fourth quarter
of 2020 was US$35.1 million and the net income attributable to
noncontrolling interests during the fourth quarter of 2019 was
US$12.7 million, all of which was 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 these challenges, our
integrated resorts experienced a moderate recovery in business
levels during the fourth quarter.
“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
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. As of December 31, 2020, we had cash on hand of
approximately US$1.8 billion, and undrawn revolver capacities of
approximately US$2.0 billion. In January, Studio City issued US$750
million of 5.00% senior notes due in 2029, and Melco issued an
additional US$250 million from the 5.375% 2029 senior notes. These
transactions reduced our average borrowing rate and extended our
maturity profile.
“While impacted by COVID-19, Melco remains
committed to its global development program. In Macau, 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. Also in Macau, our facility upgrade works at City of
Dreams are ongoing, with the fully renovated Nϋwa nearing
completion. In Europe, we are developing City of Dreams
Mediterranean which, upon completion, will be Europe’s largest
integrated resort with more than 500 luxury hotel rooms,
approximately 10,000 square meters of MICE space, an outdoor
amphitheater, a family adventure park, and a variety of fine-dining
outlets and luxury retail.
“Turning to Japan, I want to highlight our
continued commitment to bring to the country a world-leading IR. 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, 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 an
exceptional IR with a uniquely Japanese touch. Due to COVID, the
process in Japan has been delayed and remains complex but has
renewed momentum as jurisdictions are again initiating RFP
processes. 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 Fourth Quarter
Results
For the quarter ended December 31, 2020, total
operating revenues at City of Dreams were US$321.2 million,
compared to US$759.1 million in the fourth quarter of 2019. City of
Dreams generated Adjusted EBITDA of US$57.3 million in the fourth
quarter of 2020, compared with Adjusted EBITDA of US$210.4 million
in the fourth 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 due to the
pandemic.
Rolling chip volume was US$3.16 billion for the
fourth quarter of 2020, versus US$15.96 billion in the fourth
quarter of 2019. The rolling chip win rate was 3.76% in the fourth
quarter of 2020, versus 2.65% in the fourth quarter of 2019. The
expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$0.74 billion in the fourth quarter of 2020, compared with
US$1.41 billion in the fourth quarter of 2019. The mass market
table games hold percentage was 30.1% in the fourth quarter of
2020, compared to 32.8% in the fourth quarter of 2019.
Gaming machine handle for the fourth quarter of
2020 was US$0.47 billion, compared with US$1.20 billion in the
fourth quarter of 2019. The gaming machine win rate was 3.1% in the
fourth quarter of 2020, versus 4.4% in the fourth quarter of
2019.
Total non-gaming revenue at City of Dreams in
the fourth quarter of 2020 was US$48.1 million, compared with
US$105.4 million in the fourth quarter of 2019.
Altira Macau Fourth Quarter
Results
For the quarter ended December 31, 2020, total
operating revenues at Altira Macau were US$28.0 million, compared
to US$113.9 million in the fourth quarter of 2019. Altira Macau
generated negative Adjusted EBITDA of US$13.4 million in the fourth
quarter of 2020, compared with Adjusted EBITDA of US$13.6 million
in the fourth 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$0.95 billion in the
fourth quarter of 2020, versus US$4.21 billion in the fourth
quarter of 2019. The rolling chip win rate was 3.14% in the fourth
quarter of 2020, versus 3.39% in the fourth 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$48.5 million in the fourth quarter of 2020 versus US$167.6
million in the fourth quarter of 2019. The mass market table games
hold percentage was 19.1% in the fourth quarter of 2020, compared
with 20.3% in the fourth quarter of 2019.
Gaming machine handle for the fourth quarter of 2020 was US$56.4
million, compared with US$81.1 million in the fourth quarter of
2019. The gaming machine win rate was 4.0% in the fourth quarter of
2020, versus 3.2% in the fourth quarter of 2019.
Total non-gaming revenue at Altira Macau in the
fourth quarter of 2020 was US$3.7 million, compared with US$7.4
million in the fourth quarter of 2019.
Mocha Clubs Fourth Quarter
Results
Total operating revenues from Mocha Clubs were
US$12.8 million in the fourth quarter of 2020, compared to US$28.0
million in the fourth quarter of 2019. Mocha Clubs generated
negative Adjusted EBITDA of US$0.5 million in the fourth quarter of
2020, compared with Adjusted EBITDA of US$5.7 million in the same
period in 2019.
Gaming machine handle for the fourth quarter of
2020 was US$299.3 million, compared with US$603.4 million in the
fourth quarter of 2019. The gaming machine win rate was 4.3% in the
fourth quarter of 2020 versus 4.6% in the fourth quarter of
2019.
Studio City Fourth Quarter
Results
For the quarter ended December 31, 2020, total
operating revenues at Studio City were US$88.2 million, compared to
US$358.3 million in the fourth quarter of 2019. Studio City
generated negative Adjusted EBITDA of US$5.5 million in the fourth
quarter of 2020, compared with Adjusted EBITDA of US$117.4 million
in the fourth 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$0.45
billion in the fourth quarter of 2020, versus US$2.46 billion in
the fourth quarter of 2019. The rolling chip win rate was negative
0.13% in the fourth quarter of 2020, versus 3.60% in the fourth
quarter of 2019. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop decreased to
US$305.6 million in the fourth quarter of 2020, compared with
US$879.8 million in the fourth quarter of 2019. The mass market
table games hold percentage was 27.0% in the fourth quarter of
2020, compared to 30.2% in the fourth quarter of 2019.
Gaming machine handle for the fourth quarter of
2020 was US$257.7 million, compared with US$695.4 million in the
fourth quarter of 2019. The gaming machine win rate was 2.2% in the
fourth quarter of 2020, versus 3.0% in the fourth quarter of
2019.
Total non-gaming revenue at Studio City in the
fourth quarter of 2020 was US$19.8 million, compared with US$52.1
million in the fourth quarter of 2019.
City of Dreams Manila Fourth Quarter
Results
For the quarter ended December 31, 2020, total
operating revenues at City of Dreams Manila were US$63.8 million,
compared to US$153.5 million in the fourth quarter of 2019. City of
Dreams Manila generated Adjusted EBITDA of US$16.8 million in the
fourth quarter of 2020, compared with Adjusted EBITDA of US$53.9
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$0.24 billion in the fourth quarter of 2020, versus US$2.02
billion in the fourth quarter of 2019. The rolling chip win rate
was 2.98% in the fourth quarter of 2020, versus 3.01% in the fourth
quarter of 2019. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop decreased to
US$99.6 million in the fourth quarter of 2020, compared with
US$216.3 million in the fourth quarter of 2019. The mass market
table games hold percentage was 35.7% in the fourth quarter of
2020, compared to 31.8% in the fourth quarter of 2019.
Gaming machine handle for the fourth quarter of
2020 was US$0.53 billion, compared with US$1.06 billion in the
fourth quarter of 2019. The gaming machine win rate was 4.8% in the
fourth quarter of 2020, versus 5.3% in the fourth quarter of
2019.
Total non-gaming revenue at City of Dreams
Manila in the fourth quarter of 2020 was US$14.5 million, compared
with US$33.4 million in the fourth quarter of 2019.
Cyprus Operations Fourth 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, of which three satellite casinos
are planned to reopen after the current government restrictions are
lifted. 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 December 31, 2020, total
operating revenues at Cyprus Casinos were US$8.2 million, compared
to US$24.7 million in the fourth quarter of 2019. Cyprus Casinos
generated negative Adjusted EBITDA of US$1.2 million in the fourth
quarter of 2020, compared with Adjusted EBITDA of US$8.6 million in
the fourth quarter of 2019. The year-over-year decrease in Adjusted
EBITDA was primarily a result of temporary government-mandated
casino closures during the fourth quarter of 2020.
Rolling chip volume was US$0.1 million for the
fourth quarter of 2020, versus US$22.8 million in the fourth
quarter of 2019. The rolling chip win rate was negative 17.43% in
the fourth quarter of 2020, versus 3.61% in the fourth quarter of
2019. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop was US$10.5 million
in the fourth quarter of 2020, versus US$33.9 million in the fourth
quarter of 2019. The mass market table games hold percentage was
16.2% in the fourth quarter of 2020, compared to 19.8% in the
fourth quarter of 2019.
Gaming machine handle for the fourth quarter of
2020 was US$129.4 million, compared with US$349.5 million in the
fourth quarter of 2019. The gaming machine win rate was 5.2% in the
fourth quarter of 2020, versus 4.9% in the fourth quarter of
2019.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2020 were US$87.8 million, which mainly included
interest expenses, net of amounts capitalized, of US$90.6
million.
Depreciation and amortization costs of US$147.6
million were recorded in the fourth 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 December 31, 2020 referred to in this press
release was US$8.8 million less than the negative Adjusted EBITDA
of Studio City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated February 25, 2021
(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 December 31,
2020 aggregated to US$1.76 billion, including US$0.4 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$5.65 billion at the end
of the fourth quarter of 2020.
Capital expenditures for the fourth quarter of
2020 were US$168.2 million, which primarily related to various
projects at City of Dreams, Studio City Phase 2, and City of Dreams
Mediterranean construction.
On January 14, 2021, Studio City Finance Limited
(“Studio City Finance”), a subsidiary of the Company, issued US$750
million in aggregate principal amount of 5.000% senior notes due
2029 (the “Studio City 2029 Notes”). Net proceeds from the issuance
of the Studio City 2029 Notes were used to fund the conditional
cash tender offer announced by Studio City Finance on January 4,
2021 for any and all of its outstanding 7.250% senior notes due
2024 (the “Studio City 2024 Notes”) and fully redeem the Studio
City 2024 Notes which remained outstanding following the completion
of such conditional cash tender offer. The remaining balance will
be used to partially fund the capital expenditures of the Studio
City Phase 2 project and for general corporate purposes.
On January 21, 2021, Melco Resorts Finance
Limited (“Melco Resorts Finance”), a subsidiary of the Company,
issued an additional US$250 million in aggregate principal amount
of its 5.375% senior notes due 2029 (the “Additional Melco Resorts
Finance 2029 Notes”). Net proceeds from the issuance of the
Additional Melco Resorts Finance 2029 Notes were used for repayment
of the principal amount drawn under the revolving credit facility
under the senior facilities agreement entered into by MCO Nominee
One Limited on April 29, 2020, together with accrued interest and
associated costs. The remaining balance will be used for general
corporate purposes.
Full Year Results
For the year ended December 31, 2020, Melco
Resorts & Entertainment Limited reported total operating
revenues of US$1.73 billion, versus US$5.74 billion in the prior
year. 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 temporary casino closures and a significant decline in
inbound tourism in 2020.
Operating loss for 2020 was US$940.6 million,
compared with operating income of US$747.7 million for 2019.
Melco generated negative Adjusted Property
EBITDA of US$0.10 billion for the year ended December 31, 2020,
compared with Adjusted Property EBITDA of US$1.69 billion in
2019.
Net loss attributable to Melco Resorts &
Entertainment Limited for 2020 was US$1.26 billion, or US$2.65 per
ADS, compared with net income attributable to Melco Resorts &
Entertainment Limited of US$373.2 million, or US$0.78 per ADS, for
2019. The net loss attributable to noncontrolling interests for
2020 was US$191.1 million and the net income attributable to
noncontrolling interests for 2019 was US$21.1 million, all of which
were related to Studio City, City of Dreams Manila and the Cyprus
Operations.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position, and
prospects during the first quarter of 2021.
Despite the nationwide resumption of issuance of
Individual Visit Scheme visas by China in September 2020, 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 enhanced 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 a formal notice that City of Dreams Manila can
resume operations again on a regular basis in the future.
In Cyprus, on November 12, 2020, as part of a
regional lockdown, our casino operations in Limassol and Paphos
were suspended until November 30, 2020. Thereafter, the government
of Cyprus announced nationwide measures from November 30, 2020 to
December 31, 2020, in an effort to prevent the spread of COVID-19
which included, among others, curfews, restrictions on gatherings,
sports activities and operation of food and beverage and retail
businesses and closure of various other businesses, including our
casino operations in Cyprus. Our operations in Cyprus are currently
closed and will remain closed while such measures remain in
place.
The COVID-19 outbreak has also impacted the
construction of the Studio City Phase 2 project and the progress of
construction work on the City of Dreams Mediterranean project. We
currently expect additional time will be needed to complete the
construction of these projects. Previously, under the gaming
license granted by the government of Cyprus to our subsidiary
Integrated Casino Resorts Cyprus Limited, we were required to open
the City of Dreams Mediterranean project by December 31, 2021. In
February 2021, the government of Cyprus extended the opening date
requirement to September 30, 2022.
As the disruptions from the COVID-19 outbreak
are ongoing, any recovery from such disruptions will depend on
future events, such as the successful production, distribution and
widespread acceptance of safe and effective vaccines, the
development of effective treatments for COVID-19, including for new
strains of COVID-19, the duration of travel and visa restrictions
as well as 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 fourth quarter 2020 financial
results on Thursday, February 25, 2021 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 |
2386216 |
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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 |
1 800 1612 0166 |
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Conference ID |
2386216 |
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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 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 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) |
“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.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) |
“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. |
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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: Timothy MazikTel: +852 2598 3516Email:
timothymazik@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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
440,442 |
|
|
$ |
1,248,916 |
|
|
$ |
1,471,356 |
|
|
$ |
4,976,686 |
|
Rooms |
|
41,365 |
|
|
|
90,990 |
|
|
|
108,593 |
|
|
|
349,908 |
|
Food and beverage |
|
26,481 |
|
|
|
62,375 |
|
|
|
74,528 |
|
|
|
235,120 |
|
Entertainment, retail and other |
|
19,714 |
|
|
|
48,360 |
|
|
|
73,446 |
|
|
|
175,087 |
|
Total
operating revenues |
|
528,002 |
|
|
|
1,450,641 |
|
|
|
1,727,923 |
|
|
|
5,736,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(363,392 |
) |
|
|
(843,550 |
) |
|
|
(1,350,210 |
) |
|
|
(3,266,736 |
) |
Rooms |
|
(11,793 |
) |
|
|
(22,553 |
) |
|
|
(46,690 |
) |
|
|
(89,778 |
) |
Food and beverage |
|
(23,641 |
) |
|
|
(48,004 |
) |
|
|
(86,123 |
) |
|
|
(181,456 |
) |
Entertainment, retail and other |
|
(10,464 |
) |
|
|
(26,906 |
) |
|
|
(55,379 |
) |
|
|
(99,945 |
) |
General and administrative |
|
(98,184 |
) |
|
|
(136,480 |
) |
|
|
(424,398 |
) |
|
|
(559,480 |
) |
Payments to the Philippine Parties |
|
(5,311 |
) |
|
|
(11,433 |
) |
|
|
(12,989 |
) |
|
|
(57,428 |
) |
Pre-opening costs |
|
(273 |
) |
|
|
(209 |
) |
|
|
(1,322 |
) |
|
|
(4,847 |
) |
Development costs |
|
(2,983 |
) |
|
|
(17,560 |
) |
|
|
(25,616 |
) |
|
|
(57,433 |
) |
Amortization of gaming subconcession |
|
(14,361 |
) |
|
|
(14,240 |
) |
|
|
(57,411 |
) |
|
|
(56,841 |
) |
Amortization of land use rights |
|
(5,725 |
) |
|
|
(5,677 |
) |
|
|
(22,886 |
) |
|
|
(22,659 |
) |
Depreciation and amortization |
|
(127,476 |
) |
|
|
(149,343 |
) |
|
|
(538,233 |
) |
|
|
(571,705 |
) |
Property charges and other |
|
(9,233 |
) |
|
|
(1,237 |
) |
|
|
(47,223 |
) |
|
|
(20,815 |
) |
Total
operating costs and expenses |
|
(672,836 |
) |
|
|
(1,277,192 |
) |
|
|
(2,668,480 |
) |
|
|
(4,989,123 |
) |
Operating
(loss) income |
|
(144,834 |
) |
|
|
173,449 |
|
|
|
(940,557 |
) |
|
|
747,678 |
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,402 |
|
|
|
2,142 |
|
|
|
5,134 |
|
|
|
9,311 |
|
Interest expenses, net of amounts capitalized |
|
(90,551 |
) |
|
|
(84,434 |
) |
|
|
(340,839 |
) |
|
|
(310,102 |
) |
Other financing costs |
|
(2,311 |
) |
|
|
(1,065 |
) |
|
|
(7,955 |
) |
|
|
(2,738 |
) |
Foreign exchange gains (losses), net |
|
3,038 |
|
|
|
(1,347 |
) |
|
|
(2,079 |
) |
|
|
(10,756 |
) |
Other income (expenses), net |
|
888 |
|
|
|
(3,748 |
) |
|
|
(150,969 |
) |
|
|
(23,914 |
) |
Loss on extinguishment of debt |
|
(219 |
) |
|
|
(2,612 |
) |
|
|
(19,952 |
) |
|
|
(6,333 |
) |
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
(310 |
) |
|
|
(579 |
) |
Total
non-operating expenses, net |
|
(87,753 |
) |
|
|
(91,064 |
) |
|
|
(516,970 |
) |
|
|
(345,111 |
) |
(Loss)
income before income tax |
|
(232,587 |
) |
|
|
82,385 |
|
|
|
(1,457,527 |
) |
|
|
402,567 |
|
Income tax
(expense) credit |
|
(2,253 |
) |
|
|
(1,562 |
) |
|
|
2,913 |
|
|
|
(8,339 |
) |
Net (loss)
income |
|
(234,840 |
) |
|
|
80,823 |
|
|
|
(1,454,614 |
) |
|
|
394,228 |
|
Net loss
(income) attributable to noncontrolling interests |
|
35,106 |
|
|
|
(12,684 |
) |
|
|
191,122 |
|
|
|
(21,055 |
) |
Net (loss)
income attributable to Melco Resorts & Entertainment
Limited |
$ |
(199,734 |
) |
|
$ |
68,139 |
|
|
$ |
(1,263,492 |
) |
|
$ |
373,173 |
|
|
|
|
|
|
|
|
|
|
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|
Net (loss)
income attributable to Melco Resorts & Entertainment Limited
per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.140 |
) |
|
$ |
0.047 |
|
|
$ |
(0.882 |
) |
|
$ |
0.260 |
|
Diluted |
$ |
(0.140 |
) |
|
$ |
0.047 |
|
|
$ |
(0.884 |
) |
|
$ |
0.258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Melco Resorts & Entertainment
Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.419 |
) |
|
$ |
0.142 |
|
|
$ |
(2.647 |
) |
|
$ |
0.779 |
|
Diluted |
$ |
(0.419 |
) |
|
$ |
0.142 |
|
|
$ |
(2.652 |
) |
|
$ |
0.775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in net (loss) income
attributable to Melco Resorts & Entertainment Limited per
share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,430,907,993 |
|
|
|
1,437,196,123 |
|
|
|
1,432,052,735 |
|
|
|
1,436,569,083 |
|
Diluted |
|
1,430,907,993 |
|
|
|
1,444,028,468 |
|
|
|
1,432,052,735 |
|
|
|
1,443,447,422 |
|
|
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|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(In
thousands of U.S. dollars, except share and per share
data) |
|
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|
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|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
2020 |
|
2019 |
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,755,351 |
|
|
$ |
1,394,982 |
|
Investment securities |
|
- |
|
|
|
49,369 |
|
Restricted cash |
|
144 |
|
|
|
37,390 |
|
Accounts receivable, net |
|
129,619 |
|
|
|
284,333 |
|
Amounts due from affiliated companies |
|
765 |
|
|
|
442 |
|
Inventories |
|
37,277 |
|
|
|
43,959 |
|
Prepaid expenses and other current assets |
|
86,238 |
|
|
|
84,197 |
|
Total
current assets |
|
2,009,394 |
|
|
|
1,894,672 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
5,681,268 |
|
|
|
5,723,909 |
|
Gaming
subconcession, net |
|
84,663 |
|
|
|
141,440 |
|
Intangible
assets, net |
|
58,833 |
|
|
|
31,628 |
|
Goodwill |
|
82,203 |
|
|
|
95,620 |
|
Long-term
prepayments, deposits and other assets |
|
284,168 |
|
|
|
176,478 |
|
Investment
securities |
|
- |
|
|
|
568,936 |
|
Restricted
cash |
|
275 |
|
|
|
130 |
|
Deferred tax
assets, net |
|
6,376 |
|
|
|
3,558 |
|
Operating
lease right-of-use assets |
|
92,213 |
|
|
|
111,043 |
|
Land use
rights, net |
|
721,574 |
|
|
|
741,008 |
|
Total
assets |
$ |
9,020,967 |
|
|
$ |
9,488,422 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
9,483 |
|
|
$ |
21,882 |
|
Accrued expenses and other current liabilities |
|
983,865 |
|
|
|
1,420,516 |
|
Income tax payable |
|
14,164 |
|
|
|
8,516 |
|
Operating lease liabilities, current |
|
27,066 |
|
|
|
33,152 |
|
Finance lease liabilities, current |
|
80,004 |
|
|
|
39,725 |
|
Current portion of long-term debt, net |
|
129 |
|
|
|
146 |
|
Amounts due to affiliated companies |
|
1,668 |
|
|
|
1,523 |
|
Total
current liabilities |
|
1,116,379 |
|
|
|
1,525,460 |
|
|
|
|
|
|
|
Long-term
debt, net |
|
5,645,262 |
|
|
|
4,393,985 |
|
Other
long-term liabilities |
|
29,213 |
|
|
|
18,773 |
|
Deferred tax
liabilities, net |
|
45,952 |
|
|
|
56,677 |
|
Operating
lease liabilities, non-current |
|
75,867 |
|
|
|
88,259 |
|
Finance
lease liabilities, non-current |
|
270,223 |
|
|
|
262,040 |
|
Total
liabilities |
|
7,182,896 |
|
|
|
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; |
|
|
|
|
|
1,430,965,312 and 1,437,328,096 shares outstanding,
respectively |
|
14,565 |
|
|
|
14,565 |
|
Treasury
shares, at cost; 25,582,630 and 19,219,846 shares,
respectively |
|
(121,028 |
) |
|
|
(90,585 |
) |
Additional paid-in capital |
|
3,207,312 |
|
|
|
3,178,579 |
|
Accumulated other comprehensive losses |
|
(11,332 |
) |
|
|
(18,803 |
) |
Accumulated losses |
|
(1,987,396 |
) |
|
|
(644,788 |
) |
Total Melco
Resorts & Entertainment Limited shareholders’ equity |
|
1,102,121 |
|
|
|
2,438,968 |
|
Noncontrolling interests |
|
735,950 |
|
|
|
704,260 |
|
Total
shareholders' equity |
|
1,838,071 |
|
|
|
3,143,228 |
|
Total
liabilities and shareholders' equity |
$ |
9,020,967 |
|
|
$ |
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 |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited |
$ |
(199,734 |
) |
|
$ |
68,139 |
|
|
$ |
(1,263,492 |
) |
|
$ |
373,173 |
|
Pre-opening costs |
|
273 |
|
|
|
209 |
|
|
|
1,322 |
|
|
|
4,847 |
|
Development costs |
|
2,983 |
|
|
|
17,560 |
|
|
|
25,616 |
|
|
|
57,433 |
|
Property charges and other |
|
9,233 |
|
|
|
1,237 |
|
|
|
47,223 |
|
|
|
20,815 |
|
Loss on extinguishment of debt |
|
219 |
|
|
|
2,612 |
|
|
|
19,952 |
|
|
|
6,333 |
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
310 |
|
|
|
579 |
|
Income tax impact on adjustments |
|
(821 |
) |
|
|
(333 |
) |
|
|
(4,999 |
) |
|
|
(4,549 |
) |
Noncontrolling interests impact on adjustments |
|
(637 |
) |
|
|
(373 |
) |
|
|
(11,314 |
) |
|
|
(7,556 |
) |
Adjusted net
(loss) income attributable to Melco Resorts &
Entertainment Limited |
$ |
(188,484 |
) |
|
$ |
89,051 |
|
|
$ |
(1,185,382 |
) |
|
$ |
451,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
(loss) income attributable to Melco Resorts & Entertainment
Limited per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.132 |
) |
|
$ |
0.062 |
|
|
$ |
(0.828 |
) |
|
$ |
0.314 |
|
Diluted |
$ |
(0.132 |
) |
|
$ |
0.062 |
|
|
$ |
(0.830 |
) |
|
$ |
0.312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
(loss) income attributable to Melco Resorts &
Entertainment Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.395 |
) |
|
$ |
0.186 |
|
|
$ |
(2.483 |
) |
|
$ |
0.942 |
|
Diluted |
$ |
(0.395 |
) |
|
$ |
0.185 |
|
|
$ |
(2.489 |
) |
|
$ |
0.937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in adjusted net (loss) income
attributable to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,430,907,993 |
|
|
|
1,437,196,123 |
|
|
|
1,432,052,735 |
|
|
|
1,436,569,083 |
|
Diluted |
|
1,430,907,993 |
|
|
|
1,444,028,468 |
|
|
|
1,432,052,735 |
|
|
|
1,443,447,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 2020 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(19,569 |
) |
|
$ |
(2,509 |
) |
|
$ |
(1,395 |
) |
|
$ |
(45,704 |
) |
|
$ |
(9,166 |
) |
|
$ |
(5,093 |
) |
|
$ |
(61,398 |
) |
|
$ |
(144,834 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,311 |
|
|
|
- |
|
|
|
- |
|
|
|
5,311 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
821 |
|
|
|
- |
|
|
|
- |
|
|
|
821 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
89 |
|
|
|
68 |
|
|
|
- |
|
|
|
116 |
|
|
|
- |
|
|
|
273 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,983 |
|
|
|
2,983 |
|
Depreciation and amortization |
|
5,423 |
|
|
|
1,872 |
|
|
|
59,037 |
|
|
|
37,477 |
|
|
|
16,539 |
|
|
|
3,215 |
|
|
|
23,999 |
|
|
|
147,562 |
|
Share-based compensation |
|
500 |
|
|
|
153 |
|
|
|
2,275 |
|
|
|
1,900 |
|
|
|
1,256 |
|
|
|
538 |
|
|
|
15,594 |
|
|
|
22,216 |
|
Property charges and other |
|
222 |
|
|
|
3 |
|
|
|
(2,749 |
) |
|
|
753 |
|
|
|
2,031 |
|
|
|
- |
|
|
|
8,973 |
|
|
|
9,233 |
|
Adjusted
EBITDA |
|
(13,424 |
) |
|
|
(481 |
) |
|
|
57,257 |
|
|
|
(5,506 |
) |
|
|
16,792 |
|
|
|
(1,224 |
) |
|
|
(9,849 |
) |
|
|
43,565 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,849 |
|
|
|
9,849 |
|
Adjusted
Property EBITDA |
$ |
(13,424 |
) |
|
$ |
(481 |
) |
|
$ |
57,257 |
|
|
$ |
(5,506 |
) |
|
$ |
16,792 |
|
|
$ |
(1,224 |
) |
|
$ |
- |
|
|
$ |
53,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2019 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
$ |
7,845 |
|
|
$ |
4,010 |
|
|
$ |
145,659 |
|
|
$ |
73,859 |
|
|
$ |
18,137 |
|
|
$ |
5,704 |
|
|
$ |
(81,765 |
) |
|
$ |
173,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,433 |
|
|
|
- |
|
|
|
- |
|
|
|
11,433 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
778 |
|
|
|
- |
|
|
|
- |
|
|
|
778 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
12 |
|
|
|
- |
|
|
|
195 |
|
|
|
- |
|
|
|
209 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17,560 |
|
|
|
17,560 |
|
Depreciation and amortization |
|
5,679 |
|
|
|
1,686 |
|
|
|
63,277 |
|
|
|
42,677 |
|
|
|
23,086 |
|
|
|
2,692 |
|
|
|
30,163 |
|
|
|
169,260 |
|
Share-based compensation |
|
118 |
|
|
|
33 |
|
|
|
956 |
|
|
|
376 |
|
|
|
426 |
|
|
|
51 |
|
|
|
7,323 |
|
|
|
9,283 |
|
Property charges and other |
|
7 |
|
|
|
- |
|
|
|
547 |
|
|
|
522 |
|
|
|
2 |
|
|
|
- |
|
|
|
159 |
|
|
|
1,237 |
|
Adjusted
EBITDA |
|
13,649 |
|
|
|
5,729 |
|
|
|
210,441 |
|
|
|
117,446 |
|
|
|
53,862 |
|
|
|
8,642 |
|
|
|
(26,560 |
) |
|
|
383,209 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26,560 |
|
|
|
26,560 |
|
Adjusted
Property EBITDA |
$ |
13,649 |
|
|
$ |
5,729 |
|
|
$ |
210,441 |
|
|
$ |
117,446 |
|
|
$ |
53,862 |
|
|
$ |
8,642 |
|
|
$ |
- |
|
|
$ |
409,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2020 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(82,304 |
) |
|
$ |
(4,024 |
) |
|
$ |
(261,495 |
) |
|
$ |
(256,204 |
) |
|
$ |
(63,399 |
) |
|
$ |
(11,901 |
) |
|
$ |
(261,230 |
) |
|
$ |
(940,557 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,989 |
|
|
|
- |
|
|
|
- |
|
|
|
12,989 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,195 |
|
|
|
- |
|
|
|
- |
|
|
|
3,195 |
|
Pre-opening costs |
|
37 |
|
|
|
- |
|
|
|
68 |
|
|
|
201 |
|
|
|
- |
|
|
|
1,016 |
|
|
|
- |
|
|
|
1,322 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,616 |
|
|
|
25,616 |
|
Depreciation and amortization |
|
21,509 |
|
|
|
7,331 |
|
|
|
245,290 |
|
|
|
168,520 |
|
|
|
66,092 |
|
|
|
12,343 |
|
|
|
97,445 |
|
|
|
618,530 |
|
Share-based compensation |
|
866 |
|
|
|
194 |
|
|
|
6,235 |
|
|
|
3,316 |
|
|
|
2,322 |
|
|
|
693 |
|
|
|
40,766 |
|
|
|
54,392 |
|
Property charges and other |
|
1,119 |
|
|
|
59 |
|
|
|
8,576 |
|
|
|
5,167 |
|
|
|
7,784 |
|
|
|
129 |
|
|
|
24,389 |
|
|
|
47,223 |
|
Adjusted
EBITDA |
|
(58,773 |
) |
|
|
3,560 |
|
|
|
(1,326 |
) |
|
|
(79,000 |
) |
|
|
28,983 |
|
|
|
2,280 |
|
|
|
(73,014 |
) |
|
|
(177,290 |
) |
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
73,014 |
|
|
|
73,014 |
|
Adjusted
Property EBITDA |
$ |
(58,773 |
) |
|
$ |
3,560 |
|
|
$ |
(1,326 |
) |
|
$ |
(79,000 |
) |
|
$ |
28,983 |
|
|
$ |
2,280 |
|
|
$ |
- |
|
|
$ |
(104,276 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
27,830 |
|
|
$ |
16,160 |
|
|
$ |
655,234 |
|
|
$ |
221,947 |
|
|
$ |
100,381 |
|
|
$ |
16,849 |
|
|
$ |
(290,723 |
) |
|
$ |
747,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
57,428 |
|
|
|
- |
|
|
|
- |
|
|
|
57,428 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,061 |
|
|
|
- |
|
|
|
- |
|
|
|
3,061 |
|
Pre-opening costs |
|
25 |
|
|
|
- |
|
|
|
31 |
|
|
|
2,567 |
|
|
|
(7 |
) |
|
|
2,231 |
|
|
|
- |
|
|
|
4,847 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
57,433 |
|
|
|
57,433 |
|
Depreciation and amortization |
|
23,159 |
|
|
|
7,295 |
|
|
|
258,407 |
|
|
|
180,038 |
|
|
|
80,617 |
|
|
|
10,498 |
|
|
|
91,191 |
|
|
|
651,205 |
|
Share-based compensation |
|
376 |
|
|
|
153 |
|
|
|
3,791 |
|
|
|
1,489 |
|
|
|
1,427 |
|
|
|
179 |
|
|
|
24,382 |
|
|
|
31,797 |
|
Property charges and other |
|
80 |
|
|
|
(328 |
) |
|
|
5,313 |
|
|
|
9,057 |
|
|
|
4,184 |
|
|
|
- |
|
|
|
2,509 |
|
|
|
20,815 |
|
Adjusted
EBITDA |
|
51,470 |
|
|
|
23,280 |
|
|
|
922,776 |
|
|
|
415,098 |
|
|
|
247,091 |
|
|
|
29,757 |
|
|
|
(115,208 |
) |
|
|
1,574,264 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
115,208 |
|
|
|
115,208 |
|
Adjusted
Property EBITDA |
$ |
51,470 |
|
|
$ |
23,280 |
|
|
$ |
922,776 |
|
|
$ |
415,098 |
|
|
$ |
247,091 |
|
|
$ |
29,757 |
|
|
$ |
- |
|
|
$ |
1,689,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Melco Resorts & Entertainment
Limited |
$ |
(199,734 |
) |
|
$ |
68,139 |
|
|
$ |
(1,263,492 |
) |
|
$ |
373,173 |
|
Net (loss)
income attributable to noncontrolling interests |
|
(35,106 |
) |
|
|
12,684 |
|
|
|
(191,122 |
) |
|
|
21,055 |
|
Net (loss)
income |
|
(234,840 |
) |
|
|
80,823 |
|
|
|
(1,454,614 |
) |
|
|
394,228 |
|
Income tax expense (credit) |
|
2,253 |
|
|
|
1,562 |
|
|
|
(2,913 |
) |
|
|
8,339 |
|
Interest and other non-operating expenses, net |
|
87,753 |
|
|
|
91,064 |
|
|
|
516,970 |
|
|
|
345,111 |
|
Property charges and other |
|
9,233 |
|
|
|
1,237 |
|
|
|
47,223 |
|
|
|
20,815 |
|
Share-based compensation |
|
22,216 |
|
|
|
9,283 |
|
|
|
54,392 |
|
|
|
31,797 |
|
Depreciation and amortization |
|
147,562 |
|
|
|
169,260 |
|
|
|
618,530 |
|
|
|
651,205 |
|
Development costs |
|
2,983 |
|
|
|
17,560 |
|
|
|
25,616 |
|
|
|
57,433 |
|
Pre-opening costs |
|
273 |
|
|
|
209 |
|
|
|
1,322 |
|
|
|
4,847 |
|
Land rent to Belle Corporation |
|
821 |
|
|
|
778 |
|
|
|
3,195 |
|
|
|
3,061 |
|
Payments to the Philippine Parties |
|
5,311 |
|
|
|
11,433 |
|
|
|
12,989 |
|
|
|
57,428 |
|
Adjusted
EBITDA |
|
43,565 |
|
|
|
383,209 |
|
|
|
(177,290 |
) |
|
|
1,574,264 |
|
Corporate and Other expenses |
|
9,849 |
|
|
|
26,560 |
|
|
|
73,014 |
|
|
|
115,208 |
|
Adjusted
Property EBITDA |
$ |
53,414 |
|
|
$ |
409,769 |
|
|
$ |
(104,276 |
) |
|
$ |
1,689,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
December
31, |
|
December
31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
$ |
152 |
|
|
$ |
184 |
|
|
$ |
164 |
|
|
$ |
179 |
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
48 |
% |
|
|
99 |
% |
|
|
36 |
% |
|
|
99 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
$ |
73 |
|
|
$ |
182 |
|
|
$ |
59 |
|
|
$ |
177 |
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
$ |
187 |
|
|
$ |
217 |
|
|
$ |
210 |
|
|
$ |
209 |
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
60 |
% |
|
|
98 |
% |
|
|
33 |
% |
|
|
98 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
$ |
111 |
|
|
$ |
212 |
|
|
$ |
69 |
|
|
$ |
205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
$ |
121 |
|
|
$ |
138 |
|
|
$ |
128 |
|
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
49 |
% |
|
|
100 |
% |
|
|
28 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
$ |
59 |
|
|
$ |
138 |
|
|
$ |
36 |
|
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
$ |
215 |
|
|
$ |
178 |
|
|
$ |
220 |
|
|
$ |
176 |
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
45 |
% |
|
|
98 |
% |
|
|
53 |
% |
|
|
98 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
$ |
98 |
|
|
$ |
176 |
|
|
$ |
117 |
|
|
$ |
173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
97 |
|
|
|
102 |
|
|
|
97 |
|
|
|
103 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
110 |
|
|
|
195 |
|
|
|
110 |
|
|
|
178 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
$ |
4,365 |
|
|
$ |
18,839 |
|
|
$ |
4,694 |
|
|
$ |
19,605 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
224 |
|
|
$ |
145 |
|
|
$ |
150 |
|
|
$ |
195 |
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
514 |
|
|
|
511 |
|
|
|
496 |
|
|
|
516 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
517 |
|
|
|
782 |
|
|
|
487 |
|
|
|
822 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
$ |
7,216 |
|
|
$ |
18,855 |
|
|
$ |
6,439 |
|
|
$ |
18,504 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
303 |
|
|
$ |
724 |
|
|
$ |
230 |
|
|
$ |
562 |
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
291 |
|
|
|
292 |
|
|
|
282 |
|
|
|
293 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
606 |
|
|
|
935 |
|
|
|
586 |
|
|
|
947 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
$ |
3,057 |
|
|
$ |
13,204 |
|
|
$ |
2,456 |
|
|
$ |
12,663 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
103 |
|
|
$ |
242 |
|
|
$ |
98 |
|
|
$ |
230 |
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
307 |
|
|
|
324 |
|
|
|
302 |
|
|
|
311 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
2,241 |
|
|
|
2,280 |
|
|
|
2,262 |
|
|
|
2,265 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
$ |
1,517 |
|
|
$ |
4,340 |
|
|
$ |
2,282 |
|
|
$ |
4,421 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
124 |
|
|
$ |
266 |
|
|
$ |
136 |
|
|
$ |
259 |
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
23 |
|
|
|
37 |
|
|
|
28 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
257 |
|
|
|
436 |
|
|
|
336 |
|
|
|
388 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
$ |
1,234 |
|
|
$ |
2,212 |
|
|
$ |
1,770 |
|
|
$ |
2,475 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
434 |
|
|
$ |
429 |
|
|
$ |
473 |
|
|
$ |
431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members during the three months and year ended
December 31, 2020 due to the COVID-19 outbreak |
(4) |
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 |
(5) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
(6) |
Table games and gaming machines that were not in operation during
the three months and year ended December 31, 2020 due to government
mandated closures or social distancing measures in relation to the
COVID-19 outbreak have been excluded |
(7) |
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 |
(8) |
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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