Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco”
or the “Company”), a developer, owner and operator of casino gaming
and entertainment casino resort facilities in Asia and Europe,
today reported its unaudited financial results for the third
quarter of 2019.
In connection with the Company’s acquisition of
a 75% interest in ICR Cyprus Holdings Limited (“ICR Cyprus”) from
its parent company, Melco International Development Limited, on
July 31, 2019, all periods presented in this press release have
been restated to include the assets and liabilities and financial
results of the ICR Cyprus group in accordance with applicable
accounting standards.
Total operating revenues for the third quarter
of 2019 were US$1.44 billion, representing an increase of
approximately 16% from US$1.24 billion for the comparable period in
2018. The increase in total operating revenues was primarily
attributable to better performance in the rolling chip and mass
market table games segments.
Operating income for the third quarter of 2019
was US$175.2 million, compared with operating income of US$85.9
million in the third quarter of 2018, representing an increase of
104%.
Adjusted Property EBITDA(1) was US$418.2 million
for the third quarter of 2019 compared to Adjusted Property EBITDA
of US$301.4 million in the third quarter of 2018, representing an
increase of 39%.
Net income attributable to Melco Resorts &
Entertainment Limited for the third quarter of 2019 was US$83.2
million, or US$0.17 per ADS, compared with US$11.3 million, or
US$0.02 per ADS, in the third quarter of 2018. The net income
attributable to noncontrolling interests during the third quarter
of 2019 was US$8.9 million and the net loss attributable to
noncontrolling interests during the third quarter of 2018 was
US$1.8 million, all of which related to Studio City, City of Dreams
Manila and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “During the third quarter of 2019,
all of Melco’s Macau integrated resorts continued to deliver strong
mass table games revenue growth, which drove group-wide Property
EBITDA to expand approximately 39% year-over-year to US$418
million.
“During the third quarter of 2019, Melco’s mass
market table games drop and gaming machine handle both reached
all-time-record-highs. The third quarter of 2019 also marked the
16th consecutive quarter of positive year-over-year growth in mass
market table games drop, highlighting the strength in Macau’s mass
gaming market and Melco’s leadership position in the city’s mass
and premium mass gaming segments.
“Melco’s portfolio of award-winning integrated
resorts, commitment to excellence, and determination to push
boundaries have been widely recognized, most recently by National
Geographic Traveller with Morpheus being named as the winner
of the Design Den category of the 2019 Big Sleep Awards.
“At Studio City, we continue to enhance our
entertainment offerings with a series of property upgrades, which
include the opening of the ‘Show House’ Night Club in February, the
‘Flip Out’ Trampoline Park in May, and the newly opened 50,000
square foot Legend Heroes VR Park in August.
“The Board has, after evaluating the Company’s
current liquidity position and future expected capital needs,
decided to declare another quarterly dividend of US$0.16512 per
ADS.
“Melco remains committed to managing its balance
sheet in a prudent manner. As of September 30, 2019, net debt to
last twelve months EBITDA remained modest at approximately 2x,
enabling us to continue with our regular dividend program, while
retaining ample financial flexibility to reinvest in our existing
properties and to pursue new development opportunities.
“Lastly, Japan continues to be a core focus for
us. Melco has been a long-time supporter of Yokohama’s suitability
to host one of Japan’s first integrated resorts. We have
demonstrated our commitment and support to Yokohama through a
series of local events across the city throughout 2019 and signed a
lease on our Yokohama office late last year.
“In July, we announced our partnership with the
Yokohama F. Marinos and the Manchester City Football Club. In
September, we announced our ‘Yokohama First’ policy as we focus our
Japan team on bringing to Yokohama 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, culture of exceptional guest service, and commitment
to employee development puts Melco in a strong position to help
Yokohama realize the vision of developing a world-leading IR with a
unique, Japanese touch.”
City of Dreams Third Quarter
Results
For the quarter ended September 30, 2019, total
operating revenues at City of Dreams were US$787.3 million compared
to US$600.9 million in the third quarter of 2018. City of Dreams
generated Adjusted EBITDA of US$233.0 million in the third quarter
of 2019 compared with Adjusted EBITDA of US$147.1 million in the
third quarter of 2018. The year-over-year increase in Adjusted
EBITDA was primarily a result of better performances in the rolling
chip and mass market table games segments.
Rolling chip volume aggregated US$17.2 billion
for the third quarter of 2019 versus US$12.3 billion in the third
quarter of 2018. The rolling chip win rate was 2.69% in the third
quarter of 2019 versus 2.45% in the third quarter of 2018. The
expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$1.41 billion in the third quarter of 2019 compared with US$1.34
billion in the third quarter of 2018. The mass market table games
hold percentage was 33.2% in the third quarter of 2019 compared to
27.8% in the third quarter of 2018.
Gaming machine handle for the third quarter of
2019 was US$1.21 billion, compared with US$1.12 billion in the
third quarter of 2018. The gaming machine win rate was 3.1% in the
third quarter of 2019 versus 4.3% in the third quarter of 2018.
Total non-gaming revenue at City of Dreams in
the third quarter of 2019 was US$104.2 million, compared with
US$98.9 million in the third quarter of 2018.
Altira Macau Third Quarter
Results
For the quarter ended September 30, 2019, total
operating revenues at Altira Macau were US$113.9 million compared
to US$90.2 million in the third quarter of 2018. Altira Macau
generated Adjusted EBITDA of US$14.1 million in the third quarter
of 2019 compared with negative Adjusted EBITDA of US$1.0 million in
the third quarter of 2018. The year-over-year increase in Adjusted
EBITDA was primarily a result of better performance in all gaming
segments.
Rolling chip volume totaled US$4.05 billion in
the third quarter of 2019 versus US$5.48 billion in the third
quarter of 2018. The rolling chip win rate was 3.62% in the third
quarter of 2019 versus 2.39% in the third quarter of 2018. The
expected rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment,
drop aggregated US$154.2 million in the third quarter of 2019
versus US$130.8 million in the third quarter of 2018. The mass
market table games hold percentage was 21.6% in the third quarter
of 2019 compared with 18.2% in the third quarter of
2018. Gaming machine handle for the third quarter
of 2019 was US$79.4 million, compared with US$33.7 million in the
third quarter of 2018. The increase was primarily due to an
increase in the average number of gaming machines to 178 in the
third quarter of 2019, compared to 128 in the third quarter of
2018. The gaming machine win rate was 4.2% in the third quarter of
2019 versus 5.6% in the third quarter of 2018.
Total non-gaming revenue at Altira Macau in the
third quarter of 2019 was US$6.8 million, compared with US$6.9
million in the third quarter of 2018.
Mocha Clubs Third Quarter
Results
Total operating revenues from Mocha Clubs
totaled US$29.5 million in the third quarter of 2019 compared to
US$28.5 million in the third quarter of 2018. Mocha Clubs generated
US$6.3 million of Adjusted EBITDA in the third quarter of 2019
compared with US$4.6 million in the same period in 2018.
Gaming machine handle for the third quarter of
2019 was US$633.6 million, compared with US$616.9 million in the
third quarter of 2018. The gaming machine win rate was 4.7% for
both quarters ended September 30, 2019 and 2018.
Studio City Third Quarter
Results
For the quarter ended September 30, 2019, total
operating revenues at Studio City were US$337.7 million compared to
US$345.2 million in the third quarter of 2018. Studio City
generated Adjusted EBITDA of US$106.4 million in the third quarter
of 2019 compared with Adjusted EBITDA of US$89.4 million in the
third quarter of 2018. The year-over-year increase in Adjusted
EBITDA was primarily a result of better performance in the mass
market table games segment, partially offset by a softer
performance in the rolling chip segment.
Studio City’s rolling chip
volume aggregated US$2.77 billion in the third quarter of 2019
versus US$5.09 billion in the third quarter of 2018. The rolling
chip win rate was 2.71% in the third quarter of 2019 versus 3.12%
in the third quarter of 2018. The expected rolling chip win rate
range is 2.85% - 3.15%.
Mass market table games drop increased to
US$880.6 million in the third quarter of 2019 compared with
US$807.9 million in the third quarter of 2018. The mass market
table games hold percentage was 28.4% in the third quarter of 2019
compared to 27.2% in the third quarter of 2018.
Gaming machine handle for the third quarter of
2019 was US$711.2 million, compared with US$641.6 million in the
third quarter of 2018. The gaming machine win rate was 2.8% in the
third quarter of 2019 versus 2.9% in the third quarter of 2018.
Total non-gaming revenue at Studio City in the
third quarter of 2019 was US$49.4 million, compared with US$50.1
million in the third quarter of 2018.
City of Dreams Manila Third Quarter
Results
For the quarter ended September 30, 2019, total
operating revenues at City of Dreams Manila were US$130.5 million
compared to US$141.7 million in the third quarter of 2018. City of
Dreams Manila generated Adjusted EBITDA of US$49.9 million in the
third quarter of 2019 compared to US$55.2 million in the comparable
period of 2018.
With increased competition in the market, City
of Dreams Manila’s rolling chip volume aggregated US$2.44
billion in the third quarter of 2019 versus US$2.98 billion in the
third quarter of 2018. The rolling chip win rate was 0.89% in the
third quarter of 2019 versus 2.67% in the third quarter of 2018.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$202.1 million for the third quarter of 2019, compared with
US$204.9 million in the third quarter of 2018. The mass market
table games hold percentage was 31.3% in the third quarter of 2019
compared to 32.4% in the third quarter of 2018.
Gaming machine handle for the third quarter of
2019 was US$1.02 billion, compared with US$0.93 billion in the
third quarter of 2018. The gaming machine win rate was 5.3% for
both quarters ended September 30, 2019 and 2018.
Total non-gaming revenue at City of Dreams
Manila in the third quarter of 2019 was US$32.3 million, compared
with US$28.9 million in the third quarter of 2018.
Cyprus Operations Third Quarter
Results
The Company is currently operating a temporary
casino, the first casino in the Republic of Cyprus, and three
satellite casinos with a fourth satellite casino scheduled to open
in the coming months (“Cyprus Casinos”). Upon the opening of City
of Dreams Mediterranean in 2021, the Company will also
continue to operate the four satellite casinos while operation
of the temporary casino will cease.
For the quarter ended September 30, 2019, total
operating revenues at Cyprus Casinos were US$26.7 million compared
to US$16.9 million in the third quarter of 2018. Cyprus Casinos
generated Adjusted EBITDA of US$8.5 million in the third quarter of
2019 compared with Adjusted EBITDA of US$6.0 million in the third
quarter of 2018.
Rolling chip volume totaled US$38.9 million for
the third quarter of 2019. The rolling chip win rate was 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 aggregated US$36.2
million in the third quarter of 2019 versus US$37.9 million in the
third quarter of 2018. The mass market table games hold percentage
was 21.9% in the third quarter of 2019 compared to 21.2% in the
third quarter of 2018.
Gaming machine handle for the third quarter of
2019 was US$311.5 million, compared with US$158.8 million in the
third quarter of 2018. The gaming machine win rate was 5.0% in the
third quarter of 2019 versus 5.6% in the third quarter of 2018.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2019 were US$81.3 million, which mainly included
interest expenses of US$80.1 million.
Depreciation and amortization costs of US$160.5
million were recorded in the third quarter of 2019 of which US$14.2
million was related to the amortization expense for our gaming
subconcession and US$5.7 million was related to the amortization
expense for the land use rights.
The Adjusted EBITDA for Studio City for the
three months ended September 30, 2019 referred to in this press
release is US$15.5 million more than the Adjusted EBITDA of Studio
City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated October 30, 2019
(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 costs related to the
VIP operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of September 30,
2019 aggregated US$1.74 billion, including US$66.2 million of
restricted cash, which was primarily related to Studio City. Total
debt, net of unamortized deferred financing costs at the end of the
third quarter of 2019 was US$4.74 billion.
Capital expenditures for the third quarter of
2019 were US$79.3 million, which primarily related to various
projects at City of Dreams, City of Dreams Manila and Studio City
as well as developments at City of Dreams Mediterranean.
Dividend Declaration
On October 30, 2019, our Board considered and
approved the declaration and payment of a quarterly dividend of
US$0.05504 per ordinary share (equivalent to US$0.16512 per ADS)
for the third quarter of 2019 (the “Quarterly Dividend”). The
Quarterly Dividend will be paid on or about November 22, 2019 to
our shareholders whose names appear on the register of members of
the Company at the close of business on November 12, 2019, being
the record date for determination of entitlements to the Quarterly
Dividend.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its third quarter 2019 financial
results on Wednesday, October 30, 2019 at 8:30 a.m. Eastern Time
(8:30 p.m. Hong Kong Time). To join the conference call, please use
the dial-in details below:
|
US Toll Free |
1 866 519 4004 |
| US Toll /
International |
1 845 675
0437 |
| HK Toll |
852 3018
6771 |
| HK Toll
Free |
800 906
601 |
| Japan
Toll |
81 3 4503
6012 |
| Japan Toll
Free |
012 092
5376 |
| UK Toll
Free |
080 8234
6646 |
| Australia
Toll |
61 290 833
212 |
| Australia
Toll Free |
1 800 411
623 |
| Philippines
Toll Free |
1 800 1612
0306 |
| |
|
|
Passcode |
MLCO |
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
Free |
800 963
117 |
| Japan
Toll |
81 3 4580
6717 |
| Japan Toll
Free |
012 095
9034 |
| Philippines
Toll Free |
1 800 1612
0166 |
| |
|
| Conference
ID |
3988122 |
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)
growth of the gaming market and visitations in Macau, the
Philippines and the Republic of Cyprus, (ii) capital and credit
market volatility, (iii) local and global economic conditions, (iv)
our anticipated growth strategies, (v) gaming authority and other
governmental approvals and regulations, and (vi) 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 earnings 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 earnings 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 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, 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, net income, 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.
(2) “Adjusted net income” is net income
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 attributable to Melco Resorts & Entertainment Limited
and adjusted net income 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 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 attributable to Melco Resorts &
Entertainment Limited and adjusted net income 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 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 casino gaming and entertainment
casino resort facilities in Asia and Europe. The Company currently
operates Altira Macau (www.altiramacau.com), a casino hotel located
at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an
integrated urban casino 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 entertainment, retail and gaming
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), a casino, hotel, retail and
entertainment 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 scheduled to open in 2021 and expected to be
the largest and premier integrated destination resort in Europe.
The Company is currently operating a temporary casino, the first
casino in the Republic of Cyprus, and three satellite casinos with
a fourth satellite casino scheduled to open in the coming months
(“Cyprus Casinos”). Upon the opening of City of Dreams
Mediterranean, the Company will also continue to operate the four
satellite casinos while operation of the temporary casino will
cease. The Company also holds equity interests in Crown
Resorts Limited (“Crown”), a company listed on the Australian
Securities Exchange and which operates two of Australia’s leading
integrated resorts, Crown Melbourne Entertainment Complex and Crown
Perth Entertainment Complex. In the United Kingdom, Crown operates
Crown Aspinalls, a high-end licensed casino in London. Crown’s
development projects include the Crown Sydney Hotel Resort at
Barangaroo on Sydney Harbour. Crown also holds equity interests in
the Aspers Group and Nobu and has interests in various digital
businesses. 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 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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|
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| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
| Condensed
Consolidated Statements of Operations |
|
|
| (In
thousands of U.S. dollars, except share and per share
data) |
|
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Three Months
Ended |
|
Nine Months
Ended |
|
|
| |
September
30, |
|
September
30, |
|
|
| |
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
| |
(Unaudited) |
|
(Restated)(3) |
|
(Unaudited) |
|
(Restated)(3) |
|
|
| |
|
|
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|
|
| OPERATING
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
1,242,192 |
|
|
$ |
1,046,723 |
|
|
$ |
3,727,770 |
|
|
$ |
3,270,432 |
|
|
|
| Rooms |
|
88,438 |
|
|
|
86,149 |
|
|
|
258,918 |
|
|
|
221,515 |
|
|
|
| Food and
beverage |
|
59,081 |
|
|
|
53,284 |
|
|
|
172,745 |
|
|
|
148,114 |
|
|
|
|
Entertainment, retail and other |
|
48,945 |
|
|
|
50,181 |
|
|
|
126,727 |
|
|
|
136,895 |
|
|
|
| Total
operating revenues |
|
1,438,656 |
|
|
|
1,236,337 |
|
|
|
4,286,160 |
|
|
|
3,776,956 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Casino |
|
(823,115 |
) |
|
|
(731,600 |
) |
|
|
(2,423,186 |
) |
|
|
(2,196,464 |
) |
|
|
| Rooms |
|
(22,887 |
) |
|
|
(22,819 |
) |
|
|
(67,225 |
) |
|
|
(55,787 |
) |
|
|
| Food and
beverage |
|
(44,966 |
) |
|
|
(42,938 |
) |
|
|
(133,452 |
) |
|
|
(116,994 |
) |
|
|
|
Entertainment, retail and other |
|
(24,792 |
) |
|
|
(25,470 |
) |
|
|
(73,039 |
) |
|
|
(70,836 |
) |
|
|
| General and
administrative |
|
(145,123 |
) |
|
|
(148,589 |
) |
|
|
(423,000 |
) |
|
|
(381,898 |
) |
|
|
| Payments to
the Philippine Parties |
|
(8,740 |
) |
|
|
(10,754 |
) |
|
|
(45,995 |
) |
|
|
(45,748 |
) |
|
|
| Pre-opening
costs |
|
(525 |
) |
|
|
(4,078 |
) |
|
|
(4,638 |
) |
|
|
(50,392 |
) |
|
|
| Development
costs |
|
(30,433 |
) |
|
|
(4,821 |
) |
|
|
(39,873 |
) |
|
|
(11,728 |
) |
|
|
| Amortization
of gaming subconcession |
|
(14,206 |
) |
|
|
(14,309 |
) |
|
|
(42,601 |
) |
|
|
(42,928 |
) |
|
|
| Amortization
of land use rights |
|
(5,663 |
) |
|
|
(5,704 |
) |
|
|
(16,982 |
) |
|
|
(17,112 |
) |
|
|
| Depreciation
and amortization |
|
(140,640 |
) |
|
|
(134,559 |
) |
|
|
(422,362 |
) |
|
|
(355,993 |
) |
|
|
| Property
charges and other |
|
(2,372 |
) |
|
|
(4,774 |
) |
|
|
(19,578 |
) |
|
|
(20,957 |
) |
|
|
| Total
operating costs and expenses |
|
(1,263,462 |
) |
|
|
(1,150,415 |
) |
|
|
(3,711,931 |
) |
|
|
(3,366,837 |
) |
|
|
| OPERATING
INCOME |
|
175,194 |
|
|
|
85,922 |
|
|
|
574,229 |
|
|
|
410,119 |
|
|
|
|
NON-OPERATING INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
3,597 |
|
|
|
1,354 |
|
|
|
7,169 |
|
|
|
4,049 |
|
|
|
| Interest
expenses, net of capitalized interest |
|
(80,123 |
) |
|
|
(70,769 |
) |
|
|
(225,668 |
) |
|
|
(190,888 |
) |
|
|
| Other
finance costs |
|
(883 |
) |
|
|
(1,299 |
) |
|
|
(1,673 |
) |
|
|
(4,066 |
) |
|
|
| Foreign
exchange losses, net |
|
(79 |
) |
|
|
(5,736 |
) |
|
|
(9,409 |
) |
|
|
(5,674 |
) |
|
|
| Other
(expenses) income, net |
|
(3,815 |
) |
|
|
1,561 |
|
|
|
(20,166 |
) |
|
|
3,012 |
|
|
|
| Loss on
extinguishment of debt |
|
- |
|
|
|
(213 |
) |
|
|
(3,721 |
) |
|
|
(213 |
) |
|
|
| Costs
associated with debt modification |
|
- |
|
|
|
- |
|
|
|
(579 |
) |
|
|
- |
|
|
|
| Total
non-operating expenses, net |
|
(81,303 |
) |
|
|
(75,102 |
) |
|
|
(254,047 |
) |
|
|
(193,780 |
) |
|
|
| INCOME
BEFORE INCOME TAX |
|
93,891 |
|
|
|
10,820 |
|
|
|
320,182 |
|
|
|
216,339 |
|
|
|
| INCOME TAX
EXPENSE |
|
(1,788 |
) |
|
|
(1,319 |
) |
|
|
(6,777 |
) |
|
|
(5,715 |
) |
|
|
| NET
INCOME |
|
92,103 |
|
|
|
9,501 |
|
|
|
313,405 |
|
|
|
210,624 |
|
|
|
| NET (INCOME)
LOSS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTERESTS |
|
(8,913 |
) |
|
|
1,806 |
|
|
|
(8,371 |
) |
|
|
3,092 |
|
|
|
| NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
$ |
83,190 |
|
|
$ |
11,307 |
|
|
$ |
305,034 |
|
|
$ |
213,716 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.058 |
|
|
$ |
0.007 |
|
|
$ |
0.212 |
|
|
$ |
0.140 |
|
|
|
|
Diluted |
$ |
0.058 |
|
|
$ |
0.007 |
|
|
$ |
0.211 |
|
|
$ |
0.139 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.174 |
|
|
$ |
0.022 |
|
|
$ |
0.637 |
|
|
$ |
0.421 |
|
|
|
|
Diluted |
$ |
0.173 |
|
|
$ |
0.022 |
|
|
$ |
0.634 |
|
|
$ |
0.417 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USED IN NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,436,810,952 |
|
|
|
1,514,412,109 |
|
|
|
1,436,357,772 |
|
|
|
1,524,031,084 |
|
|
|
|
Diluted |
|
1,443,031,676 |
|
|
|
1,521,685,031 |
|
|
|
1,443,251,443 |
|
|
|
1,535,501,155 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3) In connection
with the Company's acquisition of a 75% interest in ICR Cyprus
Holdings Limited ("ICR Cyprus") from its parent company, Melco
International Development Limited, on July 31, 2019, all periods
presented in these financial statements have been restated to
include the assets and liabilities and financial results of the ICR
Cyprus group in accordance with applicable accounting
standards. |
|
| |
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
| Condensed
Consolidated Balance Sheets |
|
|
| (In
thousands of U.S. dollars) |
|
|
| |
|
|
|
|
|
|
|
| |
September 30, |
|
December 31, |
|
|
| |
2019 |
|
2018 |
|
|
| |
(Unaudited) |
|
(Restated)(3) |
|
|
| |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
|
|
|
| Cash and
cash equivalents |
$ |
1,669,309 |
|
$ |
1,472,423 |
|
|
| Investment
securities |
|
74,107 |
|
|
91,598 |
|
|
| Restricted
cash |
|
66,037 |
|
|
48,037 |
|
|
| Accounts
receivable, net |
|
319,935 |
|
|
242,089 |
|
|
| Amounts due
from affiliated companies |
|
409 |
|
|
87,394 |
|
|
|
Inventories |
|
42,239 |
|
|
41,093 |
|
|
| Prepaid
expenses and other current assets |
|
89,273 |
|
|
95,176 |
|
|
| Total
current assets |
|
2,261,309 |
|
|
2,077,810 |
|
|
| |
|
|
|
|
|
|
|
| PROPERTY AND
EQUIPMENT, NET |
|
5,695,451 |
|
|
5,784,343 |
|
|
| GAMING
SUBCONCESSION, NET |
|
154,701 |
|
|
197,533 |
|
|
| INTANGIBLE
ASSETS, NET |
|
32,380 |
|
|
31,454 |
|
|
|
GOODWILL |
|
81,278 |
|
|
81,376 |
|
|
| LONG-TERM
PREPAYMENTS, DEPOSITS AND OTHER ASSETS |
|
180,303 |
|
|
186,708 |
|
|
| INVESTMENT
SECURITIES |
|
551,551 |
|
|
- |
|
|
| RESTRICTED
CASH |
|
129 |
|
|
129 |
|
|
| DEFERRED TAX
ASSETS |
|
4,580 |
|
|
2,992 |
|
|
| OPERATING
LEASE RIGHT-OF-USE ASSETS |
|
145,500 |
|
|
- |
|
|
| LAND USE
RIGHTS, NET |
|
741,756 |
|
|
759,651 |
|
|
| TOTAL
ASSETS |
$ |
9,848,938 |
|
$ |
9,121,996 |
|
|
| |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
|
|
| Accounts
payable |
$ |
25,161 |
|
$ |
25,003 |
|
|
| Accrued
expenses and other current liabilities |
|
1,485,735 |
|
|
1,671,630 |
|
|
| Income tax
payable |
|
7,552 |
|
|
4,903 |
|
|
| Operating
lease liabilities, current |
|
36,812 |
|
|
- |
|
|
| Finance
lease liabilities, current |
|
37,706 |
|
|
34,659 |
|
|
| Current
portion of long-term debt, net |
|
933,756 |
|
|
395,547 |
|
|
| Amounts due
to affiliated companies |
|
6,368 |
|
|
15,186 |
|
|
| Total
current liabilities |
|
2,533,090 |
|
|
2,146,928 |
|
|
| |
|
|
|
|
|
|
|
| LONG-TERM
DEBT, NET |
|
3,804,089 |
|
|
3,665,370 |
|
|
| OTHER
LONG-TERM LIABILITIES |
|
17,068 |
|
|
29,286 |
|
|
| DEFERRED TAX
LIABILITIES |
|
57,266 |
|
|
54,746 |
|
|
| OPERATING
LEASE LIABILITIES, NON-CURRENT |
|
125,308 |
|
|
- |
|
|
| FINANCE
LEASE LIABILITIES, NON-CURRENT |
|
255,494 |
|
|
253,374 |
|
|
| TOTAL
LIABILITIES |
|
6,792,315 |
|
|
6,149,704 |
|
|
| |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
| Ordinary
shares |
|
14,565 |
|
|
15,385 |
|
|
| Treasury
shares |
|
(91,413) |
|
|
(657,389) |
|
|
| Additional
paid-in capital |
|
3,169,623 |
|
|
3,715,579 |
|
|
| Accumulated
other comprehensive losses |
|
(81,557) |
|
|
(59,332) |
|
|
| Accumulated
losses |
|
(633,825) |
|
|
(716,966) |
|
|
| Total Melco
Resorts & Entertainment Limited shareholders’ equity |
|
2,377,393 |
|
|
2,297,277 |
|
|
|
Noncontrolling interests |
|
679,230 |
|
|
675,015 |
|
|
| Total
equity |
|
3,056,623 |
|
|
2,972,292 |
|
|
| TOTAL
LIABILITIES AND EQUITY |
$ |
9,848,938 |
|
$ |
9,121,996 |
|
|
| |
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
Reconciliation of Net Income Attributable to Melco Resorts
& Entertainment Limited to |
|
| Adjusted Net
Income Attributable to Melco Resorts & Entertainment
Limited |
|
| (In
thousands of U.S. dollars, except share and per share
data) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months
Ended |
|
Nine Months
Ended |
|
| |
September
30, |
|
September
30, |
|
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
| |
(Unaudited) |
|
(Restated)(3) |
|
(Unaudited) |
|
(Restated)(3) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
83,190 |
|
|
$ |
11,307 |
|
|
$ |
305,034 |
|
|
$ |
213,716 |
|
|
|
Pre-opening Costs |
|
525 |
|
|
|
4,078 |
|
|
|
4,638 |
|
|
|
50,392 |
|
|
|
Development Costs |
|
30,433 |
|
|
|
4,821 |
|
|
|
39,873 |
|
|
|
11,728 |
|
|
|
Property Charges and Other |
|
2,372 |
|
|
|
4,774 |
|
|
|
19,578 |
|
|
|
20,957 |
|
|
|
Loss on Extinguishment of Debt |
|
- |
|
|
|
213 |
|
|
|
3,721 |
|
|
|
213 |
|
|
|
Costs Associated with Debt Modification |
|
- |
|
|
|
- |
|
|
|
579 |
|
|
|
- |
|
|
|
Income Tax Impact on Adjustments |
|
(1,934 |
) |
|
|
- |
|
|
|
(4,216 |
) |
|
|
(179 |
) |
|
|
Noncontrolling Interests Impact on Adjustments |
|
(99 |
) |
|
|
(956 |
) |
|
|
(7,183 |
) |
|
|
(6,196 |
) |
|
| Adjusted Net
Income Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
114,487 |
|
|
$ |
24,237 |
|
|
$ |
362,024 |
|
|
$ |
290,631 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET
INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.080 |
|
|
$ |
0.016 |
|
|
$ |
0.252 |
|
|
$ |
0.191 |
|
|
|
Diluted |
$ |
0.079 |
|
|
$ |
0.016 |
|
|
$ |
0.251 |
|
|
$ |
0.189 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET
INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.239 |
|
|
$ |
0.048 |
|
|
$ |
0.756 |
|
|
$ |
0.572 |
|
|
|
Diluted |
$ |
0.238 |
|
|
$ |
0.048 |
|
|
$ |
0.752 |
|
|
$ |
0.567 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,436,810,952 |
|
|
|
1,514,412,109 |
|
|
|
1,436,357,772 |
|
|
|
1,524,031,084 |
|
|
|
Diluted |
|
1,443,031,676 |
|
|
|
1,521,685,031 |
|
|
|
1,443,251,443 |
|
|
|
1,535,501,155 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA |
|
| (In
thousands of U.S. dollars) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, 2019 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate andOther |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, 2018 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
CyprusOperations |
|
Corporate andOther |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Restated)(3) |
|
(Restated)(3) |
|
(Restated)(3) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
Income (Loss) |
$ |
(5,993 |
) |
|
$ |
2,445 |
|
$ |
76,044 |
|
$ |
43,153 |
|
|
$ |
24,760 |
|
$ |
2,254 |
|
$ |
(56,741 |
) |
|
$ |
85,922 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
10,754 |
|
|
- |
|
|
- |
|
|
|
10,754 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
739 |
|
|
- |
|
|
- |
|
|
|
739 |
|
|
Pre-opening Costs |
|
- |
|
|
|
- |
|
|
1,597 |
|
|
357 |
|
|
|
20 |
|
|
2,104 |
|
|
- |
|
|
|
4,078 |
|
|
Development Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
4,821 |
|
|
|
4,821 |
|
|
Depreciation and Amortization |
|
4,951 |
|
|
|
2,124 |
|
|
63,624 |
|
|
44,892 |
|
|
|
18,618 |
|
|
1,633 |
|
|
18,730 |
|
|
|
154,572 |
|
|
Share-based Compensation |
|
107 |
|
|
|
36 |
|
|
903 |
|
|
388 |
|
|
|
342 |
|
|
26 |
|
|
5,237 |
|
|
|
7,039 |
|
|
Property Charges and Other |
|
(21 |
) |
|
|
- |
|
|
4,975 |
|
|
563 |
|
|
|
- |
|
|
- |
|
|
(743 |
) |
|
|
4,774 |
|
| Adjusted
EBITDA |
|
(956 |
) |
|
|
4,605 |
|
|
147,143 |
|
|
89,353 |
|
|
|
55,233 |
|
|
6,017 |
|
|
(28,696 |
) |
|
|
272,699 |
|
|
Corporate and Other Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
28,696 |
|
|
|
28,696 |
|
| Adjusted
Property EBITDA |
$ |
(956 |
) |
|
$ |
4,605 |
|
$ |
147,143 |
|
$ |
89,353 |
|
|
$ |
55,233 |
|
$ |
6,017 |
|
$ |
- |
|
|
$ |
301,395 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA |
|
| (In
thousands of U.S. dollars) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended September 30, 2019 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended September 30, 2018 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Restated)(3) |
|
(Unaudited) |
|
(Unaudited) |
|
(Restated)(3) |
|
(Restated)(3) |
|
(Restated)(3) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
Income (Loss) |
$ |
20,198 |
|
$ |
10,847 |
|
|
$ |
334,414 |
|
$ |
132,510 |
|
$ |
97,084 |
|
|
$ |
(12,791 |
) |
|
$ |
(172,143 |
) |
|
$ |
410,119 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
45,748 |
|
|
|
- |
|
|
|
- |
|
|
|
45,748 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
2,254 |
|
|
|
- |
|
|
|
- |
|
|
|
2,254 |
|
|
Pre-opening Costs |
|
- |
|
|
- |
|
|
|
32,657 |
|
|
410 |
|
|
20 |
|
|
|
17,305 |
|
|
|
- |
|
|
|
50,392 |
|
|
Development Costs |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
11,728 |
|
|
|
11,728 |
|
|
Depreciation and Amortization |
|
14,470 |
|
|
6,232 |
|
|
|
146,447 |
|
|
134,437 |
|
|
56,594 |
|
|
|
1,633 |
|
|
|
56,220 |
|
|
|
416,033 |
|
|
Share-based Compensation |
|
278 |
|
|
111 |
|
|
|
2,599 |
|
|
1,154 |
|
|
(399 |
) |
|
|
53 |
|
|
|
14,422 |
|
|
|
18,218 |
|
|
Property Charges and Other |
|
440 |
|
|
(432 |
) |
|
|
10,517 |
|
|
4,094 |
|
|
28 |
|
|
|
- |
|
|
|
6,310 |
|
|
|
20,957 |
|
| Adjusted
EBITDA |
|
35,386 |
|
|
16,758 |
|
|
|
526,634 |
|
|
272,605 |
|
|
201,329 |
|
|
|
6,200 |
|
|
|
(83,463 |
) |
|
|
975,449 |
|
|
Corporate and Other Expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
83,463 |
|
|
|
83,463 |
|
| Adjusted
Property EBITDA |
$ |
35,386 |
|
$ |
16,758 |
|
|
$ |
526,634 |
|
$ |
272,605 |
|
$ |
201,329 |
|
|
$ |
6,200 |
|
|
$ |
- |
|
|
$ |
1,058,912 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
Reconciliation of Net Income Attributable to Melco Resorts
& Entertainment Limited to |
|
| Adjusted
EBITDA and Adjusted Property EBITDA |
|
| (In
thousands of U.S. dollars) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months
Ended |
|
Nine Months
Ended |
|
| |
September
30, |
|
September
30, |
|
| |
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
| |
(Unaudited) |
|
(Restated)(3) |
|
(Unaudited) |
|
(Restated)(3) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Melco Resorts & Entertainment
Limited |
$ |
83,190 |
|
$ |
11,307 |
|
|
$ |
305,034 |
|
$ |
213,716 |
|
|
| Net Income
(Loss) Attributable to Noncontrolling Interests |
|
8,913 |
|
|
(1,806 |
) |
|
|
8,371 |
|
|
(3,092 |
) |
|
| Net
Income |
|
92,103 |
|
|
9,501 |
|
|
|
313,405 |
|
|
210,624 |
|
|
|
Income Tax Expense |
|
1,788 |
|
|
1,319 |
|
|
|
6,777 |
|
|
5,715 |
|
|
|
Interest and Other Non-Operating Expenses, Net |
|
81,303 |
|
|
75,102 |
|
|
|
254,047 |
|
|
193,780 |
|
|
|
Property Charges and Other |
|
2,372 |
|
|
4,774 |
|
|
|
19,578 |
|
|
20,957 |
|
|
|
Share-based Compensation |
|
7,835 |
|
|
7,039 |
|
|
|
22,514 |
|
|
18,218 |
|
|
|
Depreciation and Amortization |
|
160,509 |
|
|
154,572 |
|
|
|
481,945 |
|
|
416,033 |
|
|
|
Development Costs |
|
30,433 |
|
|
4,821 |
|
|
|
39,873 |
|
|
11,728 |
|
|
|
Pre-opening Costs |
|
525 |
|
|
4,078 |
|
|
|
4,638 |
|
|
50,392 |
|
|
|
Land Rent to Belle Corporation |
|
765 |
|
|
739 |
|
|
|
2,283 |
|
|
2,254 |
|
|
|
Payments to the Philippine Parties |
|
8,740 |
|
|
10,754 |
|
|
|
45,995 |
|
|
45,748 |
|
|
| Adjusted
EBITDA |
|
386,373 |
|
|
272,699 |
|
|
|
1,191,055 |
|
|
975,449 |
|
|
|
Corporate and Other Expenses |
|
31,803 |
|
|
28,696 |
|
|
|
88,648 |
|
|
83,463 |
|
|
| Adjusted
Property EBITDA |
$ |
418,176 |
|
$ |
301,395 |
|
|
$ |
1,279,703 |
|
$ |
1,058,912 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
| Supplemental
Data Schedule |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
| |
|
|
|
|
|
September
30, |
|
September
30, |
|
| |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (4) |
|
|
$ |
175 |
|
|
$ |
187 |
|
|
$ |
177 |
|
|
$ |
190 |
|
|
| |
|
Occupancy per available room |
|
|
99 |
% |
|
|
99 |
% |
|
|
99 |
% |
|
|
99 |
% |
|
| |
|
Revenue per available room (5) |
|
$ |
173 |
|
|
$ |
186 |
|
|
$ |
175 |
|
|
$ |
188 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (4) |
|
|
$ |
208 |
|
|
$ |
215 |
|
|
$ |
207 |
|
|
$ |
208 |
|
|
| |
|
Occupancy per available room |
|
|
98 |
% |
|
|
96 |
% |
|
|
98 |
% |
|
|
97 |
% |
|
| |
|
Revenue per available room (5) |
|
$ |
204 |
|
|
$ |
208 |
|
|
$ |
202 |
|
|
$ |
202 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (4) |
|
|
$ |
135 |
|
|
$ |
141 |
|
|
$ |
134 |
|
|
$ |
138 |
|
|
| |
|
Occupancy per available room |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
| |
|
Revenue per available room (5) |
|
$ |
135 |
|
|
$ |
141 |
|
|
$ |
134 |
|
|
$ |
138 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (4) |
|
|
$ |
179 |
|
|
$ |
158 |
|
|
$ |
175 |
|
|
$ |
158 |
|
|
| |
|
Occupancy per available room |
|
|
98 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
| |
|
Revenue per available room (5) |
|
$ |
176 |
|
|
$ |
155 |
|
|
$ |
172 |
|
|
$ |
155 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
102 |
|
|
|
106 |
|
|
|
104 |
|
|
|
104 |
|
|
| |
|
Average number of gaming machines |
|
|
178 |
|
|
|
128 |
|
|
|
173 |
|
|
|
127 |
|
|
| |
|
Table games win per unit per day (6) |
|
$ |
19,152 |
|
|
$ |
15,873 |
|
|
$ |
19,858 |
|
|
$ |
19,440 |
|
|
| |
|
Gaming machines win per unit per day (7) |
$ |
202 |
|
|
$ |
160 |
|
|
$ |
214 |
|
|
$ |
150 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
517 |
|
|
|
467 |
|
|
|
517 |
|
|
|
476 |
|
|
| |
|
Average number of gaming machines |
|
|
863 |
|
|
|
765 |
|
|
|
836 |
|
|
|
707 |
|
|
| |
|
Table games win per unit per day (6) |
|
$ |
19,520 |
|
|
$ |
15,678 |
|
|
$ |
18,387 |
|
|
$ |
15,605 |
|
|
| |
|
Gaming machines win per unit per day (7) |
$ |
478 |
|
|
$ |
691 |
|
|
$ |
511 |
|
|
$ |
807 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
292 |
|
|
|
288 |
|
|
|
293 |
|
|
|
292 |
|
|
| |
|
Average number of gaming machines |
|
|
896 |
|
|
|
938 |
|
|
|
952 |
|
|
|
947 |
|
|
| |
|
Table games win per unit per day (6) |
|
$ |
12,126 |
|
|
$ |
14,287 |
|
|
$ |
12,481 |
|
|
$ |
14,361 |
|
|
| |
|
Gaming machines win per unit per day (7) |
$ |
243 |
|
|
$ |
219 |
|
|
$ |
226 |
|
|
$ |
235 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
311 |
|
|
|
307 |
|
|
|
306 |
|
|
|
300 |
|
|
| |
|
Average number of gaming machines |
|
|
2,267 |
|
|
|
1,920 |
|
|
|
2,260 |
|
|
|
1,885 |
|
|
| |
|
Table games win per unit per day (6) |
|
$ |
2,975 |
|
|
$ |
5,165 |
|
|
$ |
4,451 |
|
|
$ |
5,579 |
|
|
| |
|
Gaming machines win per unit per day (7) |
$ |
259 |
|
|
$ |
280 |
|
|
$ |
256 |
|
|
$ |
284 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cyprus Operations |
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
38 |
|
|
|
33 |
|
|
|
38 |
|
|
|
33 |
|
|
| |
|
Average number of gaming machines |
|
|
409 |
|
|
|
254 |
|
|
|
372 |
|
|
|
254 |
|
|
| |
|
Table games win per unit per day (6) |
|
$ |
3,256 |
|
|
$ |
2,649 |
|
|
$ |
2,562 |
|
|
$ |
2,626 |
|
|
| |
|
Gaming machines win per unit per day (7) |
$ |
416 |
|
|
$ |
380 |
|
|
$ |
432 |
|
|
$ |
379 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 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 |
|
| (7) 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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