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 fourth
quarter and full year ended December 31, 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 fourth quarter
of 2019 were US$1.45 billion, representing an increase of
approximately 3% from US$1.41 billion for the comparable period in
2018. The increase in total operating revenues was primarily
attributable to better performance in the mass market table games
segment.
Operating income for the fourth quarter of 2019
was US$173.4 million, compared with operating income of US$203.3
million in the fourth quarter of 2018, representing a decrease of
15%.
Adjusted Property EBITDA(1) was US$409.8 million
for the fourth quarter of 2019 compared to Adjusted Property EBITDA
of US$427.5 million in the fourth quarter of 2018, representing a
decrease of 4%.
Net income attributable to Melco Resorts &
Entertainment Limited for the fourth quarter of 2019 was US$68.1
million, or US$0.14 per ADS, compared with US$126.6 million, or
US$0.26 per ADS, in the fourth quarter of 2018. The net income
attributable to noncontrolling interests during the fourth quarter
of 2019 was US$12.7 million and the net income attributable to
noncontrolling interests during the fourth quarter of 2018 was
US$1.7 million, all of which were related to Studio City, City of
Dreams Manila and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “During the fourth quarter of 2019,
despite macro headwinds and the events in Hong Kong, mass gaming
operations at all of Melco’s integrated resorts have remained
robust, which drove group-wide mass table games revenue to expand
approximately 12% year-over-year to an all-time-record-high of
US$850 million. Adjusted Property EBITDA for the fiscal year 2019
has also expanded 14% year-over-year to reach an
all-time-record-high of US$1,689 million.
“Melco’s portfolio of award-winning integrated
resorts, commitment to excellence, and determination to push
boundaries have been widely recognized, most recently by the
Michelin Guide Hong Kong Macau 2020 with the company remaining
as the leading integrated resort operator in the world with the
highest number of Michelin-stars. In the recently published 2020
Forbes Travel Guide, Melco was awarded with a record-breaking 107
stars, with Morpheus honored as the world’s first and only
establishment to attain Forbes Five-Stars across its entire hotel,
spa and dining facilities, after a year of its grand opening. The
Morpheus Spa also won the Forbes Spa of the Year Award, attaining
the highest score among the world's most outstanding spa
establishments.
“Melco continues to prioritize sustainability in
its operations. In March 2019, Melco became the first and only
hospitality group and integrated resort signatory of the New
Plastics Economy Global Commitment, a global initiative to tackle
plastic waste and pollution, led by the Ellen MacArthur Foundation
in collaboration with the UN Environment. In December 2019, Melco
became the first integrated resort and hotel operator in the Macau
SAR and Hong Kong SAR to receive ISO 41001:2018 for its efforts in
facilities management systems (FMS). Melco has also attained ISO
50001:2018 for effective energy management systems (EnMS) and was
recognized by global environmental disclosure system CDP as one of
China’s leading companies in sustainability.
“Construction on the further expansion of Studio
City is progressing. Upon completion, it will offer approximately
900 additional luxury hotel rooms and suites, one of the world’s
largest indoor water parks, a Cineplex, fine-dining restaurants and
state-of-the-art MICE spaces.
“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 December 31, 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. In September 2019, we announced our ‘Yokohama First’ policy as
we focus our Japan team on bringing to Yokohama the best IR the
world has ever seen. In December 2019, we submitted our response
for the Yokohama RFC.
“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 Fourth Quarter
Results
For the quarter ended December 31, 2019, total
operating revenues at City of Dreams were US$759.1 million compared
to US$726.1 million in the fourth quarter of 2018. City of Dreams
generated Adjusted EBITDA of US$210.4 million in the fourth quarter
of 2019 compared with Adjusted EBITDA of US$229.7 million in the
fourth quarter of 2018. The year-over-year decrease in Adjusted
EBITDA was primarily a result of softer performance in the rolling
chip segment, partially offset by better performance in the mass
market table games and gaming machines segments.
Rolling chip volume was US$15.96 billion for the
fourth quarter of 2019 versus US$11.42 billion in the fourth
quarter of 2018. The rolling chip win rate was 2.65% in the fourth
quarter of 2019 versus 3.19% in the fourth 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 fourth quarter of 2019 compared with US$1.31
billion in the fourth quarter of 2018. The mass market table games
hold percentage was 32.8% in the fourth quarter of 2019 compared to
33.0% in the fourth quarter of 2018.
Gaming machine handle for the fourth quarter of
2019 was US$1.20 billion, compared with US$1.05 billion in the
fourth quarter of 2018. The gaming machine win rate was 4.4% in the
fourth quarter of 2019 versus 3.7% in the fourth quarter of
2018.
Total non-gaming revenue at City of Dreams in
the fourth quarter of 2019 was US$105.4 million, compared with
US$101.0 million in the fourth quarter of 2018.
Altira Macau Fourth Quarter
Results
For the quarter ended December 31, 2019, total
operating revenues at Altira Macau were US$113.9 million compared
to US$137.6 million in the fourth quarter of 2018. Altira Macau
generated Adjusted EBITDA of US$13.6 million in the fourth quarter
of 2019 compared with Adjusted EBITDA of US$20.2 million in the
fourth quarter of 2018. The year-over-year decrease in Adjusted
EBITDA was primarily a result of softer performance in the rolling
chip segment, partially offset by better performance in the mass
market table games segment.
Rolling chip volume was US$4.21 billion in the
fourth quarter of 2019 versus US$6.52 billion in the fourth quarter
of 2018. The rolling chip win rate was 3.39% in the fourth quarter
of 2019 versus 3.09% in the fourth quarter of 2018. The expected
rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment, drop was
US$167.6 million in the fourth quarter of 2019 versus US$127.1
million in the fourth quarter of 2018. The mass market table games
hold percentage was 20.3% in the fourth quarter of 2019 compared
with 19.7% in the fourth quarter of 2018. Gaming
machine handle for the fourth quarter of 2019 was US$81.1 million,
compared with US$29.9 million in the fourth quarter of 2018. The
increase was primarily due to an increase in the average number of
gaming machines to 195 in the fourth quarter of 2019, compared to
136 in the fourth quarter of 2018. The gaming machine win rate was
3.2% in the fourth quarter of 2019 versus 4.3% in the fourth
quarter of 2018.
Total non-gaming revenue at Altira Macau in the
fourth quarter of 2019 was US$7.4 million, compared with US$7.1
million in the fourth quarter of 2018.
Mocha Clubs Fourth Quarter
Results
Total operating revenues from Mocha Clubs were
US$28.0 million in the fourth quarter of 2019 compared to US$26.5
million in the fourth quarter of 2018. Mocha Clubs generated US$5.7
million of Adjusted EBITDA in the fourth quarter of 2019 compared
with US$4.7 million in the same period in 2018.
Gaming machine handle for the fourth quarter of
2019 was US$603.4 million, compared with US$593.9 million in the
fourth quarter of 2018. The gaming machine win rate was 4.6% in the
fourth quarter of 2019 versus 4.5% in the fourth quarter of
2018.
Studio City Fourth Quarter
Results
For the quarter ended December 31, 2019, total
operating revenues at Studio City were US$358.3 million compared to
US$340.7 million in the fourth quarter of 2018. Studio City
generated Adjusted EBITDA of US$117.4 million in the fourth quarter
of 2019 compared with Adjusted EBITDA of US$102.7 million in the
fourth 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 softer performance
in the rolling chip segment.
Studio City’s rolling chip volume was US$2.46
billion in the fourth quarter of 2019 versus US$3.46 billion in the
fourth quarter of 2018. The rolling chip win rate was 3.60% in the
fourth quarter of 2019 versus 3.82% in the fourth quarter of 2018.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$879.8 million in the fourth quarter of 2019 compared with
US$825.4 million in the fourth quarter of 2018. The mass market
table games hold percentage was 30.2% in the fourth quarter of 2019
compared to 27.0% in the fourth quarter of 2018.
Gaming machine handle for the fourth quarter of
2019 was US$695.4 million, compared with US$641.8 million in the
fourth quarter of 2018. The gaming machine win rate was 3.0% in the
fourth quarter of 2019 versus 3.6% in the fourth quarter of
2018.
Total non-gaming revenue at Studio City in the
fourth quarter of 2019 was US$52.1 million, compared with US$46.4
million in the fourth quarter of 2018.
City of Dreams Manila Fourth Quarter
Results
For the quarter ended December 31, 2019, total
operating revenues at City of Dreams Manila were US$153.5 million
compared to US$155.2 million in the fourth quarter of 2018. City of
Dreams Manila generated Adjusted EBITDA of US$53.9 million in the
fourth quarter of 2019 compared to US$67.9 million in the
comparable period of 2018. The year-over-year decrease in Adjusted
EBITDA was primarily a result of softer performance in the rolling
chip segment, partially offset by better performance in the mass
market table games and gaming machines segments.
With increased competition in the market, City
of Dreams Manila’s rolling chip volume was US$2.02 billion in the
fourth quarter of 2019 versus US$2.38 billion in the fourth quarter
of 2018. The rolling chip win rate was 3.01% in the fourth quarter
of 2019 versus 3.68% in the fourth quarter of 2018. The expected
rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$216.3 million for the fourth quarter of 2019, compared with
US$197.3 million in the fourth quarter of 2018. The mass market
table games hold percentage was 31.8% in the fourth quarter of 2019
compared to 31.4% in the fourth quarter of 2018.
Gaming machine handle for the fourth quarter of
2019 was US$1.06 billion, compared with US$0.93 billion in the
fourth quarter of 2018. The gaming machine win rate was 5.3% for
both quarters ended December 31, 2019 and 2018.
Total non-gaming revenue at City of Dreams
Manila in the fourth quarter of 2019 was US$33.4 million, compared
with US$29.4 million in the fourth quarter of 2018.
Cyprus Operations Fourth 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 December 31, 2019, total
operating revenues at Cyprus Casinos were US$24.7 million compared
to US$15.6 million in the fourth quarter of 2018. Cyprus Casinos
generated Adjusted EBITDA of US$8.6 million in the fourth quarter
of 2019 compared with Adjusted EBITDA of US$2.3 million in the
fourth quarter of 2018.
Rolling chip volume was US$22.8 million for the
fourth quarter of 2019. The rolling chip win rate was 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$33.9 million
in the fourth quarter of 2019 versus US$34.8 million in the fourth
quarter of 2018. The mass market table games hold percentage was
19.8% in the fourth quarter of 2019 compared to 16.2% in the fourth
quarter of 2018.
Gaming machine handle for the fourth quarter of
2019 was US$349.5 million, compared with US$194.5 million in the
fourth quarter of 2018. The gaming machine win rate was 4.9% in the
fourth quarter of 2019 versus 5.2% in the fourth quarter of
2018.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2019 were US$91.1 million, which mainly included
interest expenses of US$84.4 million.
Depreciation and amortization costs of US$169.3
million were recorded in the fourth 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 December 31, 2019 referred to in this press
release is US$14.1 million more than the Adjusted EBITDA of Studio
City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated February 20, 2020
(the “Studio City earnings release”). The Adjusted EBITDA of Studio
City contained in the Studio City earnings release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in this press release. Such intercompany
charges include, among other items, fees and shared service charges
billed between SCIHL and its subsidiaries and certain subsidiaries
of Melco. Additionally, Adjusted EBITDA of Studio City included in
this press release does not reflect certain 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,
2019 aggregated to US$1.43 billion, including US$37.5 million of
restricted cash, which was primarily related to Studio City. Total
debt, net of unamortized deferred financing costs at the end of the
fourth quarter of 2019 was US$4.39 billion, within which US$0.1
million was classified as current.
Capital expenditures for the fourth quarter of
2019 were US$134.6 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.
Full Year Results
For the year ended December 31, 2019, Melco
Resorts & Entertainment Limited reported total operating
revenues of US$5.74 billion versus US$5.19 billion in the prior
year. The increase in total operating revenues was primarily
attributable to better performance in the mass market table games
segment.
Operating income for 2019 was US$747.7 million,
compared with operating income of US$613.4 million for 2018,
representing an increase of 22%.
Adjusted Property EBITDA for the year ended
December 31, 2019 was US$1.69 billion compared to Adjusted Property
EBITDA of US$1.49 billion in 2018. The year-over-year improvement
in Adjusted Property EBITDA was mainly attributable to better
performance in the mass market table games segment.
Net income attributable to Melco Resorts &
Entertainment Limited for 2019 was US$373.2 million, or US$0.78 per
ADS, compared with US$340.3 million, or US$0.68 per ADS, for 2018.
The net income attributable to noncontrolling interests for 2019
was US$21.1 million and the net loss attributable to noncontrolling
interests for 2018 was US$1.4 million, all of which were related to
Studio City, City of Dreams Manila and the Cyprus Operations.
Dividend Declaration
On February 20, 2020, 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 fourth quarter of 2019 (the “Quarterly Dividend”). The
Quarterly Dividend will be paid on or about March 12, 2020 to our
shareholders whose names appear on the register of members of the
Company at the close of business on March 2, 2020, being the record
date for determination of entitlements to the Quarterly
Dividend.
Recent Developments
On February 4, 2020, the Macau government
announced all casinos in Macau would be closed for a 15-day period
commencing on February 5, 2020. On February 17, 2020, the
Macau government announced, subject to the implementation of
certain health-related precautionary measures, casinos in Macau may
resume operations on February 20, 2020. The Macau government
further announced casinos in Macau will be allowed a period of up
to 30 days from February 20, 2020 to resume operations. Gaming
operations at City of Dreams, Mocha Clubs and Studio City resumed
on February 20, 2020. Gaming operations at Altira Macau will resume
at a subsequent date.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its fourth quarter 2019 financial
results on Thursday, February 20, 2020 at 8:30 a.m. Eastern Time
(9:30 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 |
4458959 |
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 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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Melco
Resorts & Entertainment Limited and Subsidiaries |
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Condensed
Consolidated Statements of Operations |
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(In
thousands of U.S. dollars, except share and per share
data) |
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Three Months
Ended |
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Year
Ended |
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December
31, |
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December
31, |
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2019 |
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2018 |
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2019 |
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2018 |
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(Unaudited) |
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(Restated)(3) |
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(Unaudited) |
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(Restated)(3) |
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OPERATING
REVENUES |
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Casino |
$ |
1,248,916 |
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$ |
1,226,193 |
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$ |
4,976,686 |
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$ |
4,496,625 |
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Rooms |
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90,990 |
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89,513 |
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349,908 |
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311,028 |
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Food and
beverage |
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62,375 |
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56,057 |
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235,120 |
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|
204,171 |
|
|
Entertainment, retail and other |
|
48,360 |
|
|
|
40,223 |
|
|
|
175,087 |
|
|
|
177,118 |
|
|
Total
operating revenues |
|
1,450,641 |
|
|
|
1,411,986 |
|
|
|
5,736,801 |
|
|
|
5,188,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(843,550 |
) |
|
|
(804,846 |
) |
|
|
(3,266,736 |
) |
|
|
(3,001,310 |
) |
|
Rooms |
|
(22,553 |
) |
|
|
(22,590 |
) |
|
|
(89,778 |
) |
|
|
(78,377 |
) |
|
Food and
beverage |
|
(48,004 |
) |
|
|
(44,190 |
) |
|
|
(181,456 |
) |
|
|
(161,184 |
) |
|
Entertainment, retail and other |
|
(26,906 |
) |
|
|
(21,613 |
) |
|
|
(99,945 |
) |
|
|
(92,449 |
) |
|
General and
administrative |
|
(136,480 |
) |
|
|
(124,032 |
) |
|
|
(559,480 |
) |
|
|
(505,930 |
) |
|
Payments to
the Philippine Parties |
|
(11,433 |
) |
|
|
(15,030 |
) |
|
|
(57,428 |
) |
|
|
(60,778 |
) |
|
Pre-opening
costs |
|
(209 |
) |
|
|
(4,998 |
) |
|
|
(4,847 |
) |
|
|
(55,390 |
) |
|
Development
costs |
|
(17,560 |
) |
|
|
(11,301 |
) |
|
|
(57,433 |
) |
|
|
(23,029 |
) |
|
Amortization
of gaming subconcession |
|
(14,240 |
) |
|
|
(13,881 |
) |
|
|
(56,841 |
) |
|
|
(56,809 |
) |
|
Amortization
of land use rights |
|
(5,677 |
) |
|
|
(5,534 |
) |
|
|
(22,659 |
) |
|
|
(22,646 |
) |
|
Depreciation
and amortization |
|
(149,343 |
) |
|
|
(132,453 |
) |
|
|
(571,705 |
) |
|
|
(488,446 |
) |
|
Property
charges and other |
|
(1,237 |
) |
|
|
(8,190 |
) |
|
|
(20,815 |
) |
|
|
(29,147 |
) |
|
Total
operating costs and expenses |
|
(1,277,192 |
) |
|
|
(1,208,658 |
) |
|
|
(4,989,123 |
) |
|
|
(4,575,495 |
) |
|
OPERATING
INCOME |
|
173,449 |
|
|
|
203,328 |
|
|
|
747,678 |
|
|
|
613,447 |
|
|
NON-OPERATING INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
2,142 |
|
|
|
1,422 |
|
|
|
9,311 |
|
|
|
5,471 |
|
|
Interest
expenses, net of capitalized interest |
|
(84,434 |
) |
|
|
(73,992 |
) |
|
|
(310,102 |
) |
|
|
(264,880 |
) |
|
Other
finance costs |
|
(1,065 |
) |
|
|
(564 |
) |
|
|
(2,738 |
) |
|
|
(4,630 |
) |
|
Foreign
exchange losses, net |
|
(1,347 |
) |
|
|
(4,823 |
) |
|
|
(10,756 |
) |
|
|
(10,497 |
) |
|
Other
(expenses) income, net |
|
(3,748 |
) |
|
|
672 |
|
|
|
(23,914 |
) |
|
|
3,684 |
|
|
Loss on
extinguishment of debt |
|
(2,612 |
) |
|
|
(3,248 |
) |
|
|
(6,333 |
) |
|
|
(3,461 |
) |
|
Costs
associated with debt modification |
|
- |
|
|
|
- |
|
|
|
(579 |
) |
|
|
- |
|
|
Total
non-operating expenses, net |
|
(91,064 |
) |
|
|
(80,533 |
) |
|
|
(345,111 |
) |
|
|
(274,313 |
) |
|
INCOME
BEFORE INCOME TAX |
|
82,385 |
|
|
|
122,795 |
|
|
|
402,567 |
|
|
|
339,134 |
|
|
INCOME TAX
(EXPENSE) CREDIT |
|
(1,562 |
) |
|
|
5,477 |
|
|
|
(8,339 |
) |
|
|
(238 |
) |
|
NET
INCOME |
|
80,823 |
|
|
|
128,272 |
|
|
|
394,228 |
|
|
|
338,896 |
|
|
NET (INCOME)
LOSS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTERESTS |
|
(12,684 |
) |
|
|
(1,689 |
) |
|
|
(21,055 |
) |
|
|
1,403 |
|
|
NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
$ |
68,139 |
|
|
$ |
126,583 |
|
|
$ |
373,173 |
|
|
$ |
340,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.047 |
|
|
$ |
0.087 |
|
|
$ |
0.260 |
|
|
$ |
0.226 |
|
|
Diluted |
$ |
0.047 |
|
|
$ |
0.087 |
|
|
$ |
0.258 |
|
|
$ |
0.224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.142 |
|
|
$ |
0.261 |
|
|
$ |
0.779 |
|
|
$ |
0.678 |
|
|
Diluted |
$ |
0.142 |
|
|
$ |
0.260 |
|
|
$ |
0.775 |
|
|
$ |
0.673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
USED IN NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,437,196,123 |
|
|
|
1,454,682,399 |
|
|
|
1,436,569,083 |
|
|
|
1,506,551,789 |
|
|
Diluted |
|
1,444,028,468 |
|
|
|
1,459,705,276 |
|
|
|
1,443,447,422 |
|
|
|
1,516,410,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
(Restated)(3) |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
1,394,982 |
|
$ |
1,472,423 |
|
Investment
securities |
|
49,369 |
|
|
91,598 |
|
Restricted
cash |
|
37,390 |
|
|
48,037 |
|
Accounts
receivable, net |
|
284,333 |
|
|
242,089 |
|
Amounts due
from affiliated companies |
|
442 |
|
|
87,394 |
|
Inventories |
|
43,959 |
|
|
41,093 |
|
Prepaid
expenses and other current assets |
|
84,197 |
|
|
95,176 |
|
Total
current assets |
|
1,894,672 |
|
|
2,077,810 |
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET |
|
5,723,909 |
|
|
5,784,343 |
|
GAMING
SUBCONCESSION, NET |
|
141,440 |
|
|
197,533 |
|
INTANGIBLE
ASSETS, NET |
|
31,628 |
|
|
31,454 |
|
GOODWILL |
|
95,620 |
|
|
81,376 |
|
LONG-TERM
PREPAYMENTS, DEPOSITS AND OTHER ASSETS |
|
176,478 |
|
|
186,708 |
|
INVESTMENT
SECURITIES |
|
568,936 |
|
|
- |
|
RESTRICTED
CASH |
|
130 |
|
|
129 |
|
DEFERRED TAX
ASSETS |
|
3,558 |
|
|
2,992 |
|
OPERATING
LEASE RIGHT-OF-USE ASSETS |
|
111,043 |
|
|
- |
|
LAND USE
RIGHTS, NET |
|
741,008 |
|
|
759,651 |
|
TOTAL
ASSETS |
$ |
9,488,422 |
|
$ |
9,121,996 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Accounts
payable |
$ |
21,882 |
|
$ |
25,003 |
|
Accrued
expenses and other current liabilities |
|
1,420,516 |
|
|
1,671,630 |
|
Income tax
payable |
|
8,516 |
|
|
4,903 |
|
Operating
lease liabilities, current |
|
33,152 |
|
|
- |
|
Finance
lease liabilities, current |
|
39,725 |
|
|
34,659 |
|
Current
portion of long-term debt, net |
|
146 |
|
|
395,547 |
|
Amounts due
to affiliated companies |
|
1,523 |
|
|
15,186 |
|
Total
current liabilities |
|
1,525,460 |
|
|
2,146,928 |
|
|
|
|
|
|
|
|
LONG-TERM
DEBT, NET |
|
4,393,985 |
|
|
3,665,370 |
|
OTHER
LONG-TERM LIABILITIES |
|
18,773 |
|
|
29,286 |
|
DEFERRED TAX
LIABILITIES |
|
56,677 |
|
|
54,746 |
|
OPERATING
LEASE LIABILITIES, NON-CURRENT |
|
88,259 |
|
|
- |
|
FINANCE
LEASE LIABILITIES, NON-CURRENT |
|
262,040 |
|
|
253,374 |
|
TOTAL
LIABILITIES |
|
6,345,194 |
|
|
6,149,704 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Ordinary
shares |
|
14,565 |
|
|
15,385 |
|
Treasury
shares |
|
(90,585) |
|
|
(657,389) |
|
Additional
paid-in capital |
|
3,178,579 |
|
|
3,715,579 |
|
Accumulated
other comprehensive losses |
|
(18,803) |
|
|
(59,332) |
|
Accumulated
losses |
|
(644,788) |
|
|
(716,966) |
|
Total Melco
Resorts & Entertainment Limited shareholders’ equity |
|
2,438,968 |
|
|
2,297,277 |
|
Noncontrolling interests |
|
704,260 |
|
|
675,015 |
|
Total
equity |
|
3,143,228 |
|
|
2,972,292 |
|
TOTAL
LIABILITIES AND EQUITY |
$ |
9,488,422 |
|
$ |
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 |
|
Year
Ended |
|
|
December
31, |
|
December
31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
(Restated)(3) |
|
(Unaudited) |
|
(Restated)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
68,139 |
|
|
$ |
126,583 |
|
|
$ |
373,173 |
|
|
$ |
340,299 |
|
|
Pre-opening Costs |
|
209 |
|
|
|
4,998 |
|
|
|
4,847 |
|
|
|
55,390 |
|
|
Development Costs |
|
17,560 |
|
|
|
11,301 |
|
|
|
57,433 |
|
|
|
23,029 |
|
|
Property Charges and Other |
|
1,237 |
|
|
|
8,190 |
|
|
|
20,815 |
|
|
|
29,147 |
|
|
Loss on Extinguishment of Debt |
|
2,612 |
|
|
|
3,248 |
|
|
|
6,333 |
|
|
|
3,461 |
|
|
Costs Associated with Debt Modification |
|
- |
|
|
|
- |
|
|
|
579 |
|
|
|
- |
|
|
Income Tax Impact on Adjustments |
|
(333 |
) |
|
|
(3,944 |
) |
|
|
(4,549 |
) |
|
|
(4,123 |
) |
|
Noncontrolling Interests Impact on Adjustments |
|
(373 |
) |
|
|
(4,050 |
) |
|
|
(7,556 |
) |
|
|
(10,246 |
) |
|
Adjusted Net
Income Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
89,051 |
|
|
$ |
146,326 |
|
|
$ |
451,075 |
|
|
$ |
436,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET
INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.062 |
|
|
$ |
0.101 |
|
|
$ |
0.314 |
|
|
$ |
0.290 |
|
|
Diluted |
$ |
0.062 |
|
|
$ |
0.100 |
|
|
$ |
0.312 |
|
|
$ |
0.288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET
INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.186 |
|
|
$ |
0.302 |
|
|
$ |
0.942 |
|
|
$ |
0.870 |
|
|
Diluted |
$ |
0.185 |
|
|
$ |
0.301 |
|
|
$ |
0.937 |
|
|
$ |
0.864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,437,196,123 |
|
|
|
1,454,682,399 |
|
|
|
1,436,569,083 |
|
|
|
1,506,551,789 |
|
|
Diluted |
|
1,444,028,468 |
|
|
|
1,459,705,276 |
|
|
|
1,443,447,422 |
|
|
|
1,516,410,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 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) |
$ |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2018 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Restated)(3) |
|
(Restated)(3) |
|
(Restated)(3) |
|
(Restated)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income (Loss) |
$ |
14,591 |
|
$ |
2,050 |
|
$ |
165,786 |
|
|
$ |
56,174 |
|
$ |
25,824 |
|
$ |
(673 |
) |
|
$ |
(60,424 |
) |
|
$ |
203,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
15,030 |
|
|
- |
|
|
|
- |
|
|
|
15,030 |
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
747 |
|
|
- |
|
|
|
- |
|
|
|
747 |
|
Pre-opening Costs |
|
37 |
|
|
- |
|
|
(33 |
) |
|
|
4,140 |
|
|
138 |
|
|
716 |
|
|
|
- |
|
|
|
4,998 |
|
Development Costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
11,301 |
|
|
|
11,301 |
|
Depreciation and Amortization |
|
5,185 |
|
|
2,181 |
|
|
63,175 |
|
|
|
41,569 |
|
|
18,680 |
|
|
2,192 |
|
|
|
18,886 |
|
|
|
151,868 |
|
Share-based Compensation |
|
110 |
|
|
47 |
|
|
873 |
|
|
|
423 |
|
|
270 |
|
|
26 |
|
|
|
5,176 |
|
|
|
6,925 |
|
Property Charges and Other |
|
238 |
|
|
454 |
|
|
(57 |
) |
|
|
377 |
|
|
7,181 |
|
|
- |
|
|
|
(3 |
) |
|
|
8,190 |
|
Adjusted
EBITDA |
|
20,161 |
|
|
4,732 |
|
|
229,744 |
|
|
|
102,683 |
|
|
67,870 |
|
|
2,261 |
|
|
|
(25,064 |
) |
|
|
402,387 |
|
Corporate and Other Expenses |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
25,064 |
|
|
|
25,064 |
|
Adjusted
Property EBITDA |
$ |
20,161 |
|
$ |
4,732 |
|
$ |
229,744 |
|
|
$ |
102,683 |
|
$ |
67,870 |
|
$ |
2,261 |
|
|
$ |
- |
|
|
$ |
427,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA |
|
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 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) |
$ |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Restated)(3) |
|
(Unaudited) |
|
(Restated)(3) |
|
(Restated)(3) |
|
(Restated)(3) |
|
(Restated)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income (Loss) |
$ |
34,789 |
|
$ |
12,897 |
|
|
$ |
500,200 |
|
$ |
188,684 |
|
$ |
122,908 |
|
|
$ |
(13,464 |
) |
|
$ |
(232,567 |
) |
|
$ |
613,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
60,778 |
|
|
|
- |
|
|
|
- |
|
|
|
60,778 |
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
3,001 |
|
|
|
- |
|
|
|
- |
|
|
|
3,001 |
|
Pre-opening Costs |
|
37 |
|
|
- |
|
|
|
32,624 |
|
|
4,550 |
|
|
158 |
|
|
|
18,021 |
|
|
|
- |
|
|
|
55,390 |
|
Development Costs |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
23,029 |
|
|
|
23,029 |
|
Depreciation and Amortization |
|
19,655 |
|
|
8,413 |
|
|
|
209,622 |
|
|
176,006 |
|
|
75,274 |
|
|
|
3,825 |
|
|
|
75,106 |
|
|
|
567,901 |
|
Share-based Compensation |
|
388 |
|
|
158 |
|
|
|
3,472 |
|
|
1,577 |
|
|
(129 |
) |
|
|
79 |
|
|
|
19,598 |
|
|
|
25,143 |
|
Property Charges and Other |
|
678 |
|
|
22 |
|
|
|
10,460 |
|
|
4,471 |
|
|
7,209 |
|
|
|
- |
|
|
|
6,307 |
|
|
|
29,147 |
|
Adjusted
EBITDA |
|
55,547 |
|
|
21,490 |
|
|
|
756,378 |
|
|
375,288 |
|
|
269,199 |
|
|
|
8,461 |
|
|
|
(108,527 |
) |
|
|
1,377,836 |
|
Corporate and Other Expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
108,527 |
|
|
|
108,527 |
|
Adjusted
Property EBITDA |
$ |
55,547 |
|
$ |
21,490 |
|
|
$ |
756,378 |
|
$ |
375,288 |
|
$ |
269,199 |
|
|
$ |
8,461 |
|
|
$ |
- |
|
|
$ |
1,486,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
(Restated)(3) |
|
(Unaudited) |
|
(Restated)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Melco Resorts & Entertainment
Limited |
$ |
68,139 |
|
$ |
126,583 |
|
|
$ |
373,173 |
|
$ |
340,299 |
|
Net Income
(Loss) Attributable to Noncontrolling Interests |
|
12,684 |
|
|
1,689 |
|
|
|
21,055 |
|
|
(1,403 |
) |
Net
Income |
|
80,823 |
|
|
128,272 |
|
|
|
394,228 |
|
|
338,896 |
|
Income Tax Expense (Credit) |
|
1,562 |
|
|
(5,477 |
) |
|
|
8,339 |
|
|
238 |
|
Interest and Other Non-Operating Expenses, Net |
|
91,064 |
|
|
80,533 |
|
|
|
345,111 |
|
|
274,313 |
|
Property Charges and Other |
|
1,237 |
|
|
8,190 |
|
|
|
20,815 |
|
|
29,147 |
|
Share-based Compensation |
|
9,283 |
|
|
6,925 |
|
|
|
31,797 |
|
|
25,143 |
|
Depreciation and Amortization |
|
169,260 |
|
|
151,868 |
|
|
|
651,205 |
|
|
567,901 |
|
Development Costs |
|
17,560 |
|
|
11,301 |
|
|
|
57,433 |
|
|
23,029 |
|
Pre-opening Costs |
|
209 |
|
|
4,998 |
|
|
|
4,847 |
|
|
55,390 |
|
Land Rent to Belle Corporation |
|
778 |
|
|
747 |
|
|
|
3,061 |
|
|
3,001 |
|
Payments to the Philippine Parties |
|
11,433 |
|
|
15,030 |
|
|
|
57,428 |
|
|
60,778 |
|
Adjusted
EBITDA |
|
383,209 |
|
|
402,387 |
|
|
|
1,574,264 |
|
|
1,377,836 |
|
Corporate and Other Expenses |
|
26,560 |
|
|
25,064 |
|
|
|
115,208 |
|
|
108,527 |
|
Adjusted
Property EBITDA |
$ |
409,769 |
|
$ |
427,451 |
|
|
$ |
1,689,472 |
|
$ |
1,486,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Room
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
184 |
|
|
$ |
188 |
|
|
$ |
179 |
|
|
$ |
189 |
|
|
Occupancy per available room |
|
|
99 |
% |
|
|
100 |
% |
|
|
99 |
% |
|
|
99 |
% |
|
Revenue per available room (5) |
|
$ |
182 |
|
|
$ |
188 |
|
|
$ |
177 |
|
|
$ |
188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
217 |
|
|
$ |
222 |
|
|
$ |
209 |
|
|
$ |
212 |
|
|
Occupancy per available room |
|
|
98 |
% |
|
|
97 |
% |
|
|
98 |
% |
|
|
97 |
% |
|
Revenue per available room (5) |
|
$ |
212 |
|
|
$ |
216 |
|
|
$ |
205 |
|
|
$ |
206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
138 |
|
|
$ |
138 |
|
|
$ |
135 |
|
|
$ |
138 |
|
|
Occupancy per available room |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
Revenue per available room (5) |
|
$ |
138 |
|
|
$ |
138 |
|
|
$ |
135 |
|
|
$ |
138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
178 |
|
|
$ |
162 |
|
|
$ |
176 |
|
|
$ |
159 |
|
|
Occupancy per available room |
|
|
98 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
Revenue per available room (5) |
|
$ |
176 |
|
|
$ |
159 |
|
|
$ |
173 |
|
|
$ |
156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
102 |
|
|
|
103 |
|
|
|
103 |
|
|
|
104 |
|
|
Average number of gaming machines |
|
|
195 |
|
|
|
136 |
|
|
|
178 |
|
|
|
129 |
|
|
Table games win per unit per day (6) |
|
$ |
18,839 |
|
|
$ |
23,849 |
|
|
$ |
19,605 |
|
|
$ |
20,546 |
|
|
Gaming machines win per unit per day (7) |
$ |
145 |
|
|
$ |
102 |
|
|
$ |
195 |
|
|
$ |
137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
511 |
|
|
|
477 |
|
|
|
516 |
|
|
|
476 |
|
|
Average number of gaming machines |
|
|
782 |
|
|
|
774 |
|
|
|
822 |
|
|
|
724 |
|
|
Table games win per unit per day (6) |
|
$ |
18,855 |
|
|
$ |
18,187 |
|
|
$ |
18,504 |
|
|
$ |
16,257 |
|
|
Gaming machines win per unit per day (7) |
$ |
724 |
|
|
$ |
547 |
|
|
$ |
562 |
|
|
$ |
737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
292 |
|
|
|
293 |
|
|
|
293 |
|
|
|
292 |
|
|
Average number of gaming machines |
|
|
935 |
|
|
|
987 |
|
|
|
947 |
|
|
|
957 |
|
|
Table games win per unit per day (6) |
|
$ |
13,204 |
|
|
$ |
13,233 |
|
|
$ |
12,663 |
|
|
$ |
14,076 |
|
|
Gaming machines win per unit per day (7) |
$ |
242 |
|
|
$ |
254 |
|
|
$ |
230 |
|
|
$ |
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
324 |
|
|
|
301 |
|
|
|
311 |
|
|
|
300 |
|
|
Average number of gaming machines |
|
|
2,280 |
|
|
|
2,057 |
|
|
|
2,265 |
|
|
|
1,929 |
|
|
Table games win per unit per day (6) |
|
$ |
4,340 |
|
|
$ |
5,408 |
|
|
$ |
4,421 |
|
|
$ |
5,536 |
|
|
Gaming machines win per unit per day (7) |
$ |
266 |
|
|
$ |
261 |
|
|
$ |
259 |
|
|
$ |
278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
37 |
|
|
|
34 |
|
|
|
38 |
|
|
|
33 |
|
|
Average number of gaming machines |
|
|
436 |
|
|
|
275 |
|
|
|
388 |
|
|
|
264 |
|
|
Table games win per unit per day (6) |
|
$ |
2,212 |
|
|
$ |
1,787 |
|
|
$ |
2,475 |
|
|
$ |
2,206 |
|
|
Gaming machines win per unit per day (7) |
$ |
429 |
|
|
$ |
397 |
|
|
$ |
431 |
|
|
$ |
388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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