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 first
quarter of 2020.
Total operating revenues for the first quarter
of 2020 were US$0.81 billion, representing a decrease of
approximately 41% from US$1.38 billion for the comparable period in
2019. The decrease in total operating revenues was primarily
attributable to softer performance in all gaming segments and
non-gaming operations as a result of the temporary casino closure
in Macau and enhanced quarantine and social distancing measures to
mitigate the COVID-19 outbreak in the first quarter of 2020.
Operating loss for the first quarter of 2020 was
US$149.9 million, compared with operating income of US$191.1
million in the first quarter of 2019.
Adjusted Property EBITDA(1) was US$75.3 million
for the first quarter of 2020 compared to Adjusted Property EBITDA
of US$413.5 million in the first quarter of 2019, representing a
decrease of 82%.
Net loss attributable to Melco Resorts &
Entertainment Limited for the first quarter of 2020 was US$364.0
million, or US$0.76 per ADS, compared with net income attributable
to Melco Resorts & Entertainment Limited of US$120.1 million,
or US$0.25 per ADS, in the first quarter of 2019. The net loss
attributable to noncontrolling interests during the first quarter
of 2020 was US$42.0 million and the net income attributable to
noncontrolling interests during the first quarter of 2019 was
US$1.9 million, all of which were related to Studio City, City of
Dreams Manila and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “With COVID-19 posing unprecedented
challenges to the tourism industry and integrated resort facilities
around the world, I would like to express my sincere gratitude to
the PRC and the Macau SAR governments for their proactive response
to contain the spread of the virus. I would also like to thank the
Macau Chief Executive for his decisive leadership, which is exactly
what we need in these difficult times.
“Melco continues to manage its balance sheet in
a prudent manner. As of March 31, 2020, we had cash and cash
equivalents of over US$1.2 billion. With the entry into a new
senior facilities agreement in April 2020, we have undrawn
revolver capacity of approximately US$1.6 billion. In
addition, we further bolstered our balance sheet with our sale of
the shares we held in Crown Resorts Limited, resulting in gross
sales proceeds of approximately US$355 million.
“To preserve liquidity in light of the COVID-19
pandemic and to continue investing in our business, the board has
decided to suspend the Company’s quarterly dividend program.
This is a prudent course of action given current conditions. Melco
remains committed to returning capital to shareholders with a
regular quarterly dividend and will evaluate the resumption of its
quarterly dividend as the operating environment evolves.
“While we are focused on managing costs during
this challenging demand environment, we remain fully committed to
the long term development of our valued colleagues. As an
employer of choice with a strong and deep heritage in Macau, we
believe that our long-term success is dependent on the hard work
and dedication of our colleagues, and the development of Macau into
a world-leading tourism and entertainment destination. Our
commitment to employee development and community support is
evidenced by our market-leading training programs and our recent
donations to the Red Cross Society of China Hubei Branch, the Macao
Federation of Trade Unions, the Women’s General Association of
Macau, the Cyprus Ministry of Health and to the affected families
and healthcare professionals in the Philippines.
“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 in its inaugural Forbes review.
“Sustainability remains a high priority in
Melco’s operations. In March 2020, Melco was named the 2019 Best
First Time Performer by CDP, the global non-profit environmental
organization. We received an A- score earlier this year from CDP,
attaining one of the highest ratings among disclosing companies in
the Greater China region. These acknowledgements are a credit to
Melco’s efforts in environmental protection, as well as its
dedication and commitment to mitigating climate risks.
“Melco remains committed to its global
development program. Construction on the 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/outdoor water parks, a Cineplex, fine-dining
restaurants and state-of-the-art MICE space. In Europe, we are
developing City of Dreams Mediterranean, which, upon completion,
will be Europe’s largest integrated resort with 500 luxury hotel
rooms, a 1,500-seat amphitheater and approximately 10,000m2 of MICE
space.
“Lastly, Japan continues to be a core focus for
us. 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 First Quarter
Results
For the quarter ended March 31, 2020, total
operating revenues at City of Dreams were US$467.6 million compared
to US$713.3 million in the first quarter of 2019. City of Dreams
generated Adjusted EBITDA of US$61.0 million in the first quarter
of 2020 compared with Adjusted EBITDA of US$228.6 million in the
first quarter of 2019. The year-over-year decrease in Adjusted
EBITDA was primarily a result of a softer performance in the mass
market table games and gaming machines segments, lower non-gaming
revenue as well as a higher provision for doubtful debts.
Rolling chip volume was US$8.65 billion for the
first quarter of 2020 versus US$10.25 billion in the first quarter
of 2019. The rolling chip win rate was 4.11% in the first quarter
of 2020 versus 3.42% in the first quarter of 2019. The expected
rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$0.57 billion in the first quarter of 2020 compared with US$1.32
billion in the first quarter of 2019. The mass market table games
hold percentage was 33.7% in the first quarter of 2020 compared to
31.5% in the first quarter of 2019.
Gaming machine handle for the first quarter of
2020 was US$509.6 million, compared with US$980.4 million in the
first quarter of 2019. The gaming machine win rate was 3.9% in the
first quarter of 2020 versus 4.0% in the first quarter of 2019.
Total non-gaming revenue at City of Dreams in
the first quarter of 2020 was US$47.0 million, compared with
US$96.2 million in the first quarter of 2019.
Altira Macau First Quarter
Results
For the quarter ended March 31, 2020, total
operating revenues at Altira Macau were US$52.9 million compared to
US$133.0 million in the first quarter of 2019. Altira Macau
generated negative Adjusted EBITDA of US$9.1 million in the first
quarter of 2020 compared with Adjusted EBITDA of US$15.3 million in
the first quarter of 2019. The year-over-year decrease in Adjusted
EBITDA was primarily a result of softer performance in all gaming
segments.
Rolling chip volume was US$1.38 billion in the
first quarter of 2020 versus US$4.96 billion in the first quarter
of 2019. The rolling chip win rate was 4.48% in the first quarter
of 2020 versus 3.81% in the first quarter of 2019. The expected
rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment, drop was
US$64.4 million in the first quarter of 2020 versus US$139.2
million in the first quarter of 2019. The mass market table games
hold percentage was 30.4% in the first quarter of 2020 compared
with 22.4% in the first quarter of 2019. Gaming
machine handle for the first quarter of 2020 was US$39.1 million,
compared with US$60.7 million in the first quarter of 2019. The
gaming machine win rate was 2.5% in the first quarter of 2020
versus 5.1% in the first quarter of 2019.
Total non-gaming revenue at Altira Macau in the
first quarter of 2020 was US$3.0 million, compared with US$6.7
million in the first quarter of 2019.
Mocha Clubs First Quarter
Results
Total operating revenues from Mocha Clubs were
US$18.0 million in the first quarter of 2020 compared to US$31.1
million in the first quarter of 2019. Mocha Clubs generated US$0.1
million of Adjusted EBITDA in the first quarter of 2020 compared
with US$6.0 million in the same period in 2019.
Gaming machine handle for the first quarter of
2020 was US$385.9 million, compared with US$664.3 million in the
first quarter of 2019. The gaming machine win rate was 4.7% in both
the first quarters of 2020 and 2019.
Studio City First Quarter
Results
For the quarter ended March 31, 2020, total
operating revenues at Studio City were US$136.6 million compared to
US$330.4 million in the first quarter of 2019. Studio City
generated negative Adjusted EBITDA of US$9.4 million in the first
quarter of 2020 compared with Adjusted EBITDA of US$96.4 million in
the first quarter of 2019. The year-over-year decrease in Adjusted
EBITDA was primarily a result of softer performance in all gaming
segments.
Studio City’s rolling chip volume was US$1.38
billion in the first quarter of 2020 versus US$2.66 billion in the
first quarter of 2019. The rolling chip win rate was 3.31% in the
first quarter of 2020 versus 3.34% in the first quarter of 2019.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$352.8 million in the first quarter of 2020 compared with
US$851.4 million in the first quarter of 2019. The mass market
table games hold percentage was 25.9% in the first quarter of 2020
compared to 28.4% in the first quarter of 2019.
Gaming machine handle for the first quarter of
2020 was US$311.1 million, compared with US$560.6 million in the
first quarter of 2019. The gaming machine win rate was 3.2% in the
first quarter of 2020 versus 3.3% in the first quarter of 2019.
Total non-gaming revenue at Studio City in the
first quarter of 2020 was US$21.0 million, compared with US$50.9
million in the first quarter of 2019.
City of Dreams Manila First Quarter
Results
For the quarter ended March 31, 2020, total
operating revenues at City of Dreams Manila were US$110.3 million
compared to US$142.4 million in the first quarter of 2019. City of
Dreams Manila generated Adjusted EBITDA of US$29.6 million in the
first quarter of 2020 compared to US$60.5 million in the comparable
period of 2019. The year-over-year decrease in Adjusted EBITDA was
primarily a result of softer performance in all gaming
segments.
City of Dreams Manila’s rolling chip volume was
US$1.16 billion in the first quarter of 2020 versus US$2.29 billion
in the first quarter of 2019. The rolling chip win rate was 3.72%
in the first quarter of 2020 versus 3.18% in the first quarter of
2019. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop decreased to
US$156.9 million for the first quarter of 2020, compared with
US$184.3 million in the first quarter of 2019. The mass market
table games hold percentage was 33.5% in the first quarter of 2020
compared to 30.6% in the first quarter of 2019.
Gaming machine handle for the first quarter of
2020 was US$859.2 million, compared with US$907.5 million in the
first quarter of 2019. The gaming machine win rate was 4.1% in the
first quarter of 2020 versus 5.8% in the first quarter of 2019.
Total non-gaming revenue at City of Dreams
Manila in the first quarter of 2020 was US$25.6 million, compared
with US$28.6 million in the first quarter of 2019.
Cyprus Operations First Quarter
Results
The Company is currently operating a temporary
casino, the first casino in the Republic of Cyprus, and four
satellite casinos. Upon the completion and opening of City of
Dreams Mediterranean, the Company will continue to operate the four
satellite casinos while operation of the temporary casino will
cease.
For the quarter ended March 31, 2020, total
operating revenues at Cyprus Casinos were US$18.8 million compared
to US$21.3 million in the first quarter of 2019. Cyprus Casinos
generated Adjusted EBITDA of US$3.2 million in the first quarter of
2020 compared with Adjusted EBITDA of US$6.7 million in the first
quarter of 2019.
Mass market table games drop was US$24.9 million
in the first quarter of 2020 versus US$38.2 million in the first
quarter of 2019. The mass market table games hold percentage was
21.5% in the first quarter of 2020 compared to 20.4% in the first
quarter of 2019.
Gaming machine handle for the first quarter of
2020 was US$270.1 million, compared with US$243.5 million in the
first quarter of 2019. The gaming machine win rate was 5.0% in the
first quarter of 2020 versus 5.5% in the first quarter of 2019.
Other Factors Affecting
Earnings
Total net non-operating expenses for the first
quarter of 2020 were US$261.0 million, which mainly included other
net non-operating expenses of US$179.4 million primarily related to
the fair value losses on investment securities and interest
expenses, net of amounts capitalized of US$78.2 million.
Depreciation and amortization costs of US$162.3
million were recorded in the first quarter of 2020 of which US$14.3
million related to the amortization expense for our gaming
subconcession and US$5.7 million related to the amortization
expense for the land use rights.
The negative Adjusted EBITDA for Studio City for
the three months ended March 31, 2020 referred to in this press
release is US$8.7 million less than the negative Adjusted EBITDA of
Studio City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated May 14, 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 March 31,
2020 aggregated to US$1.22 billion, including US$54.9 million of
restricted cash, which was primarily related to Studio City. Total
debt, net of unamortized deferred financing costs at the end of the
first quarter of 2020 was US$4.65 billion.
Capital expenditures for the first quarter of
2020 were US$96.8 million, which primarily related to various
projects at City of Dreams and the Phase 2 construction at Studio
City.
Year to date, the Company has repurchased
approximately 3 million ADSs, worth approximately US$45 million,
under the US$500 million share repurchase program the Company
announced in November 2018 and the maximum dollar value that may
yet be purchased under this share repurchase program is
approximately US$299 million.
Dividend Suspension
To preserve liquidity in light of the COVID-19
pandemic and to continue investing in our business, the board has
decided to suspend the Company’s quarterly dividend
program.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position and prospects
during the second quarter of 2020.
Our Macau operations continue to be impacted by
significant travel bans, restrictions and quarantine requirements
imposed by the governments in Macau, Hong Kong and certain
provinces in China on nearly all visitors traveling to and from
Macau. Additionally, health-related precautionary measures remain
in place at all of our properties, which could impact visitation
and customer spending.
Our Philippines casino gaming operations were
closed due to the enhanced community quarantine for the entire
island of Luzon, including Metro Manila, which was initiated on
March 16, 2020 and was extended to May 15, 2020. On May 12, 2020,
the Philippines government announced the implementation of a
modified enhanced community quarantine, which is scheduled to take
effect from May 16, 2020 to May 31, 2020, during which our
Philippines casino gaming operations will continue to remain
closed.
Our Cyprus operations were closed with effect
from March 16, 2020 as a result of measures imposed by the Cyprus
government. While the government has announced a gradual relaxation
of the measures designed to contain the spread of COVID-19, casino
operations are currently not expected to resume until July 2020 at
the earliest.
The COVID-19 outbreak has also impacted the
construction of the Studio City Phase 2 project and the progress of
construction works at the City of Dreams Mediterranean project. We
currently expect additional time will be needed to complete the
construction of both projects.
As the disruptions from the COVID-19 outbreak
are ongoing, any recovery from such disruptions will depend on
future developments, such as the duration of travel and visa
restrictions and customer sentiment, including the length of time
before customers will resume travelling and participating in
entertainment and leisure activities at high-density venues, all of
which are highly uncertain.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its first quarter 2020 financial
results on Thursday, May 14, 2020 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 |
1 844 760 0770 |
US Toll /
International |
1 347 549
4094 |
HK
Toll |
852 3018
8307 |
HK Toll
Free |
800 906
613 |
Japan
Toll |
81 3 4503
6004 |
Japan Toll
Free |
012 092
5482 |
UK Toll
Free |
080 0051
4241 |
Australia
Toll |
61 290
833 216 |
Australia
Toll Free |
1 800 754
642 |
Philippines Toll Free |
1 800
1612 0312 |
|
|
Passcode |
2969539 |
|
|
An audio webcast
will also be available at http://www.melco-resorts.com |
|
|
To access the
replay, please use the dial-in details below: |
|
|
US Toll
Free |
1 855 452
5696 |
US Toll /
International |
1 646 254
3697 |
HK
Toll |
852 3051
2780 |
HK Toll
Free |
800 963
117 |
Japan
Toll |
81 3 4580
6717 |
Japan
Toll Free |
012 095
9034 |
Philippines Toll Free |
1 800
1612 0166 |
|
|
Conference ID |
2969539 |
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 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 four satellite casinos (“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. 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 |
Condensed Consolidated Statements of
Operations |
(In thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
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Three Months Ended |
|
March 31, |
|
2020 |
|
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
(As adjusted)(3) |
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
Casino |
$ |
712,555 |
|
|
$ |
1,197,904 |
|
Rooms |
|
44,821 |
|
|
|
84,069 |
|
Food and beverage |
|
28,943 |
|
|
|
56,199 |
|
Entertainment, retail and other |
|
24,856 |
|
|
|
44,935 |
|
Total operating revenues |
|
811,175 |
|
|
|
1,383,107 |
|
|
|
|
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
Casino |
|
(563,841 |
) |
|
|
(781,824 |
) |
Rooms |
|
(17,941 |
) |
|
|
(22,493 |
) |
Food and beverage |
|
(32,230 |
) |
|
|
(44,901 |
) |
Entertainment, retail and other |
|
(20,324 |
) |
|
|
(21,814 |
) |
General and administrative |
|
(131,297 |
) |
|
|
(131,470 |
) |
Payments to the Philippine Parties |
|
(7,706 |
) |
|
|
(14,052 |
) |
Pre-opening costs |
|
(395 |
) |
|
|
(3,510 |
) |
Development costs |
|
(13,430 |
) |
|
|
(5,520 |
) |
Amortization of gaming subconcession |
|
(14,323 |
) |
|
|
(14,186 |
) |
Amortization of land use rights |
|
(5,709 |
) |
|
|
(5,655 |
) |
Depreciation and amortization |
|
(142,233 |
) |
|
|
(139,178 |
) |
Property charges and other |
|
(11,672 |
) |
|
|
(7,432 |
) |
Total operating costs and
expenses |
|
(961,101 |
) |
|
|
(1,192,035 |
) |
Operating (loss) income |
|
(149,926 |
) |
|
|
191,072 |
|
Non-operating income
(expenses): |
|
|
|
|
|
Interest income |
|
1,142 |
|
|
|
2,124 |
|
Interest expenses, net of amounts capitalized |
|
(78,155 |
) |
|
|
(69,623 |
) |
Loan commitment fees |
|
(1,244 |
) |
|
|
(283 |
) |
Foreign exchange losses, net |
|
(3,311 |
) |
|
|
(14 |
) |
Other (expenses) income, net |
|
(179,397 |
) |
|
|
6,727 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
(3,721 |
) |
Costs associated with debt modification |
|
- |
|
|
|
(579 |
) |
Total non-operating expenses,
net |
|
(260,965 |
) |
|
|
(65,369 |
) |
(Loss) income before income
tax |
|
(410,891 |
) |
|
|
125,703 |
|
Income tax credit
(expense) |
|
4,840 |
|
|
|
(3,691 |
) |
Net (loss) income |
|
(406,051 |
) |
|
|
122,012 |
|
Net loss (income)
attributable to noncontrolling interests |
|
42,003 |
|
|
|
(1,948 |
) |
Net (loss) income
attributable to Melco Resorts & Entertainment Limited |
$ |
(364,048 |
) |
|
$ |
120,064 |
|
|
|
|
|
|
|
Net (loss) income
attributable to Melco Resorts & Entertainment Limited per
share: |
|
|
|
|
|
Basic |
$ |
(0.254 |
) |
|
$ |
0.084 |
|
Diluted |
$ |
(0.254 |
) |
|
$ |
0.083 |
|
|
|
|
|
|
|
Net (loss) income
attributable to Melco Resorts & Entertainment Limited per
ADS: |
|
|
|
|
|
Basic |
$ |
(0.761 |
) |
|
$ |
0.251 |
|
Diluted |
$ |
(0.761 |
) |
|
$ |
0.250 |
|
|
|
|
|
|
|
Weighted average shares
outstanding used in net (loss) income
attributable to Melco Resorts & Entertainment Limited
per share calculation: |
|
|
|
|
|
Basic |
|
1,435,762,261 |
|
|
|
1,435,552,852 |
|
Diluted |
|
1,435,762,261 |
|
|
|
1,441,811,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
the prior period amounts presented in these unaudited
condensed consolidated financial statements have been adjusted to
include the 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, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2020 |
|
|
2019 |
|
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,162,862 |
|
|
$ |
1,394,982 |
|
Investment securities |
|
363,480 |
|
|
|
49,369 |
|
Restricted cash |
|
54,762 |
|
|
|
37,390 |
|
Accounts receivable, net |
|
230,929 |
|
|
|
284,333 |
|
Amounts due from affiliated companies |
|
408 |
|
|
|
442 |
|
Inventories |
|
43,160 |
|
|
|
43,959 |
|
Prepaid expenses and other current assets |
|
95,290 |
|
|
|
84,197 |
|
Total current assets |
|
1,950,891 |
|
|
|
1,894,672 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
5,692,842 |
|
|
|
5,723,909 |
|
Gaming subconcession, net |
|
127,718 |
|
|
|
141,440 |
|
Intangible assets, net |
|
31,140 |
|
|
|
31,628 |
|
Goodwill |
|
96,049 |
|
|
|
95,620 |
|
Long-term prepayments,
deposits and other assets |
|
170,209 |
|
|
|
176,478 |
|
Investment securities |
|
- |
|
|
|
568,936 |
|
Restricted cash |
|
131 |
|
|
|
130 |
|
Deferred tax assets |
|
5,641 |
|
|
|
3,558 |
|
Operating lease right-of-use
assets |
|
103,070 |
|
|
|
111,043 |
|
Land use rights, net |
|
738,609 |
|
|
|
741,008 |
|
Total assets |
$ |
8,916,300 |
|
|
$ |
9,488,422 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
16,274 |
|
|
$ |
21,882 |
|
Accrued expenses and other current liabilities |
|
1,176,811 |
|
|
|
1,420,516 |
|
Income tax payable |
|
6,410 |
|
|
|
8,516 |
|
Operating lease liabilities, current |
|
30,138 |
|
|
|
33,152 |
|
Finance lease liabilities, current |
|
40,446 |
|
|
|
39,725 |
|
Current portion of long-term debt, net |
|
- |
|
|
|
146 |
|
Amounts due to affiliated companies |
|
1,415 |
|
|
|
1,523 |
|
Total current liabilities |
|
1,271,494 |
|
|
|
1,525,460 |
|
|
|
|
|
|
|
Long-term debt, net |
|
4,648,260 |
|
|
|
4,393,985 |
|
Other long-term
liabilities |
|
17,997 |
|
|
|
18,773 |
|
Deferred tax liabilities,
net |
|
52,433 |
|
|
|
56,677 |
|
Operating lease liabilities,
non-current |
|
81,789 |
|
|
|
88,259 |
|
Finance lease liabilities,
non-current |
|
259,074 |
|
|
|
262,040 |
|
Total liabilities |
|
6,331,047 |
|
|
|
6,345,194 |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized;
1,456,547,942 and 1,456,547,942 shares issued; 1,430,447,188 and
1,437,328,096 shares outstanding, respectively |
|
14,565 |
|
|
|
14,565 |
|
Treasury shares, at cost; 26,100,754 and 19,219,846 shares,
respectively |
|
(123,470 |
) |
|
|
(90,585 |
) |
Additional paid-in capital |
|
3,175,020 |
|
|
|
3,178,579 |
|
Accumulated other comprehensive losses |
|
(61,508 |
) |
|
|
(18,803 |
) |
Accumulated losses |
|
(1,087,952 |
) |
|
|
(644,788 |
) |
Total Melco Resorts &
Entertainment Limited shareholders’ equity |
|
1,916,655 |
|
|
|
2,438,968 |
|
Noncontrolling interests |
|
668,598 |
|
|
|
704,260 |
|
Total shareholders'
equity |
|
2,585,253 |
|
|
|
3,143,228 |
|
Total liabilities and
shareholders' equity |
$ |
8,916,300 |
|
|
$ |
9,488,422 |
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
Reconciliation of Net (Loss) Income Attributable to Melco
Resorts & Entertainment Limited to |
Adjusted Net (Loss) Income Attributable to Melco Resorts
& Entertainment Limited |
(In thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2020 |
|
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
(As adjusted)(3) |
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts &
Entertainment Limited |
$ |
(364,048 |
) |
|
$ |
120,064 |
|
Pre-opening costs |
|
395 |
|
|
|
3,510 |
|
Development costs |
|
13,430 |
|
|
|
5,520 |
|
Property charges and other |
|
11,672 |
|
|
|
7,432 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
3,721 |
|
Costs associated with debt modification |
|
- |
|
|
|
579 |
|
Income tax impact on adjustments |
|
(2,332 |
) |
|
|
(1,069 |
) |
Noncontrolling interests impact on adjustments |
|
(2,227 |
) |
|
|
(3,145 |
) |
Adjusted net (loss) income
attributable to Melco Resorts & Entertainment Limited |
$ |
(343,110 |
) |
|
$ |
136,612 |
|
|
|
|
|
|
|
Adjusted net (loss) income
attributable to Melco Resorts & Entertainment Limited per
share: |
|
|
|
|
|
Basic |
$ |
(0.239 |
) |
|
$ |
0.095 |
|
Diluted |
$ |
(0.239 |
) |
|
$ |
0.095 |
|
|
|
|
|
|
|
Adjusted net (loss) income
attributable to Melco Resorts & Entertainment Limited per
ADS: |
|
|
|
|
|
Basic |
$ |
(0.717 |
) |
|
$ |
0.285 |
|
Diluted |
$ |
(0.717 |
) |
|
$ |
0.284 |
|
|
|
|
|
|
|
Weighted average shares
outstanding used in adjusted net (loss) income attributable to
Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
Basic |
|
1,435,762,261 |
|
|
|
1,435,552,852 |
|
Diluted |
|
1,435,762,261 |
|
|
|
1,441,811,414 |
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
Reconciliation of Operating (Loss) Income to Adjusted
EBITDA and Adjusted Property EBITDA |
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
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 (loss) income |
$ |
(14,700 |
) |
|
$ |
(1,691 |
) |
|
$ |
(6,877 |
) |
|
$ |
(57,110 |
) |
|
$ |
4,288 |
|
$ |
(42 |
) |
|
$ |
(73,794 |
) |
|
$ |
(149,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,706 |
|
|
- |
|
|
|
- |
|
|
|
7,706 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
777 |
|
|
- |
|
|
|
- |
|
|
|
777 |
|
Pre-opening costs |
|
37 |
|
|
|
- |
|
|
|
- |
|
|
|
28 |
|
|
|
- |
|
|
330 |
|
|
|
- |
|
|
|
395 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
13,430 |
|
|
|
13,430 |
|
Depreciation and amortization |
|
5,410 |
|
|
|
1,776 |
|
|
|
63,351 |
|
|
|
42,833 |
|
|
|
16,466 |
|
|
2,837 |
|
|
|
29,592 |
|
|
|
162,265 |
|
Share-based compensation |
|
115 |
|
|
|
(31 |
) |
|
|
1,057 |
|
|
|
393 |
|
|
|
318 |
|
|
79 |
|
|
|
6,677 |
|
|
|
8,608 |
|
Property charges and other |
|
72 |
|
|
|
26 |
|
|
|
3,421 |
|
|
|
4,442 |
|
|
|
- |
|
|
- |
|
|
|
3,711 |
|
|
|
11,672 |
|
Adjusted EBITDA |
|
(9,066 |
) |
|
|
80 |
|
|
|
60,952 |
|
|
|
(9,414 |
) |
|
|
29,555 |
|
|
3,204 |
|
|
|
(20,384 |
) |
|
|
54,927 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
20,384 |
|
|
|
20,384 |
|
Adjusted Property EBITDA |
$ |
(9,066 |
) |
|
$ |
80 |
|
|
$ |
60,952 |
|
|
$ |
(9,414 |
) |
|
$ |
29,555 |
|
$ |
3,204 |
|
|
$ |
- |
|
|
$ |
75,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(As adjusted)(3) |
|
(As adjusted)(3) |
|
(As adjusted)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
9,704 |
|
|
$ |
3,916 |
|
|
$ |
158,220 |
|
|
$ |
48,479 |
|
|
$ |
23,005 |
|
$ |
3,103 |
|
|
$ |
(55,355 |
) |
|
$ |
191,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
14,052 |
|
|
- |
|
|
|
- |
|
|
|
14,052 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
756 |
|
|
- |
|
|
|
- |
|
|
|
756 |
|
Pre-opening costs |
|
25 |
|
|
|
- |
|
|
|
51 |
|
|
|
2,489 |
|
|
|
- |
|
|
945 |
|
|
|
- |
|
|
|
3,510 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
5,520 |
|
|
|
5,520 |
|
Depreciation and amortization |
|
5,424 |
|
|
|
2,002 |
|
|
|
65,702 |
|
|
|
45,159 |
|
|
|
19,127 |
|
|
2,676 |
|
|
|
18,929 |
|
|
|
159,019 |
|
Share-based compensation |
|
100 |
|
|
|
43 |
|
|
|
646 |
|
|
|
184 |
|
|
|
282 |
|
|
25 |
|
|
|
5,143 |
|
|
|
6,423 |
|
Property charges and other |
|
27 |
|
|
|
28 |
|
|
|
3,943 |
|
|
|
129 |
|
|
|
3,305 |
|
|
- |
|
|
|
- |
|
|
|
7,432 |
|
Adjusted EBITDA |
|
15,280 |
|
|
|
5,989 |
|
|
|
228,562 |
|
|
|
96,440 |
|
|
|
60,527 |
|
|
6,749 |
|
|
|
(25,763 |
) |
|
|
387,784 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
25,763 |
|
|
|
25,763 |
|
Adjusted Property EBITDA |
$ |
15,280 |
|
|
$ |
5,989 |
|
|
$ |
228,562 |
|
|
$ |
96,440 |
|
|
$ |
60,527 |
|
$ |
6,749 |
|
|
$ |
- |
|
|
$ |
413,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
Reconciliation of Net (Loss) Income Attributable to Melco
Resorts & Entertainment Limited to |
Adjusted EBITDA and Adjusted Property EBITDA |
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2020 |
|
|
2019 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
(As adjusted)(3) |
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited |
$ |
(364,048 |
) |
|
$ |
120,064 |
Net (loss) income attributable
to noncontrolling interests |
|
(42,003 |
) |
|
|
1,948 |
Net (loss) income |
|
(406,051 |
) |
|
|
122,012 |
Income tax (credit) expense |
|
(4,840 |
) |
|
|
3,691 |
Interest and other non-operating expenses, net |
|
260,965 |
|
|
|
65,369 |
Property charges and other |
|
11,672 |
|
|
|
7,432 |
Share-based compensation |
|
8,608 |
|
|
|
6,423 |
Depreciation and amortization |
|
162,265 |
|
|
|
159,019 |
Development costs |
|
13,430 |
|
|
|
5,520 |
Pre-opening costs |
|
395 |
|
|
|
3,510 |
Land rent to Belle Corporation |
|
777 |
|
|
|
756 |
Payments to the Philippine Parties |
|
7,706 |
|
|
|
14,052 |
Adjusted EBITDA |
|
54,927 |
|
|
|
387,784 |
Corporate and Other expenses |
|
20,384 |
|
|
|
25,763 |
Adjusted Property EBITDA |
$ |
75,311 |
|
|
$ |
413,547 |
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and Subsidiaries |
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
Room
Statistics(4): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(5) |
|
|
|
|
|
$ |
181 |
|
|
$ |
179 |
|
|
|
Occupancy per
available room |
|
|
|
|
|
|
58% |
|
|
|
99% |
|
|
|
Revenue per
available room (6) |
|
|
|
|
|
$ |
105 |
|
|
$ |
178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(5) |
|
|
|
|
|
$ |
231 |
|
|
$ |
206 |
|
|
|
Occupancy per
available room |
|
|
|
|
|
|
47% |
|
|
|
97% |
|
|
|
Revenue per
available room (6) |
|
|
|
|
|
$ |
109 |
|
|
$ |
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(5) |
|
|
|
|
|
$ |
137 |
|
|
$ |
134 |
|
|
|
Occupancy per
available room |
|
|
|
|
|
|
43% |
|
|
|
100% |
|
|
|
Revenue per
available room (6) |
|
|
|
|
|
$ |
58 |
|
|
$ |
133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(5) |
|
|
|
|
|
$ |
200 |
|
|
$ |
164 |
|
|
|
Occupancy per
available room |
|
|
|
|
|
|
93% |
|
|
|
98% |
|
|
|
Revenue per
available room (6) |
|
|
|
|
|
$ |
185 |
|
|
$ |
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(7): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
Average number of
table games |
|
|
|
|
|
85 |
|
|
|
105 |
|
|
|
Average number of
gaming machines |
|
|
|
|
|
141 |
|
|
|
169 |
|
|
|
Table games win
per unit per day (8) |
|
|
|
|
$ |
13,145 |
|
|
$ |
23,308 |
|
|
|
Gaming machines
win per unit per day (9) |
|
|
|
|
$ |
91 |
|
|
$ |
204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
Average number of
table games |
|
|
|
|
|
427 |
|
|
|
518 |
|
|
|
Average number of
gaming machines |
|
|
|
|
|
562 |
|
|
|
820 |
|
|
|
Table games win
per unit per day (8) |
|
|
|
|
$ |
16,650 |
|
|
$ |
16,424 |
|
|
|
Gaming machines
win per unit per day (9) |
|
|
|
|
$ |
458 |
|
|
$ |
529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
Average number of
table games |
|
|
|
|
|
252 |
|
|
|
294 |
|
|
|
Average number of
gaming machines |
|
|
|
|
|
747 |
|
|
|
974 |
|
|
|
Table games win
per unit per day (8) |
|
|
|
|
$ |
7,051 |
|
|
$ |
12,507 |
|
|
|
Gaming machines
win per unit per day (9) |
|
|
|
|
$ |
174 |
|
|
$ |
211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
|
|
|
Average number of
table games |
|
|
|
|
|
299 |
|
|
|
302 |
|
|
|
Average number of
gaming machines |
|
|
|
|
|
2,292 |
|
|
|
2,242 |
|
|
|
Table games win
per unit per day (8) |
|
|
|
|
$ |
4,255 |
|
|
$ |
4,752 |
|
|
|
Gaming machines
win per unit per day (9) |
|
|
|
|
$ |
207 |
|
|
$ |
261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus
Operations |
|
|
|
|
|
|
|
|
|
|
|
Average number of
table games |
|
|
|
|
|
37 |
|
|
|
38 |
|
|
|
Average number of
gaming machines |
|
|
|
|
|
452 |
|
|
|
348 |
|
|
|
Table games win
per unit per day (8) |
|
|
|
|
$ |
1,929 |
|
|
$ |
2,287 |
|
|
|
Gaming machines
win per unit per day (9) |
|
|
|
|
$ |
398 |
|
|
$ |
430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Room
statistics exclude rooms that were temporarily closed or provided
to staff members during the three months ended March 31, 2020 due
to the COVID-19 outbreak |
(5) Average daily
rate is calculated by dividing total room revenues including
complimentary rooms (less service charges, if any) by
total occupied rooms including complimentary rooms |
(6) Revenue per
available room is calculated by dividing total room revenues
including complimentary rooms (less service charges, if
any) by total rooms available |
(7) Table games
and gaming machines that were not in operation during the three
months ended March 31, 2020 due to government-mandated closures or
social distancing measures in relation to the COVID-19 outbreak
have been excluded |
(8) Table games
win per unit per day is shown before discounts, commissions,
non-discretionary incentives (including our
point-loyalty programs) and allocating casino revenues related
to goods and services provided to gaming patrons on a complimentary
basis |
(9) Gaming
machines win per unit per day is shown before non-discretionary
incentives (including our point-loyalty programs) and
allocating casino revenues related to goods and services
provided to gaming patrons on a complimentary basis |
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