Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco”
or the “Company”), a developer, owner, and operator of integrated
resort facilities in Asia and Europe, today reported its unaudited
financial results for the fourth quarter and full year ended
December 31, 2022.
Total operating revenues for the fourth quarter
of 2022 were US$337.1 million, representing a decrease of
approximately 30% from US$480.6 million for the comparable period
in 2021. The decrease in total operating revenues was primarily
attributable to the heightened travel restrictions in Macau and
mainland China related to COVID-19 during the quarter which led to
softer performance in the rolling chip and mass market table games
segments.
Operating loss for the fourth quarter of 2022
was US$199.5 million, compared with operating loss of US$104.4
million in the fourth quarter of 2021.
Melco generated negative Adjusted Property
EBITDA(1) of US$6.8 million in the fourth quarter of 2022, compared
with Adjusted Property EBITDA of US$94.0 million in the fourth
quarter of 2021.
Net loss attributable to Melco Resorts &
Entertainment Limited for the fourth quarter of 2022 was US$251.9
million, or US$0.57 per ADS, compared with US$159.9 million, or
US$0.34 per ADS, in the fourth quarter of 2021. The net loss
attributable to noncontrolling interests was US$42.1 million and
US$30.0 million during the fourth quarters of 2022 and 2021,
respectively, 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, “Our results for the fourth quarter
of 2022 continued to be impacted by the travel restrictions imposed
across mainland China and Macau. However, we are encouraged by the
increased visitation and volume that we have seen since the travel
restrictions between mainland China and Macau were relaxed on
January 8, 2023. Our recent performance reinforces our belief in
the return of pent-up demand and our view that Macau will continue
to develop as a leading international destination for entertainment
and leisure.
“We are honored to have been awarded a gaming
concession to continue to operate in Macau for the next 10 years.
We greatly appreciate the consideration given to our proposal and
our investment propositions that we believe will continue to build
on our existing strengths in entertainment and non-gaming
attractions. We pledge our full support to the sustainable and
diversified development of the tourism and leisure industry in
Macau, and will continue to work with the Macau government, the
community, and stakeholders to contribute to the city’s development
as a leading global tourism destination.
“Gaming volumes in the Philippines have reached
close to pre-pandemic levels, and volumes in Cyprus have exceeded
those we had seen pre-pandemic. We are optimistic about continued
growth in the Philippines and Cyprus as international travel
normalizes.
“In respect to our development projects, we
expect Studio City Phase 2 to open in the second quarter of 2023.
The first stage of opening is expected to include one of our hotel
towers and the indoor water park, which is expected to be the
largest of its kind in Asia. The second phase of opening is
expected to be in the third quarter. In Cyprus, we have been
informed that the Council of Ministers has approved an extension of
the deadline to open City of Dreams Mediterranean under the terms
of our gaming license to June 30, 2023 and we continue to work with
our contractors with a target to open within that timeframe.
“We remain steadfast on reaching our 2030 goals
in environmental sustainability. We are monitoring food waste
through the Winnow AI technology installed in the employee kitchens
and dining areas and continuously adjust menus accordingly. Food
waste has reduced by 50% at our employee dining room at City of
Dreams Manila due to continued efforts in internal engagement
initiatives. Food waste composted on site in both Macau and Manila
increased by 30% overall compared to 2021 and usage of the compost
for our properties green areas has continued to improve as a result
of ongoing adjustments with our landscaping teams. We are also
working towards achieving BREEAM certification for the completed
construction of Studio City Phase 2 and City of Dreams
Mediterranean, following the ‘Excellent’ ratings that we obtained
for the design stage of both properties.”
City of Dreams Fourth Quarter
Results
For the quarter ended December 31, 2022, total
operating revenues at City of Dreams were US$139.2 million,
compared with US$244.8 million in the fourth quarter of 2021. City
of Dreams generated negative Adjusted EBITDA of US$7.8 million in
the fourth quarter of 2022, compared with Adjusted EBITDA of
US$49.7 million in the fourth quarter of 2021. The year-over-year
decline in Adjusted EBITDA was primarily a result of softer
performance in the mass market table games segments, as well as
non-gaming operations.
Rolling chip volume was US$850.4 million for the
fourth quarter of 2022 versus US$3.12 billion in the fourth quarter
of 2021. The rolling chip win rate was 4.47% in the fourth quarter
of 2022 versus 1.68% in the fourth quarter of 2021. The expected
rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop decreased to
US$292.2 million in the fourth quarter of 2022, compared with
US$690.9 million in the fourth quarter of 2021. The mass market
table games hold percentage was 29.2% in the fourth quarter of
2022, compared with 29.7% in the fourth quarter of 2021.
Gaming machine handle for the fourth quarter of
2022 was US$194.7 million, compared with US$421.6 million in the
fourth quarter of 2021. The gaming machine win rate was 4.5% in the
fourth quarter of 2022 versus 3.6% in the fourth quarter of
2021.
Total non-gaming revenue at City of Dreams in
the fourth quarter of 2022 was US$30.5 million, compared with
US$41.6 million in the fourth quarter of 2021.
Altira Macau Fourth Quarter
Results
For the quarter ended December 31, 2022, total
operating revenues at Altira Macau were US$9.0 million, compared
with US$13.3 million in the fourth quarter of 2021. Altira Macau
generated negative Adjusted EBITDA of US$9.5 million in the fourth
quarter of 2022, compared with negative Adjusted EBITDA of US$0.1
million in the fourth quarter of 2021.
In the mass market table games segment, drop was
US$31.9 million in the fourth quarter of 2022 versus US$35.4
million in the fourth quarter of 2021. The mass market table games
hold percentage was 20.6% in the fourth quarter of 2022, compared
with 28.1% in the fourth quarter of 2021.
Gaming machine handle for the fourth quarter of
2022 was US$40.8 million, compared with US$65.8 million in the
fourth quarter of 2021. The gaming machine win rate was 3.0% in the
fourth quarter of 2022 versus 3.6% in the fourth quarter of
2021.
Total non-gaming revenue at Altira Macau in the
fourth quarter of 2022 was US$2.1 million, compared with US$2.3
million in the fourth quarter of 2021.
Mocha and Other Fourth Quarter
Results
Total operating revenues from Mocha and Other
were US$19.5 million in the fourth quarter of 2022, compared with
US$20.8 million in the fourth quarter of 2021. Mocha and Other
generated Adjusted EBITDA of US$1.8 million in the fourth quarter
of 2022, compared with Adjusted EBITDA of US$4.8 million in the
fourth quarter of 2021.
Mass market table games drop was US$21.0 million
in the fourth quarter of 2022 and the mass market table games hold
percentage was 19.7% for the fourth quarter of 2022.
Gaming machine handle for the fourth quarter of
2022 was US$372.7 million, compared with US$474.6 million in the
fourth quarter of 2021. The gaming machine win rate was 4.2% in the
fourth quarter of 2022 versus 4.4% in the fourth quarter of
2021.
Studio City Fourth Quarter
Results
For the quarter ended December 31, 2022, total
operating revenues at Studio City were US$43.4 million, compared
with US$88.2 million in the fourth quarter of 2021. Studio City
generated negative Adjusted EBITDA of US$25.3 million in the fourth
quarter of 2022, compared with negative Adjusted EBITDA of US$0.1
million in the fourth quarter of 2021. The year-over-year decline
in Adjusted EBITDA was primarily a result of softer performance
across all gaming segments and non-gaming operations.
Studio City’s rolling chip volume was US$251.4
million in the fourth quarter of 2022 versus US$474.4 million in
the fourth quarter of 2021. The rolling chip win rate was 2.70% in
the fourth quarter of 2022 versus 1.84% in the fourth quarter of
2021. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop decreased to
US$113.5 million in the fourth quarter of 2022, compared with
US$253.5 million in the fourth quarter of 2021. The mass market
table games hold percentage was 27.1% in the fourth quarter of
2022, compared with 29.6% in the fourth quarter of 2021.
Gaming machine handle for the fourth quarter of
2022 was US$124.5 million, compared with US$262.4 million in the
fourth quarter of 2021. The gaming machine win rate was 2.7% in the
fourth quarter of 2022, compared with 2.8% in the fourth quarter of
2021.
Total non-gaming revenue at Studio City in the
fourth quarter of 2022 was US$9.6 million, compared with US$17.7
million in the fourth quarter of 2021.
City of Dreams Manila Fourth Quarter
Results
For the quarter ended December 31, 2022, total
operating revenues at City of Dreams Manila were US$95.2 million,
compared with US$83.9 million in the fourth quarter of 2021. City
of Dreams Manila generated Adjusted EBITDA of US$23.6 million in
the fourth quarter of 2022, compared with Adjusted EBITDA of
US$34.6 million in the comparable period of 2021.
City of Dreams Manila’s rolling chip volume was
US$940.7 million in the fourth quarter of 2022 versus US$206.3
million in the fourth quarter of 2021. The rolling chip win rate
was 1.84% in the fourth quarter of 2022 versus 1.20% in the fourth
quarter of 2021. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$148.2 million in the fourth quarter of 2022, compared with
US$113.2 million in the fourth quarter of 2021. The mass market
table games hold percentage was 31.9% in the fourth quarter of
2022, compared with 35.6% in the fourth quarter of 2021.
Gaming machine handle for the fourth quarter of
2022 was US$1.02 billion, compared with US$815.1 million in the
fourth quarter of 2021. The gaming machine win rate was 4.7% in the
fourth quarter of 2022 versus 5.4% in the fourth quarter of
2021.
Total non-gaming revenue at City of Dreams
Manila in the fourth quarter of 2022 was US$24.5 million, compared
with US$26.5 million in the fourth quarter of 2021.
Cyprus Operations Fourth Quarter
Results
The Company is licensed to operate a temporary
casino, which is 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
satellite casinos while operation of the temporary casino will
cease.
Total operating revenues at Cyprus Casinos for
the quarter ended December 31, 2022 was US$28.7 million, compared
with US$22.4 million in the fourth quarter of 2021. Cyprus Casinos
generated Adjusted EBITDA of US$10.5 million in the fourth quarter
of 2022, compared with Adjusted EBITDA of US$5.2 million in the
fourth quarter of 2021.
Rolling chip volume was US$1.1 million in the
fourth quarter of 2022, compared with US$1.3 million in the fourth
quarter of 2021. The rolling chip win rate was 16.43% in the fourth
quarter of 2022, compared with negative 1.92% in the fourth quarter
of 2021. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop was US$38.0 million
in the fourth quarter of 2022, compared with US$30.5 million in the
fourth quarter of 2021. The mass market table games hold percentage
was 24.9% in the fourth quarter of 2022, compared with 20.1% in the
fourth quarter of 2021.
Gaming machine handle for the fourth quarter of
2022 was US$392.4 million, compared with US$328.6 million in the
fourth quarter of 2021. The gaming machine win rate was 5.0% in the
fourth quarter of 2022 versus 5.1% in the fourth quarter of
2021.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2022 were US$93.9 million, which mainly included
interest expenses of US$104.7 million, net of amounts capitalized,
partially offset by interest income of US$9.4 million.
Depreciation and amortization costs of US$121.9
million were recorded in the fourth quarter of 2022 of which US$2.9
million related to the amortization expense for our gaming
subconcession and US$5.7 million related to the amortization
expense for the land use rights.
The negative Adjusted EBITDA for Studio City for
the three months ended December 31, 2022 referred to above is
US$9.1 million less than the negative Adjusted EBITDA of Studio
City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated March 1, 2023 (the
“Studio City Earnings Release”). The Adjusted EBITDA of Studio City
contained in the Studio City Earnings Release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in this press release. Such intercompany
charges include, among other items, fees and shared service charges
billed between SCIHL and its subsidiaries and certain subsidiaries
of Melco. Additionally, Adjusted EBITDA of Studio City included in
this press release does not reflect certain intercompany costs
related to the table games operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of December 31,
2022 aggregated to US$1.99 billion, including US$175.7 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$8.41 billion at the end
of the fourth quarter of 2022.
Available liquidity, including cash and undrawn
revolving credit facilities, as of December 31, 2022, was US$2.06
billion.
Capital expenditures for the fourth quarter of
2022 were US$112.0 million, which primarily related to the
construction projects at Studio City Phase 2 and City of Dreams
Mediterranean.
Full Year Results
For the year ended December 31, 2022, Melco
Resorts & Entertainment Limited reported total operating
revenues of US$1.35 billion versus US$2.01 billion in the prior
year. The decrease in total operating revenues was primarily
attributable to travel restrictions in Macau and mainland China
related to COVID-19 during the year as well as the government
mandated temporary closure of our casinos in Macau in July which
led to softer performance in the rolling chip and mass market table
games segments as well as lower non-gaming revenues.
The operating loss for 2022 was US$743.1
million, compared with an operating loss of US$577.5 million for
2021.
Melco generated Adjusted Property EBITDA of
US$0.6 million for the year ended December 31, 2022, compared with
Adjusted Property EBITDA of US$235.1 million in 2021.
Net loss attributable to Melco Resorts &
Entertainment Limited for 2022 was US$930.5 million, or US$2.01 per
ADS, compared with net loss attributable to Melco Resorts &
Entertainment Limited of US$811.8 million, or US$1.70 per ADS, for
2021. The net loss attributable to noncontrolling interests was
US$166.6 million and US$144.7 million for 2022 and 2021,
respectively, all of which were related to Studio City, City of
Dreams Manila and the Cyprus Operations.
Recent Developments
Since January 8, 2023, travelers arriving in
Macau from Mainland China, Hong Kong and Taiwan were no longer
required to present negative nucleic acid tests which thereby
contributed to a 233% increase in Macau’s gross gaming revenue from
MOP3.5 billion in December 2022 to MOP11.6 billion in January 2023
according to data reported by the Gaming Inspection and
Coordination Bureau of Macau. In addition, in Macau, from February
27, 2023, masks are not required in outdoor places. However, masks
are still required on public transportation (except taxis) and in
certain indoor areas, such as medical facilities and elderly homes.
Requirement to wear masks has been waived in most private indoor
areas by their operators or supervisory entities.
While quarantine-free travel within Greater
China has resumed, the pace of recovery remains highly uncertain,
and disruptions caused by the COVID-19 outbreak continue to have a
material adverse impact on our operations, financial position and
future prospects into the first quarter of 2023.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its fourth quarter 2022 financial
results on Wednesday, March 1, 2023 at 8:30 a.m. Eastern Time (or
9:30 p.m. Singapore Time).
To join the conference call, please register in
advance using the below Online Registration Link. Upon registering,
each participant will receive the dial-in numbers and a unique
Personal PIN which can be used to join the conference.
Online Registration Link:
https://register.vevent.com/register/BI4ecb1896c0e54d0780ee6459f8d58fd4
An audio webcast and replay of the conference
call will also be available at http://www.melco-resorts.com.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) COVID-19 outbreaks, and the
continued impact of its consequences on our business, our industry
and the global economy, (ii) risks associated with the newly
adopted gaming law in Macau and its implementation by the Macau
government, (iii) changes in the gaming market and visitations in
Macau, the Philippines and the Republic of Cyprus, (iv) capital and
credit market volatility, (v) local and global economic conditions,
(vi) our anticipated growth strategies, (vii) gaming authority and
other governmental approvals and regulations, and (viii) our future
business development, results of operations and financial
condition. In some cases, forward-looking statements can be
identified by words or phrases such as “may”, “will”, “expect”,
“anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”,
“believe”, “potential”, “continue”, “is/are likely to” or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
undertakes no duty to update such information, except as required
under applicable law.
Non-GAAP Financial Measures
(1) |
“Adjusted EBITDA” is net income/loss before interest, taxes,
depreciation, amortization, pre- opening costs, development costs,
property charges and other, share-based compensation, payments to
the Philippine parties under the cooperative arrangement (the
“Philippine Parties”), land rent to Belle Corporation and other
non-operating income and expenses. “Adjusted Property EBITDA” is
net income/loss before interest, taxes, depreciation, amortization,
pre-opening costs, development costs, property charges and other,
share-based compensation, payments to the Philippine Parties, land
rent to Belle Corporation, Corporate and Other expenses and other
non- operating income and expenses. Adjusted EBITDA and Adjusted
Property EBITDA are presented exclusively as supplemental
disclosures because management believes they are widely used to
measure the performance, and as a basis for valuation, of gaming
companies. Management uses Adjusted EBITDA and Adjusted Property
EBITDA as measures of the operating performance of its segments and
to compare the operating performance of its properties with those
of its competitors. |
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The
Company also presents Adjusted EBITDA and Adjusted Property EBITDA
because they are used by some investors as ways to measure a
company’s ability to incur and service debt, make capital
expenditures, and meet working capital requirements. Gaming
companies have historically reported Adjusted EBITDA and Adjusted
Property EBITDA as supplements to financial measures in accordance
with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property
EBITDA should not be considered as alternatives to operating
income/loss as indicators of the Company’s performance, as
alternatives to cash flows from operating activities as measures of
liquidity, or as alternatives to any other measure determined in
accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA
and Adjusted Property EBITDA do not include depreciation and
amortization or interest expense and, therefore, do not reflect
current or future capital expenditures or the cost of capital. The
Company recognizes these limitations and uses Adjusted EBITDA and
Adjusted Property EBITDA as only two of several comparative tools,
together with U.S. GAAP measurements, to assist in the evaluation
of operating performance. |
|
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|
Such U.S.
GAAP measurements include operating income/loss, net income/loss,
cash flows from operations and cash flow data. The Company has
significant uses of cash flows, including capital expenditures,
interest payments, debt principal repayments, taxes and other
recurring and nonrecurring charges, which are not reflected in
Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s
calculation of Adjusted EBITDA and Adjusted Property EBITDA may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. Reconciliations of
Adjusted EBITDA and Adjusted Property EBITDA with the most
comparable financial measures calculated and presented in
accordance with U.S. GAAP are provided herein immediately following
the financial statements included in this press release. |
|
|
(2) |
“Adjusted
net income/loss” is net income/loss before pre-opening costs,
development costs, property charges and other and loss on
extinguishment of debt, net of noncontrolling interests and taxes
calculated using specific tax treatments applicable to the
adjustments based on their respective jurisdictions. Adjusted net
income/loss attributable to Melco Resorts & Entertainment
Limited and adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited per share (“EPS”) are presented as
supplemental disclosures because management believes they are
widely used to measure the performance, and as a basis for
valuation, of gaming companies. These measures are used by
management and/or evaluated by some investors, in addition to
income/loss and EPS computed in accordance with U.S. GAAP, as an
additional basis for assessing period-to- period results of our
business. Adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited and adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited per share
may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted net income/loss attributable to Melco
Resorts & Entertainment Limited with the most comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided herein immediately following the financial
statements included in this press release. |
About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares
listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a
developer, owner and operator of integrated resort facilities in
Asia and Europe. The Company currently operates Altira Macau
(www.altiramacau.com), an integrated resort located at Taipa, Macau
and City of Dreams (www.cityofdreamsmacau.com), an integrated
resort located in Cotai, Macau. Its business also includes the
Mocha Clubs (www.mochaclubs.com), which comprise the largest
non-casino based operations of electronic gaming machines in Macau.
The Company also majority owns and operates Studio City
(www.studiocity-macau.com), a cinematically-themed integrated
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), an integrated resort in the
Entertainment City complex in Manila. In Europe, the Company is
currently developing City of Dreams Mediterranean
(www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is
expected to be the largest and premier integrated destination
resort in Europe. The Company is currently operating a temporary
casino, the first authorized casino in the Republic of Cyprus, and
is licensed to operate four satellite casinos (“Cyprus Casinos”).
Upon the opening of City of Dreams Mediterranean, the Company will
continue to operate the satellite casinos while operation of the
temporary casino will cease. For more information about the
Company, please visit www.melco-resorts.com.
The Company is majority owned by Melco
International Development Limited, a company listed on the Main
Board of The Stock Exchange of Hong Kong Limited, which is in turn
majority owned and led by Mr. Lawrence Ho, who is the Chairman,
Executive Director and Chief Executive Officer of the Company.
For the investment community, please
contact:Jeanny KimSenior Vice President, Group
TreasurerTel: +852 2598 3698Email: jeannykim@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
Melco
Resorts & Entertainment Limited and Subsidiaries |
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Condensed
Consolidated Statements of Operations (Unaudited) |
|
(In
thousands of U.S. dollars, except share and per share
data) |
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|
|
Three Months
Ended |
|
Year
Ended |
|
|
December
31, |
|
December
31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
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|
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|
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Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
267,468 |
|
|
$ |
390,659 |
|
|
$ |
1,076,398 |
|
|
$ |
1,676,263 |
|
|
Rooms |
|
27,275 |
|
|
|
44,666 |
|
|
|
116,552 |
|
|
|
157,501 |
|
|
Food and beverage |
|
23,280 |
|
|
|
25,641 |
|
|
|
85,518 |
|
|
|
97,665 |
|
|
Entertainment, retail and other |
|
19,065 |
|
|
|
19,642 |
|
|
|
71,509 |
|
|
|
80,927 |
|
|
Total
operating revenues |
|
337,088 |
|
|
|
480,608 |
|
|
|
1,349,977 |
|
|
|
2,012,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(227,248) |
|
|
|
(286,280) |
|
|
|
(912,839) |
|
|
|
(1,320,882) |
|
|
Rooms |
|
(11,142) |
|
|
|
(12,625) |
|
|
|
(46,199) |
|
|
|
(49,895) |
|
|
Food and beverage |
|
(20,909) |
|
|
|
(22,758) |
|
|
|
(82,000) |
|
|
|
(91,533) |
|
|
Entertainment, retail and other |
|
(5,583) |
|
|
|
(6,355) |
|
|
|
(22,419) |
|
|
|
(29,463) |
|
|
General and administrative |
|
(120,742) |
|
|
|
(100,006) |
|
|
|
(423,225) |
|
|
|
(426,407) |
|
|
Payments to the Philippine Parties |
|
(2,016) |
|
|
|
(6,102) |
|
|
|
(28,894) |
|
|
|
(26,371) |
|
|
Pre-opening costs |
|
(6,670) |
|
|
|
(1,383) |
|
|
|
(15,585) |
|
|
|
(4,157) |
|
|
Development costs |
|
- |
|
|
|
1,302 |
|
|
|
- |
|
|
|
(30,677) |
|
|
Amortization of gaming subconcession |
|
(2,853) |
|
|
|
(14,286) |
|
|
|
(32,785) |
|
|
|
(57,276) |
|
|
Amortization of land use rights |
|
(5,672) |
|
|
|
(5,695) |
|
|
|
(22,662) |
|
|
|
(22,832) |
|
|
Depreciation and amortization |
|
(113,350) |
|
|
|
(124,147) |
|
|
|
(466,492) |
|
|
|
(499,739) |
|
|
Property charges and other |
|
(20,387) |
|
|
|
(6,638) |
|
|
|
(39,982) |
|
|
|
(30,575) |
|
|
Total
operating costs and expenses |
|
(536,572) |
|
|
|
(584,973) |
|
|
|
(2,093,082) |
|
|
|
(2,589,807) |
|
|
Operating
loss |
|
(199,484) |
|
|
|
(104,365) |
|
|
|
(743,105) |
|
|
|
(577,451) |
|
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
9,433 |
|
|
|
1,457 |
|
|
|
26,458 |
|
|
|
6,618 |
|
|
Interest expenses, net of amounts capitalized |
|
(104,667) |
|
|
|
(85,448) |
|
|
|
(376,722) |
|
|
|
(350,544) |
|
|
Other financing costs |
|
(957) |
|
|
|
(1,080) |
|
|
|
(6,396) |
|
|
|
(11,033) |
|
|
Foreign exchange gains, net |
|
1,047 |
|
|
|
1,516 |
|
|
|
3,904 |
|
|
|
4,566 |
|
|
Other income, net |
|
1,217 |
|
|
|
710 |
|
|
|
3,930 |
|
|
|
3,082 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(28,817) |
|
|
Total
non-operating expenses, net |
|
(93,927) |
|
|
|
(82,845) |
|
|
|
(348,826) |
|
|
|
(376,128) |
|
|
Loss before
income tax |
|
(293,411) |
|
|
|
(187,210) |
|
|
|
(1,091,931) |
|
|
|
(953,579) |
|
|
Income tax
expense |
|
(618) |
|
|
|
(2,731) |
|
|
|
(5,236) |
|
|
|
(2,885) |
|
|
Net
loss |
|
(294,029) |
|
|
|
(189,941) |
|
|
|
(1,097,167) |
|
|
|
(956,464) |
|
|
Net loss
attributable to noncontrolling interests |
|
42,088 |
|
|
|
30,004 |
|
|
|
166,641 |
|
|
|
144,713 |
|
|
Net loss
attributable to Melco Resorts & Entertainment Limited |
$ |
(251,941) |
|
|
$ |
(159,937) |
|
|
$ |
(930,526) |
|
|
$ |
(811,751) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.189) |
|
|
$ |
(0.112) |
|
|
$ |
(0.669) |
|
|
$ |
(0.566) |
|
|
Diluted |
$ |
(0.189) |
|
|
$ |
(0.112) |
|
|
$ |
(0.669) |
|
|
$ |
(0.566) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.566) |
|
|
$ |
(0.336) |
|
|
$ |
(2.007) |
|
|
$ |
(1.698) |
|
|
Diluted |
$ |
(0.566) |
|
|
$ |
(0.336) |
|
|
$ |
(2.008) |
|
|
$ |
(1.698) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in net loss attributable to Melco
Resorts & Entertainment Limited per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,335,283,346 |
|
|
|
1,428,587,890 |
|
|
|
1,391,154,836 |
|
|
|
1,434,087,641 |
|
|
Diluted |
|
1,335,283,346 |
|
|
|
1,428,587,890 |
|
|
|
1,391,154,836 |
|
|
|
1,434,087,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Condensed
Consolidated Balance Sheets |
|
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
2022 |
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,812,729 |
|
$ |
1,652,890 |
|
Restricted cash |
|
50,992 |
|
|
285 |
|
Accounts receivable, net |
|
55,992 |
|
|
54,491 |
|
Receivables from affiliated companies |
|
630 |
|
|
384 |
|
Inventories |
|
26,416 |
|
|
29,589 |
|
Prepaid expenses and other current assets |
|
119,410 |
|
|
109,330 |
|
Assets held for sale |
|
8,503 |
|
|
21,777 |
|
Total
current assets |
|
2,074,672 |
|
|
1,868,746 |
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
5,870,905 |
|
|
5,910,684 |
|
Gaming
subconcession, net |
|
- |
|
|
27,065 |
|
Intangible
assets, net |
|
43,610 |
|
|
51,547 |
|
Goodwill |
|
81,606 |
|
|
81,721 |
|
Long-term
prepayments, deposits and other assets |
|
159,697 |
|
|
177,142 |
|
Receivables
from an affiliated company |
|
216,333 |
|
|
- |
|
Restricted
cash |
|
124,736 |
|
|
140 |
|
Deferred tax
assets, net |
|
638 |
|
|
4,029 |
|
Operating
lease right-of-use assets |
|
58,715 |
|
|
68,034 |
|
Land use
rights, net |
|
670,872 |
|
|
694,582 |
|
Total
assets |
$ |
9,301,784 |
|
$ |
8,883,690 |
|
|
|
|
|
|
|
|
LIABILITIES AND (DEFICIT) EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
6,730 |
|
$ |
5,992 |
|
Accrued expenses and other current liabilities |
|
809,305 |
|
|
935,483 |
|
Income tax payable |
|
11,610 |
|
|
11,913 |
|
Operating lease liabilities, current |
|
12,761 |
|
|
16,771 |
|
Finance lease liabilities, current |
|
34,959 |
|
|
48,551 |
|
Current portion of long-term debt, net |
|
322,500 |
|
|
128 |
|
Payables to affiliated companies |
|
761 |
|
|
1,548 |
|
Liabilities related to assets held for sale |
|
- |
|
|
1,497 |
|
Total
current liabilities |
|
1,198,626 |
|
|
1,021,883 |
|
|
|
|
|
|
|
|
Long-term
debt, net |
|
8,090,008 |
|
|
6,559,854 |
|
Other
long-term liabilities |
|
33,712 |
|
|
30,520 |
|
Deferred tax
liabilities, net |
|
39,677 |
|
|
41,030 |
|
Operating
lease liabilities, non-current |
|
55,832 |
|
|
62,889 |
|
Finance
lease liabilities, non-current |
|
198,291 |
|
|
347,629 |
|
Total
liabilities |
|
9,616,146 |
|
|
8,063,805 |
|
|
|
|
|
|
|
|
(Deficit)
equity: |
|
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
|
|
|
|
|
|
1,445,052,143 and 1,456,547,942 shares issued; |
|
|
|
|
|
|
1,335,307,327 and 1,423,370,314 shares outstanding,
respectively |
|
14,451 |
|
|
14,565 |
|
Treasury shares, at cost; 109,744,816 and 33,177,628 shares,
respectively |
|
(241,750) |
|
|
(132,856) |
|
Additional paid-in capital |
|
3,218,895 |
|
|
3,238,600 |
|
Accumulated other comprehensive losses |
|
(111,969) |
|
|
(76,008) |
|
Accumulated losses |
|
(3,729,952) |
|
|
(2,799,555) |
|
Total Melco
Resorts & Entertainment Limited shareholders’ (deficit)
equity |
|
(850,325) |
|
|
244,746 |
|
Noncontrolling interests |
|
535,963 |
|
|
575,139 |
|
Total
(deficit) equity |
|
(314,362) |
|
|
819,885 |
|
Total
liabilities and (deficit) equity |
$ |
9,301,784 |
|
$ |
8,883,690 |
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
|
Adjusted Net
Loss Attributable to Melco Resorts & Entertainment Limited
(Unaudited) |
|
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
December
31, |
|
December
31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(251,941) |
|
|
$ |
(159,937) |
|
|
$ |
(930,526) |
|
|
$ |
(811,751) |
|
|
Pre-opening costs |
|
6,670 |
|
|
|
1,383 |
|
|
|
15,585 |
|
|
|
4,157 |
|
|
Development costs |
|
- |
|
|
|
(1,302) |
|
|
|
- |
|
|
|
30,677 |
|
|
Property charges and other |
|
20,387 |
|
|
|
6,638 |
|
|
|
39,982 |
|
|
|
30,575 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,817 |
|
|
Income tax impact on adjustments |
|
(412) |
|
|
|
2,144 |
|
|
|
(1,010) |
|
|
|
11 |
|
|
Noncontrolling interests impact on adjustments |
|
(3,015) |
|
|
|
(1,284) |
|
|
|
(7,796) |
|
|
|
(17,469) |
|
|
Adjusted net
loss attributable to Melco Resorts & Entertainment Limited |
$ |
(228,311) |
|
|
$ |
(152,358) |
|
|
$ |
(883,765) |
|
|
$ |
(734,983) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss attributable to Melco Resorts & Entertainment Limited per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.171) |
|
|
$ |
(0.107) |
|
|
$ |
(0.635) |
|
|
$ |
(0.513) |
|
|
Diluted |
$ |
(0.171) |
|
|
$ |
(0.107) |
|
|
$ |
(0.636) |
|
|
$ |
(0.513) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss attributable to Melco Resorts & Entertainment Limited per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.513) |
|
|
$ |
(0.320) |
|
|
$ |
(1.906) |
|
|
$ |
(1.538) |
|
|
Diluted |
$ |
(0.513) |
|
|
$ |
(0.320) |
|
|
$ |
(1.908) |
|
|
$ |
(1.538) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in adjusted net loss attributable
to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,335,283,346 |
|
|
|
1,428,587,890 |
|
|
|
1,391,154,836 |
|
|
|
1,434,087,641 |
|
|
Diluted |
|
1,335,283,346 |
|
|
|
1,428,587,890 |
|
|
|
1,391,154,836 |
|
|
|
1,434,087,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
Reconciliation of Operating Loss to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
|
|
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2022 |
|
|
|
Altira Macau |
|
Mocha and Other(3) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(15,546) |
|
|
$ |
296 |
|
$ |
(87,572) |
|
|
$ |
(63,343) |
|
|
$ |
7,620 |
|
|
$ |
3,465 |
|
|
$ |
(44,404) |
|
|
$ |
(199,484) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
2,016 |
|
|
|
- |
|
|
|
- |
|
|
|
2,016 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
467 |
|
|
|
- |
|
|
|
- |
|
|
|
467 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
1,429 |
|
|
|
- |
|
|
|
5,241 |
|
|
|
- |
|
|
|
6,670 |
|
|
Depreciation and amortization |
|
5,153 |
|
|
|
1,317 |
|
|
59,266 |
|
|
|
33,585 |
|
|
|
12,657 |
|
|
|
1,394 |
|
|
|
8,503 |
|
|
|
121,875 |
|
|
Share-based compensation |
|
437 |
|
|
|
160 |
|
|
7,999 |
|
|
|
861 |
|
|
|
912 |
|
|
|
396 |
|
|
|
17,184 |
|
|
|
27,949 |
|
|
Property charges and other |
|
456 |
|
|
|
36 |
|
|
12,497 |
|
|
|
2,144 |
|
|
|
(120) |
|
|
|
- |
|
|
|
5,374 |
|
|
|
20,387 |
|
|
Adjusted EBITDA |
|
(9,500) |
|
|
|
1,809 |
|
|
(7,810) |
|
|
|
(25,324) |
|
|
|
23,552 |
|
|
|
10,496 |
|
|
|
(13,343) |
|
|
- |
(20,120) |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13,343 |
|
|
|
13,343 |
|
|
Adjusted Property EBITDA |
$ |
(9,500) |
|
|
$ |
1,809 |
|
$ |
(7,810) |
|
|
$ |
(25,324) |
|
|
$ |
23,552 |
|
|
$ |
10,496 |
|
|
$ |
- |
|
|
$ |
(6,777) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2021 |
|
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(6,310) |
|
|
$ |
3,264 |
|
$ |
(23,644) |
|
|
$ |
(37,990) |
|
|
$ |
9,495 |
|
|
$ |
1,980 |
|
|
$ |
(51,160) |
|
|
$ |
(104,365) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
6,102 |
|
|
|
- |
|
|
|
- |
|
|
|
6,102 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
669 |
|
|
|
- |
|
|
|
- |
|
|
|
669 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
245 |
|
|
|
- |
|
|
|
1,138 |
|
|
|
- |
|
|
|
1,383 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,302) |
|
|
|
(1,302) |
|
|
Depreciation and amortization |
|
5,391 |
|
|
|
1,279 |
|
|
62,393 |
|
|
|
33,844 |
|
|
|
17,138 |
|
|
|
2,062 |
|
|
|
22,021 |
|
|
|
144,128 |
|
|
Share-based compensation |
|
717 |
|
|
|
238 |
|
|
8,518 |
|
|
|
1,864 |
|
|
|
683 |
|
|
|
391 |
|
|
|
15,640 |
|
|
|
28,051 |
|
|
Property charges and other |
|
70 |
|
|
|
1 |
|
|
2,400 |
|
|
|
1,901 |
|
|
|
513 |
|
|
|
(379) |
|
|
|
2,132 |
|
|
|
6,638 |
|
|
Adjusted EBITDA |
|
(132) |
|
|
|
4,782 |
|
|
49,667 |
|
|
|
(136) |
|
|
|
34,600 |
|
|
|
5,192 |
|
|
|
(12,669) |
|
|
|
81,304 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,669 |
|
|
|
12,669 |
|
|
Adjusted Property EBITDA |
$ |
(132) |
|
|
$ |
4,782 |
|
$ |
49,667 |
|
|
$ |
(136) |
|
|
$ |
34,600 |
|
|
$ |
5,192 |
|
|
$ |
- |
|
|
$ |
93,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Effective from June 27, 2022, the Grand Dragon Casino,
which focuses on mass market table games and was previously
reported under the Corporate and Other segment, has been included
in the Mocha and Other segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Operating Loss to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
|
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2022 |
|
|
Altira Macau |
|
Mocha and Other(3) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(66,692) |
|
|
$ |
4,772 |
|
$ |
(309,543) |
|
|
$ |
(251,946) |
|
|
$ |
55,365 |
|
|
$ |
3,867 |
|
|
$ |
(178,928) |
|
|
$ |
(743,105) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
28,894 |
|
|
|
- |
|
|
|
- |
|
|
|
28,894 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
2,318 |
|
|
|
- |
|
|
|
- |
|
|
|
2,318 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
2,941 |
|
|
|
- |
|
|
|
12,644 |
|
|
|
- |
|
|
|
15,585 |
|
|
Depreciation and amortization |
|
21,190 |
|
|
|
5,130 |
|
|
238,752 |
|
|
|
134,813 |
|
|
|
58,044 |
|
|
|
6,259 |
|
|
|
57,751 |
|
|
|
521,939 |
|
|
Share-based compensation |
|
1,282 |
|
|
|
313 |
|
|
20,074 |
|
|
|
3,090 |
|
|
|
2,168 |
|
|
|
923 |
|
|
|
43,959 |
|
|
|
71,809 |
|
|
Property charges and other |
|
1,200 |
|
|
|
76 |
|
|
18,557 |
|
|
|
5,938 |
|
|
|
137 |
|
|
|
3 |
|
|
|
14,071 |
|
|
|
39,982 |
|
|
Adjusted
EBITDA |
|
(43,020) |
|
|
|
10,291 |
|
|
(32,160) |
|
|
|
(105,164) |
|
|
|
146,926 |
|
|
|
23,696 |
|
|
|
(63,147) |
|
|
|
(62,578) |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63,147 |
|
|
|
63,147 |
|
|
Adjusted
Property EBITDA |
$ |
(43,020) |
|
|
$ |
10,291 |
|
$ |
(32,160) |
|
|
$ |
(105,164) |
|
|
$ |
146,926 |
|
|
$ |
23,696 |
|
|
$ |
- |
|
|
$ |
569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss) income |
$ |
(78,918) |
|
|
$ |
10,505 |
|
$ |
(75,668) |
|
|
$ |
(167,162) |
|
|
$ |
(18,808) |
|
|
$ |
(12,395) |
|
|
$ |
(235,005) |
|
|
$ |
(577,451) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
26,371 |
|
|
|
- |
|
|
|
- |
|
|
|
26,371 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
2,848 |
|
|
|
- |
|
|
|
- |
|
|
|
2,848 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
195 |
|
|
|
984 |
|
|
|
- |
|
|
|
2,978 |
|
|
|
- |
|
|
|
4,157 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,677 |
|
|
|
30,677 |
|
|
Depreciation and amortization |
|
21,909 |
|
|
|
5,920 |
|
|
248,523 |
|
|
|
135,737 |
|
|
|
70,325 |
|
|
|
10,648 |
|
|
|
86,785 |
|
|
|
579,847 |
|
|
Share-based compensation |
|
1,335 |
|
|
|
425 |
|
|
15,735 |
|
|
|
3,838 |
|
|
|
1,981 |
|
|
|
741 |
|
|
|
43,902 |
|
|
|
67,957 |
|
|
Property charges and other |
|
1,700 |
|
|
|
204 |
|
|
13,169 |
|
|
|
6,113 |
|
|
|
6,245 |
|
|
|
(379) |
|
|
|
3,523 |
|
|
|
30,575 |
|
|
Adjusted
EBITDA |
|
(53,974) |
|
|
|
17,054 |
|
|
201,954 |
|
|
|
(20,490) |
|
|
|
88,962 |
|
|
|
1,593 |
|
|
|
(70,118) |
|
|
|
164,981 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
70,118 |
|
|
|
70,118 |
|
|
Adjusted
Property EBITDA |
$ |
(53,974) |
|
|
$ |
17,054 |
|
$ |
201,954 |
|
|
$ |
(20,490) |
|
|
$ |
88,962 |
|
|
$ |
1,593 |
|
|
$ |
- |
|
|
$ |
235,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(251,941) |
|
|
$ |
(159,937) |
|
|
$ |
(930,526) |
|
|
$ |
(811,751) |
|
Net loss
attributable to noncontrolling interests |
|
(42,088) |
|
|
|
(30,004) |
|
|
|
(166,641) |
|
|
|
(144,713) |
|
Net
loss |
|
(294,029) |
|
|
|
(189,941) |
|
|
|
(1,097,167) |
|
|
|
(956,464) |
|
Income tax expense |
|
618 |
|
|
|
2,731 |
|
|
|
5,236 |
|
|
|
2,885 |
|
Interest and other non-operating expenses, net |
|
93,927 |
|
|
|
82,845 |
|
|
|
348,826 |
|
|
|
376,128 |
|
Property charges and other |
|
20,387 |
|
|
|
6,638 |
|
|
|
39,982 |
|
|
|
30,575 |
|
Share-based compensation |
|
27,949 |
|
|
|
28,051 |
|
|
|
71,809 |
|
|
|
67,957 |
|
Depreciation and amortization |
|
121,875 |
|
|
|
144,128 |
|
|
|
521,939 |
|
|
|
579,847 |
|
Development costs |
|
- |
|
|
|
(1,302) |
|
|
|
- |
|
|
|
30,677 |
|
Pre-opening costs |
|
6,670 |
|
|
|
1,383 |
|
|
|
15,585 |
|
|
|
4,157 |
|
Land rent to Belle Corporation |
|
467 |
|
|
|
669 |
|
|
|
2,318 |
|
|
|
2,848 |
|
Payments to the Philippine Parties |
|
2,016 |
|
|
|
6,102 |
|
|
|
28,894 |
|
|
|
26,371 |
|
Adjusted
EBITDA |
|
(20,120) |
|
|
|
81,304 |
|
|
|
(62,578) |
|
|
|
164,981 |
|
Corporate and Other expenses |
|
13,343 |
|
|
|
12,669 |
|
|
|
63,147 |
|
|
|
70,118 |
|
Adjusted
Property EBITDA |
$ |
(6,777) |
|
|
$ |
93,973 |
|
|
$ |
569 |
|
|
$ |
235,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Room
Statistics(4): |
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average daily rate(5) |
|
$ |
96 |
|
|
$ |
109 |
|
|
$ |
97 |
|
|
$ |
110 |
|
|
|
Occupancy
per available room |
|
|
49% |
|
|
|
40% |
|
|
|
42% |
|
|
|
48% |
|
|
|
Revenue per
available room(6) |
|
$ |
47 |
|
|
$ |
44 |
|
|
$ |
41 |
|
|
$ |
53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
Average
daily rate(5) |
|
$ |
211 |
|
|
$ |
210 |
|
|
$ |
205 |
|
|
$ |
205 |
|
|
|
Occupancy
per available room |
|
|
28% |
|
|
|
47% |
|
|
|
27% |
|
|
|
53% |
|
|
|
Revenue per
available room(6) |
|
$ |
59 |
|
|
$ |
99 |
|
|
$ |
56 |
|
|
$ |
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
Average
daily rate(5) |
|
$ |
100 |
|
|
$ |
131 |
|
|
$ |
111 |
|
|
$ |
123 |
|
|
|
Occupancy
per available room |
|
|
32% |
|
|
|
39% |
|
|
|
28% |
|
|
|
51% |
|
|
|
Revenue per
available room(6) |
|
$ |
32 |
|
|
$ |
52 |
|
|
$ |
31 |
|
|
$ |
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
Average
daily rate(5) |
|
$ |
140 |
|
|
$ |
262 |
|
|
$ |
177 |
|
|
$ |
164 |
|
|
|
Occupancy
per available room |
|
|
96% |
|
|
|
92% |
|
|
|
95% |
|
|
|
76% |
|
|
|
Revenue per
available room(6) |
|
$ |
134 |
|
|
$ |
241 |
|
|
$ |
167 |
|
|
$ |
124 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(7): |
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
|
91 |
|
|
|
100 |
|
|
|
93 |
|
|
|
101 |
|
|
|
Average
number of gaming machines |
|
|
166 |
|
|
|
128 |
|
|
|
146 |
|
|
|
121 |
|
|
|
Table games
win per unit per day(8) |
|
$ |
780 |
|
|
$ |
1,084 |
|
|
$ |
737 |
|
|
$ |
1,912 |
|
|
|
Gaming machines win per unit per day(9) |
$ |
81 |
|
|
$ |
199 |
|
|
$ |
116 |
|
|
$ |
201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mocha and Other(3) |
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
|
25 |
|
|
|
- |
|
|
|
25 |
|
|
|
- |
|
|
|
Average
number of gaming machines |
|
|
897 |
|
|
|
906 |
|
|
|
935 |
|
|
|
813 |
|
|
|
Table games
win per unit per day(8) |
|
$ |
1,806 |
|
|
$ |
- |
|
|
$ |
1,792 |
|
|
$ |
- |
|
|
|
Gaming machines win per unit per day(9) |
$ |
188 |
|
|
$ |
250 |
|
|
$ |
209 |
|
|
$ |
287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
|
442 |
|
|
|
509 |
|
|
|
447 |
|
|
|
511 |
|
|
|
Average
number of gaming machines |
|
|
675 |
|
|
|
676 |
|
|
|
677 |
|
|
|
572 |
|
|
|
Table games
win per unit per day(8) |
|
$ |
3,036 |
|
|
$ |
5,500 |
|
|
$ |
3,361 |
|
|
$ |
6,690 |
|
|
|
Gaming machines win per unit per day(9) |
$ |
141 |
|
|
$ |
246 |
|
|
$ |
140 |
|
|
$ |
282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
|
277 |
|
|
|
288 |
|
|
|
277 |
|
|
|
290 |
|
|
|
Average
number of gaming machines |
|
|
671 |
|
|
|
710 |
|
|
|
700 |
|
|
|
645 |
|
|
|
Table games
win per unit per day(8) |
|
$ |
1,477 |
|
|
$ |
3,162 |
|
|
$ |
1,562 |
|
|
$ |
3,306 |
|
|
|
Gaming machines win per unit per day(9) |
$ |
54 |
|
|
$ |
113 |
|
|
$ |
75 |
|
|
$ |
129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
|
261 |
|
|
|
309 |
|
|
|
274 |
|
|
|
301 |
|
|
|
Average
number of gaming machines |
|
|
2,218 |
|
|
|
2,373 |
|
|
|
2,266 |
|
|
|
2,338 |
|
|
|
Table games
win per unit per day(8) |
|
$ |
2,687 |
|
|
$ |
1,504 |
|
|
$ |
2,496 |
|
|
$ |
1,789 |
|
|
|
Gaming machines win per unit per day(9) |
$ |
236 |
|
|
$ |
206 |
|
|
$ |
232 |
|
|
$ |
195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
|
Average
number of table games |
|
|
35 |
|
|
|
32 |
|
|
|
35 |
|
|
|
32 |
|
|
|
Average
number of gaming machines |
|
|
452 |
|
|
|
440 |
|
|
|
454 |
|
|
|
440 |
|
|
|
Table games
win per unit per day(8) |
|
$ |
2,978 |
|
|
$ |
2,050 |
|
|
$ |
2,190 |
|
|
$ |
1,927 |
|
|
|
Gaming machines win per unit per day(9) |
$ |
472 |
|
|
$ |
411 |
|
|
$ |
394 |
|
|
$ |
388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members 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 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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