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 second quarter of 2023.
Total operating revenues for the second quarter
of 2023 were US$947.9 million, representing an increase of
approximately 220% from US$296.1 million for the comparable period
in 2022. The increase in total operating revenues was primarily
attributable to the improved performance in all gaming segments and
non-gaming operations primarily due to the relaxation of COVID-19
related restrictions in Macau in January 2023, the openings of
Studio City Phase 2’s Epic Tower and indoor waterpark in April
2023, as well as the launch of residency concerts at Studio City in
the same month.
Operating income for the second quarter of 2023
was US$64.3 million, compared with operating loss of US$209.2
million in the second quarter of 2022.
Melco generated Adjusted Property EBITDA(1) of
US$267.3 million in the second quarter of 2023, compared with
negative Adjusted Property EBITDA of US$13.8 million in the second
quarter of 2022.
Net loss attributable to Melco Resorts &
Entertainment Limited for the second quarter of 2023 was US$23.4
million, or US$0.05 per ADS, compared with US$251.5 million, or
US$0.53 per ADS, in the second quarter of 2022. The net loss
attributable to noncontrolling interests was US$27.7 million and
US$43.2 million during the second quarters of 2023 and 2022,
respectively, all of which were related to Studio City, City of
Dreams Manila, and City of Dreams Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “The strength of our Macau recovery
is evident in the 43% increase in gross gaming revenue in the
second quarter of 2023 compared to the first quarter of 2023. We’ve
seen mass drop increase month-to-month and turnover in our premium
direct VIP segment continued to exceed 2019 during the second
quarter.
“Labor supply issues in Macau have been largely
resolved. We have been able to provide our customers with Melco’s
full suite of services and amenities. We expect to add another 560
hotel rooms to our portfolio with the opening of W Macau at Studio
City in September and are well positioned to support the continuing
increase of customers in Macau.
“The mass segment is also leading the recovery
in the Philippines, continuing to outperform 2019 in the second
quarter of 2023. And in Cyprus, we opened City of Dreams
Mediterranean to the public in July after a successful soft opening
in June, and we’re excited for its prospects as we ramp up our
operations.
“Environmental sustainability is built into the
core of our business and embedded in our operations. Examples of
this include the sophisticated water filtration system installed in
our waterpark at Studio City to reduce water consumption and
improve water reuse and meticulously-designed sustainable packaging
and amenities that are free of single-use plastics. We are also
continuing our work towards achieving BREEAM certifications for
Studio City Phase 2 and City of Dreams Mediterranean following the
construction completion of these properties.”
City of Dreams Second Quarter
Results
For the quarter ended June 30, 2023, total
operating revenues at City of Dreams were US$506.2 million,
compared with US$97.3 million in the second quarter of 2022. City
of Dreams generated Adjusted EBITDA of US$161.2 million in the
second quarter of 2023, compared with negative Adjusted EBITDA of
US$28.5 million in the second quarter of 2022. The year-over-year
increase in Adjusted EBITDA was primarily a result of better
performance in all gaming segments and non-gaming operations.
Rolling chip volume was US$5.76 billion for the
second quarter of 2023 versus US$748.1 million in the second
quarter of 2022. The rolling chip win rate was 2.88% in the second
quarter of 2023 versus 2.57% in the second quarter of 2022. The
expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$1.24 billion in the second quarter of 2023, compared with
US$209.1 million in the second quarter of 2022. The mass market
table games hold percentage was 32.0% in the second quarter of
2023, compared with 33.0% in the second quarter of 2022.
Gaming machine handle for the second quarter of
2023 was US$771.5 million, compared with US$217.1 million in the
second quarter of 2022. The gaming machine win rate was 2.8% in the
second quarter of 2023 versus 2.7% in the second quarter of
2022.
Total non-gaming revenue at City of Dreams in
the second quarter of 2023 was US$68.9 million, compared with
US$24.3 million in the second quarter of 2022.
Altira Macau Second Quarter
Results
For the quarter ended June 30, 2023, total
operating revenues at Altira Macau were US$29.3 million, compared
with US$7.2 million in the second quarter of 2022. Altira Macau
generated Adjusted EBITDA of US$4.3 million in the second quarter
of 2023, compared with negative Adjusted EBITDA of US$11.3 million
in the second quarter of 2022. The year-over-year increase in
Adjusted EBITDA was primarily a result of better performance in all
gaming segments and non-gaming operations.
In the mass market table games segment, drop was
US$116.6 million in the second quarter of 2023 versus US$29.3
million in the second quarter of 2022. The mass market table games
hold percentage was 24.2% in the second quarter of 2023, compared
with 17.5% in the second quarter of 2022.
Gaming machine handle for the second quarter of
2023 was US$82.0 million, compared with US$41.5 million in the
second quarter of 2022. The gaming machine win rate was 3.3% in the
second quarter of 2023 versus 4.2% in the second quarter of
2022.
Total non-gaming revenue at Altira Macau in the
second quarter of 2023 was US$4.9 million, compared with US$1.9
million in the second quarter of 2022.
Mocha and Other Second Quarter
Results
Total operating revenues from Mocha and Other
were US$28.8 million in the second quarter of 2023, compared with
US$17.0 million in the second quarter of 2022. Mocha and Other
generated Adjusted EBITDA of US$6.7 million in the second quarter
of 2023, compared with Adjusted EBITDA of US$2.5 million in the
second quarter of 2022.
Mass market table games drop was US$41.4 million
in the second quarter of 2023 versus US$0.4 million in the second
quarter of 2022. The mass market table games hold percentage was
18.2% in the second quarter of 2023 versus 26.9% in the second
quarter of 2022.
Gaming machine handle for the second quarter of
2023 was US$502.8 million, compared with US$406.8 million in the
second quarter of 2022. The gaming machine win rate was 4.5% in the
second quarter of 2023 versus 4.2% in the second quarter of
2022.
Studio City Second Quarter
Results
For the quarter ended June 30, 2023, total
operating revenues at Studio City were US$236.0 million, compared
with US$35.9 million in the second quarter of 2022. Studio City
generated Adjusted EBITDA of US$41.1 million in the second quarter
of 2023, compared with negative Adjusted EBITDA of US$31.1 million
in the second quarter of 2022. The year-over-year increase in
Adjusted EBITDA was primarily a result of better performance in the
mass market table games segment and non-gaming operations.
Studio City’s rolling chip volume was US$789.5
million in the second quarter of 2023 versus US$104.1 million in
the second quarter of 2022. The rolling chip win rate was 1.43% in
the second quarter of 2023 versus 5.33% in the second quarter of
2022. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop increased to
US$716.6 million in the second quarter of 2023, compared with
US$93.2 million in the second quarter of 2022. The mass market
table games hold percentage was 25.5% in the second quarter of
2023, compared with 25.7% in the second quarter of 2022.
Gaming machine handle for the second quarter of
2023 was US$595.4 million, compared with US$201.7 million in the
second quarter of 2022. The gaming machine win rate was 3.4% in the
second quarter of 2023, compared with 2.5% in the second quarter of
2022.
Total non-gaming revenue at Studio City in the
second quarter of 2023 was US$74.3 million, compared with US$8.3
million in the second quarter of 2022.
City of Dreams Manila Second Quarter
Results
For the quarter ended June 30, 2023, total
operating revenues at City of Dreams Manila were US$116.4 million,
compared with US$111.7 million in the second quarter of 2022. City
of Dreams Manila generated Adjusted EBITDA of US$47.0 million in
the second quarter of 2023, compared with Adjusted EBITDA of
US$49.0 million in the comparable period of 2022.
City of Dreams Manila’s rolling chip volume was
US$520.2 million in the second quarter of 2023 versus US$771.3
million in the second quarter of 2022. The rolling chip win rate
was 3.10% in the second quarter of 2023 versus 2.95% in the second
quarter of 2022. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$194.5 million in the second quarter of 2023, compared with
US$178.4 million in the second quarter of 2022. The mass market
table games hold percentage was 31.3% in the second quarter of
2023, compared with 29.0% in the second quarter of 2022.
Gaming machine handle for the second quarter of
2023 was US$1.01 billion, compared with US$925.6 million in the
second quarter of 2022. The gaming machine win rate was 4.8% in the
second quarter of 2023 versus 5.3% in the second quarter of
2022.
Total non-gaming revenue at City of Dreams
Manila in the second quarter of 2023 was US$28.7 million, compared
with US$27.3 million in the second quarter of 2022.
City of Dreams Mediterranean and Other
Second Quarter Results
City of Dreams Mediterranean officially opened
to the public on July 10, 2023, after a soft opening in June. The
Company continues to operate three satellite casinos in Cyprus in
conjunction with City of Dreams Mediterranean (collectively, the
“Cyprus Casinos”).
Total operating revenues at the Cyprus Casinos
for the quarter ended June 30, 2023 were US$30.9 million, compared
with US$21.7 million in the second quarter of 2022. The Cyprus
Casinos generated Adjusted EBITDA of US$6.9 million in the second
quarter of 2023, compared with Adjusted EBITDA of US$5.6 million in
the second quarter of 2022. The year-over-year increase in Adjusted
EBITDA was primarily a result of better performance in the mass
market segment.
Rolling chip volume was US$0.1 million in both
the second quarters of 2023 and 2022. The rolling chip win rate was
2.52% in the second quarter of 2023, compared with negative 6.12%
in the second quarter of 2022. The expected rolling chip win rate
range is 2.85% - 3.15%.
Mass market table games drop was US$47.0 million
in the second quarter of 2023, compared with US$31.4 million in the
second quarter of 2022. The mass market table games hold percentage
was 21.9% in the second quarter of 2023, compared with 19.5% in the
second quarter of 2022.
Gaming machine handle for the second quarter of
2023 was US$391.7 million, compared with US$315.9 million in the
second quarter of 2022. The gaming machine win rate was 5.1% in the
second quarter of 2023 versus 5.0% in the second quarter of
2022.
Total non-gaming revenue at City of Dreams
Mediterranean and Other in the second quarter of 2023 was US$1.9
million, compared with US$0.1 million in the second quarter of
2022.
Other Factors Affecting
Earnings
Total net non-operating expenses for the second
quarter of 2023 were US$116.5 million, which mainly included
interest expenses of US$123.5 million, net of amounts capitalized,
partially offset by interest income of US$5.0 million.
Depreciation and amortization costs of US$136.5
million were recorded in the second quarter of 2023, of which
US$5.7 million related to the amortization expense for land use
rights.
The Adjusted EBITDA for Studio City for the
three months ended June 30, 2023 referred to above is US$12.1
million more than the Adjusted EBITDA of Studio City contained in
the earnings release for Studio City International Holdings Limited
(“SCIHL”) dated August 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 gaming concession related costs
and 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 June 30, 2023
aggregated to US$1.56 billion, including US$124.7 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$7.87 billion at the end
of the second quarter of 2023. Available liquidity, including cash
and undrawn revolving credit facilities, as of June 30, 2023, was
US$2.17 billion.
Capital expenditures for the second quarter of
2023 were US$78.0 million, which primarily related to the
construction project at City of Dreams Mediterranean and
enhancement projects at City of Dreams Manila.
Conference
Call
Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its second quarter 2023 financial
results on Tuesday, August 1, 2023 at 8:30 a.m. Eastern Time (or
8:30 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/BI66e01654ebf54126b9992e1ff55e07de
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
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, 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,
property charges and other, share-based compensation, payments to
the Philippine Parties, land rent to Belle Corporation, Corporate
and Other expenses and other non-operating income and expenses.
Adjusted EBITDA and Adjusted Property EBITDA are presented
exclusively as supplemental disclosures because management believes
they are widely used to measure the performance, and as a basis for
valuation, of gaming companies. Management uses Adjusted EBITDA and
Adjusted Property EBITDA as measures of the operating performance
of its segments and to compare the operating performance of its
properties with those of its competitors. |
|
|
|
|
|
The Company also presents Adjusted EBITDA and Adjusted Property
EBITDA because they are used by some investors as ways to measure a
company’s ability to incur and service debt, make capital
expenditures, and meet working capital requirements. Gaming
companies have historically reported Adjusted EBITDA and Adjusted
Property EBITDA as supplements to financial measures in accordance
with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property
EBITDA should not be considered as alternatives to operating
income/loss as indicators of the Company’s performance, as
alternatives to cash flows from operating activities as measures of
liquidity, or as alternatives to any other measure determined in
accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA
and Adjusted Property EBITDA do not include depreciation and
amortization or interest expense and, therefore, do not reflect
current or future capital expenditures or the cost of capital. The
Company 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. |
|
|
|
|
|
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 and property charges and other, 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
operates City of Dreams Mediterranean in Limassol in the Republic
of Cyprus (www.cityofdreamsmed.com.cy).The Company also continues
to operate three satellite casinos in other cities in Cyprus (the
"Cyprus Casinos”). 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 |
| Condensed
Consolidated Statements of Operations (Unaudited) |
| (In
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months
Ended |
|
Six Months
Ended |
| |
June
30, |
|
June
30, |
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
768,450 |
|
|
$ |
231,893 |
|
|
$ |
1,367,450 |
|
|
$ |
626,968 |
|
|
Rooms |
|
80,075 |
|
|
|
26,792 |
|
|
|
138,663 |
|
|
|
63,301 |
|
|
Food and beverage |
|
46,543 |
|
|
|
19,937 |
|
|
|
83,298 |
|
|
|
44,265 |
|
|
Entertainment, retail and other |
|
52,871 |
|
|
|
17,485 |
|
|
|
75,008 |
|
|
|
36,518 |
|
| Total
operating revenues |
|
947,939 |
|
|
|
296,107 |
|
|
|
1,664,419 |
|
|
|
771,052 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
Casino |
|
(505,581 |
) |
|
|
(204,403 |
) |
|
|
(904,450 |
) |
|
|
(511,786 |
) |
|
Rooms |
|
(19,871 |
) |
|
|
(11,230 |
) |
|
|
(34,222 |
) |
|
|
(24,194 |
) |
|
Food and beverage |
|
(35,904 |
) |
|
|
(19,991 |
) |
|
|
(63,418 |
) |
|
|
(43,812 |
) |
|
Entertainment, retail and other |
|
(36,540 |
) |
|
|
(5,703 |
) |
|
|
(42,566 |
) |
|
|
(11,691 |
) |
|
General and administrative |
|
(118,325 |
) |
|
|
(102,441 |
) |
|
|
(228,329 |
) |
|
|
(203,664 |
) |
|
Payments to the Philippine Parties |
|
(9,311 |
) |
|
|
(11,246 |
) |
|
|
(22,659 |
) |
|
|
(18,461 |
) |
|
Pre-opening costs |
|
(17,148 |
) |
|
|
(3,247 |
) |
|
|
(30,260 |
) |
|
|
(5,602 |
) |
|
Amortization of gaming subconcession |
|
- |
|
|
|
(12,834 |
) |
|
|
- |
|
|
|
(27,088 |
) |
|
Amortization of land use rights |
|
(5,660 |
) |
|
|
(5,655 |
) |
|
|
(11,318 |
) |
|
|
(11,337 |
) |
|
Depreciation and amortization |
|
(130,869 |
) |
|
|
(118,237 |
) |
|
|
(246,670 |
) |
|
|
(239,593 |
) |
|
Property charges and other |
|
(4,445 |
) |
|
|
(10,298 |
) |
|
|
(15,887 |
) |
|
|
(18,899 |
) |
| Total
operating costs and expenses |
|
(883,654 |
) |
|
|
(505,285 |
) |
|
|
(1,599,779 |
) |
|
|
(1,116,127 |
) |
| Operating
income (loss) |
|
64,285 |
|
|
|
(209,178 |
) |
|
|
64,640 |
|
|
|
(345,075 |
) |
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
Interest income |
4,979 |
|
|
|
7,221 |
|
|
|
11,773 |
|
|
|
8,211 |
|
|
Interest expenses, net of amounts capitalized |
|
(123,511 |
) |
|
|
(91,221 |
) |
|
|
(232,469 |
) |
|
|
(178,308 |
) |
|
Other financing costs |
|
(990 |
) |
|
|
(2,341 |
) |
|
|
(1,924 |
) |
|
|
(3,684 |
) |
|
Foreign exchange gains, net |
|
2,360 |
|
|
|
584 |
|
|
|
1,541 |
|
|
|
3,362 |
|
|
Other income, net |
|
658 |
|
|
|
880 |
|
|
|
1,318 |
|
|
|
1,568 |
|
| Total
non-operating expenses, net |
|
(116,504 |
) |
|
|
(84,877 |
) |
|
|
(219,761 |
) |
|
|
(168,851 |
) |
| Loss before
income tax |
|
(52,219 |
) |
|
|
(294,055 |
) |
|
|
(155,121 |
) |
|
|
(513,926 |
) |
| Income tax
benefit (expense) |
|
1,075 |
|
|
|
(617 |
) |
|
|
3,316 |
|
|
|
(2,590 |
) |
| Net
loss |
|
(51,144 |
) |
|
|
(294,672 |
) |
|
|
(151,805 |
) |
|
|
(516,516 |
) |
| Net loss
attributable to noncontrolling interests |
|
27,703 |
|
|
|
43,213 |
|
|
|
47,076 |
|
|
|
81,773 |
|
| Net loss
attributable to Melco Resorts & Entertainment Limited |
$ |
(23,441 |
) |
|
$ |
(251,459 |
) |
|
$ |
(104,729 |
) |
|
$ |
(434,743 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable
to Melco Resorts & Entertainment Limited per share: |
|
|
|
|
Basic |
$ |
(0.018 |
) |
|
$ |
(0.177 |
) |
|
$ |
(0.079 |
) |
|
$ |
(0.306 |
) |
|
Diluted |
$ |
(0.018 |
) |
|
$ |
(0.177 |
) |
|
$ |
(0.079 |
) |
|
$ |
(0.306 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable
to Melco Resorts & Entertainment Limited per ADS: |
|
|
|
|
|
Basic |
$ |
(0.054 |
) |
|
$ |
(0.531 |
) |
|
$ |
(0.238 |
) |
|
$ |
(0.917 |
) |
|
Diluted |
$ |
(0.054 |
) |
|
$ |
(0.531 |
) |
|
$ |
(0.238 |
) |
|
$ |
(0.919 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding used in net loss attributable to Melco
Resorts & Entertainment Limited per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,310,358,237 |
|
|
|
1,421,443,946 |
|
|
|
1,317,994,836 |
|
|
|
1,421,807,507 |
|
|
Diluted |
|
1,310,358,237 |
|
|
|
1,421,443,946 |
|
|
|
1,317,994,836 |
|
|
|
1,421,807,507 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Condensed Consolidated Balance Sheets |
| (In
thousands, except share and per share data) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
June
30, |
|
|
December
31, |
| |
2023 |
|
|
2022 |
| |
|
(Unaudited) |
|
|
|
|
| |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,432,439 |
|
|
$ |
1,812,729 |
|
|
Restricted cash |
|
22 |
|
|
|
50,992 |
|
|
Accounts receivable, net |
|
88,674 |
|
|
|
55,992 |
|
|
Receivables from affiliated companies |
|
747 |
|
|
|
630 |
|
|
Inventories |
|
26,663 |
|
|
|
26,416 |
|
|
Prepaid expenses and other current assets |
|
127,839 |
|
|
|
119,410 |
|
|
Assets held for sale |
|
7,706 |
|
|
|
8,503 |
|
| Total
current assets |
|
1,684,090 |
|
|
|
2,074,672 |
|
| |
|
|
|
|
|
|
| Property and
equipment, net (3) |
|
5,769,504 |
|
|
|
5,870,905 |
|
| Intangible
assets, net (3) (4) |
|
349,921 |
|
|
|
43,610 |
|
|
Goodwill |
|
81,301 |
|
|
|
81,606 |
|
| Long-term
prepayments, deposits and other assets |
|
143,354 |
|
|
|
159,697 |
|
| Receivables
from an affiliated company |
|
- |
|
|
|
216,333 |
|
| Restricted
cash |
|
124,655 |
|
|
|
124,736 |
|
| Deferred tax
assets, net |
|
794 |
|
|
|
638 |
|
| Operating
lease right-of-use assets |
|
69,656 |
|
|
|
58,715 |
|
| Land use
rights, net |
|
657,044 |
|
|
|
670,872 |
|
| Total
assets |
$ |
8,880,319 |
|
|
$ |
9,301,784 |
|
| |
|
|
|
|
|
|
|
LIABILITIES AND DEFICIT |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
11,091 |
|
|
$ |
6,730 |
|
| Accrued
expenses and other current liabilities (3) (4) |
|
980,192 |
|
|
|
809,305 |
|
|
Income tax payable |
|
9,428 |
|
|
|
11,610 |
|
|
Operating lease liabilities, current |
|
18,965 |
|
|
|
12,761 |
|
|
Finance lease liabilities, current |
|
35,437 |
|
|
|
34,959 |
|
|
Current portion of long-term debt, net |
|
100,000 |
|
|
|
322,500 |
|
|
Payables to affiliated companies |
|
369 |
|
|
|
761 |
|
| Total
current liabilities |
|
1,155,482 |
|
|
|
1,198,626 |
|
| |
|
|
|
|
|
|
| Long-term
debt, net |
|
7,767,281 |
|
|
|
8,090,008 |
|
| Other
long-term liabilities (3) (4) |
|
288,643 |
|
|
|
33,712 |
|
| Deferred tax
liabilities, net |
|
37,782 |
|
|
|
39,677 |
|
| Operating
lease liabilities, non-current |
|
58,949 |
|
|
|
55,832 |
|
| Finance
lease liabilities, non-current |
|
194,758 |
|
|
|
198,291 |
|
| Total
liabilities |
|
9,502,895 |
|
|
|
9,616,146 |
|
| |
|
|
|
|
|
|
|
Deficit: |
|
|
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
|
|
|
|
|
|
|
|
1,404,679,067 and 1,445,052,143 shares
issued; |
|
|
|
|
|
|
|
|
1,311,270,775 and 1,335,307,327 shares
outstanding, respectively |
|
14,047 |
|
|
|
14,451 |
|
|
Treasury shares, at cost; 93,408,292 and 109,744,816
shares, respectively |
|
(255,068 |
) |
|
|
(241,750 |
) |
|
Additional paid-in capital |
|
3,093,057 |
|
|
|
3,218,895 |
|
|
Accumulated other comprehensive losses |
|
(122,612 |
) |
|
|
(111,969 |
) |
|
Accumulated losses |
|
(3,834,681 |
) |
|
|
(3,729,952 |
) |
| Total Melco
Resorts & Entertainment Limited shareholders’ deficit |
|
(1,105,257 |
) |
|
|
(850,325 |
) |
|
Noncontrolling interests |
|
482,681 |
|
|
|
535,963 |
|
| Total
deficit |
|
(622,576 |
) |
|
|
(314,362 |
) |
| Total
liabilities and deficit |
$ |
8,880,319 |
|
|
$ |
9,301,784 |
|
|
(3) |
On December
16, 2022, the Macau government awarded a ten-year concession to
operate games of fortune and chance in casinos in Macau (the
“Concession”) to Melco Resorts (Macau) Limited (“Melco Resorts
Macau”), a subsidiary of Melco. The term of the Concession
commenced on January 1, 2023 and ends on December 31, 2032 and
Melco Resorts Macau is authorized to operate the Altira Casino, the
City of Dreams Casino and the Studio City Casino as well as the
Grand Dragon Casino and the Mocha Clubs. Under the Concession,
Melco Resorts Macau is obligated to pay the Macau government a
fixed annual premium of Macau Patacas (“MOP”) 30,000 (equivalent to
$3,716) plus a variable annual premium calculated in accordance
with the number and type of gaming tables (subject to a minimum of
500 tables) and electronic gaming machines (subject to a minimum of
1,000 machines) operated by Melco Resorts Macau. The variable
annual premium is MOP300 (equivalent to $37) for each gaming table
reserved exclusively to certain kinds of games or players, MOP150
(equivalent to $19) for each gaming table not so exclusively
reserved and MOP1 (equivalent to $0.1) for each electronic gaming
machine. |
| |
|
| |
On December 30, 2022, in accordance with the obligations under
the letters of undertakings dated June 23, 2022, Melco Resorts
Macau and certain subsidiaries of Melco, which hold the land lease
rights for the properties on which the Altira Casino, City of
Dreams Casino and Studio City Casino are located, executed a public
deed pursuant to which the gaming and gaming support areas
comprising the Altira Casino, City of Dreams Casino and Studio City
Casino with an area of 17,128.8 square meters, 31,227.3 square
meters and 28,784.3 square meters, respectively, and related gaming
equipment and utensils (collectively as referred to the “Reversion
Assets”), reverted to the Macau government, without compensation
and free and clear from any charges or encumbrances, at the
expiration of the previous subconcession in accordance with the
Macau gaming law. The Reversion Assets that reverted to the Macau
government at the expiration of the previous subconcession are
owned by the Macau government. Under the terms of the Macau gaming
law and the Concession, effective as of January 1, 2023, the
Reversion Assets have been transferred by the Macau government to
Melco Resorts Macau for use in its operations during the Concession
for a fee of MOP0.75 (equivalent to $0.09) per square meter of the
casino for years 1 to 3 of the Concession, subject to a consumer
price index increase in years 2 and 3 of the Concession and such
fee will increase to MOP2.5 (equivalent to $0.3) per square meter
of the casino for years 4 to 10 of the Concession, subject to a
consumer price index increase in years 5 to 10 of the Concession
(the “Fee”). As Melco Resorts Macau will continue to operate the
Reversion Assets in the same manner as under the previous
subconcession, obtain substantially all of the economic benefits
and bear all of the risks arising from the use of these assets, as
well as assuming it will be successful in the awarding of a new
concession upon expiry of the Concession, the Company will continue
to recognize these Reversion Assets as property and equipment over
their remaining estimated useful lives. |
| |
|
| |
On January 1, 2023, the Company recognized an intangible asset
and financial liability of $239,588, representing the right to
operate the Reversion Assets, the right to conduct games of
fortunes and chance in Macau and the unconditional obligation to
make payments under the Concession. This intangible asset comprises
the contractually obligated annual payments of fixed premium and
variable premiums, as well as the Fee without considering the
consumer price index under the Concession. The contractually
obligated annual variable premium payments associated with the
intangible asset was determined using the total number of gaming
tables and the total number of electronic gaming machines that
Melco Resorts Macau is currently approved to operate by the Macau
government. In the accompanying condensed consolidated balance
sheet, the noncurrent portion of the financial liability is
included in “Other long-term liabilities” and the current portion
is included in “Accrued expenses and other current liabilities”.
The intangible asset is being amortized on a straight-line basis
over the period of the Concession, being 10 years. |
| |
|
| (4) |
On June 26, 2017, the Cyprus government granted a gaming
license (the “Cyprus License”) to an affiliate of Melco in Cyprus
(the “Cyprus Subsidiary”) to develop, operate and maintain an
integrated casino resort in Limassol, Cyprus (and, up until
completion and opening of the integrated casino resort, a temporary
casino facility) and up to four satellite casino premises in Cyprus
for a term of 30 years, the first 15 years of which are exclusive.
Pursuant to the Cyprus License agreement, the Cyprus Subsidiary is
obligated to pay the Cyprus government an annual license fee for
the integrated casino resort (and prior to opening of the
integrated casino resort, the temporary casino) and any operating
satellite casinos. The Cyprus License required the integrated
casino resort to open by the extended deadline on June 30, 2023 as
approved by the Cyprus government (the “Cyprus License
Requirement”), failing which the Cyprus government would have been
entitled to terminate the Cyprus License. |
| |
|
| |
On June 28, 2023, upon fulfillment of the Cyprus License
Requirement, the Company recognized an intangible asset of $73,928
and financial liability of $73,059, representing the right under
the Cyprus License and the unconditional obligation to pay i) a
minimum annual license fee for City of Dreams Mediterranean of
Euros (“EUR”) 5,000 (equivalent to $5,433) per year; and ii) an
aggregate annual license fee for three operating satellite casinos
of EUR2,000 (equivalent to $2,173), during the term of the Cyprus
License from June 28, 2023. In the accompanying condensed
consolidated balance sheet, the noncurrent portion of the financial
liability of the Cyprus License is included in “Other long-term
liabilities” and the current portion is included in “Accrued
expenses and other current liabilities”. The intangible asset is
being amortized on a straight-line basis over the remaining period
of the Cyprus License until June 2047. |
|
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, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(23,441 |
) |
|
$ |
(251,459 |
) |
|
$ |
(104,729 |
) |
|
$ |
(434,743 |
) |
|
Pre-opening costs |
|
17,148 |
|
|
|
3,247 |
|
|
|
30,260 |
|
|
|
5,602 |
|
|
Property charges and other |
|
4,445 |
|
|
|
10,298 |
|
|
|
15,887 |
|
|
|
18,899 |
|
|
Income tax impact on adjustments |
|
(276 |
) |
|
|
(388 |
) |
|
|
(584 |
) |
|
|
(388 |
) |
|
Noncontrolling interests impact on adjustments |
|
(5,522 |
) |
|
|
(1,340 |
) |
|
|
(10,108 |
) |
|
|
(3,506 |
) |
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(7,646 |
) |
|
$ |
(239,642 |
) |
|
$ |
(69,274 |
) |
|
$ |
(414,136 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per share: |
|
|
|
Basic |
$ |
(0.006 |
) |
|
$ |
(0.169 |
) |
|
$ |
(0.053 |
) |
|
$ |
(0.291 |
) |
|
Diluted |
$ |
(0.006 |
) |
|
$ |
(0.169 |
) |
|
$ |
(0.053 |
) |
|
$ |
(0.292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per ADS: |
|
|
|
|
Basic |
$ |
(0.018 |
) |
|
$ |
(0.506 |
) |
|
$ |
(0.158 |
) |
|
$ |
(0.874 |
) |
|
Diluted |
$ |
(0.018 |
) |
|
$ |
(0.506 |
) |
|
$ |
(0.158 |
) |
|
$ |
(0.875 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in adjusted net loss
attributable to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,310,358,237 |
|
|
|
1,421,443,946 |
|
|
|
1,317,994,836 |
|
|
|
1,421,807,507 |
|
|
Diluted |
|
1,310,358,237 |
|
|
|
1,421,443,946 |
|
|
|
1,317,994,836 |
|
|
|
1,421,807,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
| (In
thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months
Ended June 30, 2023 |
| |
AltiraMacau |
|
Mocha and Other (5) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
City of Dreams Mediterranean and Other
(6) |
|
Corporate and Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(2,012 |
) |
|
$ |
5,552 |
|
$ |
95,582 |
|
|
$ |
(10,905 |
) |
|
$ |
23,731 |
|
$ |
(8,848 |
) |
|
$ |
(38,815 |
) |
|
$ |
64,285 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
9,311 |
|
|
- |
|
|
|
- |
|
|
|
9,311 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
476 |
|
|
- |
|
|
|
- |
|
|
|
476 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
4,721 |
|
|
|
- |
|
|
12,427 |
|
|
|
- |
|
|
|
17,148 |
|
|
Depreciation and amortization |
|
5,988 |
|
|
|
1,083 |
|
|
60,514 |
|
|
|
46,753 |
|
|
|
13,156 |
|
|
3,112 |
|
|
|
5,923 |
|
|
|
136,529 |
|
|
Share-based compensation |
|
118 |
|
|
|
46 |
|
|
1,340 |
|
|
|
368 |
|
|
|
285 |
|
|
205 |
|
|
|
6,499 |
|
|
|
8,861 |
|
|
Property charges and other |
|
203 |
|
|
|
30 |
|
|
3,806 |
|
|
|
197 |
|
|
|
3 |
|
|
14 |
|
|
|
192 |
|
|
|
4,445 |
|
| Adjusted
EBITDA |
|
4,297 |
|
|
|
6,711 |
|
|
161,242 |
|
|
|
41,134 |
|
|
|
46,962 |
|
|
6,910 |
|
|
|
(26,201 |
) |
|
|
241,055 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
26,201 |
|
|
|
26,201 |
|
| Adjusted
Property EBITDA |
$ |
4,297 |
|
|
$ |
6,711 |
|
$ |
161,242 |
|
|
$ |
41,134 |
|
|
$ |
46,962 |
|
$ |
6,910 |
|
|
$ |
- |
|
|
$ |
267,256 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months
Ended June 30, 2022 |
| |
Altira Macau |
|
Mocha and Other (5) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
(loss) income |
$ |
(17,024 |
) |
|
$ |
1,077 |
|
$ |
(92,834 |
) |
|
$ |
(66,595 |
) |
|
$ |
20,930 |
|
$ |
1,047 |
|
|
$ |
(55,779 |
) |
|
$ |
(209,178 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
11,246 |
|
|
- |
|
|
|
- |
|
|
|
11,246 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
638 |
|
|
- |
|
|
|
- |
|
|
|
638 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
536 |
|
|
|
- |
|
|
2,711 |
|
|
|
- |
|
|
|
3,247 |
|
|
Depreciation and amortization |
|
5,402 |
|
|
|
1,261 |
|
|
59,917 |
|
|
|
33,623 |
|
|
|
15,644 |
|
|
1,557 |
|
|
|
19,322 |
|
|
|
136,726 |
|
|
Share-based compensation |
|
346 |
|
|
|
125 |
|
|
4,492 |
|
|
|
999 |
|
|
|
431 |
|
|
258 |
|
|
|
10,257 |
|
|
|
16,908 |
|
|
Property charges and other |
|
26 |
|
|
|
8 |
|
|
(112 |
) |
|
|
358 |
|
|
|
120 |
|
|
4 |
|
|
|
9,894 |
|
|
|
10,298 |
|
| Adjusted
EBITDA |
|
(11,250 |
) |
|
|
2,471 |
|
|
(28,537 |
) |
|
|
(31,079 |
) |
|
|
49,009 |
|
|
5,577 |
|
|
|
(16,306 |
) |
|
|
(30,115 |
) |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
16,306 |
|
|
|
16,306 |
|
| Adjusted
Property EBITDA |
$ |
(11,250 |
) |
|
$ |
2,471 |
|
$ |
(28,537 |
) |
|
$ |
(31,079 |
) |
|
$ |
49,009 |
|
$ |
5,577 |
|
|
$ |
- |
|
|
$ |
(13,809 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) |
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 |
| |
|
| (6) |
Effective from June 12, 2023, with the soft opening of City of
Dreams Mediterranean, the Cyprus Operations segment which
previously included the operation of the temporary casino before
its closure on June 9, 2023 and the licensed satellite casinos in
Cyprus, has been renamed to City of Dreams Mediterranean and Other
segment which included the operation of City of Dreams
Mediterranean and the licensed satellite casinos in Cyprus. |
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
| (In
thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Six Months
Ended June 30, 2023 |
| |
AltiraMacau |
|
Mocha and Other (5) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
City of Dreams Mediterranean and Other
(6) |
|
Corporate and Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(10,230 |
) |
$ |
12,116 |
|
|
$ |
115,208 |
|
$ |
(30,360 |
) |
$ |
58,450 |
|
|
$ |
(9,428 |
) |
|
$ |
(71,116 |
) |
$ |
64,640 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
22,659 |
|
|
|
- |
|
|
|
- |
|
|
22,659 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
962 |
|
|
|
- |
|
|
|
- |
|
|
962 |
|
|
Pre-opening costs |
|
- |
|
|
- |
|
|
|
- |
|
|
9,784 |
|
|
- |
|
|
|
20,476 |
|
|
|
- |
|
|
30,260 |
|
|
Depreciation and amortization |
|
11,917 |
|
|
2,160 |
|
|
|
121,886 |
|
|
81,121 |
|
|
25,625 |
|
|
|
4,296 |
|
|
|
10,983 |
|
|
257,988 |
|
|
Share-based compensation |
|
61 |
|
|
83 |
|
|
|
4,157 |
|
|
691 |
|
|
578 |
|
|
|
231 |
|
|
|
13,872 |
|
|
19,673 |
|
|
Property charges and other |
|
511 |
|
|
30 |
|
|
|
14,918 |
|
|
487 |
|
|
(400 |
) |
|
|
17 |
|
|
|
324 |
|
|
15,887 |
|
| Adjusted
EBITDA |
|
2,259 |
|
|
14,389 |
|
|
|
256,169 |
|
|
61,723 |
|
|
107,874 |
|
|
|
15,592 |
|
|
|
(45,937 |
) |
|
412,069 |
|
|
Corporate and Other expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
45,937 |
|
|
45,937 |
|
| Adjusted
Property EBITDA |
$ |
2,259 |
|
$ |
14,389 |
|
|
$ |
256,169 |
|
$ |
61,723 |
|
$ |
107,874 |
|
|
$ |
15,592 |
|
|
$ |
- |
|
$ |
458,006 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Six Months
Ended June 30, 2022 |
| |
Altira Macau |
|
Mocha and Other (5) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
(loss) income |
$ |
(32,745 |
) |
$ |
4,117 |
|
|
$ |
(116,028 |
) |
$ |
(121,851 |
) |
$ |
29,096 |
|
|
$ |
(2,313 |
) |
|
$ |
(105,351 |
) |
$ |
(345,075 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
18,461 |
|
|
|
- |
|
|
|
- |
|
|
18,461 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
1,296 |
|
|
|
- |
|
|
|
- |
|
|
1,296 |
|
|
Pre-opening costs |
|
- |
|
|
- |
|
|
|
- |
|
|
813 |
|
|
- |
|
|
|
4,789 |
|
|
|
- |
|
|
5,602 |
|
|
Depreciation and amortization |
|
10,835 |
|
|
2,508 |
|
|
|
120,124 |
|
|
67,428 |
|
|
31,970 |
|
|
|
3,486 |
|
|
|
41,667 |
|
|
278,018 |
|
|
Share-based compensation |
|
709 |
|
|
243 |
|
|
|
8,288 |
|
|
1,804 |
|
|
968 |
|
|
|
511 |
|
|
|
21,356 |
|
|
33,879 |
|
|
Property charges and other |
|
599 |
|
|
(45 |
) |
|
|
3,502 |
|
|
3,424 |
|
|
214 |
|
|
|
4 |
|
|
|
11,201 |
|
|
18,899 |
|
| Adjusted
EBITDA |
|
(20,602 |
) |
|
6,823 |
|
|
|
15,886 |
|
|
(48,382 |
) |
|
82,005 |
|
|
|
6,477 |
|
|
|
(31,127 |
) |
|
11,080 |
|
|
Corporate and Other expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
31,127 |
|
|
31,127 |
|
| Adjusted
Property EBITDA |
$ |
(20,602 |
) |
$ |
6,823 |
|
|
$ |
15,886 |
|
$ |
(48,382 |
) |
$ |
82,005 |
|
|
$ |
6,477 |
|
|
$ |
- |
|
$ |
42,207 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months
Ended |
|
Six Months
Ended |
| |
June
30, |
|
June
30, |
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
| Net loss
attributable to Melco Resorts & Entertainment Limited |
$ |
(23,441 |
) |
|
$ |
(251,459 |
) |
|
|
$ |
(104,729 |
) |
|
|
$ |
(434,743 |
) |
|
Net loss attributable to noncontrolling interests |
|
(27,703 |
) |
|
|
(43,213 |
) |
|
|
(47,076 |
) |
|
|
(81,773 |
) |
| Net
loss |
|
(51,144 |
) |
|
|
(294,672 |
) |
|
|
|
(151,805 |
) |
|
|
|
(516,516 |
) |
|
Income tax (benefit) expense |
|
(1,075 |
) |
|
|
617 |
|
|
|
(3,316 |
) |
|
|
2,590 |
|
|
Interest and other non-operating expenses, net |
|
116,504 |
|
|
|
84,877 |
|
|
|
219,761 |
|
|
|
168,851 |
|
|
Depreciation and amortization |
|
136,529 |
|
|
|
136,726 |
|
|
|
257,988 |
|
|
|
278,018 |
|
|
Property charges and other |
|
4,445 |
|
|
|
10,298 |
|
|
|
15,887 |
|
|
|
18,899 |
|
|
Share-based compensation |
|
8,861 |
|
|
|
16,908 |
|
|
|
19,673 |
|
|
|
33,879 |
|
|
Pre-opening costs |
|
17,148 |
|
|
|
3,247 |
|
|
|
30,260 |
|
|
|
5,602 |
|
|
Land rent to Belle Corporation |
|
476 |
|
|
|
638 |
|
|
|
962 |
|
|
|
1,296 |
|
|
Payments to the Philippine Parties |
|
9,311 |
|
|
|
11,246 |
|
|
|
22,659 |
|
|
|
18,461 |
|
|
Adjusted EBITDA |
241,055 |
|
|
|
(30,115 |
) |
|
|
412,069 |
|
|
|
11,080 |
|
|
Corporate and Other expenses |
|
26,201 |
|
|
|
16,306 |
|
|
|
45,937 |
|
|
|
31,127 |
|
| Adjusted
Property EBITDA |
$ |
267,256 |
|
|
$ |
(13,809 |
) |
|
$ |
458,006 |
|
|
$ |
42,207 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
| Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
| |
|
|
|
|
|
June
30, |
|
June
30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Room
Statistics(7): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
|
$ |
145 |
|
|
$ |
93 |
|
|
$ |
135 |
|
|
$ |
100 |
|
|
|
| |
|
Occupancy per available room |
|
88 |
% |
|
|
36 |
% |
|
|
80 |
% |
|
|
41 |
% |
|
|
| |
|
Revenue per available room (9) |
$ |
127 |
|
|
$ |
33 |
|
|
$ |
107 |
|
|
$ |
41 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
|
$ |
205 |
|
|
$ |
201 |
|
|
$ |
208 |
|
|
$ |
207 |
|
|
|
| |
|
Occupancy per available room |
|
85 |
% |
|
|
20 |
% |
|
|
79 |
% |
|
|
30 |
% |
|
|
| |
|
Revenue per available room (9) |
$ |
174 |
|
|
$ |
41 |
|
|
$ |
164 |
|
|
$ |
63 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
|
$ |
153 |
|
|
$ |
103 |
|
|
$ |
134 |
|
|
$ |
117 |
|
|
|
| |
|
Occupancy per available room |
|
91 |
% |
|
|
24 |
% |
|
|
85 |
% |
|
|
28 |
% |
|
|
| |
|
Revenue per available room (9) |
$ |
140 |
|
|
$ |
24 |
|
|
$ |
114 |
|
|
$ |
33 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
|
$ |
181 |
|
|
$ |
184 |
|
|
$ |
183 |
|
|
$ |
187 |
|
|
|
| |
|
Occupancy per available room |
|
97 |
% |
|
|
95 |
% |
|
|
96 |
% |
|
|
93 |
% |
|
|
| |
|
Revenue per available room (9) |
$ |
175 |
|
|
$ |
175 |
|
|
$ |
176 |
|
|
$ |
175 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Mediterranean and
Other(6) |
|
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
|
$ |
336 |
|
|
N/A |
|
$ |
336 |
|
|
N/A |
|
|
| |
|
Occupancy per available room |
|
56 |
% |
|
N/A |
|
|
56 |
% |
|
N/A |
|
|
| |
|
Revenue per available room (9) |
$ |
188 |
|
|
N/A |
|
$ |
188 |
|
|
N/A |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(10): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
44 |
|
|
|
92 |
|
|
|
45 |
|
|
|
95 |
|
|
|
| |
|
Average
number of gaming machines |
|
|
|
|
148 |
|
|
|
141 |
|
|
|
153 |
|
|
|
136 |
|
|
|
| |
|
Table games
win per unit per day (11) |
|
|
|
$ |
7,028 |
|
|
$ |
614 |
|
|
$ |
5,991 |
|
|
$ |
980 |
|
|
|
| |
|
Gaming
machines win per unit per day (12) |
|
|
|
$ |
200 |
|
|
$ |
134 |
|
|
$ |
195 |
|
|
$ |
153 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mocha and Other(5) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
17 |
|
|
|
25 |
|
|
|
16 |
|
|
|
25 |
|
|
|
| |
|
Average
number of gaming machines |
|
|
|
|
866 |
|
|
|
965 |
|
|
|
875 |
|
|
|
948 |
|
|
|
| |
|
Table games
win per unit per day (11) |
|
|
|
$ |
4,943 |
|
|
$ |
1,187 |
|
|
$ |
4,823 |
|
|
$ |
1,187 |
|
|
|
| |
|
Gaming
machines win per unit per day (12) |
|
|
|
$ |
290 |
|
|
$ |
193 |
|
|
$ |
298 |
|
|
$ |
222 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
430 |
|
|
|
443 |
|
|
|
430 |
|
|
|
451 |
|
|
|
| |
|
Average
number of gaming machines |
|
|
|
|
632 |
|
|
|
695 |
|
|
|
637 |
|
|
|
690 |
|
|
|
| |
|
Table games
win per unit per day (11) |
|
|
|
$ |
14,375 |
|
|
$ |
2,192 |
|
|
$ |
12,018 |
|
|
$ |
4,329 |
|
|
|
| |
|
Gaming
machines win per unit per day (12) |
|
|
|
$ |
370 |
|
|
$ |
91 |
|
|
$ |
408 |
|
|
$ |
151 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
246 |
|
|
|
277 |
|
|
|
246 |
|
|
|
277 |
|
|
|
| |
|
Average
number of gaming machines |
|
|
|
|
662 |
|
|
|
717 |
|
|
|
670 |
|
|
|
715 |
|
|
|
| |
|
Table games
win per unit per day (11) |
|
|
|
$ |
8,683 |
|
|
$ |
1,172 |
|
|
$ |
7,289 |
|
|
$ |
1,944 |
|
|
|
| |
|
Gaming
machines win per unit per day (12) |
|
|
|
$ |
333 |
|
|
$ |
78 |
|
|
$ |
302 |
|
|
$ |
94 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
266 |
|
|
|
280 |
|
|
|
267 |
|
|
|
287 |
|
|
|
| |
|
Average
number of gaming machines |
|
|
|
|
2,299 |
|
|
|
2,283 |
|
|
|
2,297 |
|
|
|
2,266 |
|
|
|
| |
|
Table games
win per unit per day (11) |
|
|
|
$ |
3,189 |
|
|
$ |
2,909 |
|
|
$ |
3,476 |
|
|
$ |
2,291 |
|
|
|
| |
|
Gaming
machines win per unit per day (12) |
|
|
|
$ |
230 |
|
|
$ |
235 |
|
|
$ |
242 |
|
|
$ |
232 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Mediterranean and
Other(6) |
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
41 |
|
|
|
35 |
|
|
|
38 |
|
|
|
35 |
|
|
|
| |
|
Average
number of gaming machines |
|
|
|
|
479 |
|
|
|
456 |
|
|
|
463 |
|
|
|
456 |
|
|
|
| |
|
Table games
win per unit per day (11) |
|
|
|
$ |
2,782 |
|
|
$ |
1,919 |
|
|
$ |
2,865 |
|
|
$ |
1,651 |
|
|
|
| |
|
Gaming
machines win per unit per day (12) |
|
|
|
$ |
461 |
|
|
$ |
383 |
|
|
$ |
466 |
|
|
$ |
338 |
|
|
|
|
(7) |
Room
statistics exclude rooms that were temporarily closed or provided
to staff members due to the COVID-19 outbreak |
| (8) |
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 |
| (9) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
| (10) |
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 |
| (11) |
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 |
| (12) |
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 |
Melco Resorts and Entert... (NASDAQ:MLCO)
Historical Stock Chart
From Apr 2024 to May 2024
Melco Resorts and Entert... (NASDAQ:MLCO)
Historical Stock Chart
From May 2023 to May 2024
