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 third quarter of 2023.
Total operating revenues for the third quarter
of 2023 were US$1.02 billion, representing an increase of
approximately 321% from US$241.8 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 following the relaxation of COVID-19 related
restrictions in Macau in January 2023 and the opening of Studio
City Phase 2.
Operating income for the third quarter of 2023
was US$94.7 million, compared with operating loss of US$198.5
million in the third quarter of 2022.
Melco generated Adjusted Property EBITDA(1) of
US$280.6 million in the third quarter of 2023, compared with
negative Adjusted Property EBITDA of US$34.9 million in the third
quarter of 2022.
Net loss attributable to Melco Resorts &
Entertainment Limited for the third quarter of 2023 was US$16.3
million, or US$0.04 per ADS, compared with US$243.8 million, or
US$0.53 per ADS, in the third quarter of 2022. The net loss
attributable to noncontrolling interests was US$20.5 million and
US$42.8 million during the third 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, “Macau’s recovery continued to grow
from strength to strength into the third quarter of 2023,
especially during the summer months, with our property visitation
and casino player hours benefiting from this growth. We had solid
performance over the October Golden Week and we saw a robust
recovery during the remainder of October. Both gaming and
non-gaming segment revenues improved, reinforced by our commitment
to invest in world class entertainment and enhance our non-gaming
amenities. Our market leading design standards were recognized by
Prix Versailles with Morpheus being the only hotel in Macau to have
the honor of being included as one of the World’s Most Beautiful
Hotels.
“City of Dreams Manila continues to generate
solid earnings with a strong margin profile. On the other hand,
after a successful opening, City of Dreams Mediterranean has been
impacted by the conflict in Israel. Our teams are working on
re-aligning our marketing strategy.
“Food waste reduction continues to be a key
focus of our sustainability strategy with plate waste being the
most challenging area to address. With clean plate awareness
campaigns taking place almost daily in our staff dining areas at
City of Dreams Manila and the implementation of AI technology,
plate waste per cover has reduced by more than 60%.”
City of Dreams Third Quarter
Results
For the quarter ended September 30, 2023, total
operating revenues at City of Dreams were US$506.2 million,
compared with US$66.4 million in the third quarter of 2022. City of
Dreams generated Adjusted EBITDA of US$153.9 million in the third
quarter of 2023, compared with negative Adjusted EBITDA of US$40.2
million in the third 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$4.43 billion for the
third quarter of 2023 versus US$332.2 million in the third quarter
of 2022. The rolling chip win rate was 2.48% in the third quarter
of 2023 versus 4.53% in the third quarter of 2022. The expected
rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to
US$1.32 billion in the third quarter of 2023, compared with
US$133.5 million in the third quarter of 2022. The mass market
table games hold percentage was 32.1% in the third quarter of 2023,
compared with 28.6% in the third quarter of 2022.
Gaming machine handle for the third quarter of
2023 was US$807.5 million, compared with US$137.4 million in the
third quarter of 2022. The gaming machine win rate was 3.6% in the
third quarter of 2023 versus 4.3% in the third quarter of 2022.
Total non-gaming revenue at City of Dreams in
the third quarter of 2023 was US$73.6 million, compared with
US$19.3 million in the third quarter of 2022.
Altira Macau Third Quarter
Results
For the quarter ended September 30, 2023, total
operating revenues at Altira Macau were US$24.2 million, compared
with US$2.4 million in the third quarter of 2022. Altira Macau
generated negative Adjusted EBITDA of US$3.8 million in the third
quarter of 2023, compared with negative Adjusted EBITDA of US$12.9
million in the third quarter of 2022. The year-over-year decrease
in negative Adjusted EBITDA was primarily a result of better
performance in the mass market segment and non-gaming
operations.
In the mass market table games segment, drop was
US$140.0 million in the third quarter of 2023 versus US$18.4
million in the third quarter of 2022. The mass market table games
hold percentage was 18.9% in the third quarter of 2023, compared
with 4.8% in the third quarter of 2022.
Gaming machine handle for the third quarter of
2023 was US$86.5 million, compared with US$33.2 million in the
third quarter of 2022. The gaming machine win rate was 3.9% in the
third quarter of 2023 versus 2.9% in the third quarter of 2022.
Total non-gaming revenue at Altira Macau in the
third quarter of 2023 was US$5.3 million, compared with US$1.3
million in the third quarter of 2022.
Mocha and Other Third Quarter
Results
Total operating revenues from Mocha and Other
were US$30.1 million in the third quarter of 2023, compared with
US$18.8 million in the third quarter of 2022. Mocha and Other
generated Adjusted EBITDA of US$6.9 million in the third quarter of
2023, compared with Adjusted EBITDA of US$1.7 million in the third
quarter of 2022.
Mass market table games drop was US$47.3 million
in the third quarter of 2023 versus US$17.8 million in the third
quarter of 2022. The mass market table games hold percentage was
18.6% in the third quarter of 2023 versus 20.3% in the third
quarter of 2022.
Gaming machine handle for the third quarter of
2023 was US$515.8 million, compared with US$327.6 million in the
third quarter of 2022. The gaming machine win rate was 4.5% in the
third quarter of 2023 versus 4.7% in the third quarter of 2022.
Studio City Third Quarter
Results
For the quarter ended September 30, 2023, total
operating revenues at Studio City were US$277.7 million, compared
with US$25.6 million in the third quarter of 2022. Studio City
generated Adjusted EBITDA of US$67.7 million in the third quarter
of 2023, compared with negative Adjusted EBITDA of US$31.5 million
in the third 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.
Studio City’s rolling chip volume was US$713.6
million in the third quarter of 2023 versus US$42.1 million in the
third quarter of 2022. The rolling chip win rate was 1.78% in the
third quarter of 2023 versus 4.18% in the third quarter of 2022.
The expected rolling chip win rate range is 2.85%- 3.15%.
Mass market table games drop increased to
US$809.1 million in the third quarter of 2023, compared with
US$61.9 million in the third quarter of 2022. The mass market table
games hold percentage was 27.5% in the third quarter of 2023,
compared with 25.6% in the third quarter of 2022.
Gaming machine handle for the third quarter of
2023 was US$673.9 million, compared with US$98.2 million in the
third quarter of 2022. The gaming machine win rate was 3.2% in the
third quarter of 2023, compared with 3.1% in the third quarter of
2022.
Total non-gaming revenue at Studio City in the
third quarter of 2023 was US$79.0 million, compared with US$9.0
million in the third quarter of 2022.
City of Dreams Manila Third Quarter
Results
For the quarter ended September 30, 2023, total
operating revenues at City of Dreams Manila were US$124.9 million,
compared with US$102.6 million in the third quarter of 2022. City
of Dreams Manila generated Adjusted EBITDA of US$48.7 million in
the third quarter of 2023, compared with Adjusted EBITDA of US$41.4
million in the comparable period of 2022.
City of Dreams Manila’s rolling chip volume was
US$374.6 million in the third quarter of 2023 versus US$513.2
million in the third quarter of 2022. The rolling chip win rate was
6.48% in the third quarter of 2023 versus 2.91% in the third
quarter of 2022. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$214.1 million in the third quarter of 2023, compared with
US$153.3 million in the third quarter of 2022. The mass market
table games hold percentage was 29.7% in the third quarter of 2023,
compared with 33.1% in the third quarter of 2022.
Gaming machine handle for the third quarter of
2023 was US$1.03 billion, compared with US$930.8 million in the
third quarter of 2022. The gaming machine win rate was 4.9% in the
third quarter of 2023 versus 5.2% in the third quarter of 2022.
Total non-gaming revenue at City of Dreams
Manila in the third quarter of 2023 was US$29.0 million, compared
with US$28.5 million in the third quarter of 2022.
City of Dreams Mediterranean and Other
Third 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 September 30, 2023 were US$53.4 million,
compared with US$24.8 million in the third quarter of 2022. The
Cyprus Casinos generated Adjusted EBITDA of US$7.2 million in the
third quarter of 2023, compared with Adjusted EBITDA of US$6.7
million in the third quarter of 2022.
Rolling chip volume was US$3.9 million for the
third quarter of 2023 versus US$1.7 million in the third quarter of
2022. The rolling chip win rate was negative 7.05% in the third
quarter of 2023, compared with 14.19% in the third quarter of 2022.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop was US$97.2 million
in the third quarter of 2023, compared with US$39.0 million in the
third quarter of 2022. The mass market table games hold percentage
was 20.6% in the third quarter of 2023, compared with 19.8% in the
third quarter of 2022.
Gaming machine handle for the third quarter of
2023 was US$466.5 million, compared with US$346.2 million in the
third quarter of 2022. The gaming machine win rate was 5.2% in the
third quarter of 2023 versus 5.1% in the third quarter of 2022.
Total non-gaming revenue at City of Dreams
Mediterranean and Other in the third quarter of 2023 was US$16.8
million, compared with US$0.2 million in the third quarter of
2022.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2023 were US$129.5 million, which mainly included
interest expenses of US$131.1 million, partially offset by interest
income of US$6.1 million.
Depreciation and amortization costs of US$140.7
million were recorded in the third 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 September 30, 2023 referred to above is US$11.5
million more than the Adjusted EBITDA of Studio City contained in
the earnings release for Studio City International Holdings Limited
(“SCIHL”) dated November 7, 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 September 30,
2023 aggregated to US$1.54 billion, including US$124.8 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$7.77 billion at the end
of the third quarter of 2023, a reduction of US$100 million
compared to the total debt balance as of June 30, 2023. Available
liquidity, including cash and undrawn revolving credit facilities,
as of September 30, 2023, was US$2.26 billion.
Capital expenditures for the third quarter of
2023 were US$61.1 million, which included costs related to the
construction of the City of Dreams Mediterranean in Cyprus, Studio
City Phase 2 and enhancement projects at City of Dreams in
Macau.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its third quarter 2023 financial
results on Tuesday, November 7, 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/BI530c8e115be14d1789750179df1b8422
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,
property charges and other and gain 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
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
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Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Condensed Consolidated Statements of Operations
(Unaudited) |
|
(In thousands, except share and per share
data) |
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Three Months Ended |
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Nine Months Ended |
| |
September 30, |
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September 30, |
| |
2023 |
|
2022 |
|
2023 |
|
2022 |
| |
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Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
812,086 |
|
|
$ |
181,962 |
|
|
$ |
2,179,536 |
|
|
$ |
808,930 |
|
|
Rooms |
|
96,113 |
|
|
|
25,976 |
|
|
|
234,776 |
|
|
|
89,277 |
|
|
Food and beverage |
|
60,370 |
|
|
|
17,973 |
|
|
|
143,668 |
|
|
|
62,238 |
|
|
Entertainment, retail and other |
|
48,646 |
|
|
|
15,926 |
|
|
|
123,654 |
|
|
|
52,444 |
|
|
Total operating revenues |
|
1,017,215 |
|
|
|
241,837 |
|
|
|
2,681,634 |
|
|
|
1,012,889 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(533,311 |
) |
|
|
(173,805 |
) |
|
|
(1,437,761 |
) |
|
|
(685,591 |
) |
|
Rooms |
|
(25,345 |
) |
|
|
(10,863 |
) |
|
|
(59,567 |
) |
|
|
(35,057 |
) |
|
Food and beverage |
|
(48,251 |
) |
|
|
(17,279 |
) |
|
|
(111,669 |
) |
|
|
(61,091 |
) |
|
Entertainment, retail and other |
|
(25,770 |
) |
|
|
(5,145 |
) |
|
|
(68,336 |
) |
|
|
(16,836 |
) |
|
General and administrative |
|
(130,447 |
) |
|
|
(98,819 |
) |
|
|
(358,776 |
) |
|
|
(302,483 |
) |
|
Payments to the Philippine Parties |
|
(9,979 |
) |
|
|
(8,417 |
) |
|
|
(32,638 |
) |
|
|
(26,878 |
) |
|
Pre-opening costs |
|
(10,184 |
) |
|
|
(3,313 |
) |
|
|
(40,444 |
) |
|
|
(8,915 |
) |
|
Amortization of gaming subconcession |
|
- |
|
|
|
(2,844 |
) |
|
|
- |
|
|
|
(29,932 |
) |
|
Amortization of land use rights |
|
(5,672 |
) |
|
|
(5,653 |
) |
|
|
(16,990 |
) |
|
|
(16,990 |
) |
|
Depreciation and amortization |
|
(134,996 |
) |
|
|
(113,549 |
) |
|
|
(381,666 |
) |
|
|
(353,142 |
) |
|
Property charges and other |
|
1,442 |
|
|
|
(696 |
) |
|
|
(14,445 |
) |
|
|
(19,595 |
) |
|
Total operating costs and expenses |
|
(922,513 |
) |
|
|
(440,383 |
) |
|
|
(2,522,292 |
) |
|
|
(1,556,510 |
) |
|
Operating income (loss) |
|
94,702 |
|
|
|
(198,546 |
) |
|
|
159,342 |
|
|
|
(543,621 |
) |
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
6,064 |
|
|
|
8,814 |
|
|
|
17,837 |
|
|
|
17,025 |
|
|
Interest expenses, net of amounts capitalized |
|
(131,128 |
) |
|
|
(93,747 |
) |
|
|
(363,597 |
) |
|
|
(272,055 |
) |
|
Other financing costs |
|
(1,097 |
) |
|
|
(1,755 |
) |
|
|
(3,021 |
) |
|
|
(5,439 |
) |
|
Foreign exchange (losses) gains, net |
|
(3,833 |
) |
|
|
(505 |
) |
|
|
(2,292 |
) |
|
|
2,857 |
|
|
Other income, net |
|
438 |
|
|
|
1,145 |
|
|
|
1,756 |
|
|
|
2,713 |
|
|
Gain on extinguishment of debt |
|
80 |
|
|
|
- |
|
|
|
80 |
|
|
|
- |
|
|
Total non-operating expenses, net |
|
(129,476 |
) |
|
|
(86,048 |
) |
|
|
(349,237 |
) |
|
|
(254,899 |
) |
|
Loss before income tax |
|
(34,774 |
) |
|
|
(284,594 |
) |
|
|
(189,895 |
) |
|
|
(798,520 |
) |
|
Income tax (expense) benefit |
|
(2,021 |
) |
|
|
(2,028 |
) |
|
|
1,295 |
|
|
|
(4,618 |
) |
|
Net loss |
|
(36,795 |
) |
|
|
(286,622 |
) |
|
|
(188,600 |
) |
|
|
(803,138 |
) |
|
Net loss attributable to noncontrolling interests |
|
20,492 |
|
|
|
42,780 |
|
|
|
67,568 |
|
|
|
124,553 |
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(16,303 |
) |
|
$ |
(243,842 |
) |
|
$ |
(121,032 |
) |
|
$ |
(678,585 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.012 |
) |
|
$ |
(0.176 |
) |
|
$ |
(0.092 |
) |
|
$ |
(0.481 |
) |
|
Diluted |
$ |
(0.012 |
) |
|
$ |
(0.176 |
) |
|
$ |
(0.092 |
) |
|
$ |
(0.482 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.037 |
) |
|
$ |
(0.528 |
) |
|
$ |
(0.276 |
) |
|
$ |
(1.444 |
) |
|
Diluted |
$ |
(0.037 |
) |
|
$ |
(0.528 |
) |
|
$ |
(0.276 |
) |
|
$ |
(1.446 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in net loss attributable
to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,311,270,775 |
|
|
|
1,386,720,527 |
|
|
|
1,315,728,852 |
|
|
|
1,409,983,323 |
|
|
Diluted |
|
1,311,270,775 |
|
|
|
1,386,720,527 |
|
|
|
1,315,728,852 |
|
|
|
1,409,983,323 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
| Condensed
Consolidated Balance Sheets |
| (In
thousands, except share and per share data) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
September
30, |
|
December
31, |
| |
|
2023 |
|
2022 |
| |
|
|
(Unaudited) |
|
|
|
| |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,417,998 |
|
|
$ |
1,812,729 |
|
|
Restricted cash |
|
26 |
|
|
|
50,992 |
|
|
Accounts receivable, net |
|
95,716 |
|
|
|
55,992 |
|
|
Receivables from affiliated companies |
|
1,001 |
|
|
|
630 |
|
|
Inventories |
|
28,106 |
|
|
|
26,416 |
|
|
Prepaid expenses and other current assets |
|
130,977 |
|
|
|
119,410 |
|
|
Assets held for sale |
|
- |
|
|
|
8,503 |
|
|
Total current assets |
|
1,673,824 |
|
|
|
2,074,672 |
|
| |
|
|
|
|
|
|
|
Property and equipment, net(3) |
|
5,690,991 |
|
|
|
5,870,905 |
|
|
Intangible assets, net(3) (4) |
|
339,493 |
|
|
|
43,610 |
|
|
Goodwill |
|
81,385 |
|
|
|
81,606 |
|
|
Long-term prepayments, deposits and other assets |
|
84,042 |
|
|
|
159,697 |
|
|
Receivables from an affiliated company |
|
- |
|
|
|
216,333 |
|
|
Restricted cash |
|
124,773 |
|
|
|
124,736 |
|
|
Deferred tax assets, net |
|
- |
|
|
|
638 |
|
|
Operating lease right-of-use assets |
|
67,290 |
|
|
|
58,715 |
|
|
Land use rights, net |
|
652,052 |
|
|
|
670,872 |
|
|
Total assets |
$ |
8,713,850 |
|
|
$ |
9,301,784 |
|
| |
|
|
|
|
|
|
|
LIABILITIES AND DEFICIT |
|
|
|
|
|
| |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
12,458 |
|
|
$ |
6,730 |
|
|
Accrued expenses and other current liabilities(3)(4) |
|
933,688 |
|
|
|
809,305 |
|
|
Income tax payable |
|
11,345 |
|
|
|
11,610 |
|
|
Operating lease liabilities, current |
|
19,431 |
|
|
|
12,761 |
|
|
Finance lease liabilities, current |
|
34,442 |
|
|
|
34,959 |
|
|
Current portion of long-term debt, net |
|
- |
|
|
|
322,500 |
|
|
Payables to affiliated companies |
|
253 |
|
|
|
761 |
|
|
Total current liabilities |
|
1,011,617 |
|
|
|
1,198,626 |
|
| |
|
|
|
|
|
|
|
Long-term debt, net |
|
7,768,815 |
|
|
|
8,090,008 |
|
|
Other long-term liabilities(3) (4) |
|
312,622 |
|
|
|
33,712 |
|
|
Deferred tax liabilities, net |
|
36,980 |
|
|
|
39,677 |
|
|
Operating lease liabilities, non-current |
|
56,225 |
|
|
|
55,832 |
|
|
Finance lease liabilities, non-current |
|
186,131 |
|
|
|
198,291 |
|
|
Total liabilities |
|
9,372,390 |
|
|
|
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 |
|
3,100,820 |
|
|
|
3,218,895 |
|
|
Accumulated other comprehensive losses |
|
(130,469 |
) |
|
|
(111,969 |
) |
|
Accumulated losses |
|
(3,850,984 |
) |
|
|
(3,729,952 |
) |
|
Total Melco Resorts & Entertainment Limited shareholders’
deficit |
|
(1,121,654 |
) |
|
|
(850,325 |
) |
|
Noncontrolling interests |
|
463,114 |
|
|
|
535,963 |
|
|
Total deficit |
|
(658,540 |
) |
|
|
(314,362 |
) |
|
Total liabilities and deficit |
$ |
8,713,850 |
|
|
$ |
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
$3,719) 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 continues to operate the
Reversion Assets in the same manner as under the previous
subconcession, obtains substantially all of the economic benefits
and bears 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 continues 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 were 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 of 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
$5,281) per year; and ii) an aggregate annual license fee for three
operating satellite casinos of EUR2,000 (equivalent to $2,112),
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 |
|
Nine Months Ended |
| |
September 30, |
|
September 30, |
| |
2023 |
|
2022 |
|
2023 |
|
2022 |
| |
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(16,303 |
) |
|
$ |
(243,842 |
) |
|
$ |
(121,032 |
) |
|
$ |
(678,585 |
) |
|
Pre-opening costs |
|
10,184 |
|
|
|
3,313 |
|
|
|
40,444 |
|
|
|
8,915 |
|
|
Property charges and other |
|
(1,442 |
) |
|
|
696 |
|
|
|
14,445 |
|
|
|
19,595 |
|
|
Gain on extinguishment of debt |
|
(80 |
) |
|
|
- |
|
|
|
(80 |
) |
|
|
- |
|
|
Income tax impact on adjustments |
|
584 |
|
|
|
(210 |
) |
|
|
- |
|
|
|
(598 |
) |
|
Noncontrolling interests impact on adjustments |
|
(4,028 |
) |
|
|
(1,275 |
) |
|
|
(14,136 |
) |
|
|
(4,781 |
) |
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(11,085 |
) |
|
$ |
(241,318 |
) |
|
$ |
(80,359 |
) |
|
$ |
(655,454 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.008 |
) |
|
$ |
(0.174 |
) |
|
$ |
(0.061 |
) |
|
$ |
(0.465 |
) |
|
Diluted |
$ |
(0.008 |
) |
|
$ |
(0.174 |
) |
|
$ |
(0.061 |
) |
|
$ |
(0.465 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.025 |
) |
|
$ |
(0.522 |
) |
|
$ |
(0.183 |
) |
|
$ |
(1.395 |
) |
|
Diluted |
$ |
(0.025 |
) |
|
$ |
(0.522 |
) |
|
$ |
(0.183 |
) |
|
$ |
(1.396 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in adjusted net loss
attributable to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,311,270,775 |
|
|
|
1,386,720,527 |
|
|
|
1,315,728,852 |
|
|
|
1,409,983,323 |
|
|
Diluted |
|
1,311,270,775 |
|
|
|
1,386,720,527 |
|
|
|
1,315,728,852 |
|
|
|
1,409,983,323 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
|
(In thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, 2023 |
| |
AltiraMacau |
|
Mochaand Other |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
City of DreamsMediterraneanand
Other(5) |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(9,784 |
) |
|
$ |
5,981 |
|
|
$ |
95,238 |
|
|
$ |
10,074 |
|
|
$ |
25,681 |
|
|
$ |
(7,794 |
) |
|
$ |
(24,694 |
) |
|
$ |
94,702 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,979 |
|
|
|
- |
|
|
|
- |
|
|
|
9,979 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
474 |
|
|
|
- |
|
|
|
- |
|
|
|
474 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,564 |
|
|
|
- |
|
|
|
2,620 |
|
|
|
- |
|
|
|
10,184 |
|
|
Depreciation and amortization |
|
5,838 |
|
|
|
884 |
|
|
|
54,865 |
|
|
|
49,647 |
|
|
|
12,297 |
|
|
|
12,249 |
|
|
|
4,888 |
|
|
|
140,668 |
|
|
Share-based compensation |
|
119 |
|
|
|
(33 |
) |
|
|
1,091 |
|
|
|
390 |
|
|
|
303 |
|
|
|
125 |
|
|
|
5,560 |
|
|
|
7,555 |
|
|
Property charges and other |
|
- |
|
|
|
46 |
|
|
|
2,752 |
|
|
|
57 |
|
|
|
3 |
|
|
|
(28 |
) |
|
|
(4,272 |
) |
|
|
(1,442 |
) |
|
Adjusted EBITDA |
|
(3,827 |
) |
|
|
6,878 |
|
|
|
153,946 |
|
|
|
67,732 |
|
|
|
48,737 |
|
|
|
7,172 |
|
|
|
(18,518 |
) |
|
|
262,120 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,518 |
|
|
|
18,518 |
|
|
Adjusted Property EBITDA |
$ |
(3,827 |
) |
|
$ |
6,878 |
|
|
$ |
153,946 |
|
|
$ |
67,732 |
|
|
$ |
48,737 |
|
|
$ |
7,172 |
|
|
$ |
- |
|
|
$ |
280,638 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, 2022 |
| |
AltiraMacau |
|
Mochaand Other |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
Cyprus Operations |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(18,401 |
) |
|
$ |
359 |
|
|
$ |
(105,943 |
) |
|
$ |
(66,752 |
) |
|
$ |
18,649 |
|
|
$ |
2,715 |
|
|
$ |
(29,173 |
) |
|
$ |
(198,546 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,417 |
|
|
|
- |
|
|
|
- |
|
|
|
8,417 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
555 |
|
|
|
- |
|
|
|
- |
|
|
|
555 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
699 |
|
|
|
- |
|
|
|
2,614 |
|
|
|
- |
|
|
|
3,313 |
|
|
Depreciation and amortization |
|
5,202 |
|
|
|
1,305 |
|
|
|
59,362 |
|
|
|
33,800 |
|
|
|
13,417 |
|
|
|
1,379 |
|
|
|
7,581 |
|
|
|
122,046 |
|
|
Share-based compensation |
|
136 |
|
|
|
(90 |
) |
|
|
3,787 |
|
|
|
425 |
|
|
|
288 |
|
|
|
16 |
|
|
|
5,419 |
|
|
|
9,981 |
|
|
Property charges and other |
|
145 |
|
|
|
85 |
|
|
|
2,558 |
|
|
|
370 |
|
|
|
43 |
|
|
|
(1 |
) |
|
|
(2,504 |
) |
|
|
696 |
|
|
Adjusted EBITDA |
|
(12,918 |
) |
|
|
1,659 |
|
|
|
(40,236 |
) |
|
|
(31,458 |
) |
|
|
41,369 |
|
|
|
6,723 |
|
|
|
(18,677 |
) |
|
- |
(53,538 |
) |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,677 |
|
|
|
18,677 |
|
|
Adjusted Property EBITDA |
$ |
(12,918 |
) |
|
$ |
1,659 |
|
|
$ |
(40,236 |
) |
|
$ |
(31,458 |
) |
|
$ |
41,369 |
|
|
$ |
6,723 |
|
|
$ |
- |
|
|
$ |
(34,861 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) |
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) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended September 30, 2023 |
| |
AltiraMacau |
|
Mochaand Other (6) |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
City of DreamsMediterraneanand
Other(5) |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(20,014 |
) |
|
$ |
18,097 |
|
|
$ |
210,446 |
|
|
$ |
(20,286 |
) |
|
$ |
84,131 |
|
|
$ |
(17,222 |
) |
|
$ |
(95,810 |
) |
|
$ |
159,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32,638 |
|
|
|
- |
|
|
|
- |
|
|
|
32,638 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,436 |
|
|
|
- |
|
|
|
- |
|
|
|
1,436 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17,348 |
|
|
|
- |
|
|
|
23,096 |
|
|
|
- |
|
|
|
40,444 |
|
|
Depreciation and amortization |
|
17,755 |
|
|
|
3,044 |
|
|
|
176,751 |
|
|
|
130,768 |
|
|
|
37,922 |
|
|
|
16,545 |
|
|
|
15,871 |
|
|
|
398,656 |
|
|
Share-based compensation |
|
180 |
|
|
|
50 |
|
|
|
5,248 |
|
|
|
1,081 |
|
|
|
881 |
|
|
|
356 |
|
|
|
19,432 |
|
|
|
27,228 |
|
|
Property charges and other |
|
511 |
|
|
|
76 |
|
|
|
17,670 |
|
|
|
544 |
|
|
|
(397 |
) |
|
|
(11 |
) |
|
|
(3,948 |
) |
|
|
14,445 |
|
|
Adjusted EBITDA |
|
(1,568 |
) |
|
|
21,267 |
|
|
|
410,115 |
|
|
|
129,455 |
|
|
|
156,611 |
|
|
|
22,764 |
|
|
|
(64,455 |
) |
|
|
674,189 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
64,455 |
|
|
|
64,455 |
|
|
Adjusted Property EBITDA |
$ |
(1,568 |
) |
|
$ |
21,267 |
|
|
$ |
410,115 |
|
|
$ |
129,455 |
|
|
$ |
156,611 |
|
|
$ |
22,764 |
|
|
$ |
- |
|
|
$ |
738,644 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended September 30, 2022 |
| |
AltiraMacau |
|
Mochaand Other (6) |
|
City ofDreams |
|
StudioCity |
|
City of DreamsManila |
|
Cyprus Operations |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(51,146 |
) |
|
$ |
4,476 |
|
|
$ |
(221,971 |
) |
|
$ |
(188,603 |
) |
|
$ |
47,745 |
|
|
$ |
402 |
|
|
$ |
(134,524 |
) |
|
$ |
(543,621 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26,878 |
|
|
|
- |
|
|
|
- |
|
|
|
26,878 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,851 |
|
|
|
- |
|
|
|
- |
|
|
|
1,851 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,512 |
|
|
|
- |
|
|
|
7,403 |
|
|
|
- |
|
|
|
8,915 |
|
|
Depreciation and amortization |
|
16,037 |
|
|
|
3,813 |
|
|
|
179,486 |
|
|
|
101,228 |
|
|
|
45,387 |
|
|
|
4,865 |
|
|
|
49,248 |
|
|
|
400,064 |
|
|
Share-based compensation |
|
845 |
|
|
|
153 |
|
|
|
12,075 |
|
|
|
2,229 |
|
|
|
1,256 |
|
|
|
527 |
|
|
|
26,775 |
|
|
|
43,860 |
|
|
Property charges and other |
|
744 |
|
|
|
40 |
|
|
|
6,060 |
|
|
|
3,794 |
|
|
|
257 |
|
|
|
3 |
|
|
|
8,697 |
|
|
|
19,595 |
|
|
Adjusted EBITDA |
|
(33,520 |
) |
|
|
8,482 |
|
|
|
(24,350 |
) |
|
|
(79,840 |
) |
|
|
123,374 |
|
|
|
13,200 |
|
|
|
(49,804 |
) |
|
|
(42,458 |
) |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
49,804 |
|
|
|
49,804 |
|
|
Adjusted Property EBITDA |
$ |
(33,520 |
) |
|
$ |
8,482 |
|
|
$ |
(24,350 |
) |
|
$ |
(79,840 |
) |
|
$ |
123,374 |
|
|
$ |
13,200 |
|
|
$ |
- |
|
|
$ |
7,346 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) |
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 Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
|
Adjusted EBITDA and Adjusted Property EBITDA
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, |
|
September 30, |
| |
2023 |
|
2022 |
|
2023 |
|
2022 |
| |
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(16,303 |
) |
|
$ |
(243,842 |
) |
|
$ |
(121,032 |
) |
|
$ |
(678,585 |
) |
|
Net loss attributable to noncontrolling interests |
|
(20,492 |
) |
|
|
(42,780 |
) |
|
|
(67,568 |
) |
|
|
(124,553 |
) |
|
Net loss |
|
(36,795 |
) |
|
|
(286,622 |
) |
|
|
(188,600 |
) |
|
|
(803,138 |
) |
|
Income tax expense (benefit) |
|
2,021 |
|
|
|
2,028 |
|
|
|
(1,295 |
) |
|
|
4,618 |
|
|
Interest and other non-operating expenses, net |
|
129,476 |
|
|
|
86,048 |
|
|
|
349,237 |
|
|
|
254,899 |
|
|
Depreciation and amortization |
|
140,668 |
|
|
|
122,046 |
|
|
|
398,656 |
|
|
|
400,064 |
|
|
Property charges and other |
|
(1,442 |
) |
|
|
696 |
|
|
|
14,445 |
|
|
|
19,595 |
|
|
Share-based compensation |
|
7,555 |
|
|
|
9,981 |
|
|
|
27,228 |
|
|
|
43,860 |
|
|
Pre-opening costs |
|
10,184 |
|
|
|
3,313 |
|
|
|
40,444 |
|
|
|
8,915 |
|
|
Land rent to Belle Corporation |
|
474 |
|
|
|
555 |
|
|
|
1,436 |
|
|
|
1,851 |
|
|
Payments to the Philippine Parties |
|
9,979 |
|
|
|
8,417 |
|
|
|
32,638 |
|
|
|
26,878 |
|
|
Adjusted EBITDA |
|
262,120 |
|
|
|
(53,538 |
) |
|
|
674,189 |
|
|
|
(42,458 |
) |
|
Corporate and Other expenses |
|
18,518 |
|
|
|
18,677 |
|
|
|
64,455 |
|
|
|
49,804 |
|
|
Adjusted Property EBITDA |
$ |
280,638 |
|
|
$ |
(34,861 |
) |
|
$ |
738,644 |
|
|
$ |
7,346 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Three Months Ended |
|
Nine Months Ended |
| |
|
|
September 30, |
|
September 30, |
| |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Room
Statistics(7): |
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average daily rate (8) |
$ |
138 |
|
|
$ |
91 |
|
|
$ |
136 |
|
|
$ |
97 |
|
| |
|
Occupancy per available room |
|
95 |
% |
|
|
37 |
% |
|
|
85 |
% |
|
|
40 |
% |
| |
|
Revenue per available room (9) |
$ |
131 |
|
|
$ |
34 |
|
|
$ |
116 |
|
|
$ |
39 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
$ |
193 |
|
|
$ |
192 |
|
|
$ |
202 |
|
|
$ |
203 |
|
| |
|
Occupancy per available room |
|
91 |
% |
|
|
20 |
% |
|
|
83 |
% |
|
|
27 |
% |
| |
|
Revenue per available room (9) |
$ |
176 |
|
|
$ |
38 |
|
|
$ |
168 |
|
|
$ |
55 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
$ |
167 |
|
|
$ |
107 |
|
|
$ |
148 |
|
|
$ |
114 |
|
| |
|
Occupancy per available room |
|
92 |
% |
|
|
25 |
% |
|
|
88 |
% |
|
|
27 |
% |
| |
|
Revenue per available room (9) |
$ |
155 |
|
|
$ |
27 |
|
|
$ |
129 |
|
|
$ |
31 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
$ |
173 |
|
|
$ |
195 |
|
|
$ |
180 |
|
|
$ |
190 |
|
| |
|
Occupancy per available room |
|
97 |
% |
|
|
95 |
% |
|
|
96 |
% |
|
|
94 |
% |
| |
|
Revenue per available room (9) |
$ |
168 |
|
|
$ |
186 |
|
|
$ |
173 |
|
|
$ |
179 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Mediterranean and
Other(5) |
|
|
|
|
|
|
|
| |
|
Average daily rate (8) |
$ |
375 |
|
|
N/A |
|
$ |
371 |
|
|
N/A |
| |
|
Occupancy per available room |
|
63 |
% |
|
N/A |
|
|
62 |
% |
|
N/A |
| |
|
Revenue per available room (9) |
$ |
236 |
|
|
N/A |
|
$ |
231 |
|
|
N/A |
| |
|
|
|
|
|
|
|
|
|
|
Other
Information(10): |
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
43 |
|
|
|
92 |
|
|
|
44 |
|
|
|
94 |
|
| |
|
Average number of gaming machines |
|
125 |
|
|
|
144 |
|
|
|
143 |
|
|
|
139 |
|
| |
|
Table games win per unit per day (11) |
$ |
6,686 |
|
|
$ |
121 |
|
|
$ |
6,218 |
|
|
$ |
722 |
|
| |
|
Gaming machines win per unit per day (12) |
$ |
291 |
|
|
$ |
85 |
|
|
$ |
223 |
|
|
$ |
131 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Mocha and Other(6) |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
18 |
|
|
|
25 |
|
|
|
17 |
|
|
|
25 |
|
| |
|
Average number of gaming machines |
|
892 |
|
|
|
952 |
|
|
|
880 |
|
|
|
949 |
|
| |
|
Table games win per unit per day (11) |
$ |
5,306 |
|
|
$ |
1,806 |
|
|
$ |
5,000 |
|
|
$ |
1,776 |
|
| |
|
Gaming machines win per unit per day (12) |
$ |
282 |
|
|
$ |
203 |
|
|
$ |
292 |
|
|
$ |
216 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
430 |
|
|
|
443 |
|
|
|
430 |
|
|
|
449 |
|
| |
|
Average number of gaming machines |
|
629 |
|
|
|
649 |
|
|
|
635 |
|
|
|
678 |
|
| |
|
Table games win per unit per day (11) |
$ |
13,437 |
|
|
$ |
1,503 |
|
|
$ |
12,496 |
|
|
$ |
3,474 |
|
| |
|
Gaming machines win per unit per day (12) |
$ |
505 |
|
|
$ |
113 |
|
|
$ |
441 |
|
|
$ |
139 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
246 |
|
|
|
277 |
|
|
|
246 |
|
|
|
277 |
|
| |
|
Average number of gaming machines |
|
661 |
|
|
|
702 |
|
|
|
667 |
|
|
|
711 |
|
| |
|
Table games win per unit per day (11) |
$ |
10,380 |
|
|
$ |
794 |
|
|
$ |
8,331 |
|
|
$ |
1,592 |
|
| |
|
Gaming machines win per unit per day (12) |
$ |
352 |
|
|
$ |
54 |
|
|
$ |
319 |
|
|
$ |
82 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
266 |
|
|
|
260 |
|
|
|
267 |
|
|
|
278 |
|
| |
|
Average number of gaming machines |
|
2,295 |
|
|
|
2,317 |
|
|
|
2,297 |
|
|
|
2,283 |
|
| |
|
Table games win per unit per day (11) |
$ |
3,585 |
|
|
$ |
2,750 |
|
|
$ |
3,513 |
|
|
$ |
2,436 |
|
| |
|
Gaming machines win per unit per day (12) |
$ |
238 |
|
|
$ |
228 |
|
|
$ |
241 |
|
|
$ |
231 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Mediterranean and
Other(5) |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
103 |
|
|
|
35 |
|
|
|
60 |
|
|
|
35 |
|
| |
|
Average number of gaming machines |
|
896 |
|
|
|
451 |
|
|
|
616 |
|
|
|
455 |
|
| |
|
Table games win per unit per day (11) |
$ |
2,080 |
|
|
$ |
2,465 |
|
|
$ |
2,409 |
|
|
$ |
1,925 |
|
| |
|
Gaming machines win per unit per day (12) |
$ |
294 |
|
|
$ |
427 |
|
|
$ |
376 |
|
|
$ |
368 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
(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 |
| |
|
|
|
|
|
|
|
|
|
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