Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco”
or the “Company”), a developer, owner and operator of casino gaming
and entertainment casino resort facilities in Asia, today reported
its unaudited financial results for the second quarter of 2019.
Total operating revenues for the second quarter
of 2019 were US$1,442.7 million, representing an increase of
approximately 17% from US$1,228.6 million for the comparable period
in 2018. The increase in total operating revenues was primarily
attributable to better performance in the rolling chip and mass
market table games segments and higher non-gaming revenue as a
result of the opening of Morpheus in June 2018.
Operating income for the second quarter of 2019
was US$205.3 million, compared with operating income of US$118.1
million in the second quarter of 2018, representing an increase of
74%.
Adjusted property EBITDA(1) was US$442.2 million
for the second quarter of 2019 compared to Adjusted property EBITDA
of US$355.5 million in the second quarter of 2018, representing an
increase of 24%.
Net income attributable to Melco Resorts &
Entertainment Limited for the second quarter of 2019 was US$100.3
million, or US$0.22 per ADS, compared with US$57.3 million, or
US$0.12 per ADS, in the second quarter of 2018. The net loss
attributable to noncontrolling interests during the second quarter
of 2019 and 2018 were US$3.0 million and US$4.1 million,
respectively, which were related to Studio City and City of Dreams
Manila.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “During the second quarter of 2019,
all of Melco’s Macau Integrated Resorts delivered strong mass table
games revenue growth, which drove Group-wide Property EBITDA to
expand approximately 24% year-over-year to an all-time-high of
US$442 million.
“The further ramp up of the award-winning
Morpheus and opening of the new VIP area on the second floor helped
City of Dreams deliver a strong set of results in the second
quarter of 2019, with VIP volumes, mass table gaming revenue and
Property EBITDA all experiencing significant growth.
“During the second quarter, Studio City and
Altira also delivered strong mass table gaming revenue growth,
highlighting strength in Macau’s mass gaming market and Melco’s
dominant foothold in the city’s mass and premium mass gaming
segments.
“Melco’s dedication to excellence has been
widely recognized, most recently by the 2019 Asia Pacific Property
Awards with Morpheus being awarded as the winner of Best Hotel
Architecture Macau and Best New Hotel Construction & Design
Macau. ‘The House of Dancing Water’, Melco’s award-winning show,
has also been recognized by Global Gaming Expo (G2E) Asia Awards
2019 as the Best Integrated Resorts Non-Gaming Attraction. These
recognitions have positioned Melco as a leading integrated resort
operator in Asia.
“At Studio City, we continue to enhance our
entertainment offerings with a series of property upgrades, which
include the opening of the pop-up ‘Legend Heroes Park’ in January,
the ‘Show House’ Night Club in February and the ‘Flip Out’
Trampoline Park in May. Soon, we will open the permanent,
50,000 square feet Legend Heroes VR Park, which should be Asia’s
largest Virtual Reality Zone.
“The Board has, after evaluating the Company’s
current liquidity position and future expected capital needs,
decided to increase the quarterly cash dividend by 6% to US$0.05504
per ordinary share, which is equivalent to US$0.16512 per ADS, from
the previous quarterly dividend of US$0.0517 per ordinary
share.
“In May 2019, the Company announced its
agreement to acquire a 19.99% stake in Crown Resorts Limited
(“Crown”) from CPH Crown Holdings Pty Limited. We believe Melco’s
investment in Crown is an incredible opportunity to purchase a
strategic stake in what we believe to be Australia’s premier
provider of true integrated resort experiences.
“In June 2019, the Company announced its
agreement to acquire from Melco International Development Limited
(“Melco International”) all of Melco International’s holdings of
ordinary shares of ICR Cyprus Holdings Limited ("ICR Cyprus"),
which represents a 75% equity interest in ICR Cyprus. ICR Cyprus
and its subsidiaries are developing the City of Dreams
Mediterranean integrated destination resort project in Cyprus. The
City of Dreams Mediterranean project is currently under development
and scheduled to open in 2021, upon which it is expected to be the
largest and premier integrated destination resort in Europe.
“Lastly, Japan continues to be a core focus for
us. In May, we released designs of our proposed Osaka
Integrated Resort – City of the Future. We have also participated
in the Yokohama RFI and will participate in the Osaka RFC. With our
focus on the Asian premium segment, high quality assets, dedication
to world-class entertainment offerings, market-leading social
safeguards and compliance culture, and our commitment to being an
ideal partner to local governments and communities alike, we
believe Melco is in a strong position to help Japan realize a
vision for an integrated resort development with unique Japanese
touch.”
City of Dreams Second Quarter
Results
For the quarter ended June 30, 2019, total
operating revenues at City of Dreams were US$790.8 million compared
to US$577.8 million in the second quarter of 2018. City of Dreams
generated Adjusted EBITDA of US$250.8 million in the second quarter
of 2019 compared with Adjusted EBITDA of US$171.5 million in the
second quarter of 2018. The year-over-year increase in Adjusted
EBITDA was primarily a result of better performances in the rolling
chip and mass market table games segments.
Rolling chip volumes totaled US$14.9 billion for
the second quarter of 2019 versus US$10.5 billion in the second
quarter of 2018. The rolling chip win rate was 3.16% in the second
quarter of 2019 versus 2.88% in the second quarter of 2018. The
expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$1,372.2 million in the second quarter of 2019 compared with
US$1,182.4 million in the second quarter of 2018. The mass market
table games hold percentage was 31.6% in the second quarter of 2019
compared to 28.4% in the second quarter of 2018.
Gaming machine handle for the second quarter of
2019 was US$1,037.8 million, compared with US$1,116.9 million in
the second quarter of 2018. The gaming machine win rate was 3.8% in
the second quarter of 2019 versus 5.1% in the second quarter of
2018.
Total non-gaming revenue at City of Dreams in
the second quarter of 2019 was US$98.4 million, compared with
US$77.0 million in the second quarter of 2018.
Altira Macau Second Quarter
Results
For the quarter ended June 30, 2019, total
operating revenues at Altira Macau were US$104.3 million
compared to US$123.1 million in the second quarter of 2018. Altira
Macau generated Adjusted EBITDA of US$8.5 million in the second
quarter of 2019 compared with Adjusted EBITDA of US$18.3 million in
the second quarter of 2018. The decline in Adjusted EBITDA was
primarily a result of softer performance in the rolling chip
segment.
Rolling chip volumes totaled US$4.4 billion in
the second quarter of 2019 versus US$4.8 billion in the second
quarter of 2018. The rolling chip win rate was 2.95% in the second
quarter of 2019 versus 3.65% in the second quarter of 2018. The
expected rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment, drop
totaled US$150.0 million in the second quarter of 2019 versus
US$131.9 million in the second quarter of 2018. The mass market
table games hold percentage was 22.5% in the second quarter of 2019
compared with 19.7% in the second quarter of
2018. Gaming machine handle for the second
quarter of 2019 was US$83.5 million, compared with US$30.0 million
in the second quarter of 2018. The increase was primarily due to an
increase in average number of gaming machines to 171 in the
second quarter of 2019, compared to 129 in the second quarter of
2018. The gaming machine win rate was 4.4% in the second quarter of
2019 versus 6.3% in the second quarter of 2018.
Total non-gaming revenue at Altira Macau in the
second quarter of 2019 was US$6.6 million, compared with US$6.7
million in the second quarter of 2018.
Mocha Clubs Second Quarter
Results
Total operating revenues from Mocha Clubs
totaled US$28.9 million in the second quarter of 2019 as compared
to US$28.0 million in the second quarter of 2018. Mocha Clubs
generated US$5.3 million of Adjusted EBITDA in the second
quarter of 2019 compared with US$5.2 million in the same period in
2018.
Gaming machine handle for the second quarter of
2019 was US$609.4 million, compared with US$618.5 million in
the second quarter of 2018. The gaming machine win rate was 4.8% in
the second quarter of 2019 versus 4.5% in the second quarter of
2018.
Studio City Second Quarter
Results
For the quarter ended June 30, 2019, total
operating revenues at Studio City were US$328.9 million compared to
US$314.1 million in the second quarter of 2018. Studio City
generated Adjusted EBITDA of US$94.8 million in the second quarter
of 2019 compared with Adjusted EBITDA of US$73.2 million in the
second quarter of 2018. The increase in Adjusted EBITDA was
primarily a result of better performance in the mass market
table games segment, partially offset by a softer performance in
the rolling chip segment and lower non-gaming revenue.
Affected by the Macau market-wide VIP weakness,
and by increasing competition in and around Cotai, Studio City’s
rolling chip volumes totaled US$3.1 billion in the second quarter
of 2019 versus US$6.1 billion in the second quarter of 2018. The
rolling chip win rate was 2.76% in the second quarter of 2019
versus 2.66% in the second quarter of 2018. The expected rolling
chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$877.0 million in the second quarter of 2019 compared with
US$814.3 million in the second quarter of 2018. The mass market
table games hold percentage was 29.2% in the second quarter of 2019
compared to 24.5% in the second quarter of 2018.
Gaming machine handle for the second quarter of
2019 was US$630.9 million, compared with US$614.9 million in
the second quarter of 2018. The gaming machine win rate was 3.2% in
the second quarter of 2019 versus 3.4% in the second quarter of
2018.
Total non-gaming revenue at Studio City in the
second quarter of 2019 was US$36.9 million, compared with US$44.3
million in the second quarter of 2018.
City of Dreams Manila Second Quarter
Results
For the quarter ended June 30, 2019, total
operating revenues at City of Dreams Manila were US$176.1 million
compared to US$173.9 million in the second quarter of 2018. City of
Dreams Manila generated Adjusted EBITDA of US$82.8 million in the
second quarter of 2019 compared to US$87.3 million in the
comparable period of 2018.
With increased competition in the market, City
of Dreams Manila’s rolling chip volumes totaled US$1.9 billion in
the second quarter of 2019 versus US$3.0 billion in the second
quarter of 2018. The rolling chip win rate was 5.21% in the second
quarter of 2019 versus 3.70% in the second quarter of 2018. The
expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$192.8 million for the second quarter of 2019, compared with
US$196.9 million in the second quarter of 2018. The mass market
table games hold percentage was 30.4% in the second quarter of 2019
compared to 29.4% in the second quarter of 2018.
Gaming machine handle for the second quarter of
2019 was US$945.1 million, compared with US$855.9 million in the
second quarter of 2018. The gaming machine win rate was 5.4% in the
second quarter of 2019 versus 5.9% in the second quarter of
2018.
Total non-gaming revenue at City of Dreams
Manila in the second quarter of 2019 was US$31.8 million, compared
with US$29.2 million in the second quarter of 2018.
Other Factors Affecting
Earnings
Total net non-operating expenses for the second
quarter of 2019 were US$107.4 million, which mainly included
interest expenses of US$75.9 million and other net
non-operating expenses of US$23.1 million.
Depreciation and amortization costs of US$159.8
million were recorded in the second quarter of 2019 of which
US$14.2 million was related to the amortization expense for our
gaming subconcession and US$5.7 million was related to the
amortization expense for the land use rights.
The Adjusted EBITDA for Studio City for the
three months ended June 30, 2019 referred to in this report is
US$12.3 million more than the Adjusted EBITDA of Studio City
contained in the earnings release for Studio City International
Holdings Limited (“SCIHL”) dated July 24, 2019 (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 report. 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
report does not reflect certain costs related to the VIP operations
at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of June 30, 2019
aggregated US$1.6 billion, including US$60.2 million of a bank
deposit with original maturity over three months and US$44.4
million of restricted cash, which was primarily related to Studio
City. Total debt, net of unamortized deferred financing costs at
the end of the second quarter of 2019 was US$4.7 billion.
Capital expenditures for the second quarter of
2019 were US$173.7 million, which predominantly related to an
addition to our air transport fleet and various projects at City of
Dreams.
Amendment of Dividend Policy
To reaffirm Melco’s commitment to returning
surplus capital to shareholders, our Board, after evaluating
Melco’s current liquidity position and future expected capital
needs, has amended its quarterly dividend policy from one targeting
a quarterly cash dividend payment of US$0.0517 per ordinary share
(equivalent to US$0.1551 per ADS, each representing three ordinary
shares) of the Company to one targeting a quarterly cash dividend
payment of US$0.05504 per ordinary share (equivalent to US$0.16512
per ADS) of the Company.
The new dividend policy will take effect
beginning with any dividends declared by our Board for the second
quarter of 2019 and continue until amended or otherwise determined
by our Board. Distribution of dividends under this new dividend
policy is subject to the Company’s accumulated and future earnings,
cash availability, future commitments and other factors the Board
may deem relevant.
Our Board will continue to review our dividend
policy from time to time as part of our commitment to maximizing
shareholder value, taking into consideration our financial
performance and market conditions.
Dividend Declaration
On July 24, 2019, our Board considered and
approved the declaration and payment of a quarterly dividend of
US$0.05504 per ordinary share (equivalent to
US$0.16512 per ADS) for the second quarter of 2019 (the
“Quarterly Dividend”). The Quarterly Dividend will be paid on or
about August 15, 2019 to our shareholders whose names appear on the
register of members of the Company at the close of business on
August 5, 2019, being the record date for determination of
entitlements to the Quarterly Dividend.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its second quarter 2019 financial
results on Wednesday, July 24, 2019 at 8:30 a.m. Eastern
Time (8:30 p.m. Hong Kong Time). To join the conference call,
please use the dial-in details below:
| US Toll
Free |
1 866 519
4004 |
| US Toll / International |
1 845 675 0437 |
| HK Toll |
852 3018 6771 |
| HK Toll Free |
800 906 601 |
| Japan Toll |
81 3 4503 6012 |
| Japan Toll Free |
012 092 5376 |
| UK Toll Free |
080 8234 6646 |
| Australia Toll |
61 290 833 212 |
| Australia Toll Free |
1 800 411 623 |
| Philippines Toll Free |
1 800 1612 0306 |
| |
|
| Passcode |
MLCO |
An audio webcast will also be available at
http://www.melco-resorts.com.
To access the replay, please use the dial-in
details below:
| US Toll
Free |
1 855 452
5696 |
| US Toll / International |
1 646 254 3697 |
| HK Toll Free |
800 963 117 |
| Japan Toll |
81 3 4580 6717 |
| Japan Toll Free |
012 095 9034 |
| Philippines Toll Free |
1 800 1612 0166 |
| |
|
| Conference ID |
6765429 |
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the “SEC”), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. These factors include, but are not limited to, (i)
growth of the gaming market and visitations in Macau and the
Philippines, (ii) capital and credit market volatility, (iii) local
and global economic conditions, (iv) our anticipated growth
strategies, (v) gaming authority and other governmental approvals
and regulations, and (vi) our future business development, results
of operations and financial condition. In some cases,
forward-looking statements can be identified by words or phrases
such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”,
“estimate”, “intend”, “plan”, “believe”, “potential”, “continue”,
“is/are likely to” or other similar expressions. Further
information regarding these and other risks, uncertainties or
factors is included in the Company’s filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company undertakes no duty to update
such information, except as required under applicable law.
Non-GAAP Financial Measures
(1) “Adjusted EBITDA” is earnings before
interest, taxes, depreciation, amortization, pre-opening costs,
development costs, property charges and other, share-based
compensation, payments to the Philippine parties under the
cooperative arrangement (the “Philippine Parties”), land rent to
Belle Corporation and other non-operating income and expenses.
“Adjusted property EBITDA” is earnings before interest, taxes,
depreciation, amortization, pre-opening costs, development costs,
property charges and other, share-based compensation, payments to
the Philippine Parties, land rent to Belle Corporation, Corporate
and Other expenses and other non-operating income and expenses.
Adjusted EBITDA and adjusted property EBITDA are presented
exclusively as supplemental disclosures because management believes
they are widely used to measure the performance, and as a basis for
valuation, of gaming companies. Management uses adjusted EBITDA and
adjusted property EBITDA as measures of the operating performance
of its segments and to compare the operating performance of its
properties with those of its competitors. The Company also presents
adjusted EBITDA and adjusted property EBITDA because they are used
by some investors as ways to measure a company’s ability to incur
and service debt, make capital expenditures, and meet working
capital requirements. Gaming companies have historically reported
adjusted EBITDA and adjusted property EBITDA as supplements to
financial measures in accordance with U.S. GAAP. However, adjusted
EBITDA and adjusted property EBITDA should not be considered as
alternatives to operating income as indicators of the Company’s
performance, as alternatives to cash flows from operating
activities as measures of liquidity, or as alternatives to any
other measure determined in accordance with U.S. GAAP. Unlike net
income, adjusted EBITDA and adjusted property EBITDA do not include
depreciation and amortization or interest expense and, therefore,
do not reflect current or future capital expenditures or the cost
of capital. The Company compensates for these limitations by using
adjusted EBITDA and adjusted property EBITDA as only two of several
comparative tools, together with U.S. GAAP measurements, to assist
in the evaluation of operating performance.
Such U.S. GAAP measurements include operating
income, net income, cash flows from operations and cash flow data.
The Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes
and other recurring and nonrecurring charges, which are not
reflected in adjusted EBITDA or adjusted property EBITDA. Also, the
Company’s calculation of adjusted EBITDA and adjusted property
EBITDA may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted EBITDA and adjusted property EBITDA
with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release.
(2) “Adjusted net income” is net income before
pre-opening costs, development costs, property charges and other,
loss on extinguishment of debt and costs associated with debt
modification, net of noncontrolling interests and taxes calculated
using specific tax treatments applicable to the adjustments based
on their respective jurisdictions. Adjusted net income attributable
to Melco Resorts & Entertainment Limited and adjusted net
income attributable to Melco Resorts & Entertainment Limited
per share (“EPS”) are presented as supplemental disclosures because
management believes they are widely used to measure the
performance, and as a basis for valuation, of gaming companies.
These measures are used by management and/or evaluated by some
investors, in addition to income and EPS computed in accordance
with U.S. GAAP, as an additional basis for assessing
period-to-period results of our business. Adjusted net income
attributable to Melco Resorts & Entertainment Limited and
adjusted net income attributable to Melco Resorts &
Entertainment Limited per share may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net
income attributable to Melco Resorts & Entertainment Limited
with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release.
About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares
listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a
developer, owner and operator of casino gaming and entertainment
casino resort facilities in Asia. The Company currently operates
Altira Macau (www.altiramacau.com), a casino hotel located at
Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an
integrated urban casino resort located in Cotai, Macau. Its
business also includes the Mocha Clubs (www.mochaclubs.com), which
comprise the largest non-casino based operations of electronic
gaming machines in Macau. The Company also majority owns and
operates Studio City (www.studiocity-macau.com), a
cinematically-themed integrated entertainment, retail and gaming
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), a casino, hotel, retail and
entertainment integrated resort in the Entertainment City complex
in Manila. The Company holds equity interests in Crown Resorts
Limited (“Crown”), a company listed on the Australian Securities
Exchange and which operates two of Australia’s leading integrated
resorts, Crown Melbourne Entertainment Complex and Crown Perth
Entertainment Complex. In the United Kingdom, Crown operates Crown
Aspinalls, a high-end licensed casino in London. Crown’s
development projects include the Crown Sydney Hotel Resort at
Barangaroo on Sydney Harbour. Crown also holds equity interests in
the Aspers Group and Nobu and has interests in various digital
businesses. For more information about the Company, please visit
www.melco-resorts.com.
The Company is strongly supported by its single
largest shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong Kong
Limited and is substantially owned and led by Mr. Lawrence Ho, who
is the Chairman, Executive Director and Chief Executive Officer of
the Company.
For investment community, please
contact: Richard HuangDirector, Investor RelationsTel:
+852 2598 3619Email: richardlshuang@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
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Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
Condensed Consolidated Statements of
Operations |
|
|
(In thousands of U.S. dollars, except share and per share
data) |
|
| |
|
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| |
Three Months Ended |
|
Six Months Ended |
|
| |
June 30, |
|
June 30, |
|
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
1,265,649 |
|
|
$ |
1,069,525 |
|
|
$ |
2,442,298 |
|
|
$ |
2,223,278 |
|
|
| Rooms |
|
86,411 |
|
|
|
67,795 |
|
|
|
170,480 |
|
|
|
135,366 |
|
|
| Food and beverage |
|
57,421 |
|
|
|
46,582 |
|
|
|
113,594 |
|
|
|
94,830 |
|
|
| Entertainment, retail and
other |
|
33,172 |
|
|
|
44,728 |
|
|
|
78,327 |
|
|
|
88,304 |
|
|
| Total operating revenues |
|
1,442,653 |
|
|
|
1,228,630 |
|
|
|
2,804,699 |
|
|
|
2,541,778 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
| Casino |
|
(806,968 |
) |
|
|
(710,665 |
) |
|
|
(1,577,979 |
) |
|
|
(1,464,714 |
) |
|
| Rooms |
|
(21,845 |
) |
|
|
(17,142 |
) |
|
|
(44,338 |
) |
|
|
(32,968 |
) |
|
| Food and beverage |
|
(43,564 |
) |
|
|
(36,950 |
) |
|
|
(88,442 |
) |
|
|
(74,037 |
) |
|
| Entertainment, retail and
other |
|
(26,423 |
) |
|
|
(22,404 |
) |
|
|
(48,231 |
) |
|
|
(45,366 |
) |
|
| General and
administrative |
|
(141,783 |
) |
|
|
(126,591 |
) |
|
|
(269,771 |
) |
|
|
(234,817 |
) |
|
| Payments to the Philippine
Parties |
|
(23,203 |
) |
|
|
(23,617 |
) |
|
|
(37,255 |
) |
|
|
(34,994 |
) |
|
| Pre-opening costs |
|
(7 |
) |
|
|
(28,765 |
) |
|
|
(2,572 |
) |
|
|
(31,113 |
) |
|
| Development costs |
|
(3,920 |
) |
|
|
(3,018 |
) |
|
|
(9,440 |
) |
|
|
(6,907 |
) |
|
| Amortization of gaming
subconcession |
|
(14,209 |
) |
|
|
(14,310 |
) |
|
|
(28,395 |
) |
|
|
(28,619 |
) |
|
| Amortization of land use
rights |
|
(5,664 |
) |
|
|
(5,704 |
) |
|
|
(11,319 |
) |
|
|
(11,408 |
) |
|
| Depreciation and
amortization |
|
(139,955 |
) |
|
|
(111,747 |
) |
|
|
(276,457 |
) |
|
|
(221,434 |
) |
|
| Property charges and
other |
|
(9,774 |
) |
|
|
(9,637 |
) |
|
|
(17,206 |
) |
|
|
(16,183 |
) |
|
| Total operating costs and
expenses |
|
(1,237,315 |
) |
|
|
(1,110,550 |
) |
|
|
(2,411,405 |
) |
|
|
(2,202,560 |
) |
|
| OPERATING INCOME |
|
205,338 |
|
|
|
118,080 |
|
|
|
393,294 |
|
|
|
339,218 |
|
|
| NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
1,448 |
|
|
|
1,286 |
|
|
|
3,572 |
|
|
|
2,695 |
|
|
| Interest expenses, net of
capitalized interest |
|
(75,922 |
) |
|
|
(61,383 |
) |
|
|
(145,545 |
) |
|
|
(120,119 |
) |
|
| Other finance costs |
|
(507 |
) |
|
|
(1,390 |
) |
|
|
(790 |
) |
|
|
(2,767 |
) |
|
| Foreign exchange (losses)
gain, net |
|
(9,373 |
) |
|
|
(4,253 |
) |
|
|
(9,868 |
) |
|
|
371 |
|
|
| Other (expenses) income,
net |
|
(23,071 |
) |
|
|
3,257 |
|
|
|
(16,360 |
) |
|
|
1,451 |
|
|
| Loss on extinguishment of
debt |
|
- |
|
|
|
- |
|
|
|
(3,721 |
) |
|
|
- |
|
|
| Costs associated with debt
modification |
|
- |
|
|
|
- |
|
|
|
(579 |
) |
|
|
- |
|
|
| Total non-operating expenses,
net |
|
(107,425 |
) |
|
|
(62,483 |
) |
|
|
(173,291 |
) |
|
|
(118,369 |
) |
|
| INCOME BEFORE INCOME TAX |
|
97,913 |
|
|
|
55,597 |
|
|
|
220,003 |
|
|
|
220,849 |
|
|
| INCOME TAX EXPENSE |
|
(579 |
) |
|
|
(2,458 |
) |
|
|
(4,270 |
) |
|
|
(4,396 |
) |
|
| NET INCOME |
|
97,334 |
|
|
|
53,139 |
|
|
|
215,733 |
|
|
|
216,453 |
|
|
| NET LOSS (INCOME) ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTERESTS |
|
2,978 |
|
|
|
4,134 |
|
|
|
1,934 |
|
|
|
(2,547 |
) |
|
| NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
$ |
100,312 |
|
|
$ |
57,273 |
|
|
$ |
217,667 |
|
|
$ |
213,906 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.073 |
|
|
$ |
0.039 |
|
|
$ |
0.158 |
|
|
$ |
0.145 |
|
|
|
Diluted |
$ |
0.072 |
|
|
$ |
0.038 |
|
|
$ |
0.157 |
|
|
$ |
0.144 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.218 |
|
|
$ |
0.117 |
|
|
$ |
0.473 |
|
|
$ |
0.436 |
|
|
|
Diluted |
$ |
0.216 |
|
|
$ |
0.115 |
|
|
$ |
0.470 |
|
|
$ |
0.432 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
USED IN NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,381,194,779 |
|
|
|
1,472,695,529 |
|
|
|
1,380,626,688 |
|
|
|
1,471,225,884 |
|
|
|
Diluted |
|
1,389,396,505 |
|
|
|
1,485,815,747 |
|
|
|
1,387,856,833 |
|
|
|
1,484,794,529 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
Condensed Consolidated Balance Sheets |
|
|
(In thousands of U.S. dollars) |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
June 30, |
|
December 31, |
|
| |
2019 |
|
|
2018 |
|
|
| |
(Unaudited) |
|
(Audited) |
|
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,449,819 |
|
|
$ |
1,436,558 |
|
|
| Investment securities |
|
73,098 |
|
|
|
91,598 |
|
|
| Bank deposit with original
maturity over three months |
|
60,152 |
|
|
|
- |
|
|
| Restricted cash |
|
44,272 |
|
|
|
48,037 |
|
|
| Accounts receivable, net |
|
283,841 |
|
|
|
242,089 |
|
|
| Amounts due from affiliated
companies |
|
5,317 |
|
|
|
7,603 |
|
|
| Inventories |
|
42,357 |
|
|
|
40,828 |
|
|
| Prepaid expenses and other
current assets |
|
91,846 |
|
|
|
90,749 |
|
|
| Total current assets |
|
2,050,702 |
|
|
|
1,957,462 |
|
|
| |
|
|
|
|
|
|
| PROPERTY AND EQUIPMENT,
NET |
|
5,646,973 |
|
|
|
5,661,653 |
|
|
| GAMING SUBCONCESSION, NET |
|
169,493 |
|
|
|
197,533 |
|
|
| INTANGIBLE ASSETS, NET |
|
31,004 |
|
|
|
30,072 |
|
|
| GOODWILL |
|
81,564 |
|
|
|
81,376 |
|
|
| LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
158,875 |
|
|
|
186,515 |
|
|
| INVESTMENT SECURITIES |
|
591,708 |
|
|
|
- |
|
|
| RESTRICTED CASH |
|
130 |
|
|
|
129 |
|
|
| DEFERRED TAX ASSETS |
|
3,169 |
|
|
|
2,992 |
|
|
| OPERATING LEASE RIGHT-OF-USE
ASSETS |
|
148,108 |
|
|
|
- |
|
|
| LAND USE RIGHTS, NET |
|
750,047 |
|
|
|
759,651 |
|
|
| TOTAL ASSETS |
$ |
9,631,773 |
|
|
$ |
8,877,383 |
|
|
| |
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
|
| Accounts payable |
$ |
20,502 |
|
|
$ |
24,879 |
|
|
| Accrued expenses and other
current liabilities |
|
1,513,145 |
|
|
|
1,658,550 |
|
|
| Income tax payable |
|
4,739 |
|
|
|
4,903 |
|
|
| Operating lease liabilities,
current |
|
36,651 |
|
|
|
- |
|
|
| Finance lease liabilities,
current |
|
37,278 |
|
|
|
34,659 |
|
|
| Current portion of long-term
debt, net |
|
884,536 |
|
|
|
395,547 |
|
|
| Amounts due to affiliated
companies |
|
6,002 |
|
|
|
11,469 |
|
|
| Total current liabilities |
|
2,502,853 |
|
|
|
2,130,007 |
|
|
| |
|
|
|
|
|
|
| LONG-TERM DEBT, NET |
|
3,815,519 |
|
|
|
3,665,370 |
|
|
| OTHER LONG-TERM
LIABILITIES |
|
12,117 |
|
|
|
28,866 |
|
|
| DEFERRED TAX LIABILITIES |
|
56,266 |
|
|
|
54,063 |
|
|
| OPERATING LEASE LIABILITIES,
NON-CURRENT |
|
127,260 |
|
|
|
- |
|
|
| FINANCE LEASE LIABILITIES,
NON-CURRENT |
|
259,341 |
|
|
|
253,374 |
|
|
| AMOUNT DUE TO AN AFFILIATED
COMPANY |
|
282 |
|
|
|
- |
|
|
| TOTAL LIABILITIES |
|
6,773,638 |
|
|
|
6,131,680 |
|
|
| |
|
|
|
|
|
|
| SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
| Ordinary shares |
|
14,010 |
|
|
|
14,830 |
|
|
| Treasury shares |
|
(93,345 |
) |
|
|
(657,389 |
) |
|
| Additional paid-in
capital |
|
2,971,373 |
|
|
|
3,523,275 |
|
|
| Accumulated other
comprehensive losses |
|
(25,513 |
) |
|
|
(49,804 |
) |
|
| Accumulated losses |
|
(628,715 |
) |
|
|
(703,576 |
) |
|
| Total Melco Resorts &
Entertainment Limited shareholders’ equity |
|
2,237,810 |
|
|
|
2,127,336 |
|
|
| Noncontrolling interests |
|
620,325 |
|
|
|
618,367 |
|
|
| Total equity |
|
2,858,135 |
|
|
|
2,745,703 |
|
|
| TOTAL LIABILITIES AND
EQUITY |
$ |
9,631,773 |
|
|
$ |
8,877,383 |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
Reconciliation of Net Income Attributable to Melco Resorts
& Entertainment Limited to |
|
|
Adjusted Net Income Attributable to Melco Resorts &
Entertainment Limited |
|
|
(In thousands of U.S. dollars, except share and per share
data) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
|
| |
June 30, |
|
June 30, |
|
| |
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
100,312 |
|
|
$ |
57,273 |
|
|
$ |
217,667 |
|
|
$ |
213,906 |
|
|
|
Pre-opening Costs |
|
7 |
|
|
|
28,765 |
|
|
|
2,572 |
|
|
|
31,113 |
|
|
|
Development Costs |
|
3,920 |
|
|
|
3,018 |
|
|
|
9,440 |
|
|
|
6,907 |
|
|
|
Property Charges and Other |
|
9,774 |
|
|
|
9,637 |
|
|
|
17,206 |
|
|
|
16,183 |
|
|
|
Loss on Extinguishment of Debt |
|
- |
|
|
|
- |
|
|
|
3,721 |
|
|
|
- |
|
|
|
Costs Associated with Debt Modification |
|
- |
|
|
|
- |
|
|
|
579 |
|
|
|
- |
|
|
|
Income Tax Impact on Adjustments |
|
(1,020 |
) |
|
|
(179 |
) |
|
|
(2,089 |
) |
|
|
(179 |
) |
|
|
Noncontrolling Interests Impact on Adjustments |
|
(3,790 |
) |
|
|
(478 |
) |
|
|
(6,699 |
) |
|
|
(1,440 |
) |
|
| Adjusted Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
109,203 |
|
|
$ |
98,036 |
|
|
$ |
242,397 |
|
|
$ |
266,490 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.079 |
|
|
$ |
0.067 |
|
|
$ |
0.176 |
|
|
$ |
0.181 |
|
|
|
Diluted |
$ |
0.079 |
|
|
$ |
0.066 |
|
|
$ |
0.175 |
|
|
$ |
0.179 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.237 |
|
|
$ |
0.200 |
|
|
$ |
0.527 |
|
|
$ |
0.543 |
|
|
|
Diluted |
$ |
0.236 |
|
|
$ |
0.198 |
|
|
$ |
0.524 |
|
|
$ |
0.538 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,381,194,779 |
|
|
|
1,472,695,529 |
|
|
|
1,380,626,688 |
|
|
|
1,471,225,884 |
|
|
|
Diluted |
|
1,389,396,505 |
|
|
|
1,485,815,747 |
|
|
|
1,387,856,833 |
|
|
|
1,484,794,529 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA |
|
|
(In thousands of U.S. dollars) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended June 30, 2019 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Other |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
$ |
2,484 |
|
$ |
3,650 |
|
|
$ |
183,527 |
|
|
$ |
39,185 |
|
$ |
39,451 |
|
|
$ |
(62,959 |
) |
|
$ |
205,338 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
23,203 |
|
|
|
- |
|
|
|
23,203 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
762 |
|
|
|
- |
|
|
|
762 |
|
|
Pre-opening Costs |
|
- |
|
|
- |
|
|
|
(46 |
) |
|
|
60 |
|
|
(7 |
) |
|
|
- |
|
|
|
7 |
|
|
Development Costs |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
3,920 |
|
|
|
3,920 |
|
|
Depreciation and Amortization |
|
5,883 |
|
|
1,989 |
|
|
|
66,293 |
|
|
|
46,610 |
|
|
19,023 |
|
|
|
20,030 |
|
|
|
159,828 |
|
|
Share-based Compensation |
|
104 |
|
|
38 |
|
|
|
1,065 |
|
|
|
508 |
|
|
348 |
|
|
|
6,193 |
|
|
|
8,256 |
|
|
Property Charges and Other |
|
15 |
|
|
(389 |
) |
|
|
(66 |
) |
|
|
8,413 |
|
|
51 |
|
|
|
1,750 |
|
|
|
9,774 |
|
| Adjusted EBITDA |
|
8,486 |
|
|
5,288 |
|
|
|
250,773 |
|
|
|
94,776 |
|
|
82,831 |
|
|
|
(31,066 |
) |
|
|
411,088 |
|
|
Corporate and Other Expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
31,066 |
|
|
|
31,066 |
|
| Adjusted Property EBITDA |
$ |
8,486 |
|
$ |
5,288 |
|
|
$ |
250,773 |
|
|
$ |
94,776 |
|
$ |
82,831 |
|
|
$ |
- |
|
|
$ |
442,154 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended June 30, 2018 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Other |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income (Loss) |
$ |
13,542 |
|
$ |
3,082 |
|
|
$ |
96,426 |
|
|
$ |
26,593 |
|
$ |
44,217 |
|
|
$ |
(65,780 |
) |
|
$ |
118,080 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
23,617 |
|
|
|
- |
|
|
|
23,617 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
751 |
|
|
|
- |
|
|
|
751 |
|
|
Pre-opening Costs |
|
- |
|
|
- |
|
|
|
28,754 |
|
|
|
11 |
|
|
- |
|
|
|
- |
|
|
|
28,765 |
|
|
Development Costs |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
3,018 |
|
|
|
3,018 |
|
|
Depreciation and Amortization |
|
4,673 |
|
|
2,025 |
|
|
|
42,660 |
|
|
|
45,004 |
|
|
18,803 |
|
|
|
18,596 |
|
|
|
131,761 |
|
|
Share-based Compensation |
|
100 |
|
|
48 |
|
|
|
838 |
|
|
|
430 |
|
|
(131 |
) |
|
|
5,376 |
|
|
|
6,661 |
|
|
Property Charges and Other |
|
- |
|
|
58 |
|
|
|
2,801 |
|
|
|
1,164 |
|
|
28 |
|
|
|
5,586 |
|
|
|
9,637 |
|
| Adjusted EBITDA |
|
18,315 |
|
|
5,213 |
|
|
|
171,479 |
|
|
|
73,202 |
|
|
87,285 |
|
|
|
(33,204 |
) |
|
|
322,290 |
|
|
Corporate and Other Expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
33,204 |
|
|
|
33,204 |
|
| Adjusted Property EBITDA |
$ |
18,315 |
|
$ |
5,213 |
|
|
$ |
171,479 |
|
|
$ |
73,202 |
|
$ |
87,285 |
|
|
$ |
- |
|
|
$ |
355,494 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA |
|
|
(In thousands of U.S. dollars) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Six Months Ended June 30, 2019 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Other |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
$ |
12,188 |
|
$ |
7,566 |
|
|
$ |
341,747 |
|
$ |
87,664 |
|
$ |
62,456 |
|
|
$ |
(118,327 |
) |
|
$ |
393,294 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
37,255 |
|
|
|
- |
|
|
|
37,255 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
1,518 |
|
|
|
- |
|
|
|
1,518 |
|
|
Pre-opening Costs |
|
25 |
|
|
- |
|
|
|
5 |
|
|
2,549 |
|
|
(7 |
) |
|
|
- |
|
|
|
2,572 |
|
|
Development Costs |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
9,440 |
|
|
|
9,440 |
|
|
Depreciation and Amortization |
|
11,307 |
|
|
3,991 |
|
|
|
131,995 |
|
|
91,769 |
|
|
38,150 |
|
|
|
38,959 |
|
|
|
316,171 |
|
|
Share-based Compensation |
|
204 |
|
|
81 |
|
|
|
1,711 |
|
|
692 |
|
|
630 |
|
|
|
11,361 |
|
|
|
14,679 |
|
|
Property Charges and Other |
|
42 |
|
|
(361 |
) |
|
|
3,877 |
|
|
8,542 |
|
|
3,356 |
|
|
|
1,750 |
|
|
|
17,206 |
|
| Adjusted EBITDA |
|
23,766 |
|
|
11,277 |
|
|
|
479,335 |
|
|
191,216 |
|
|
143,358 |
|
|
|
(56,817 |
) |
|
|
792,135 |
|
|
Corporate and Other Expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
56,817 |
|
|
|
56,817 |
|
| Adjusted Property EBITDA |
$ |
23,766 |
|
$ |
11,277 |
|
|
$ |
479,335 |
|
$ |
191,216 |
|
$ |
143,358 |
|
|
$ |
- |
|
|
$ |
848,952 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Six Months Ended June 30, 2018 |
|
| |
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Other |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income (Loss) |
$ |
26,191 |
|
$ |
8,402 |
|
|
$ |
258,373 |
|
$ |
89,357 |
|
$ |
72,324 |
|
|
$ |
(115,429 |
) |
|
$ |
339,218 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
34,994 |
|
|
|
- |
|
|
|
34,994 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
1,515 |
|
|
|
- |
|
|
|
1,515 |
|
|
Pre-opening Costs |
|
- |
|
|
- |
|
|
|
31,060 |
|
|
53 |
|
|
- |
|
|
|
- |
|
|
|
31,113 |
|
|
Development Costs |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
6,907 |
|
|
|
6,907 |
|
|
Depreciation and Amortization |
|
9,519 |
|
|
4,108 |
|
|
|
82,823 |
|
|
89,545 |
|
|
37,976 |
|
|
|
37,490 |
|
|
|
261,461 |
|
|
Share-based Compensation |
|
171 |
|
|
75 |
|
|
|
1,696 |
|
|
766 |
|
|
(741 |
) |
|
|
9,212 |
|
|
|
11,179 |
|
|
Property Charges and Other |
|
461 |
|
|
(432 |
) |
|
|
5,542 |
|
|
3,531 |
|
|
28 |
|
|
|
7,053 |
|
|
|
16,183 |
|
| Adjusted EBITDA |
|
36,342 |
|
|
12,153 |
|
|
|
379,494 |
|
|
183,252 |
|
|
146,096 |
|
|
|
(54,767 |
) |
|
|
702,570 |
|
|
Corporate and Other Expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
54,767 |
|
|
|
54,767 |
|
| Adjusted Property EBITDA |
$ |
36,342 |
|
$ |
12,153 |
|
|
$ |
379,494 |
|
$ |
183,252 |
|
$ |
146,096 |
|
|
$ |
- |
|
|
$ |
757,337 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
Reconciliation of Net Income Attributable to Melco Resorts
& Entertainment Limited to |
|
|
Adjusted EBITDA and Adjusted Property EBITDA |
|
|
(In thousands of U.S. dollars) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
|
| |
June 30, |
|
June 30, |
|
| |
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Melco Resorts & Entertainment
Limited |
$ |
100,312 |
|
|
$ |
57,273 |
|
|
$ |
217,667 |
|
|
$ |
213,906 |
|
| Net (Loss) Income Attributable
to Noncontrolling Interests |
|
(2,978 |
) |
|
|
(4,134 |
) |
|
|
(1,934 |
) |
|
|
2,547 |
|
| Net Income |
|
97,334 |
|
|
|
53,139 |
|
|
|
215,733 |
|
|
|
216,453 |
|
|
Income Tax Expense |
|
579 |
|
|
|
2,458 |
|
|
|
4,270 |
|
|
|
4,396 |
|
|
Interest and Other Non-Operating Expenses, Net |
|
107,425 |
|
|
|
62,483 |
|
|
|
173,291 |
|
|
|
118,369 |
|
|
Property Charges and Other |
|
9,774 |
|
|
|
9,637 |
|
|
|
17,206 |
|
|
|
16,183 |
|
|
Share-based Compensation |
|
8,256 |
|
|
|
6,661 |
|
|
|
14,679 |
|
|
|
11,179 |
|
|
Depreciation and Amortization |
|
159,828 |
|
|
|
131,761 |
|
|
|
316,171 |
|
|
|
261,461 |
|
|
Development Costs |
|
3,920 |
|
|
|
3,018 |
|
|
|
9,440 |
|
|
|
6,907 |
|
|
Pre-opening Costs |
|
7 |
|
|
|
28,765 |
|
|
|
2,572 |
|
|
|
31,113 |
|
|
Land Rent to Belle Corporation |
|
762 |
|
|
|
751 |
|
|
|
1,518 |
|
|
|
1,515 |
|
|
Payments to the Philippine Parties |
|
23,203 |
|
|
|
23,617 |
|
|
|
37,255 |
|
|
|
34,994 |
|
| Adjusted EBITDA |
|
411,088 |
|
|
|
322,290 |
|
|
|
792,135 |
|
|
|
702,570 |
|
|
Corporate and Other Expenses |
|
31,066 |
|
|
|
33,204 |
|
|
|
56,817 |
|
|
|
54,767 |
|
| Adjusted Property EBITDA |
$ |
442,154 |
|
|
$ |
355,494 |
|
|
$ |
848,952 |
|
|
$ |
757,337 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
| |
Supplemental Data Schedule |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
| |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
| Room
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
| |
Altira
Macau |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
177 |
|
|
$ |
187 |
|
|
$ |
178 |
|
|
$ |
191 |
|
|
| |
|
Occupancy per available room |
|
|
|
99 |
% |
|
|
99 |
% |
|
|
99 |
% |
|
|
99 |
% |
|
| |
|
Revenue per available room (4) |
|
|
$ |
176 |
|
|
$ |
185 |
|
|
$ |
177 |
|
|
$ |
189 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
206 |
|
|
$ |
201 |
|
|
$ |
206 |
|
|
$ |
203 |
|
|
| |
|
Occupancy per available room |
|
|
|
98 |
% |
|
|
97 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
| |
|
Revenue per available room (4) |
|
|
$ |
202 |
|
|
$ |
196 |
|
|
$ |
201 |
|
|
$ |
198 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio
City |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
132 |
|
|
$ |
135 |
|
|
$ |
133 |
|
|
$ |
137 |
|
|
| |
|
Occupancy per available room |
|
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
| |
|
Revenue per available room (4) |
|
|
$ |
132 |
|
|
$ |
135 |
|
|
$ |
133 |
|
|
$ |
137 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of
Dreams Manila |
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
182 |
|
|
$ |
157 |
|
|
$ |
173 |
|
|
$ |
158 |
|
|
| |
|
Occupancy per available room |
|
|
|
98 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
| |
|
Revenue per available room (4) |
|
|
$ |
178 |
|
|
$ |
154 |
|
|
$ |
170 |
|
|
$ |
155 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
| |
Altira
Macau |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
104 |
|
|
|
103 |
|
|
|
104 |
|
|
|
103 |
|
|
| |
|
Average number of gaming machines |
|
|
171 |
|
|
|
129 |
|
|
|
170 |
|
|
|
126 |
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
17,125 |
|
|
$ |
21,491 |
|
|
$ |
20,209 |
|
|
$ |
21,306 |
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
235 |
|
|
$ |
160 |
|
|
$ |
220 |
|
|
$ |
145 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
518 |
|
|
|
483 |
|
|
|
518 |
|
|
|
481 |
|
|
| |
|
Average number of gaming machines |
|
|
823 |
|
|
|
690 |
|
|
|
822 |
|
|
|
678 |
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
19,184 |
|
|
$ |
14,542 |
|
|
$ |
17,812 |
|
|
$ |
15,568 |
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
528 |
|
|
$ |
912 |
|
|
$ |
528 |
|
|
$ |
873 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio
City |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
293 |
|
|
|
293 |
|
|
|
293 |
|
|
|
293 |
|
|
| |
|
Average number of gaming machines |
|
|
985 |
|
|
|
959 |
|
|
|
980 |
|
|
|
951 |
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
12,812 |
|
|
$ |
13,509 |
|
|
$ |
12,660 |
|
|
$ |
14,399 |
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
225 |
|
|
$ |
237 |
|
|
$ |
218 |
|
|
$ |
244 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of
Dreams Manila |
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
306 |
|
|
|
299 |
|
|
|
304 |
|
|
|
297 |
|
|
| |
|
Average number of gaming machines |
|
|
2,271 |
|
|
|
1,900 |
|
|
|
2,256 |
|
|
|
1,868 |
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
5,672 |
|
|
$ |
6,165 |
|
|
$ |
5,218 |
|
|
$ |
5,797 |
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
248 |
|
|
$ |
291 |
|
|
$ |
255 |
|
|
$ |
286 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(3) 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 |
| |
|
(4) Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
| |
|
(5) 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 |
| |
|
(6) 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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