Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco”
or the “Company”), a developer, owner, and operator of integrated
resort facilities in Asia and Europe, today reported its unaudited
financial results for the fourth quarter and full year ended
December 31, 2021.
Total operating revenues for the fourth quarter
of 2021 were US$480.6 million, representing a decrease of
approximately 9% from US$528.0 million for the comparable period in
2020. The decrease in total operating revenues was primarily
attributable to softer performance in the rolling chip segment.
Operating loss for the fourth quarter of 2021
was US$104.4 million, compared with operating loss of US$144.8
million in the fourth quarter of 2020.
Melco generated Adjusted Property EBITDA(1) of
US$94.0 million in the fourth quarter of 2021, compared with
Adjusted Property EBITDA of US$53.4 million in the fourth quarter
of 2020.
Net loss attributable to Melco Resorts &
Entertainment Limited for the fourth quarter of 2021 was US$159.9
million, or US$0.34 per ADS, compared with net loss attributable to
Melco Resorts & Entertainment Limited of US$199.7 million, or
US$0.42 per ADS, in the fourth quarter of 2020. The net loss
attributable to noncontrolling interests was US$30.0 million and
US$35.1 million during the fourth quarters of 2021 and 2020,
respectively, all of which were related to Studio City, City of
Dreams Manila, and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “COVID-related travel restrictions
continued to impact our fourth quarter operating and financial
performance. We have maintained strong cost discipline under these
challenging times and are pleased to see improving EBITDA
profitability across each of our geographies this quarter. We are
confident that our customers will return in numbers once
restrictions are eased.
“We are pleased to see Macau’s vaccination rate
now at over 80% and, to play our part, Melco’s employee vaccination
rate in Macau has reached 95%. We hope that increasing vaccination
rates can facilitate an easing of travel restrictions within the
Greater Bay Area.
“Our investment commitment remains unwavering.
In Macau, Studio City announced fresh rounds of debt and
equity financing in February and we continue our efforts to
complete the construction of Studio City Phase 2 by the
deadline set in the land concession of December 27, 2022.
Furthermore, in December 2021, we announced our partnership with
Marriott International to run one of our new hotel towers under the
W Hotel brand. W Macau – Studio City will have 557 keys, 1,110
square meters of MICE space, renowned lobby lounges, a spa, a
fitness center and an indoor swimming pool.
“In Europe, the City of Dreams Mediterranean
integrated resort project is on track for completion in the second
half of 2022.
“On January 14, the Macau government put forward
to the Macau Legislative Assembly a proposed law to amend Macau’s
gaming law, 'Amendment to Law No. 16/2001'. We are grateful to the
government for the opportunity to contribute our views during the
public consultation process and for providing a clear framework. We
are committed to participating in the public tender for the award
of a gaming concession and will continue to promote economic
diversification in Macau. Our actions to date reflect our
confidence in the pent-up demand for leisure and in the long-term
growth and stability of Macau.
“Lastly, we remain steadfast in our efforts in
sustainability with a focus on energy and waste reduction. Our
ongoing efficiency measures have accumulated annual savings of
53,579 MWh in Macau alone, equivalent to the electricity
consumption of 6,897 households per year. Through Winnow, an
artificial Intelligence (AI)-driven technology in food waste
installed in our kitchens and employee dining rooms, we are saving
approximately 316.5 tonnes of food waste per year. Our commitment
to the Global Tourism Plastics Initiative led by the UN Environment
Programme and the World Tourism Organization in collaboration with
the Ellen MacArthur Foundation has seen us replace single use
plastic bottles in guest rooms and restaurants with the NORDAQ
water filtration and bottling system. We will gradually eliminate
14.8 million plastic bottles annually in Macau alone. By replacing
F&B containers with biodegradable and sustainable alternatives,
we can avoid the use and wastage of 9.5 tons of single-use plastic
per year.”
City of Dreams Fourth Quarter
Results
For the quarter ended December 31, 2021, total
operating revenues at City of Dreams were US$244.8 million,
compared to US$321.2 million in the fourth quarter of 2020. City of
Dreams generated Adjusted EBITDA of US$49.7 million in the fourth
quarter of 2021, compared with Adjusted EBITDA of US$57.3 million
in the fourth quarter of 2020. The year-over-year decrease in
Adjusted EBITDA was primarily a result of softer performance in the
rolling chip and mass market table games segments, partially offset
by reversal of bonus and bad debt provisions.
Rolling chip volume was US$3.12 billion for the
fourth quarter of 2021 versus US$3.16 billion in the fourth quarter
of 2020. The rolling chip win rate was 1.68% in the fourth quarter
of 2021 versus 3.76% in the fourth quarter of 2020. The expected
rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$690.9 million in the fourth quarter of 2021, compared with
US$739.7 million in the fourth quarter of 2020. The mass market
table games hold percentage was 29.7% in the fourth quarter of
2021, compared to 30.1% in the fourth quarter of 2020.
Gaming machine handle for the fourth quarter of
2021 was US$421.6 million, compared with US$469.1 million in the
fourth quarter of 2020. The gaming machine win rate was 3.6% in the
fourth quarter of 2021 versus 3.1% in the fourth quarter of
2020.
Total non-gaming revenue at City of Dreams in
the fourth quarter of 2021 was US$41.6 million, compared with
US$48.1 million in the fourth quarter of 2020.
Altira Macau Fourth Quarter
Results
For the quarter ended December 31, 2021, total
operating revenues at Altira Macau were US$13.3 million, compared
to US$28.0 million in the fourth quarter of 2020. Altira Macau
generated negative Adjusted EBITDA of US$0.1 million in the fourth
quarter of 2021, compared with negative Adjusted EBITDA of US$13.4
million in the fourth quarter of 2020.
Starting in the third quarter of 2021, Altira
Macau has strategically repositioned to cater to the premium mass
segment and has shut down VIP operations. In the fourth quarter of
2020, rolling chip volume was US$950.8 million and the rolling chip
win rate was 3.14%. The expected rolling chip win rate range is
2.85% - 3.15%.
In the mass market table games segment, drop was
US$35.4 million in the fourth quarter of 2021 versus US$48.5
million in the fourth quarter of 2020. The mass market table games
hold percentage was 28.1% in the fourth quarter of 2021, compared
with 19.1% in the fourth quarter of 2020.Gaming machine handle for
the fourth quarter of 2021 was US$65.8 million, compared with
US$56.4 million in the fourth quarter of 2020. The gaming machine
win rate was 3.6% in the fourth quarter of 2021 versus 4.0% in the
fourth quarter of 2020.
Total non-gaming revenue at Altira Macau in the
fourth quarter of 2021 was US$2.3 million, compared with US$3.7
million in the fourth quarter of 2020.
Mocha Clubs Fourth Quarter
Results
Total operating revenues from Mocha Clubs were
US$20.8 million in the fourth quarter of 2021, compared to US$12.8
million in the fourth quarter of 2020. Mocha Clubs generated
Adjusted EBITDA of US$4.8 million in the fourth quarter of 2021,
compared with negative Adjusted EBITDA of US$0.5 million in the
same period in 2020.
Gaming machine handle for the fourth quarter of
2021 was US$474.6 million, compared with US$299.3 million in the
fourth quarter of 2020. The gaming machine win rate was 4.4% in the
fourth quarter of 2021 versus 4.3% in the fourth quarter of
2020.
Studio City Fourth Quarter
Results
Total operating revenues at Studio City were
US$88.2 million in the fourth quarters of both 2021 and 2020.
Studio City generated negative Adjusted EBITDA of US$0.1 million in
the fourth quarter of 2021, compared with negative Adjusted EBITDA
of US$5.5 million in the fourth quarter of 2020.
Studio City’s rolling chip volume was US$474.4
million in the fourth quarter of 2021 versus US$449.4 million in
the fourth quarter of 2020. The rolling chip win rate was 1.84% in
the fourth quarter of 2021 versus negative 0.13% in the fourth
quarter of 2020. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop decreased to
US$253.5 million in the fourth quarter of 2021, compared with
US$305.6 million in the fourth quarter of 2020. The mass market
table games hold percentage was 29.6% in the fourth quarter of
2021, compared to 27.0% in the fourth quarter of 2020.
Gaming machine handle for the fourth quarter of
2021 was US$262.4 million, compared with US$257.7 million in the
fourth quarter of 2020. The gaming machine win rate was 2.8% in the
fourth quarter of 2021, compared to 2.2% in the fourth quarter of
2020.
Total non-gaming revenue at Studio City in the
fourth quarter of 2021 was US$17.7 million, compared with US$19.8
million in the fourth quarter of 2020.
City of Dreams Manila Fourth Quarter
Results
For the quarter ended December 31, 2021, total
operating revenues at City of Dreams Manila were US$83.9 million,
compared to US$63.8 million in the fourth quarter of 2020. City of
Dreams Manila generated Adjusted EBITDA of US$34.6 million in the
fourth quarter of 2021, compared with Adjusted EBITDA of US$16.8
million in the comparable period of 2020. The year-over-year
increase in Adjusted EBITDA was primarily due to improved
performance in the mass market table games and gaming machine
segments, partially offset by softer performance in the rolling
chip segment.
City of Dreams Manila’s rolling chip volume was
US$206.3 million in the fourth quarter of 2021 versus US$242.6
million in the fourth quarter of 2020. The rolling chip win rate
was 1.20% in the fourth quarter of 2021 versus 2.98% in the fourth
quarter of 2020. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$113.2 million in the fourth quarter of 2021, compared with
US$99.6 million in the fourth quarter of 2020. The mass market
table games hold percentage was 35.6% in the fourth quarter of
2021, compared to 35.7% in the fourth quarter of 2020.
Gaming machine handle for the fourth quarter of
2021 was US$815.1 million, compared with US$532.1 million in the
fourth quarter of 2020. The gaming machine win rate was 5.4% in the
fourth quarter of 2021 versus 4.8% in the fourth quarter of
2020.
Total non-gaming revenue at City of Dreams
Manila in the fourth quarter of 2021 was US$26.5 million, compared
with US$14.5 million in the fourth quarter of 2020.
Cyprus Operations Fourth Quarter
Results
The Company is licensed to operate a temporary
casino, the first casino in the Republic of Cyprus, and four
satellite casinos. Upon the completion and opening of City of
Dreams Mediterranean, the Company will continue to operate the
satellite casinos while operation of the temporary casino will
cease.
Our casinos remained open during the quarter
ended December 31, 2021, with total operating revenues at Cyprus
Casinos increasing to US$22.4 million from US$8.2 million in the
fourth quarter of 2020. Cyprus Casinos generated Adjusted EBITDA of
US$5.2 million in the fourth quarter of 2021, compared with
negative Adjusted EBITDA of US$1.2 million in the fourth quarter of
2020.
Rolling chip volume was US$1.3 million for the
fourth quarter of 2021 versus US$0.1 million in the fourth quarter
of 2020. The rolling chip win rate was negative 1.92% in the fourth
quarter of 2021 versus negative 17.43% in the fourth quarter of
2020. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop was US$30.5 million
in the fourth quarter of 2021, compared with US$10.5 million in the
fourth quarter of 2020. The mass market table games hold percentage
was 20.1% in the fourth quarter of 2021, compared to 16.2% in the
fourth quarter of 2020.
Gaming machine handle for the fourth quarter of
2021 was US$328.6 million, compared with US$129.4 million in the
fourth quarter of 2020. The gaming machine win rate was 5.1% in the
fourth quarter of 2021 versus 5.2% in the fourth quarter of
2020.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2021 were US$82.8 million, which mainly included
interest expense of US$85.4 million, net of amounts
capitalized.
Depreciation and amortization costs of US$144.1
million were recorded in the fourth quarter of 2021, of which
US$14.3 million related to the amortization expense for our gaming
subconcession and US$5.7 million related to the amortization
expense for the land use rights.
The negative Adjusted EBITDA for Studio City for
the three months ended December 31, 2021 referred to above is
US$10.4 million less than the negative Adjusted EBITDA of Studio
City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated March 1, 2022 (the
“Studio City Earnings Release”). The Adjusted EBITDA of Studio City
contained in the Studio City Earnings Release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in this press release. Such intercompany
charges include, among other items, fees and shared service charges
billed between SCIHL and its subsidiaries and certain subsidiaries
of Melco. Additionally, Adjusted EBITDA of Studio City included in
this press release does not reflect certain intercompany costs
related to the table games operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of December 31,
2021 aggregated to US$1.65 billion, including US$0.4 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$6.56 billion at the end
of the fourth quarter of 2021.
Approximately 3.3 million ADSs were repurchased
in the fourth quarter of 2021, for a total consideration of US$31
million.
Capital expenditures for the fourth quarter of
2021 were US$250.5 million, which primarily related to the
construction projects at Studio City Phase 2 and City of Dreams
Mediterranean.
Full Year Results
For the year ended December 31, 2021, Melco
Resorts & Entertainment Limited reported total
operating revenues of US$2.01 billion versus US$1.73 billion
in the prior year. The increase in total operating revenues
was primarily attributable to improved performances in the
mass market table games and gaming machine segments as well as
higher non-gaming revenues, partially offset by softer performance
in the rolling chip segment.
The operating loss for 2021 was US$577.5
million, compared with an operating loss of US$940.6 million for
2020.
Melco generated Adjusted Property EBITDA of
US$235.1 million for the year ended December 31, 2021,
compared with negative Adjusted Property EBITDA of US$104.3 million
in 2020.
Net loss attributable to Melco Resorts &
Entertainment Limited for 2021 was US$811.8 million,
or US$1.70 per ADS, compared with net loss attributable to
Melco Resorts & Entertainment Limited of US$1.26 billion,
or US$2.65 per ADS, for 2020. The net loss attributable to
noncontrolling interests was US$144.7 million and US$191.1
million for 2021 and 2020, respectively, all of which were related
to Studio City, City of Dreams Manila and the Cyprus
Operations.
Subsequent Events
On February 7, 2022, Studio City Company Limited
(“Studio City Company”), a subsidiary of the Company, announced an
offering of senior secured notes and, concurrently, SCIHL announced
that it had entered into subscription agreements with certain
existing institutional holders of its ordinary shares and American
Depositary Shares, each representing four Class A ordinary shares
(“ADSs”), which hold, in aggregate, over 99% of SCIHL’s outstanding
shares, for total proceeds of US$300 million. SCIHL is in the
process of closing the private placement.
The senior secured notes were issued on February
16, 2022, with an aggregate principal amount of US$350 million,
7.0% coupon and a tenor of 5 years (the “Notes”). Net proceeds from
the issuance of the Notes will be used to partially fund the
capital expenditures of the remaining project for Studio City and
for general corporate purposes.
Recent Developments
COVID-19 outbreaks continue to have a material
effect on our operations, financial position, and future prospects
into the first quarter of 2022.
In Macau, our operations remain impacted by
travel restrictions and quarantine requirements. The appearance of
COVID-19 cases in Macau in late September 2021 led to city-wide
mandatory testing, mandatory closure of most entertainment and
leisure venues (casinos and gaming areas excluded), and strict
travel restrictions and requirements being implemented to enter and
exit Macau. Since October 19, 2021, authorities have eased pandemic
prevention measures such that travelers no longer require a 14-day
quarantine on arrival in Zhuhai, and the validity of nucleic acid
tests to enter Zhuhai was extended from 24 hours to 7 days.
However, health-related precautionary measures remain in place and
non-Macau resident individuals who are not residents of Taiwan,
Hong Kong, or the PRC continue to be unable to enter Macau, except
if they have been in Hong Kong or mainland PRC in the preceding 21
days and are eligible for an exemption application.
In the Philippines, the government announced a
re-opening of the Philippines' borders to fully
vaccinated international tourists with a negative RT-PCR test
taken within 48 hours of departure of their country of origin,
effective February 10, 2022 and lowered COVID-19 restrictions to
alert level 1 from March 1, 2022 which allows casinos to operate at
100% capacity, subject to certain guidelines. Separately, our
online gaming offering – Live Shots - program which began on August
10, 2021 for live-dealer games and on September 15, 2021 for slot
machines, was shutdown on December 1, 2021 for maintenance.
In Cyprus, with the surge in COVID-19 cases,
authorities stepped up COVID-19 restrictions from the end of
December 2021 by reducing the capacity at certain venues and
increasing restrictions for unvaccinated people. However, such
restrictions were eased from February 21, 2022 and our casinos
remained open during the period.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its fourth quarter 2021 financial
results on Tuesday, March 1, 2022 at 8:30 a.m. Eastern Time (or
9:30 p.m. Hong Kong Time). To join the conference call, please use
the dial-in details below:
US Toll
Free |
1 833 239
5575 |
US Toll / International |
1 332 208 9458 |
HK Toll |
852 3018 8307 |
HK Toll Free |
800 906 613 |
Japan Toll |
81 3 4577 4717 |
Japan Toll Free |
012 092 5482 |
UK Toll Free |
080 0279 8053 |
Australia Toll |
61 290 833 216 |
Australia Toll Free |
1 800 754 642 |
Philippines Toll Free |
63 288 917 925 |
|
|
Passcode |
3556347 |
An audio webcast will also be available at
http://www.melco-resorts.com.
To access the replay, please use the dial-in
details below:
US Toll
Free |
1 855 452
5696 |
US Toll / International |
1 646 254 3697 |
HK Toll |
852 3051 2780 |
HK Toll Free |
800 963 117 |
Japan Toll |
81 3 4580 6717 |
Japan Toll Free |
012 095 9034 |
Philippines Toll Free |
1 800 1612 0166 |
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Conference ID |
3556347 |
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) the global pandemic of
COVID-19, caused by a novel strain of the coronavirus, and the
continued impact of its consequences on our business, our industry
and the global economy, (ii) growth of the gaming market and
visitations in Macau, the Philippines and the Republic of Cyprus,
(iii) capital and credit market volatility, (iv) local and global
economic conditions, (v) our anticipated growth strategies, (vi)
gaming authority and other governmental approvals and regulations,
(vii) proposed amendments to the gaming law in Macau, the extension
of current gaming concessions and subconcessions and tender for new
gaming concessions, and (viii) our future business development,
results of operations and financial condition. In some cases,
forward-looking statements can be identified by words or phrases
such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”,
“estimate”, “intend”, “plan”, “believe”, “potential”, “continue”,
“is/are likely to” or other similar expressions. Further
information regarding these and other risks, uncertainties or
factors is included in the Company’s filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company undertakes no duty to update
such information, except as required under applicable law.
Non-GAAP Financial Measures
(1) “Adjusted EBITDA” is net income/loss before
interest, taxes, depreciation, amortization, pre-opening costs,
development costs, property charges and other, share-based
compensation, payments to the Philippine parties under the
cooperative arrangement (the “Philippine Parties”), land rent to
Belle Corporation and other non-operating income and expenses.
“Adjusted Property EBITDA” is net income/loss before interest,
taxes, depreciation, amortization, pre-opening costs, development
costs, property charges and other, share-based compensation,
payments to the Philippine Parties, land rent to Belle Corporation,
Corporate and Other expenses and other non-operating income and
expenses. Adjusted EBITDA and Adjusted Property EBITDA are
presented exclusively as supplemental disclosures because
management believes they are widely used to measure the
performance, and as a basis for valuation, of gaming companies.
Management uses Adjusted EBITDA and Adjusted Property EBITDA as
measures of the operating performance of its segments and to
compare the operating performance of its properties with those of
its competitors.
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 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/loss, net income/loss, cash flows from operations and cash
flow data. The Company has significant uses of cash flows,
including capital expenditures, interest payments, debt principal
repayments, taxes and other recurring and nonrecurring charges,
which are not reflected in Adjusted EBITDA or Adjusted Property
EBITDA. Also, the Company’s calculation of Adjusted EBITDA and
Adjusted Property EBITDA may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited. Reconciliations of Adjusted EBITDA and Adjusted
Property EBITDA with the most comparable financial measures
calculated and presented in accordance with U.S. GAAP are provided
herein immediately following the financial statements included in
this press release.
(2) “Adjusted net income/loss” is net
income/loss before pre-opening costs, development costs, property
charges and other, 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/loss attributable to Melco Resorts & Entertainment
Limited and adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited per share (“EPS”) are presented as
supplemental disclosures because management believes they are
widely used to measure the performance, and as a basis for
valuation, of gaming companies. These measures are used by
management and/or evaluated by some investors, in addition to
income/loss and EPS computed in accordance with U.S. GAAP, as an
additional basis for assessing period-to-period results of our
business. Adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited and adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited per share
may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted net income/loss attributable to Melco
Resorts & Entertainment Limited with the most comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided herein immediately following the financial
statements included in this press release.About Melco
Resorts & Entertainment Limited
The Company, with its American depositary shares
listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a
developer, owner and operator of integrated resort facilities in
Asia and Europe. The Company currently operates Altira Macau
(www.altiramacau.com), an integrated resort located at Taipa, Macau
and City of Dreams (www.cityofdreamsmacau.com), an integrated
resort located in Cotai, Macau. Its business also includes the
Mocha Clubs (www.mochaclubs.com), which comprise the largest
non-casino based operations of electronic gaming machines in Macau.
The Company also majority owns and operates Studio City
(www.studiocity-macau.com), a cinematically-themed integrated
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), an integrated resort in the
Entertainment City complex in Manila. In Europe, the Company is
currently developing City of Dreams Mediterranean
(www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is
expected to be the largest and premier integrated destination
resort in Europe. The Company is currently operating a temporary
casino, the first authorized casino in the Republic of Cyprus, and
is licensed to operate four satellite casinos (“Cyprus Casinos”).
Upon the opening of City of Dreams Mediterranean, the Company will
continue to operate the satellite casinos while operation of the
temporary casino will cease. For more information about the
Company, please visit www.melco-resorts.com.
The Company is 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 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 of U.S. dollars, except share and per share
data) |
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Three Months
Ended |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2021 |
|
|
2020 |
|
|
2021 |
|
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2020 |
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Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
390,659 |
|
|
$ |
440,442 |
|
|
$ |
1,676,263 |
|
|
$ |
1,471,356 |
|
Rooms |
|
44,666 |
|
|
|
41,365 |
|
|
|
157,501 |
|
|
|
108,593 |
|
Food and beverage |
|
25,641 |
|
|
|
26,481 |
|
|
|
97,665 |
|
|
|
74,528 |
|
Entertainment, retail and other |
|
19,642 |
|
|
|
19,714 |
|
|
|
80,927 |
|
|
|
73,446 |
|
Total
operating revenues |
|
480,608 |
|
|
|
528,002 |
|
|
|
2,012,356 |
|
|
|
1,727,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(286,280 |
) |
|
|
(363,392 |
) |
|
|
(1,320,882 |
) |
|
|
(1,350,210 |
) |
Rooms |
|
(12,625 |
) |
|
|
(11,793 |
) |
|
|
(49,895 |
) |
|
|
(46,690 |
) |
Food and beverage |
|
(22,758 |
) |
|
|
(23,641 |
) |
|
|
(91,533 |
) |
|
|
(86,123 |
) |
Entertainment, retail and other |
|
(6,355 |
) |
|
|
(10,464 |
) |
|
|
(29,463 |
) |
|
|
(55,379 |
) |
General and administrative |
|
(100,006 |
) |
|
|
(98,184 |
) |
|
|
(426,407 |
) |
|
|
(424,398 |
) |
Payments to the Philippine Parties |
|
(6,102 |
) |
|
|
(5,311 |
) |
|
|
(26,371 |
) |
|
|
(12,989 |
) |
Pre-opening costs |
|
(1,383 |
) |
|
|
(273 |
) |
|
|
(4,157 |
) |
|
|
(1,322 |
) |
Development costs |
|
1,302 |
|
|
|
(2,983 |
) |
|
|
(30,677 |
) |
|
|
(25,616 |
) |
Amortization of gaming subconcession |
|
(14,286 |
) |
|
|
(14,361 |
) |
|
|
(57,276 |
) |
|
|
(57,411 |
) |
Amortization of land use rights |
|
(5,695 |
) |
|
|
(5,725 |
) |
|
|
(22,832 |
) |
|
|
(22,886 |
) |
Depreciation and amortization |
|
(124,147 |
) |
|
|
(127,476 |
) |
|
|
(499,739 |
) |
|
|
(538,233 |
) |
Property charges and other |
|
(6,638 |
) |
|
|
(9,233 |
) |
|
|
(30,575 |
) |
|
|
(47,223 |
) |
Total
operating costs and expenses |
|
(584,973 |
) |
|
|
(672,836 |
) |
|
|
(2,589,807 |
) |
|
|
(2,668,480 |
) |
Operating
loss |
|
(104,365 |
) |
|
|
(144,834 |
) |
|
|
(577,451 |
) |
|
|
(940,557 |
) |
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,457 |
|
|
|
1,402 |
|
|
|
6,618 |
|
|
|
5,134 |
|
Interest expenses, net of amounts capitalized |
|
(85,448 |
) |
|
|
(90,551 |
) |
|
|
(350,544 |
) |
|
|
(340,839 |
) |
Other financing costs |
|
(1,080 |
) |
|
|
(2,311 |
) |
|
|
(11,033 |
) |
|
|
(7,955 |
) |
Foreign exchange gains (losses), net |
|
1,516 |
|
|
|
3,038 |
|
|
|
4,566 |
|
|
|
(2,079 |
) |
Other income (expenses), net |
|
710 |
|
|
|
888 |
|
|
|
3,082 |
|
|
|
(150,969 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
(219 |
) |
|
|
(28,817 |
) |
|
|
(19,952 |
) |
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(310 |
) |
Total
non-operating expenses, net |
|
(82,845 |
) |
|
|
(87,753 |
) |
|
|
(376,128 |
) |
|
|
(516,970 |
) |
Loss before
income tax |
|
(187,210 |
) |
|
|
(232,587 |
) |
|
|
(953,579 |
) |
|
|
(1,457,527 |
) |
Income tax
(expense) credit |
|
(2,731 |
) |
|
|
(2,253 |
) |
|
|
(2,885 |
) |
|
|
2,913 |
|
Net
loss |
|
(189,941 |
) |
|
|
(234,840 |
) |
|
|
(956,464 |
) |
|
|
(1,454,614 |
) |
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
noncontrolling interests |
|
30,004 |
|
|
|
35,106 |
|
|
|
144,713 |
|
|
|
191,122 |
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(159,937 |
) |
|
$ |
(199,734 |
) |
|
$ |
(811,751 |
) |
|
$ |
(1,263,492 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.112 |
) |
|
$ |
(0.140 |
) |
|
$ |
(0.566 |
) |
|
$ |
(0.882 |
) |
Diluted |
$ |
(0.112 |
) |
|
$ |
(0.140 |
) |
|
$ |
(0.566 |
) |
|
$ |
(0.884 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.336 |
) |
|
$ |
(0.419 |
) |
|
$ |
(1.698 |
) |
|
$ |
(2.647 |
) |
Diluted |
$ |
(0.336 |
) |
|
$ |
(0.419 |
) |
|
$ |
(1.698 |
) |
|
$ |
(2.652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
used in net loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
|
|
|
|
|
|
|
|
|
|
|
per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,428,587,890 |
|
|
|
1,430,907,993 |
|
|
|
1,434,087,641 |
|
|
|
1,432,052,735 |
|
Diluted |
|
1,428,587,890 |
|
|
|
1,430,907,993 |
|
|
|
1,434,087,641 |
|
|
|
1,432,052,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Condensed
Consolidated Balance Sheets |
|
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
2021 |
|
2020 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,652,890 |
|
$ |
1,755,351 |
|
Restricted cash |
|
285 |
|
|
13 |
|
Accounts receivable, net |
|
54,491 |
|
|
129,619 |
|
Amounts due from affiliated companies |
|
384 |
|
|
765 |
|
Inventories |
|
29,589 |
|
|
37,277 |
|
Prepaid expenses and other current assets |
|
109,330 |
|
|
85,798 |
|
Assets held for sales |
|
21,777 |
|
|
- |
|
Total
current assets |
|
1,868,746 |
|
|
2,008,823 |
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
5,910,684 |
|
|
5,681,268 |
|
Gaming
subconcession, net |
|
27,065 |
|
|
84,663 |
|
Intangible
assets, net |
|
51,547 |
|
|
58,833 |
|
Goodwill |
|
81,721 |
|
|
82,203 |
|
Long-term
prepayments, deposits and other assets |
|
177,142 |
|
|
284,608 |
|
Restricted
cash |
|
140 |
|
|
406 |
|
Deferred tax
assets, net |
|
4,029 |
|
|
6,376 |
|
Operating
lease right-of-use assets |
|
68,034 |
|
|
92,213 |
|
Land use
rights, net |
|
694,582 |
|
|
721,574 |
|
Total
assets |
$ |
8,883,690 |
|
$ |
9,020,967 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
5,992 |
|
$ |
9,483 |
|
Accrued expenses and other current liabilities |
|
935,483 |
|
|
983,865 |
|
Income tax payable |
|
11,913 |
|
|
14,164 |
|
Operating lease liabilities, current |
|
16,771 |
|
|
27,066 |
|
Finance lease liabilities, current |
|
48,551 |
|
|
80,004 |
|
Current portion of long-term debt, net |
|
128 |
|
|
- |
|
Amounts due to affiliated companies |
|
1,548 |
|
|
1,668 |
|
Liabilities related to assets held for sales |
|
1,497 |
|
|
- |
|
Total
current liabilities |
|
1,021,883 |
|
|
1,116,250 |
|
|
|
|
|
|
|
|
Long-term
debt, net |
|
6,559,854 |
|
|
5,645,391 |
|
Other
long-term liabilities |
|
30,520 |
|
|
29,213 |
|
Deferred tax
liabilities, net |
|
41,030 |
|
|
45,952 |
|
Operating
lease liabilities, non-current |
|
62,889 |
|
|
75,867 |
|
Finance
lease liabilities, non-current |
|
347,629 |
|
|
270,223 |
|
Total
liabilities |
|
8,063,805 |
|
|
7,182,896 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
|
|
|
|
|
|
1,456,547,942 and 1,456,547,942 shares issued; |
|
|
|
|
|
|
1,423,370,314 and 1,430,965,312 shares outstanding,
respectively |
|
14,565 |
|
|
14,565 |
|
Treasury shares, at cost; 33,177,628 and 25,582,630 shares,
respectively |
(132,856) |
|
|
(121,028) |
|
Additional paid-in capital |
|
3,238,600 |
|
|
3,207,312 |
|
Accumulated other comprehensive losses |
|
(76,008) |
|
|
(11,332) |
|
Accumulated losses |
|
(2,799,555) |
|
|
(1,987,396) |
|
Total Melco
Resorts & Entertainment Limited shareholders’ equity |
|
244,746 |
|
|
1,102,121 |
|
Noncontrolling interests |
|
575,139 |
|
|
735,950 |
|
Total
equity |
|
819,885 |
|
|
1,838,071 |
|
Total
liabilities and equity |
$ |
8,883,690 |
|
$ |
9,020,967 |
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
Adjusted Net
Loss Attributable to Melco Resorts & Entertainment Limited
(Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(159,937 |
) |
|
$ |
(199,734 |
) |
|
$ |
(811,751 |
) |
|
$ |
(1,263,492 |
) |
Pre-opening costs |
|
1,383 |
|
|
|
273 |
|
|
|
4,157 |
|
|
|
1,322 |
|
Development costs |
|
(1,302 |
) |
|
|
2,983 |
|
|
|
30,677 |
|
|
|
25,616 |
|
Property charges and other |
|
6,638 |
|
|
|
9,233 |
|
|
|
30,575 |
|
|
|
47,223 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
219 |
|
|
|
28,817 |
|
|
|
19,952 |
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
310 |
|
Income tax impact on adjustments |
|
2,144 |
|
|
|
(821 |
) |
|
|
11 |
|
|
|
(4,999 |
) |
Noncontrolling interests impact on adjustments |
|
(1,284 |
) |
|
|
(637 |
) |
|
|
(17,469 |
) |
|
|
(11,314 |
) |
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(152,358 |
) |
|
$ |
(188,484 |
) |
|
$ |
(734,983 |
) |
|
$ |
(1,185,382 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.107 |
) |
|
$ |
(0.132 |
) |
|
$ |
(0.513 |
) |
|
$ |
(0.828 |
) |
Diluted |
$ |
(0.107 |
) |
|
$ |
(0.132 |
) |
|
$ |
(0.513 |
) |
|
$ |
(0.830 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.320 |
) |
|
$ |
(0.395 |
) |
|
$ |
(1.538 |
) |
|
$ |
(2.483 |
) |
Diluted |
$ |
(0.320 |
) |
|
$ |
(0.395 |
) |
|
$ |
(1.538 |
) |
|
$ |
(2.489 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
used in adjusted net loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
|
|
|
|
|
|
|
|
|
|
|
per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,428,587,890 |
|
|
|
1,430,907,993 |
|
|
|
1,434,087,641 |
|
|
|
1,432,052,735 |
|
Diluted |
|
1,428,587,890 |
|
|
|
1,430,907,993 |
|
|
|
1,434,087,641 |
|
|
|
1,432,052,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Operating Loss to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
|
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2021 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(6,310 |
) |
|
$ |
3,264 |
|
|
$ |
(23,644 |
) |
|
$ |
(37,990 |
) |
|
$ |
9,495 |
|
|
$ |
1,980 |
|
|
$ |
(51,160 |
) |
|
$ |
(104,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,102 |
|
|
|
- |
|
|
|
- |
|
|
|
6,102 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
669 |
|
|
|
- |
|
|
|
- |
|
|
|
669 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
245 |
|
|
|
- |
|
|
|
1,138 |
|
|
|
- |
|
|
|
1,383 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,302 |
) |
|
|
(1,302 |
) |
|
Depreciation and amortization |
|
5,391 |
|
|
|
1,279 |
|
|
|
62,393 |
|
|
|
33,844 |
|
|
|
17,138 |
|
|
|
2,062 |
|
|
|
22,021 |
|
|
|
144,128 |
|
|
Share-based compensation |
|
717 |
|
|
|
238 |
|
|
|
8,518 |
|
|
|
1,864 |
|
|
|
683 |
|
|
|
391 |
|
|
|
15,640 |
|
|
|
28,051 |
|
|
Property charges and other |
|
70 |
|
|
|
1 |
|
|
|
2,400 |
|
|
|
1,901 |
|
|
|
513 |
|
|
|
(379 |
) |
|
|
2,132 |
|
|
|
6,638 |
|
|
Adjusted
EBITDA |
|
(132 |
) |
|
|
4,782 |
|
|
|
49,667 |
|
|
|
(136 |
) |
|
|
34,600 |
|
|
|
5,192 |
|
|
|
(12,669 |
) |
|
|
81,304 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,669 |
|
|
|
12,669 |
|
|
Adjusted
Property EBITDA |
$ |
(132 |
) |
|
$ |
4,782 |
|
|
$ |
49,667 |
|
|
$ |
(136 |
) |
|
$ |
34,600 |
|
|
$ |
5,192 |
|
|
$ |
- |
|
|
$ |
93,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2020 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
$ |
(19,569 |
) |
|
$ |
(2,509 |
) |
|
$ |
(1,395 |
) |
|
$ |
(45,704 |
) |
|
$ |
(9,166 |
) |
|
$ |
(5,093 |
) |
|
$ |
(61,398 |
) |
|
$ |
(144,834 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,311 |
|
|
|
- |
|
|
|
- |
|
|
|
5,311 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
821 |
|
|
|
- |
|
|
|
- |
|
|
|
821 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
89 |
|
|
|
68 |
|
|
|
- |
|
|
|
116 |
|
|
|
- |
|
|
|
273 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,983 |
|
|
|
2,983 |
|
|
Depreciation and amortization |
|
5,423 |
|
|
|
1,872 |
|
|
|
59,037 |
|
|
|
37,477 |
|
|
|
16,539 |
|
|
|
3,215 |
|
|
|
23,999 |
|
|
|
147,562 |
|
|
Share-based compensation |
|
500 |
|
|
|
153 |
|
|
|
2,275 |
|
|
|
1,900 |
|
|
|
1,256 |
|
|
|
538 |
|
|
|
15,594 |
|
|
|
22,216 |
|
|
Property charges and other |
|
222 |
|
|
|
3 |
|
|
|
(2,749 |
) |
|
|
753 |
|
|
|
2,031 |
|
|
|
- |
|
|
|
8,973 |
|
|
|
9,233 |
|
|
Adjusted
EBITDA |
|
(13,424 |
) |
|
|
(481 |
) |
|
|
57,257 |
|
|
|
(5,506 |
) |
|
|
16,792 |
|
|
|
(1,224 |
) |
|
|
(9,849 |
) |
|
|
43,565 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,849 |
|
|
|
9,849 |
|
|
Adjusted
Property EBITDA |
$ |
(13,424 |
) |
|
$ |
(481 |
) |
|
$ |
57,257 |
|
|
$ |
(5,506 |
) |
|
$ |
16,792 |
|
|
$ |
(1,224 |
) |
|
$ |
- |
|
|
$ |
53,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Operating Loss to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
|
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(78,918 |
) |
|
$ |
10,505 |
|
|
$ |
(75,668 |
) |
|
$ |
(167,162 |
) |
|
$ |
(18,808 |
) |
|
$ |
(12,395 |
) |
|
$ |
(235,005 |
) |
|
$ |
(577,451 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26,371 |
|
|
|
- |
|
|
|
- |
|
|
|
26,371 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,848 |
|
|
|
- |
|
|
|
- |
|
|
|
2,848 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
195 |
|
|
|
984 |
|
|
|
- |
|
|
|
2,978 |
|
|
|
- |
|
|
|
4,157 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,677 |
|
|
|
30,677 |
|
|
Depreciation and amortization |
|
21,909 |
|
|
|
5,920 |
|
|
|
248,523 |
|
|
|
135,737 |
|
|
|
70,325 |
|
|
|
10,648 |
|
|
|
86,785 |
|
|
|
579,847 |
|
|
Share-based compensation |
|
1,335 |
|
|
|
425 |
|
|
|
15,735 |
|
|
|
3,838 |
|
|
|
1,981 |
|
|
|
741 |
|
|
|
43,902 |
|
|
|
67,957 |
|
|
Property charges and other |
|
1,700 |
|
|
|
204 |
|
|
|
13,169 |
|
|
|
6,113 |
|
|
|
6,245 |
|
|
|
(379 |
) |
|
|
3,523 |
|
|
|
30,575 |
|
|
Adjusted
EBITDA |
|
(53,974 |
) |
|
|
17,054 |
|
|
|
201,954 |
|
|
|
(20,490 |
) |
|
|
88,962 |
|
|
|
1,593 |
|
|
|
(70,118 |
) |
|
|
164,981 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
70,118 |
|
|
|
70,118 |
|
|
Adjusted
Property EBITDA |
$ |
(53,974 |
) |
|
$ |
17,054 |
|
|
$ |
201,954 |
|
|
$ |
(20,490 |
) |
|
$ |
88,962 |
|
|
$ |
1,593 |
|
|
$ |
- |
|
|
$ |
235,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2020 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(82,304 |
) |
|
$ |
(4,024 |
) |
|
$ |
(261,495 |
) |
|
$ |
(256,204 |
) |
|
$ |
(63,399 |
) |
|
$ |
(11,901 |
) |
|
$ |
(261,230 |
) |
|
$ |
(940,557 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,989 |
|
|
|
- |
|
|
|
- |
|
|
|
12,989 |
|
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,195 |
|
|
|
- |
|
|
|
- |
|
|
|
3,195 |
|
|
Pre-opening costs |
|
37 |
|
|
|
- |
|
|
|
68 |
|
|
|
201 |
|
|
|
- |
|
|
|
1,016 |
|
|
|
- |
|
|
|
1,322 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,616 |
|
|
|
25,616 |
|
|
Depreciation and amortization |
|
21,509 |
|
|
|
7,331 |
|
|
|
245,290 |
|
|
|
168,520 |
|
|
|
66,092 |
|
|
|
12,343 |
|
|
|
97,445 |
|
|
|
618,530 |
|
|
Share-based compensation |
|
866 |
|
|
|
194 |
|
|
|
6,235 |
|
|
|
3,316 |
|
|
|
2,322 |
|
|
|
693 |
|
|
|
40,766 |
|
|
|
54,392 |
|
|
Property charges and other |
|
1,119 |
|
|
|
59 |
|
|
|
8,576 |
|
|
|
5,167 |
|
|
|
7,784 |
|
|
|
129 |
|
|
|
24,389 |
|
|
|
47,223 |
|
|
Adjusted
EBITDA |
|
(58,773 |
) |
|
|
3,560 |
|
|
|
(1,326 |
) |
|
|
(79,000 |
) |
|
|
28,983 |
|
|
|
2,280 |
|
|
|
(73,014 |
) |
|
|
(177,290 |
) |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
73,014 |
|
|
|
73,014 |
|
|
Adjusted
Property EBITDA |
$ |
(58,773 |
) |
|
$ |
3,560 |
|
|
$ |
(1,326 |
) |
|
$ |
(79,000 |
) |
|
$ |
28,983 |
|
|
$ |
2,280 |
|
|
$ |
- |
|
|
$ |
(104,276 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
|
Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
|
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
December
31, |
|
December
31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(159,937 |
) |
|
$ |
(199,734 |
) |
|
$ |
(811,751 |
) |
|
$ |
(1,263,492 |
) |
|
Net loss
attributable to noncontrolling interests |
|
(30,004 |
) |
|
|
(35,106 |
) |
|
|
(144,713 |
) |
|
|
(191,122 |
) |
|
Net
loss |
|
(189,941 |
) |
|
|
(234,840 |
) |
|
|
(956,464 |
) |
|
|
(1,454,614 |
) |
|
Income tax expense (credit) |
|
2,731 |
|
|
|
2,253 |
|
|
|
2,885 |
|
|
|
(2,913 |
) |
|
Interest and other non-operating expenses, net |
|
82,845 |
|
|
|
87,753 |
|
|
|
376,128 |
|
|
|
516,970 |
|
|
Property charges and other |
|
6,638 |
|
|
|
9,233 |
|
|
|
30,575 |
|
|
|
47,223 |
|
|
Share-based compensation |
|
28,051 |
|
|
|
22,216 |
|
|
|
67,957 |
|
|
|
54,392 |
|
|
Depreciation and amortization |
|
144,128 |
|
|
|
147,562 |
|
|
|
579,847 |
|
|
|
618,530 |
|
|
Development costs |
|
(1,302 |
) |
|
|
2,983 |
|
|
|
30,677 |
|
|
|
25,616 |
|
|
Pre-opening costs |
|
1,383 |
|
|
|
273 |
|
|
|
4,157 |
|
|
|
1,322 |
|
|
Land rent to Belle Corporation |
|
669 |
|
|
|
821 |
|
|
|
2,848 |
|
|
|
3,195 |
|
|
Payments to the Philippine Parties |
|
6,102 |
|
|
|
5,311 |
|
|
|
26,371 |
|
|
|
12,989 |
|
|
Adjusted
EBITDA |
|
81,304 |
|
|
|
43,565 |
|
|
|
164,981 |
|
|
|
(177,290 |
) |
|
Corporate and Other expenses |
|
12,669 |
|
|
|
9,849 |
|
|
|
70,118 |
|
|
|
73,014 |
|
|
Adjusted
Property EBITDA |
$ |
93,973 |
|
|
$ |
53,414 |
|
|
$ |
235,099 |
|
|
$ |
(104,276 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts &
Entertainment Limited and Subsidiaries |
|
Supplemental Data
Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year Ended |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Room Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
109 |
|
|
$ |
152 |
|
|
$ |
110 |
|
|
$ |
164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
40 |
% |
|
|
48 |
% |
|
|
48 |
% |
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
44 |
|
|
$ |
73 |
|
|
$ |
53 |
|
|
$ |
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
210 |
|
|
$ |
187 |
|
|
$ |
205 |
|
|
$ |
210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
47 |
% |
|
|
60 |
% |
|
|
53 |
% |
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
99 |
|
|
$ |
111 |
|
|
$ |
109 |
|
|
$ |
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
131 |
|
|
$ |
121 |
|
|
$ |
123 |
|
|
$ |
128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
39 |
% |
|
|
49 |
% |
|
|
51 |
% |
|
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
52 |
|
|
$ |
59 |
|
|
$ |
62 |
|
|
$ |
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
262 |
|
|
$ |
215 |
|
|
$ |
164 |
|
|
$ |
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
92 |
% |
|
|
45 |
% |
|
|
76 |
% |
|
|
53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
241 |
|
|
$ |
98 |
|
|
$ |
124 |
|
|
$ |
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
100 |
|
|
|
97 |
|
|
|
101 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
128 |
|
|
|
110 |
|
|
|
121 |
|
|
|
110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
1,084 |
|
|
$ |
4,365 |
|
|
$ |
1,912 |
|
|
$ |
4,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
199 |
|
|
$ |
224 |
|
|
$ |
201 |
|
|
$ |
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
509 |
|
|
|
514 |
|
|
|
511 |
|
|
|
496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
676 |
|
|
|
517 |
|
|
|
572 |
|
|
|
487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
5,500 |
|
|
$ |
7,216 |
|
|
$ |
6,690 |
|
|
$ |
6,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
246 |
|
|
$ |
303 |
|
|
$ |
282 |
|
|
$ |
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
288 |
|
|
|
291 |
|
|
|
290 |
|
|
|
282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
710 |
|
|
|
606 |
|
|
|
645 |
|
|
|
586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
3,162 |
|
|
$ |
3,057 |
|
|
$ |
3,306 |
|
|
$ |
2,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
113 |
|
|
$ |
103 |
|
|
$ |
129 |
|
|
$ |
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
309 |
|
|
|
307 |
|
|
|
301 |
|
|
|
302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
2,373 |
|
|
|
2,241 |
|
|
|
2,338 |
|
|
|
2,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
1,504 |
|
|
$ |
1,517 |
|
|
$ |
1,789 |
|
|
$ |
2,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
206 |
|
|
$ |
124 |
|
|
$ |
195 |
|
|
$ |
136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
32 |
|
|
|
23 |
|
|
|
32 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
440 |
|
|
|
257 |
|
|
|
440 |
|
|
|
336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
2,050 |
|
|
$ |
1,234 |
|
|
$ |
1,927 |
|
|
$ |
1,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
411 |
|
|
$ |
434 |
|
|
$ |
388 |
|
|
$ |
473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members due to the COVID-19 outbreak |
(4) |
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 |
(5) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
(6) |
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 |
(7) |
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 |
(8) |
Gaming machines win per unit per day is shown before
non-discretionary incentives (including our point-loyalty programs)
and allocating casino revenues related to goods and services
provided to gaming patrons on a complimentary basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts and Entert... (NASDAQ:MLCO)
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From Mar 2024 to Apr 2024
Melco Resorts and Entert... (NASDAQ:MLCO)
Historical Stock Chart
From Apr 2023 to Apr 2024