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, 2024.
Total operating revenues for the fourth quarter
of 2024 were US$1.19 billion, representing an increase of
approximately 9% from US$1.09 billion for the comparable period in
2023. The increase in total operating revenues was primarily
attributable to the improved performance in all gaming segments and
non-gaming operations.
Operating income for the fourth quarter of 2024
was US$97.0 million, compared with operating loss of US$94.4
million in the fourth quarter of 2023.
Melco generated Adjusted Property EBITDA(1) of
US$295.4 million in the fourth quarter of 2024, compared with
Adjusted Property EBITDA of US$303.4 million in the fourth quarter
of 2023.
Net loss attributable to Melco Resorts &
Entertainment Limited for the fourth quarter of 2024 was US$20.3
million, or US$0.05 per ADS, compared with the net loss
attributable to Melco Resorts & Entertainment Limited of
US$205.9 million, or US$0.47 per ADS, in the fourth quarter of
2023. The net loss attributable to noncontrolling interests was
US$19.6 million and US$20.8 million during the fourth quarters of
2024 and 2023, respectively, the majority of which related to the
net loss attributable to Studio City and City of Dreams
Mediterranean and Other.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “2024 was a year of transition for us
in Macau. We invested in our business to enhance the customer
experience and to build a stronger foundation for growth. The
contributions from these initiatives are now evident with market
share in the fourth quarter of 2024 growing month-to-month and
property visitation exceeding pre-pandemic levels. We are committed
to continuing to deliver on our strategic objectives and expect to
continue to unveil new and exciting projects to support the ongoing
growth in Macau.
“City of Dreams Manila had a strong quarter with
a sequential increase in property EBITDA as well as market share.
City of Dreams Mediterranean and our satellite casinos in Cyprus
exhibited solid results despite the challenges posed by the
conflicts in the region.
"And last, but not least, the development of the
casino at City of Dreams Sri Lanka is progressing well and we
expect to commence casino operations in the third quarter of
2025.”
City of Dreams Fourth Quarter
Results
For the quarter ended December 31, 2024, total
operating revenues at City of Dreams were US$591.1 million,
compared with US$559.8 million in the fourth quarter of 2023. City
of Dreams generated Adjusted EBITDA of US$140.1 million in the
fourth quarter of 2024, compared with Adjusted EBITDA of US$166.2
million in the fourth quarter of 2023. The year-over-year decrease
in Adjusted EBITDA was primarily a result of higher operating
costs, largely due to an increase in staffing levels to enhance
service quality and improve performance.
Rolling chip volume increased to US$6.24 billion
during the fourth quarter of 2024 compared to US$5.19 billion in
the fourth quarter of 2023. The rolling chip win rate was 2.35% in
the fourth quarter of 2024 versus 2.55% in the fourth quarter of
2023. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to
US$1.53 billion in the fourth quarter of 2024, compared with
US$1.44 billion in the fourth quarter of 2023. The mass market
table games hold percentage was 32.0% in the fourth quarter of
2024, compared with 31.6% in the fourth quarter of 2023.
Gaming machine handle for the fourth quarter of
2024 was US$1.03 billion, compared with US$0.96 billion in the
fourth quarter of 2023. The gaming machine win rate was 3.1% in
both the fourth quarters of 2024 and 2023.
Total non-gaming revenue at City of Dreams in
the fourth quarter of 2024 was US$85.6 million, compared with
US$80.1 million in the fourth quarter of 2023.
Altira Macau Fourth Quarter
Results
For the quarter ended December 31, 2024, total
operating revenues at Altira Macau were US$31.2 million, compared
with US$33.6 million in the fourth quarter of 2023. Altira Macau
generated negative Adjusted EBITDA of US$0.3 million in the fourth
quarter of 2024, compared with Adjusted EBITDA of US$0.3 million in
the fourth quarter of 2023.
In the mass market table games segment, drop was
US$125.1 million in the fourth quarter of 2024 versus US$149.0
million in the fourth quarter of 2023. The mass market table games
hold percentage was 22.7% in the fourth quarter of 2024, compared
with 23.8% in the fourth quarter of 2023.
Gaming machine handle for the fourth quarter of
2024 was US$122.1 million, compared with US$87.8 million in the
fourth quarter of 2023. The gaming machine win rate was 2.7% in the
fourth quarter of 2024 versus 3.2% in the fourth quarter of
2023.
Total non-gaming revenue at Altira Macau in the
fourth quarter of 2024 was US$5.1 million, compared with US$5.3
million in the fourth quarter of 2023.
Mocha and Other Fourth Quarter
Results
Total operating revenues from Mocha and Other
were US$29.3 million in the fourth quarter of 2024, compared with
US$28.7 million in the fourth quarter of 2023. Mocha and Other
generated Adjusted EBITDA of US$5.7 million in the fourth quarter
of 2024, compared with Adjusted EBITDA of US$6.0 million in the
fourth quarter of 2023.
Mass market table games drop was US$57.5 million
in the fourth quarter of 2024 versus US$49.6 million in the fourth
quarter of 2023. The mass market table games hold percentage was
15.3% in the fourth quarter of 2024 versus 14.8% in the fourth
quarter of 2023.
Gaming machine handle for the fourth quarter of
2024 was US$516.7 million, compared with US$493.0 million in the
fourth quarter of 2023. The gaming machine win rate was 4.1% in the
fourth quarter of 2024 versus 4.6% in the fourth quarter of
2023.
Studio City Fourth Quarter
Results
For the quarter ended December 31, 2024, total
operating revenues at Studio City were US$342.0 million, compared
with US$302.5 million in the fourth quarter of 2023. Studio City
generated Adjusted EBITDA of US$81.2 million in the fourth quarter
of 2024, compared with Adjusted EBITDA of US$77.3 million in the
fourth quarter of 2023. The year-over-year increase in Adjusted
EBITDA was primarily a result of better performance in the mass
market segment.
Studio City has strategically repositioned
itself to focus on the premium mass and mass segments, and VIP
rolling chip operations at Studio City were transferred to City of
Dreams in late October 2024. Studio City’s rolling chip volume was
US$165.0 million in the fourth quarter of 2024 versus US$566.0
million in the fourth quarter of 2023. The rolling chip win rate
was 3.48% in the fourth quarter of 2024 versus 1.86% in the fourth
quarter of 2023. The expected rolling chip win rate range is
2.85%-3.15%.
Mass market table games drop increased to
US$891.7 million in the fourth quarter of 2024, compared with
US$864.1 million in the fourth quarter of 2023. The mass market
table games hold percentage was 32.1% in the fourth quarter of
2024, compared with 30.0% in the fourth quarter of 2023.
Gaming machine handle for the fourth quarter of
2024 was US$888.9 million, compared with US$778.3 million in the
fourth quarter of 2023. The gaming machine win rate was 3.3% in the
fourth quarter of 2024, compared with 3.2% in the fourth quarter of
2023.
Total non-gaming revenue at Studio City in the
fourth quarter of 2024 was US$73.2 million, compared with US$65.3
million in the fourth quarter of 2023.
City of Dreams Manila Fourth Quarter
Results
For the quarter ended December 31, 2024, total
operating revenues at City of Dreams Manila were US$133.8 million,
compared with US$120.5 million in the fourth quarter of 2023. City
of Dreams Manila generated Adjusted EBITDA of US$56.8 million in
the fourth quarter of 2024, compared with Adjusted EBITDA of
US$48.8 million in the comparable period of 2023. The
year-over-year increase in Adjusted EBITDA was primarily a result
of better performance in rolling chip and mass market table games
segments.
City of Dreams Manila’s rolling chip volume was
US$770.9 million in the fourth quarter of 2024 versus US$416.5
million in the fourth quarter of 2023. The rolling chip win rate
was 4.51% in the fourth quarter of 2024 versus 3.97% in the fourth
quarter of 2023. The expected rolling chip win rate range is
2.85%-3.15%.
Mass market table games drop decreased to
US$168.5 million in the fourth quarter of 2024, compared with
US$198.2 million in the fourth quarter of 2023. The mass market
table games hold percentage was 34.2% in the fourth quarter of
2024, compared with 29.1% in the fourth quarter of 2023.
Gaming machine handle was US$1.08 billion in
both the fourth quarters of 2024 and 2023. The gaming machine win
rate was 5.3% in both the fourth quarters of 2024 and 2023.
Total non-gaming revenue at City of Dreams
Manila in the fourth quarter of 2024 was US$29.9 million, compared
with US$30.3 million in the fourth quarter of 2023.
City of Dreams Mediterranean and Other
Fourth Quarter Results
The Company operates three satellite casinos in
Cyprus in conjunction with City of Dreams Mediterranean.
Total operating revenues at City of Dreams
Mediterranean and Other for the quarter ended December 31, 2024
were US$59.2 million, compared with US$47.3 million in the fourth
quarter of 2023. City of Dreams Mediterranean and Other generated
Adjusted EBITDA of US$11.8 million in the fourth quarter of 2024,
compared with Adjusted EBITDA of US$4.7 million in the fourth
quarter of 2023. The year-over-year increase in Adjusted EBITDA was
primarily attributable to the continued ramp up of operations
following the opening of City of Dreams Mediterranean in mid-2023,
which led to a better performance in the mass market segment and
non-gaming operations.
Rolling chip volume was US$5.2 million for the
fourth quarter of 2024 versus US$6.4 million in the fourth quarter
of 2023. The rolling chip win rate was 3.06% in the fourth quarter
of 2024, compared with negative 8.85% in the fourth quarter of
2023. The expected rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop was US$126.5
million in the fourth quarter of 2024, compared with US$87.6
million in the fourth quarter of 2023. The mass market table games
hold percentage was 21.8% in the fourth quarter of 2024, compared
with 22.1% in the fourth quarter of 2023.
Gaming machine handle for the fourth quarter of
2024 was US$567.3 million, compared with US$492.8 million in the
fourth quarter of 2023. The gaming machine win rate was 5.2% in the
fourth quarter of 2024 versus 5.0% in the fourth quarter of
2023.
Total non-gaming revenue at City of Dreams
Mediterranean and Other in the fourth quarter of 2024 was US$19.4
million, compared with US$13.0 million in the fourth quarter of
2023.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2024 were US$131.9 million, which mainly included
interest expense, net of amounts capitalized of US$119.8 million
and net foreign exchange losses of US$14.2 million, partially
offset by interest income of US$3.2 million.
Depreciation and amortization costs of US$134.4
million were recorded in the fourth quarter of 2024, of which
US$5.0 million related to the amortization expense for land use
rights.
The Adjusted EBITDA for Studio City for the
three months ended December 31, 2024 referred to above was US$24.5
million more than the Adjusted EBITDA of Studio City contained in
the earnings release for Studio City International Holdings Limited
(“SCIHL”) dated February 27, 2025 (the “Studio City Earnings
Release”). The Adjusted EBITDA of Studio City contained in the
Studio City Earnings Release includes certain intercompany charges
that are not included in the Adjusted EBITDA for Studio City
contained in this press release. Such intercompany charges include,
among other items, fees and shared service charges billed between
SCIHL and its subsidiaries and certain subsidiaries of Melco.
Additionally, Adjusted EBITDA of Studio City included in this press
release does not reflect certain gaming concession related costs
and certain intercompany costs related to the table games
operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of December 31,
2024 aggregated to US$1.27 billion, including US$125.9 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$7.16 billion at the end
of the fourth quarter of 2024, a reduction of approximately US$10
million compared to the total debt, net balance as of September 30,
2024, primarily as a result of the repurchases of the 6.00% senior
notes due 2025 issued by Studio City Finance Limited during the
fourth quarter of 2024. Available liquidity, including cash and
undrawn revolving credit facilities as of December 31, 2024 was
approximately US$3.35 billion.
On November 29, 2024, Studio City Company
Limited entered into a senior secured revolving credit facilities
agreement in aggregate amount of HK$1,945,000,000 (equivalent to
US$250 million) for a term of five years (the “2029 Studio City
Senior Secured Credit Facility”). At the same time, the terms of an
existing senior secured credit facilities in an amount of HK$234
million (equivalent to US$30 million) were amended to be in line
with the 2029 Studio City Senior Secured Credit Facility with the
maturity date being extended to August 29, 2029. HK$1.0 million
(equivalent to US$0.1 million) was drawn under these credit
facilities as of December 31, 2024.
Capital expenditures for the fourth quarter of
2024 were US$94.9 million, which included costs related to
enhancement projects at City of Dreams in Macau and Studio City,
and the development project in Sri Lanka.
Share Repurchase Program
For the year ended December 31, 2024, Melco
repurchased approximately 20.7 million ADSs (representing
approximately 62.1 million ordinary shares) in the open market at
an aggregate purchase price of approximately US$112 million under
its US$500 million share repurchase program which was approved by
the board and announced in June 2024, and expires in June 2027.
During the period from January 1, 2025 to
February 26, 2025, Melco repurchased 3.7 million ADSs (representing
approximately 11.1 million ordinary shares) from the open market at
an aggregate purchase price of approximately US$20 million, under
the same repurchase program. The Company currently has remaining
authority to repurchase up to approximately US$368 million of
ordinary shares.
Full Year Results
For the year ended December 31, 2024, Melco
Resorts & Entertainment Limited reported total operating
revenues of US$4.64 billion versus US$3.78 billion in the prior
year. The increase in total operating revenues was primarily
attributable to the improved performance in all gaming segments and
non-gaming operations, led by the continued recovery in inbound
tourism to Macau in 2024 and the ramp up of operations following
the opening of Studio City Phase 2 and City of Dreams Mediterranean
in mid-2023.
Operating income for 2024 was US$484.6 million,
compared with an operating income of US$65.0 million for 2023.
Melco generated Adjusted Property EBITDA of
US$1.22 billion for the year ended December 31, 2024, compared with
Adjusted Property EBITDA of US$1.04 billion in 2023.
Net income attributable to Melco Resorts &
Entertainment Limited for 2024 was US$43.5 million, or US$0.10 per
ADS, compared with net loss attributable to Melco Resorts &
Entertainment Limited of US$326.9 million, or US$0.75 per ADS, for
2023. Net loss attributable to noncontrolling interests was US$71.5
million and US$88.4 million for 2024 and 2023, respectively, the
majority of which related to the net loss attributable to Studio
City and City of Dreams Mediterranean and Other.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its fourth quarter 2024 financial
results on Thursday, February 27, 2025 at 8:30 a.m. Eastern Time
(or 9:30 p.m. Singapore Time).
To join the conference call, please register in
advance using the below Online Registration Link. Upon registering,
each participant will receive the dial-in numbers, passcode and a
unique Personal PIN which can be used to join the conference.
Online Registration Link:
https://s1.c-conf.com/diamondpass/10045522-8dixzq.html
An audio webcast and replay of the conference
call will also be available at http://www.melco-resorts.com.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) changes in the gaming market
and visitations in Macau, the Philippines and the Republic of
Cyprus, (ii) local and global economic conditions, (iii) capital
and credit market volatility, (iv) our anticipated growth
strategies, (v) risks associated with the implementation of the
amended Macau gaming law by the Macau government, (vi) gaming
authority and other governmental approvals and regulations, and
(vii) 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”), integrated resort and casino rent 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,
integrated resort and casino rent, Corporate and Other expenses and
other non-operating income and expenses. Adjusted EBITDA and
Adjusted Property EBITDA are presented exclusively as supplemental
disclosures because management believes they are widely used to
measure the performance, and as a basis for valuation, of gaming
companies. Management uses Adjusted EBITDA and Adjusted Property
EBITDA as measures of the operating performance of its segments and
to compare the operating performance of its properties with those
of its competitors. |
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The Company also presents Adjusted EBITDA and Adjusted Property
EBITDA because they are used by some investors as ways to measure a
company’s ability to incur and service debt, make capital
expenditures, and meet working capital requirements. Gaming
companies have historically reported similar measures as
supplements to financial measures in accordance with generally
accepted accounting principles, in particular, U.S. GAAP or
International Financial Reporting Standards. However, Adjusted
EBITDA and Adjusted Property EBITDA should not be considered as
alternatives to operating income/loss as indicators of the
Company’s performance, as alternatives to cash flows from operating
activities as measures of liquidity, or as alternatives to any
other measure determined in accordance with U.S. GAAP. Unlike net
income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not
include depreciation and amortization or interest expense and,
therefore, do not reflect current or future capital expenditures or
the cost of capital. The Company recognizes these limitations and
uses Adjusted EBITDA and Adjusted Property EBITDA as only two of
several comparative tools, together with U.S. GAAP measurements, to
assist in the evaluation of operating performance. |
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Such U.S. GAAP measurements include operating income/loss, net
income/loss, cash flows from operations and cash flow data. The
Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes
and other recurring and nonrecurring charges, which are not
reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the
Company’s calculation of Adjusted EBITDA and Adjusted Property
EBITDA may be different from the calculation methods used by other
companies and, therefore, comparability may be limited. The use of
Adjusted Property EBITDA and Adjusted EBITDA has material
limitations as an analytical tool, as Adjusted Property EBITDA and
Adjusted EBITDA does not include all items that impact our net
income/loss. Investors are encouraged to review the reconciliation
of the historical non-GAAP financial measure to its most directly
comparable GAAP financial measure. Reconciliations of Adjusted
EBITDA and Adjusted Property EBITDA with the most comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided herein immediately following the financial
statements included in this press release. |
| |
|
|
| (2) |
|
“Adjusted net income/loss” is net income/loss before pre-opening
costs, development costs, property charges and other and gain/loss
on extinguishment of debt, net of noncontrolling interests and
taxes calculated using specific tax treatments applicable to the
adjustments based on their respective jurisdictions. Adjusted net
income/loss attributable to Melco Resorts & Entertainment
Limited and adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited per share (“EPS”) are presented as
supplemental disclosures because management believes they are
widely used to measure the performance, and as a basis for
valuation, of gaming companies. These measures are used by
management and/or evaluated by some investors, in addition to
income/loss and EPS computed in accordance with U.S. GAAP, as an
additional basis for assessing period-to-period results of our
business. Adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited and adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited per share
may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted net income/loss attributable to Melco
Resorts & Entertainment Limited with the most comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided herein immediately following the financial
statements included in this press release. |
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About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares
listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a
developer, owner and operator of integrated resort facilities in
Asia and Europe. The Company currently operates Altira Macau
(www.altiramacau.com), an integrated resort located at Taipa, Macau
and City of Dreams (www.cityofdreamsmacau.com), an integrated
resort located in Cotai, Macau. Its business also includes the
Mocha Clubs (www.mochaclubs.com), which comprise the largest
non-casino based operations of electronic gaming machines in Macau.
The Company also majority owns and operates Studio City
(www.studiocity-macau.com), a cinematically-themed integrated
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), an integrated resort in the
Entertainment City complex in Manila. In Europe, the Company
operates City of Dreams Mediterranean in Limassol in the Republic
of Cyprus (www.cityofdreamsmed.com.cy). The Company also continues
to operate three satellite casinos in other cities in Cyprus (the
“Cyprus Casinos”). For more information about the Company, please
visit www.melco-resorts.com.
The Company is majority owned by Melco
International Development Limited, a company listed on the Main
Board of The Stock Exchange of Hong Kong Limited, which is in turn
majority owned and led by Mr. Lawrence Ho, who is the Chairman,
Executive Director and Chief Executive Officer of the Company.
For the investment community, please
contact:Jeanny KimSenior Vice President, Group
TreasurerTel: +852 2598 3698Email: jeannykim@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
| Melco
Resorts & Entertainment Limited and Subsidiaries |
| Condensed
Consolidated Statements of Operations (Unaudited) |
| (In
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months
Ended |
|
Year
Ended |
| |
December
31, |
|
December
31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
972,015 |
|
|
$ |
897,776 |
|
|
$ |
3,772,655 |
|
|
$ |
3,077,312 |
|
|
Rooms |
|
109,348 |
|
|
|
103,448 |
|
|
|
422,565 |
|
|
|
338,224 |
|
|
Food and beverage |
|
74,742 |
|
|
|
65,217 |
|
|
|
285,933 |
|
|
|
208,885 |
|
|
Entertainment, retail and other |
|
34,913 |
|
|
|
27,172 |
|
|
|
157,060 |
|
|
|
150,826 |
|
| Total
operating revenues |
|
1,191,018 |
|
|
|
1,093,613 |
|
|
|
4,638,213 |
|
|
|
3,775,247 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(658,219 |
) |
|
|
(597,087 |
) |
|
|
(2,524,565 |
) |
|
|
(2,034,848 |
) |
|
Rooms |
|
(34,838 |
) |
|
|
(28,070 |
) |
|
|
(127,884 |
) |
|
|
(87,637 |
) |
|
Food and beverage |
|
(62,007 |
) |
|
|
(51,823 |
) |
|
|
(230,284 |
) |
|
|
(163,492 |
) |
|
Entertainment, retail and other |
|
(16,654 |
) |
|
|
(8,368 |
) |
|
|
(79,169 |
) |
|
|
(76,704 |
) |
|
General and administrative |
|
(156,852 |
) |
|
|
(129,351 |
) |
|
|
(568,701 |
) |
|
|
(488,127 |
) |
|
Payments to the Philippine Parties |
|
(12,407 |
) |
|
|
(9,813 |
) |
|
|
(41,939 |
) |
|
|
(42,451 |
) |
|
Pre-opening costs |
|
(9,917 |
) |
|
|
(3,550 |
) |
|
|
(20,852 |
) |
|
|
(43,994 |
) |
|
Development costs |
|
(1,892 |
) |
|
|
(1,202 |
) |
|
|
(5,433 |
) |
|
|
(1,202 |
) |
|
Amortization of land use rights |
|
(5,008 |
) |
|
|
(5,680 |
) |
|
|
(19,956 |
) |
|
|
(22,670 |
) |
|
Depreciation and amortization |
|
(129,364 |
) |
|
|
(139,060 |
) |
|
|
(521,582 |
) |
|
|
(520,726 |
) |
|
Property charges and other |
|
(6,904 |
) |
|
|
(213,992 |
) |
|
|
(13,221 |
) |
|
|
(228,437 |
) |
| Total
operating costs and expenses |
|
(1,094,062 |
) |
|
|
(1,187,996 |
) |
|
|
(4,153,586 |
) |
|
|
(3,710,288 |
) |
| Operating
income (loss) |
|
96,956 |
|
|
|
(94,383 |
) |
|
|
484,627 |
|
|
|
64,959 |
|
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
3,166 |
|
|
|
5,468 |
|
|
|
15,766 |
|
|
|
23,305 |
|
|
Interest expense, net of amounts capitalized |
|
(119,771 |
) |
|
|
(128,794 |
) |
|
|
(486,721 |
) |
|
|
(492,391 |
) |
|
Other financing costs |
|
(1,701 |
) |
|
|
(1,351 |
) |
|
|
(7,362 |
) |
|
|
(4,372 |
) |
|
Foreign exchange (losses) gains , net |
|
(14,209 |
) |
|
|
4,524 |
|
|
|
(15,492 |
) |
|
|
2,232 |
|
|
Other income, net |
|
627 |
|
|
|
992 |
|
|
|
3,833 |
|
|
|
2,748 |
|
|
(Loss) gain on extinguishment of debt |
|
(17 |
) |
|
|
1,531 |
|
|
|
(1,000 |
) |
|
|
1,611 |
|
| Total
non-operating expenses, net |
|
(131,905 |
) |
|
|
(117,630 |
) |
|
|
(490,976 |
) |
|
|
(466,867 |
) |
| Loss before
income tax |
|
(34,949 |
) |
|
|
(212,013 |
) |
|
|
(6,349 |
) |
|
|
(401,908 |
) |
| Income tax
expense |
|
(4,963 |
) |
|
|
(14,717 |
) |
|
|
(21,610 |
) |
|
|
(13,422 |
) |
| Net
loss |
|
(39,912 |
) |
|
|
(226,730 |
) |
|
|
(27,959 |
) |
|
|
(415,330 |
) |
| Net loss
attributable to noncontrolling interests |
|
19,638 |
|
|
|
20,842 |
|
|
|
71,502 |
|
|
|
88,410 |
|
| Net (loss)
income attributable to Melco Resorts & Entertainment
Limited |
$ |
(20,274 |
) |
|
$ |
(205,888 |
) |
|
$ |
43,543 |
|
|
$ |
(326,920 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.016 |
) |
|
$ |
(0.157 |
) |
|
$ |
0.034 |
|
|
$ |
(0.249 |
) |
|
Diluted |
$ |
(0.016 |
) |
|
$ |
(0.157 |
) |
|
$ |
0.034 |
|
|
$ |
(0.249 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.048 |
) |
|
$ |
(0.471 |
) |
|
$ |
0.101 |
|
|
$ |
(0.746 |
) |
|
Diluted |
$ |
(0.048 |
) |
|
$ |
(0.471 |
) |
|
$ |
0.101 |
|
|
$ |
(0.746 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding used in net (loss) income attributable
to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,259,134,710 |
|
|
|
1,311,270,775 |
|
|
|
1,296,361,341 |
|
|
|
1,314,605,173 |
|
|
Diluted |
|
1,259,134,710 |
|
|
|
1,311,270,775 |
|
|
|
1,299,430,914 |
|
|
|
1,314,605,173 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Condensed Consolidated Balance Sheets |
|
(In thousands, except share and per share
data) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
December 31, |
|
December 31, |
| |
2024 |
|
2023 |
| |
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,147,193 |
|
|
$ |
1,310,715 |
|
|
Restricted cash |
|
368 |
|
|
|
27 |
|
|
Accounts receivable, net |
|
144,211 |
|
|
|
91,638 |
|
|
Receivables from affiliated companies |
|
2,422 |
|
|
|
797 |
|
|
Inventories |
|
32,452 |
|
|
|
29,427 |
|
|
Prepaid expenses and other current assets |
|
102,521 |
|
|
|
111,688 |
|
|
Total current assets |
|
1,429,167 |
|
|
|
1,544,292 |
|
| |
|
|
|
|
|
|
Property and equipment, net |
|
5,272,500 |
|
|
|
5,533,994 |
|
|
Intangible assets, net |
|
288,710 |
|
|
|
304,652 |
|
|
Goodwill |
|
82,090 |
|
|
|
81,582 |
|
|
Long-term prepayments, deposits and other assets, net |
|
131,850 |
|
|
|
100,320 |
|
|
Restricted cash |
|
125,511 |
|
|
|
125,094 |
|
|
Operating lease right-of-use assets |
|
89,164 |
|
|
|
62,356 |
|
|
Land use rights, net |
|
566,351 |
|
|
|
582,782 |
|
|
Total assets |
$ |
7,985,343 |
|
|
$ |
8,335,072 |
|
| |
|
|
|
|
|
|
LIABILITIES AND DEFICIT |
|
|
|
|
|
| |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
24,794 |
|
|
$ |
11,752 |
|
|
Accrued expenses and other current liabilities |
|
1,054,018 |
|
|
|
1,008,316 |
|
|
Income tax payable |
|
38,009 |
|
|
|
28,183 |
|
|
Operating lease liabilities, current |
|
18,590 |
|
|
|
19,685 |
|
|
Finance lease liabilities, current |
|
33,817 |
|
|
|
35,307 |
|
|
Current portion of long-term debt, net |
|
21,597 |
|
|
|
- |
|
|
Payables to affiliated companies |
|
39 |
|
|
|
377 |
|
|
Total current liabilities |
|
1,190,864 |
|
|
|
1,103,620 |
|
| |
|
|
|
|
|
|
Long-term debt, net |
|
7,135,825 |
|
|
|
7,472,620 |
|
|
Other long-term liabilities |
|
315,299 |
|
|
|
322,591 |
|
|
Deferred tax liabilities, net |
|
36,708 |
|
|
|
34,959 |
|
|
Operating lease liabilities, non-current |
|
80,673 |
|
|
|
53,858 |
|
|
Finance lease liabilities, non-current |
|
165,938 |
|
|
|
187,474 |
|
|
Total liabilities |
|
8,925,307 |
|
|
|
9,175,122 |
|
| |
|
|
|
|
|
|
Deficit: |
|
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
|
|
|
|
|
|
1,351,540,382 and 1,404,679,067 shares issued; |
|
|
|
|
|
|
1,259,138,299 and 1,311,270,775 shares outstanding,
respectively |
|
13,515 |
|
|
|
14,047 |
|
|
Treasury shares, at cost; 92,402,083 and 93,408,292 shares,
respectively |
|
(216,626 |
) |
|
|
(255,068 |
) |
|
Additional paid-in capital |
|
2,985,730 |
|
|
|
3,109,212 |
|
|
Accumulated other comprehensive losses |
|
(95,750 |
) |
|
|
(98,599 |
) |
|
Accumulated losses |
|
(4,013,329 |
) |
|
|
(4,056,872 |
) |
|
Total Melco Resorts & Entertainment Limited shareholders’
deficit |
|
(1,326,460 |
) |
|
|
(1,287,280 |
) |
|
Noncontrolling interests |
|
386,496 |
|
|
|
447,230 |
|
|
Total deficit |
|
(939,964 |
) |
|
|
(840,050 |
) |
|
Total liabilities and deficit |
$ |
7,985,343 |
|
|
$ |
8,335,072 |
|
| |
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Reconciliation of Net (Loss) Income Attributable to Melco
Resorts & Entertainment Limited to |
|
Adjusted Net (Loss) Income Attributable to Melco Resorts
& Entertainment Limited (Unaudited) |
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
|
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited |
$ |
(20,274 |
) |
|
$ |
(205,888 |
) |
|
$ |
43,543 |
|
|
$ |
(326,920 |
) |
|
Pre-opening costs |
|
9,917 |
|
|
|
3,550 |
|
|
|
20,852 |
|
|
|
43,994 |
|
|
Development costs |
|
1,892 |
|
|
|
1,202 |
|
|
|
5,433 |
|
|
|
1,202 |
|
|
Property charges and other |
|
6,904 |
|
|
|
213,992 |
|
|
|
13,221 |
|
|
|
228,437 |
|
|
Loss (gain) on extinguishment of debt |
|
17 |
|
|
|
(1,531 |
) |
|
|
1,000 |
|
|
|
(1,611 |
) |
|
Income tax impact on adjustments |
|
(13 |
) |
|
|
(5,130 |
) |
|
|
(50 |
) |
|
|
(5,130 |
) |
|
Noncontrolling interests impact on adjustments |
|
(439 |
) |
|
|
230 |
|
|
|
(1,585 |
) |
|
|
(13,906 |
) |
|
Adjusted net (loss) income attributable to Melco Resorts &
Entertainment Limited |
$ |
(1,996 |
) |
|
$ |
6,425 |
|
|
$ |
82,414 |
|
|
$ |
(73,934 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income attributable to Melco Resorts &
Entertainment Limited per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.002 |
) |
|
$ |
0.005 |
|
|
$ |
0.064 |
|
|
$ |
(0.056 |
) |
|
Diluted |
$ |
(0.002 |
) |
|
$ |
0.005 |
|
|
$ |
0.063 |
|
|
$ |
(0.056 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income attributable to Melco Resorts &
Entertainment Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.005 |
) |
|
$ |
0.015 |
|
|
$ |
0.191 |
|
|
$ |
(0.169 |
) |
|
Diluted |
$ |
(0.005 |
) |
|
$ |
0.015 |
|
|
$ |
0.190 |
|
|
$ |
(0.169 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in adjusted net (loss)
income attributable to Melco Resorts & Entertainment Limited
per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,259,134,710 |
|
|
|
1,311,270,775 |
|
|
|
1,296,361,341 |
|
|
|
1,314,605,173 |
|
|
Diluted |
|
1,259,134,710 |
|
|
|
1,316,408,710 |
|
|
|
1,299,430,914 |
|
|
|
1,314,605,173 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Melco Resorts & Entertainment Limited and
Subsidiaries |
| |
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
| |
(In thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, 2024 |
| |
|
AltiraMacau |
|
Mochaand Other |
|
City ofDreams |
|
StudioCity |
|
City of Dreams Manila |
|
City of Dreams Mediterraneanand Other |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(2,501 |
) |
|
$ |
4,782 |
|
|
$ |
80,534 |
|
|
$ |
23,019 |
|
|
$ |
34,094 |
|
|
$ |
(897 |
) |
|
$ |
(42,075 |
) |
|
$ |
96,956 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,407 |
|
|
|
- |
|
|
|
- |
|
|
|
12,407 |
|
|
Integrated resort and casino rent (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,226 |
|
|
|
- |
|
|
|
1,820 |
|
|
|
3,046 |
|
|
Pre-opening costs (4) |
|
- |
|
|
|
- |
|
|
|
4,940 |
|
|
|
(23 |
) |
|
|
- |
|
|
|
(25 |
) |
|
|
3,205 |
|
|
|
8,097 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,892 |
|
|
|
1,892 |
|
|
Depreciation and amortization |
|
547 |
|
|
|
911 |
|
|
|
49,389 |
|
|
|
56,957 |
|
|
|
8,716 |
|
|
|
12,399 |
|
|
|
5,453 |
|
|
|
134,372 |
|
|
Share-based compensation |
|
104 |
|
|
|
43 |
|
|
|
1,276 |
|
|
|
348 |
|
|
|
255 |
|
|
|
99 |
|
|
|
4,376 |
|
|
|
6,501 |
|
|
Property charges and other |
|
1,599 |
|
|
|
- |
|
|
|
3,940 |
|
|
|
944 |
|
|
|
95 |
|
|
|
210 |
|
|
|
116 |
|
|
|
6,904 |
|
|
Adjusted EBITDA |
|
(251 |
) |
|
|
5,736 |
|
|
|
140,079 |
|
|
|
81,245 |
|
|
|
56,793 |
|
|
|
11,786 |
|
|
|
(25,213 |
) |
|
|
270,175 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,213 |
|
|
|
25,213 |
|
|
Adjusted Property EBITDA |
$ |
(251 |
) |
|
$ |
5,736 |
|
|
$ |
140,079 |
|
|
$ |
81,245 |
|
|
$ |
56,793 |
|
|
$ |
11,786 |
|
|
$ |
- |
|
|
$ |
295,388 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, 2023 |
| |
|
AltiraMacau |
|
Mochaand Other |
|
City ofDreams |
|
StudioCity |
|
City of Dreams Manila |
|
City of Dreams Mediterraneanand Other |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(212,857 |
) |
|
$ |
5,231 |
|
|
$ |
104,471 |
|
|
$ |
21,668 |
|
|
$ |
26,012 |
|
|
$ |
(9,246 |
) |
|
$ |
(29,662 |
) |
|
$ |
(94,383 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,813 |
|
|
|
- |
|
|
|
- |
|
|
|
9,813 |
|
|
Integrated resort and casino rent (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
475 |
|
|
|
- |
|
|
|
- |
|
|
|
475 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
3,946 |
|
|
|
(169 |
) |
|
|
- |
|
|
|
(227 |
) |
|
|
- |
|
|
|
3,550 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,202 |
|
|
|
1,202 |
|
|
Depreciation and amortization |
|
5,420 |
|
|
|
751 |
|
|
|
53,283 |
|
|
|
54,621 |
|
|
|
12,057 |
|
|
|
13,300 |
|
|
|
5,308 |
|
|
|
144,740 |
|
|
Share-based compensation |
|
120 |
|
|
|
37 |
|
|
|
1,354 |
|
|
|
344 |
|
|
|
303 |
|
|
|
100 |
|
|
|
5,987 |
|
|
|
8,245 |
|
|
Property charges and other |
|
207,608 |
|
|
|
- |
|
|
|
3,144 |
|
|
|
871 |
|
|
|
181 |
|
|
|
809 |
|
|
|
1,379 |
|
|
|
213,992 |
|
|
Adjusted EBITDA |
|
291 |
|
|
|
6,019 |
|
|
|
166,198 |
|
|
|
77,335 |
|
|
|
48,841 |
|
|
|
4,736 |
|
|
|
(15,786 |
) |
|
|
287,634 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15,786 |
|
|
|
15,786 |
|
|
Adjusted Property EBITDA |
$ |
291 |
|
|
$ |
6,019 |
|
|
$ |
166,198 |
|
|
$ |
77,335 |
|
|
$ |
48,841 |
|
|
$ |
4,736 |
|
|
$ |
- |
|
|
$ |
303,420 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3) Integrated
resort and casino rent represents land rent and variable lease
costs to Belle Corporation and casino rent to John Keells
Group. |
| (4) Certain
amount of pre-opening costs were grouped and reported under the
line item Integrated resort and casino
rent. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Reconciliation of Operating Income to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended December 31, 2024 |
| |
AltiraMacau |
|
Mochaand Other |
|
City ofDreams |
|
StudioCity |
|
City of Dreams Manila |
|
City of Dreams Mediterraneanand Other |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(8,211 |
) |
|
$ |
23,089 |
|
|
$ |
397,995 |
|
|
$ |
115,883 |
|
|
$ |
89,097 |
|
|
$ |
(568 |
) |
|
$ |
(132,658 |
) |
|
$ |
484,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
41,939 |
|
|
|
- |
|
|
|
- |
|
|
|
41,939 |
|
|
Integrated resort and casino rent (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,417 |
|
|
|
- |
|
|
|
3,019 |
|
|
|
8,436 |
|
|
Pre-opening costs (4) |
|
69 |
|
|
|
- |
|
|
|
11,924 |
|
|
|
807 |
|
|
|
- |
|
|
|
288 |
|
|
|
4,745 |
|
|
|
17,833 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,433 |
|
|
|
5,433 |
|
|
Depreciation and amortization |
|
2,297 |
|
|
|
3,724 |
|
|
|
199,530 |
|
|
|
221,731 |
|
|
|
43,166 |
|
|
|
50,010 |
|
|
|
21,080 |
|
|
|
541,538 |
|
|
Share-based compensation |
|
438 |
|
|
|
166 |
|
|
|
5,056 |
|
|
|
1,401 |
|
|
|
1,090 |
|
|
|
413 |
|
|
|
18,804 |
|
|
|
27,368 |
|
|
Property charges and other |
|
3,485 |
|
|
|
(5 |
) |
|
|
7,137 |
|
|
|
1,417 |
|
|
|
349 |
|
|
|
403 |
|
|
|
435 |
|
|
|
13,221 |
|
|
Adjusted EBITDA |
|
(1,922 |
) |
|
|
26,974 |
|
|
|
621,642 |
|
|
|
341,239 |
|
|
|
181,058 |
|
|
|
50,546 |
|
|
|
(79,142 |
) |
|
|
1,140,395 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
79,142 |
|
|
|
79,142 |
|
|
Adjusted Property EBITDA |
$ |
(1,922 |
) |
|
$ |
26,974 |
|
|
$ |
621,642 |
|
|
$ |
341,239 |
|
|
$ |
181,058 |
|
|
$ |
50,546 |
|
|
$ |
- |
|
|
$ |
1,219,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year Ended December 31, 2023 |
| |
AltiraMacau |
|
Mochaand Other |
|
City ofDreams |
|
StudioCity |
|
City of Dreams Manila |
|
City of Dreams Mediterraneanand Other |
|
Corporateand Other |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(232,871 |
) |
|
$ |
23,328 |
|
|
$ |
314,917 |
|
|
$ |
1,382 |
|
|
$ |
110,143 |
|
|
$ |
(26,468 |
) |
|
$ |
(125,472 |
) |
|
$ |
64,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
42,451 |
|
|
|
- |
|
|
|
- |
|
|
|
42,451 |
|
|
Integrated resort and casino rent (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,911 |
|
|
|
- |
|
|
|
- |
|
|
|
1,911 |
|
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
3,946 |
|
|
|
17,179 |
|
|
|
- |
|
|
|
22,869 |
|
|
|
- |
|
|
|
43,994 |
|
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,202 |
|
|
|
1,202 |
|
|
Depreciation and amortization |
|
23,175 |
|
|
|
3,795 |
|
|
|
230,034 |
|
|
|
185,389 |
|
|
|
49,979 |
|
|
|
29,845 |
|
|
|
21,179 |
|
|
|
543,396 |
|
|
Share-based compensation |
|
300 |
|
|
|
87 |
|
|
|
6,602 |
|
|
|
1,425 |
|
|
|
1,184 |
|
|
|
456 |
|
|
|
25,419 |
|
|
|
35,473 |
|
|
Property charges and other |
|
208,119 |
|
|
|
76 |
|
|
|
20,814 |
|
|
|
1,415 |
|
|
|
(216 |
) |
|
|
798 |
|
|
|
(2,569 |
) |
|
|
228,437 |
|
|
Adjusted EBITDA |
|
(1,277 |
) |
|
|
27,286 |
|
|
|
576,313 |
|
|
|
206,790 |
|
|
|
205,452 |
|
|
|
27,500 |
|
|
|
(80,241 |
) |
|
|
961,823 |
|
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
80,241 |
|
|
|
80,241 |
|
|
Adjusted Property EBITDA |
$ |
(1,277 |
) |
|
$ |
27,286 |
|
|
$ |
576,313 |
|
|
$ |
206,790 |
|
|
$ |
205,452 |
|
|
$ |
27,500 |
|
|
$ |
- |
|
|
$ |
1,042,064 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Reconciliation of Net (Loss) Income Attributable to Melco
Resorts & Entertainment Limited to |
|
Adjusted EBITDA and Adjusted Property EBITDA
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Melco Resorts & Entertainment
Limited |
$ |
(20,274 |
) |
|
$ |
(205,888 |
) |
|
$ |
43,543 |
|
|
$ |
(326,920 |
) |
|
Net loss attributable to noncontrolling interests |
|
(19,638 |
) |
|
|
(20,842 |
) |
|
|
(71,502 |
) |
|
|
(88,410 |
) |
|
Net loss |
|
(39,912 |
) |
|
|
(226,730 |
) |
|
|
(27,959 |
) |
|
|
(415,330 |
) |
|
Income tax expense |
|
4,963 |
|
|
|
14,717 |
|
|
|
21,610 |
|
|
|
13,422 |
|
|
Interest and other non-operating expenses, net |
|
131,905 |
|
|
|
117,630 |
|
|
|
490,976 |
|
|
|
466,867 |
|
|
Depreciation and amortization |
|
134,372 |
|
|
|
144,740 |
|
|
|
541,538 |
|
|
|
543,396 |
|
|
Property charges and other |
|
6,904 |
|
|
|
213,992 |
|
|
|
13,221 |
|
|
|
228,437 |
|
|
Share-based compensation |
|
6,501 |
|
|
|
8,245 |
|
|
|
27,368 |
|
|
|
35,473 |
|
|
Development costs |
|
1,892 |
|
|
|
1,202 |
|
|
|
5,433 |
|
|
|
1,202 |
|
|
Pre-opening costs (4) |
|
8,097 |
|
|
|
3,550 |
|
|
|
17,833 |
|
|
|
43,994 |
|
|
Integrated resort and casino rent (3) |
|
3,046 |
|
|
|
475 |
|
|
|
8,436 |
|
|
|
1,911 |
|
|
Payments to the Philippine Parties |
|
12,407 |
|
|
|
9,813 |
|
|
|
41,939 |
|
|
|
42,451 |
|
|
Adjusted EBITDA |
|
270,175 |
|
|
|
287,634 |
|
|
|
1,140,395 |
|
|
|
961,823 |
|
|
Corporate and Other expenses |
|
25,213 |
|
|
|
15,786 |
|
|
|
79,142 |
|
|
|
80,241 |
|
|
Adjusted Property EBITDA |
$ |
295,388 |
|
|
$ |
303,420 |
|
|
$ |
1,219,537 |
|
|
$ |
1,042,064 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Three Months Ended |
|
Year Ended |
| |
|
|
December 31, |
|
December 31, |
| |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Room Statistics: |
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average daily rate (5) |
$ |
136 |
|
|
$ |
135 |
|
|
$ |
133 |
|
|
$ |
136 |
|
| |
|
Occupancy per available room |
|
96 |
% |
|
|
94 |
% |
|
|
95 |
% |
|
|
87 |
% |
| |
|
Revenue per available room (6) |
$ |
131 |
|
|
$ |
127 |
|
|
$ |
127 |
|
|
$ |
118 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
| |
|
Average daily rate (5) |
$ |
219 |
|
|
$ |
199 |
|
|
$ |
211 |
|
|
$ |
201 |
|
| |
|
Occupancy per available room |
|
95 |
% |
|
|
93 |
% |
|
|
93 |
% |
|
|
86 |
% |
| |
|
Revenue per available room (6) |
$ |
209 |
|
|
$ |
186 |
|
|
$ |
197 |
|
|
$ |
173 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
| |
|
Average daily rate (5) |
$ |
175 |
|
|
$ |
163 |
|
|
$ |
165 |
|
|
$ |
153 |
|
| |
|
Occupancy per available room |
|
97 |
% |
|
|
94 |
% |
|
|
96 |
% |
|
|
90 |
% |
| |
|
Revenue per available room (6) |
$ |
169 |
|
|
$ |
154 |
|
|
$ |
159 |
|
|
$ |
137 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
| |
|
Average daily rate (5) |
$ |
163 |
|
|
$ |
170 |
|
|
$ |
164 |
|
|
$ |
177 |
|
| |
|
Occupancy per available room |
|
97 |
% |
|
|
97 |
% |
|
|
97 |
% |
|
|
97 |
% |
| |
|
Revenue per available room (6) |
$ |
159 |
|
|
$ |
165 |
|
|
$ |
158 |
|
|
$ |
171 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Mediterranean and Other |
|
|
|
|
|
|
|
| |
|
Average daily rate (5) |
$ |
386 |
|
|
$ |
341 |
|
|
$ |
425 |
|
|
$ |
359 |
|
| |
|
Occupancy per available room |
|
58 |
% |
|
|
53 |
% |
|
|
61 |
% |
|
|
58 |
% |
| |
|
Revenue per available room (6) |
$ |
225 |
|
|
$ |
181 |
|
|
$ |
261 |
|
|
$ |
209 |
|
| |
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
37 |
|
|
|
43 |
|
|
|
39 |
|
|
|
44 |
|
| |
|
Average number of gaming machines |
|
131 |
|
|
|
135 |
|
|
|
134 |
|
|
|
141 |
|
| |
|
Table games win per unit per day (7) |
$ |
8,363 |
|
|
$ |
8,970 |
|
|
$ |
8,416 |
|
|
$ |
6,895 |
|
| |
|
Gaming machines win per unit per day (8) |
$ |
277 |
|
|
$ |
227 |
|
|
$ |
255 |
|
|
$ |
224 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Mocha and Other |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
15 |
|
|
|
18 |
|
|
|
16 |
|
|
|
17 |
|
| |
|
Average number of gaming machines |
|
844 |
|
|
|
855 |
|
|
|
882 |
|
|
|
874 |
|
| |
|
Table games win per unit per day (7) |
$ |
6,399 |
|
|
$ |
4,439 |
|
|
$ |
6,660 |
|
|
$ |
4,850 |
|
| |
|
Gaming machines win per unit per day (8) |
$ |
276 |
|
|
$ |
287 |
|
|
$ |
274 |
|
|
$ |
291 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
430 |
|
|
|
430 |
|
|
|
430 |
|
|
|
430 |
|
| |
|
Average number of gaming machines |
|
604 |
|
|
|
610 |
|
|
|
613 |
|
|
|
628 |
|
| |
|
Table games win per unit per day (7) |
$ |
16,118 |
|
|
$ |
14,861 |
|
|
$ |
15,459 |
|
|
$ |
13,092 |
|
| |
|
Gaming machines win per unit per day (8) |
$ |
571 |
|
|
$ |
537 |
|
|
$ |
524 |
|
|
$ |
464 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
253 |
|
|
|
246 |
|
|
|
251 |
|
|
|
246 |
|
| |
|
Average number of gaming machines |
|
797 |
|
|
|
643 |
|
|
|
709 |
|
|
|
661 |
|
| |
|
Table games win per unit per day (7) |
$ |
12,563 |
|
|
$ |
11,936 |
|
|
$ |
13,091 |
|
|
$ |
9,239 |
|
| |
|
Gaming machines win per unit per day (8) |
$ |
401 |
|
|
$ |
418 |
|
|
$ |
431 |
|
|
$ |
343 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
266 |
|
|
|
266 |
|
|
|
267 |
|
|
|
267 |
|
| |
|
Average number of gaming machines |
|
2,277 |
|
|
|
2,296 |
|
|
|
2,278 |
|
|
|
2,297 |
|
| |
|
Table games win per unit per day (7) |
$ |
3,773 |
|
|
$ |
3,026 |
|
|
$ |
3,238 |
|
|
$ |
3,390 |
|
| |
|
Gaming machines win per unit per day (8) |
$ |
272 |
|
|
$ |
270 |
|
|
$ |
263 |
|
|
$ |
248 |
|
| |
|
|
|
|
|
|
|
|
|
| |
City of Dreams Mediterranean and Other |
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
105 |
|
|
|
103 |
|
|
|
104 |
|
|
|
71 |
|
| |
|
Average number of gaming machines |
|
897 |
|
|
|
908 |
|
|
|
893 |
|
|
|
690 |
|
| |
|
Table games win per unit per day (7) |
$ |
2,896 |
|
|
$ |
1,985 |
|
|
$ |
2,943 |
|
|
$ |
2,254 |
|
| |
|
Gaming machines win per unit per day (8) |
$ |
356 |
|
|
$ |
297 |
|
|
$ |
340 |
|
|
$ |
350 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
(5) |
Average daily rate is calculated by dividing total room revenues
including complimentary rooms (less service charges, if any) by
total occupied rooms including complimentary rooms |
|
(6) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
|
(7) |
Table games 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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