Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco”
or the “Company”), a developer, owner and operator of casino gaming
and entertainment casino resort facilities in Asia, today reported
its unaudited financial results for the fourth quarter and full
year ended December 31, 2018.
Net revenue for the fourth quarter of 2018 was
US$1,396.5 million, representing an increase of approximately 5%
from US$1,332.6 million for the comparable period in 2017. The
increase in net revenue was primarily attributable to higher
group-wide rolling chip and mass market table games gross gaming
revenues, partially offset by higher commissions reported as a
reduction in revenue upon the Company’s adoption of a new revenue
recognition standard issued by the Financial Accounting Standards
Board (the “New Revenue Standard”). The Company adopted the New
Revenue Standard on January 1, 2018 under the modified
retrospective method. Results for the periods beginning on or after
January 1, 2018 are presented under the New Revenue Standard, while
prior year amounts are not adjusted and continue to be reported in
accordance with the previous basis. Under the previous basis,
before the adoption of the New Revenue Standard, net revenue for
the fourth quarter of 2018 would have been US$1,497.7 million,
which would have represented an increase of approximately 12% from
the US$1,332.6 million for the comparable period in 2017.
Operating income for the fourth quarter of 2018
was US$204.0 million, compared with operating income of US$129.0
million in the fourth quarter of 2017, representing an increase of
58%.
Adjusted property EBITDA(1) was US$425.2 million
for the fourth quarter of 2018, as compared to Adjusted property
EBITDA of US$339.8 million in the fourth quarter of 2017,
representing an increase of 25%. The increase in Adjusted property
EBITDA was mainly attributable to better performance in the
group-wide rolling chip and mass market table games segments.
Net income attributable to Melco Resorts &
Entertainment Limited for the fourth quarter of 2018 was US$128.0
million, or US$0.27 per ADS, compared with US$81.2 million, or
US$0.17 per ADS, in the fourth quarter of 2017. The net income
attributable to noncontrolling interests during the fourth quarter
of 2018 was US$2.2 million and the net loss attributable to
noncontrolling interests during the fourth quarter of 2017 was
US$9.8 million, both of which were related to Studio City and City
of Dreams Manila.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “Opening of the iconic, award-winning
Morpheus, and the continued robust growth in Macau’s mass gaming
market have allowed Melco to deliver record-level Property EBITDA
despite the challenging macro environment.
“Melco’s dedication to excellence has been
widely recognized, most recently by the Michelin Guide 2019 with
the Company remaining as the leading integrated resort operator in
the world with the most Michelin-starred restaurants. We are
extremely proud to achieve a record-breaking milestone with six of
Melco’s signature restaurants being awarded with a total of ten
Michelin Stars. That includes Alain Ducasse at Morpheus, which was
awarded with two Michelin Stars in less than six months after
opening, and Jade Dragon in City of Dreams, which was awarded with
three Michelin Stars.
“The opening of Morpheus only marks the
beginning of the relaunch of City of Dreams. On top of that, we
have recently unveiled the significantly upgraded VIP gaming spaces
on the second floor of City of Dreams. Rolling refurbishment of
Nüwa will also soon commence with the upgraded hotel rooms expected
to come online over the next eighteen months.
“In January, the Macau government authorized
Melco to operate 40 additional gaming tables at City of Dreams. We
are sincerely thankful of the Macau government for its
consideration and approval of our gaming table application.
“At Studio City, we continue to enhance the
entertainment offerings with a series of property upgrades, which
include the recent launch of the world’s most electrifying stunt
show – Elekron. Earlier in January, we also opened the pop-up
‘Legend Heroes Park’, paving way for the opening of the permanent
venue later in the year. Lastly, the ‘Flip Out’ Trampoline Park is
expected to open in the first half of 2019.
“In the Philippines, City of Dreams Manila
delivered another solid quarter underpinned by robust mass gaming
revenue growth.
“The Board has, after evaluating the Company’s
current liquidity position and future expected capital needs,
decided to increase the quarterly cash dividend by 7% to US$0.0517
per ordinary share, which is equivalent to US$0.1551 per ADS, from
the previous quarterly dividend of US$0.04835 per ordinary share.
Since our third quarter results announcement, the Company has also
repurchased approximately 10 million ADSs, worth approximately
US$165 million, under the US$500 million share repurchase program
the Company announced in November 2018.
“Lastly, Japan continues to be a core focus for
us. We expect development of the next generation of integrated
resorts to soon commence in this incredibly exciting, yet currently
underpenetrated, tourism destination. With our focus on the Asian
premium segment, high quality assets, dedication to world-class
entertainment offerings, market-leading social safeguards and
compliance culture, and our commitment to being an ideal partner to
local governments and communities alike, we believe Melco is in a
strong position to help Japan realize the vision for integrated
resort development with a unique Japanese touch.”
City
of Dreams Fourth Quarter Results
For the quarter ended December 31, 2018, net
revenue at City of Dreams was US$724.5 million compared to US$612.6
million in the fourth quarter of 2017. City of Dreams generated
Adjusted EBITDA of US$229.7 million in the fourth quarter of 2018
compared with Adjusted EBITDA of US$169.7 million in the fourth
quarter of 2017. The year-on year increase in Adjusted EBITDA was
primarily a result of better performances in the rolling chip and
mass market table games segments.
Rolling chip volume totaled US$11.4 billion for
both quarters ended December 31, 2018 and 2017. The rolling chip
win rate was 3.2% in the fourth quarter of 2018 versus 2.7% in the
fourth quarter of 2017. The expected rolling chip win rate range is
2.7%-3.0%.
Mass market table games drop increased to
US$1,308.0 million in the fourth quarter of 2018 compared with
US$1,226.0 million in the fourth quarter of 2017. The mass market
table games hold percentage was 33.0% in the fourth quarter of 2018
compared to 28.6% in the fourth quarter of 2017.
Gaming machine handle for the fourth quarter of
2018 was US$1,051.8 million, compared with US$1,122.0 million in
the fourth quarter of 2017. The gaming machine win rate was 3.7% in
the fourth quarter of 2018 versus 4.2% in the fourth quarter of
2017.
Total non-gaming revenue at City of Dreams in
the fourth quarter of 2018 was US$99.4 million, compared with
US$71.9 million in the fourth quarter of 2017.
Altira Macau Fourth
Quarter Results
For the quarter ended December 31, 2018, net
revenue at Altira Macau was US$137.6 million compared to US$140.2
million in the fourth quarter of 2017. Altira Macau generated
Adjusted EBITDA of US$20.2 million in the fourth quarter of 2018
compared with Adjusted EBITDA of US$17.5 million in the fourth
quarter of 2017.
Rolling chip volume totaled US$6.5 billion in
the fourth quarter of 2018 versus US$4.9 billion in the fourth
quarter of 2017. The rolling chip win rate was 3.1% in the fourth
quarter of 2018 versus 3.3% in the fourth quarter of 2017. The
expected rolling chip win rate range is 2.7%-3.0%.
In the mass market table games segment, drop
totaled US$127.1 million in the fourth quarter of 2018,
representing an increase from US$125.2 million generated in the
comparable period in 2017. The mass market table games hold
percentage was 19.7% in the fourth quarter of 2018 compared with
18.4% in the fourth quarter of 2017.
Gaming machine handle for the fourth quarter of
2018 was US$29.9 million, compared with US$20.6 million in the
fourth quarter of 2017. The gaming machine win rate was 4.3% in the
fourth quarter of 2018 versus 6.0% in the fourth quarter of
2017.
Total non-gaming revenue at Altira Macau in the
fourth quarter of 2018 was US$7.1 million, compared with US$7.0
million in the fourth quarter of 2017.
Mocha Clubs Fourth Quarter
Results
Net revenue from Mocha Clubs totaled US$26.5
million in the fourth quarter of 2018 as compared to US$30.7
million in the fourth quarter of 2017. Mocha Clubs generated US$4.7
million of Adjusted EBITDA in the fourth quarter of 2018 compared
with US$7.4 million in the same period in 2017.
Gaming machine handle for the fourth quarter of
2018 was US$593.9 million, compared with US$622.7 million in the
fourth quarter of 2017. The gaming machine win rate was 4.5% in the
fourth quarter of 2018 versus 4.8% in the fourth quarter of
2017.
Studio City Fourth
Quarter
Results
For the quarter ended December 31, 2018, net
revenue at Studio City was US$340.7 million compared to US$369.0
million in the fourth quarter of 2017. Studio City generated
Adjusted EBITDA of US$102.7 million in the fourth quarter of 2018
compared with Adjusted EBITDA of US$91.5 million in the fourth
quarter of 2017.
Rolling chip volume totaled US$3.5 billion in
the fourth quarter of 2018 versus US$5.7 billion in the fourth
quarter of 2017. The rolling chip win rate was 3.8% in the fourth
quarter of 2018 versus 2.8% in the fourth quarter of 2017. The
expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop decreased to
US$825.4 million in the fourth quarter of 2018 compared with
US$848.2 million in the fourth quarter of 2017. The mass market
table games hold percentage was 27.0% in the fourth quarter of 2018
compared to 26.1% in the fourth quarter of 2017.
Gaming machine handle for the fourth quarter of
2018 was US$641.8 million, compared with US$539.0 million in the
fourth quarter of 2017. The gaming machine win rate was 3.6% in the
fourth quarter of 2018 versus 4.1% in the fourth quarter of
2017.
Total non-gaming revenue at Studio City in the
fourth quarter of 2018 was US$46.4 million, compared with US$52.2
million in the fourth quarter of 2017.
City of Dreams Manila
Fourth Quarter Results
For the quarter ended December 31, 2018, net
revenue at City of Dreams Manila was US$155.2 million compared to
US$167.5 million in the fourth quarter of 2017. City of Dreams
Manila generated Adjusted EBITDA of US$67.9 million in the fourth
quarter of 2018 compared to US$53.8 million in the comparable
period of 2017. The year-on year increase in Adjusted EBITDA was
mainly attributable to better performance in all gaming
segments.
Rolling chip volume totaled US$2.4 billion in
the fourth quarter of 2018 versus US$2.9 billion in the fourth
quarter of 2017. The rolling chip win rate was 3.7% in the fourth
quarter of 2018 versus 3.1% in the fourth quarter of 2017. The
expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to
US$197.3 million for the fourth quarter of 2018, compared with
US$189.2 million in the fourth quarter of 2017. The mass market
table games hold percentage was 31.4% in the fourth quarter of 2018
compared to 30.9% in the fourth quarter of 2017.
Gaming machine handle for the fourth quarter of
2018 was US$933.6 million, compared with US$793.3 million in the
fourth quarter of 2017. The gaming machine win rate was 5.3% in the
fourth quarter of 2018 versus 5.5% in the fourth quarter of
2017.
Total non-gaming revenue at City of Dreams
Manila in the fourth quarter of 2018 was US$29.4 million, compared
with US$31.4 million in the fourth quarter of
2017.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2018 were US$80.0 million, which mainly included
interest expenses of US$74.0 million.
Depreciation and amortization costs of US$149.7
million were recorded in the fourth quarter of 2018 of which
US$13.9 million was related to the amortization expense for our
gaming subconcession and US$5.5 million was related to the
amortization expense for the land use rights.
The Adjusted EBITDA for Studio City for the
three months ended December 31, 2018 and year ended December 31,
2018 referred to in this report is US$17 million and US$61 million
more, respectively, than the Adjusted EBITDA of Studio City
contained in the earnings release for Studio City International
Holdings Limited dated February 19, 2019 (the “Studio City earnings
release”). The Adjusted EBITDA of Studio City contained in the
Studio City earnings release includes certain intercompany charges
that are not included in the Adjusted EBITDA for Studio City
contained in this report. Such intercompany charges include, among
other items, fees and shared service charges billed between Studio
City International Holdings Limited and its subsidiaries and
certain subsidiaries of Melco. Additionally, Adjusted EBITDA of
Studio City included in this report does not reflect certain costs
related to the VIP operations at Studio City Casino.
Financial Position and Capital Expenditures
Total cash and bank balances as of December 31,
2018 aggregated US$1.5 billion, including US$48.2 million of
restricted cash, primarily related to Studio City. Total debt, net
of unamortized deferred financing costs at the end of the fourth
quarter of 2018, was US$4.1 billion.
Capital expenditures for the fourth quarter of
2018 were US$99.5 million, which predominantly related to various
projects at City of Dreams and Studio City.
Full Year Results
For the year ended December 31, 2018, Melco
Resorts & Entertainment Limited reported net revenue of US$5.2
billion versus US$5.3 billion in the prior year. The decrease in
net revenue was primarily attributable to higher commissions
reported as a reduction in revenue upon the Company’s adoption of
the New Revenue Standard, partially offset by higher gross gaming
revenues in all gaming segments. The Company adopted the New
Revenue Standard on January 1, 2018 under the modified
retrospective method. Results for the periods beginning on or after
January 1, 2018 are presented under the New Revenue Standard, while
prior year amounts are not adjusted and continue to be reported in
accordance with the previous basis. Under the previous basis,
before the adoption of the New Revenue Standard, net revenue for
2018 would have been US$5.6 billion, which would have represented
an increase of approximately 5% from the US$5.3 billion for 2017.
Operating income for 2018 was US$626.8 million,
compared with operating income of US$607.6 million for 2017,
representing an increase of 3%.
Adjusted property EBITDA for the year ended
December 31, 2018 was US$1,477.9 million, as compared to Adjusted
property EBITDA of US$1,422.8 million in 2017. The year-on-year
improvement in Adjusted property EBITDA was mainly attributable to
better group-wide performance in all gaming segments.
Net income attributable to Melco Resorts &
Entertainment Limited for 2018 was US$351.5 million, or US$0.73 per
ADS, compared with US$347.0 million, or US$0.71 per ADS, for 2017.
The net income attributable to noncontrolling interests for 2018
was US$2.3 million and the net loss attributable to noncontrolling
interests for 2017 was US$31.7 million, both of which were related
to Studio City and City of Dreams Manila.
Amendment of Dividend Policy
To reaffirm Melco’s commitment to returning
surplus capital to shareholders, our Board, after evaluating
Melco’s current liquidity position and future expected capital
needs, has amended its quarterly dividend policy from one targeting
a quarterly cash dividend payment of US$0.04835 per ordinary share
(equivalent to US$0.14505 per ADS, each representing three ordinary
shares) of the Company to one targeting a quarterly cash dividend
payment of US$0.0517 per ordinary share (equivalent to US$0.1551
per ADS) of the Company.
The new dividend policy will take effect
beginning with any dividends declared by our Board for the fourth
quarter of 2018 and continue until amended or otherwise determined
by our Board. Distribution of dividends under this new dividend
policy is subject to the Company’s accumulated and future earnings,
cash availability and future commitments.
Our Board will continue to review our dividend
policy from time to time as part of our commitment to maximizing
shareholder value, taking into consideration our financial
performance and market conditions.
Dividend Declaration
On February 19, 2019, our Board considered and
approved the declaration and payment of a quarterly dividend of
US$0.0517 per ordinary share (equivalent to US$0.1551 per ADS) for
the fourth quarter of 2018 (the “Quarterly Dividend”). The
Quarterly Dividend will be paid on or about March 14, 2019 to our
shareholders whose names appear on the register of members of the
Company at the close of business on March 4, 2019, being the record
date for determination of entitlements to the Quarterly
Dividend.
Conference Call
Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its fourth quarter 2018 financial
results on Tuesday, February 19, 2019 at 8:30 a.m. Eastern Time
(9:30 p.m. Hong Kong Time). To join the conference call, please use
the dial-in details below:
US Toll
Free |
1 866 519
4004 |
US Toll /
International |
1 845 675
0437 |
HK
Toll |
852 3018
6771 |
HK Toll
Free |
800 906
601 |
Japan
Toll |
81 3 4503
6012 |
Japan
Toll Free |
012 092
5376 |
UK Toll
Free |
080 8234
6646 |
Australia
Toll |
61 290
833 212 |
Australia
Toll Free |
1 800 411
623 |
Philippines Toll Free |
1 800
1612 0306 |
|
|
Passcode |
MLCO |
An audio webcast will also be available at
http://www.melco-resorts.com.
To access the replay, please use the dial-in details below:
US Toll
Free |
1 855 452
5696 |
US Toll /
International |
1 646 254
3697 |
HK Toll
Free |
800 963
117 |
Japan
Toll |
81 3 4580
6717 |
Japan
Toll Free |
012 095
9034 |
Philippines Toll Free |
1 800
1612 0166 |
|
|
Conference ID |
3567003 |
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the “SEC”), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. These factors include, but are not limited to, (i)
growth of the gaming market and visitations in Macau and the
Philippines, (ii) capital and credit market volatility, (iii) local
and global economic conditions, (iv) our anticipated growth
strategies, (v) gaming authority and other governmental approvals
and regulations, and (vi) our future business development, results
of operations and financial condition. In some cases,
forward-looking statements can be identified by words or phrases
such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”,
“estimate”, “intend”, “plan”, “believe”, “potential”, “continue”,
“is/are likely to” or other similar expressions. Further
information regarding these and other risks, uncertainties or
factors is included in the Company’s filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company undertakes no duty to update
such information, except as required under applicable law.
Non-GAAP Financial
Measures
(1) “Adjusted EBITDA” is earnings before
interest, taxes, depreciation, amortization, pre-opening costs,
development costs, property charges and other, share-based
compensation, payments to the Philippine parties under the
cooperative arrangement (the “Philippine Parties”), land rent to
Belle Corporation and other non-operating income and expenses.
“Adjusted property EBITDA” is earnings before interest, taxes,
depreciation, amortization, pre-opening costs, development costs,
property charges and other, share-based compensation, payments to
the Philippine Parties, land rent to Belle Corporation, Corporate
and Other expenses and other non-operating income and expenses.
Adjusted EBITDA and adjusted property EBITDA are presented
exclusively as supplemental disclosures because management believes
they are widely used to measure the performance, and as a basis for
valuation, of gaming companies. Management uses adjusted EBITDA and
adjusted property EBITDA as measures of the operating performance
of its segments and to compare the operating performance of its
properties with those of its competitors. The Company also presents
adjusted EBITDA and adjusted property EBITDA because they are used
by some investors as ways to measure a company’s ability to incur
and service debt, make capital expenditures, and meet working
capital requirements. Gaming companies have historically reported
adjusted EBITDA and adjusted property EBITDA as supplements to
financial measures in accordance with U.S. GAAP. However, adjusted
EBITDA and adjusted property EBITDA should not be considered as
alternatives to operating income as indicators of the Company’s
performance, as alternatives to cash flows from operating
activities as measures of liquidity, or as alternatives to any
other measure determined in accordance with U.S. GAAP. Unlike net
income, adjusted EBITDA and adjusted property EBITDA do not include
depreciation and amortization or interest expense and, therefore,
do not reflect current or future capital expenditures or the cost
of capital. The Company compensates for these limitations by using
adjusted EBITDA and adjusted property EBITDA as only two of several
comparative tools, together with U.S. GAAP measurements, to assist
in the evaluation of operating performance.
Such U.S. GAAP measurements include operating
income, net income, cash flows from operations and cash flow data.
The Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes
and other recurring and nonrecurring charges, which are not
reflected in adjusted EBITDA or adjusted property EBITDA. Also, the
Company’s calculation of adjusted EBITDA and adjusted property
EBITDA may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted EBITDA and adjusted property EBITDA
with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release.
(2) “Adjusted net income” is net income before
pre-opening costs, development costs, property charges and other,
loss on extinguishment of debt and costs associated with debt
modification, net of noncontrolling interests and taxes calculated
using specific tax treatments applicable to the adjustments based
on their respective jurisdictions. Adjusted net income attributable
to Melco Resorts & Entertainment Limited and adjusted net
income attributable to Melco Resorts & Entertainment Limited
per share (“EPS”) are presented as supplemental disclosures because
management believes they are widely used to measure the
performance, and as a basis for valuation, of gaming companies.
These measures are used by management and/or evaluated by some
investors, in addition to income and EPS computed in accordance
with U.S. GAAP, as an additional basis for assessing
period-to-period results of our business. Adjusted net income
attributable to Melco Resorts & Entertainment Limited and
adjusted net income attributable to Melco Resorts &
Entertainment Limited per share may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net
income attributable to Melco Resorts & Entertainment Limited
with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release.
About Melco Resorts
& Entertainment Limited
The Company, with its American depositary shares
listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a
developer, owner and operator of casino gaming and entertainment
casino resort facilities in Asia. The Company currently operates
Altira Macau (www.altiramacau.com), a casino hotel located at
Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an
integrated urban casino resort located in Cotai, Macau. Its
business also includes the Mocha Clubs (www.mochaclubs.com), which
comprise the largest non-casino based operations of electronic
gaming machines in Macau. The Company also majority owns and
operates Studio City (www.studiocity-macau.com), a
cinematically-themed integrated entertainment, retail and gaming
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreams.com.ph), a casino, hotel, retail and
entertainment integrated resort in the Entertainment City complex
in Manila. For more information about the Company, please visit
www.melco-resorts.com.
The Company is strongly supported by its single
largest shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong Kong
Limited and is substantially owned and led by Mr. Lawrence Ho, who
is the Chairman, Executive Director and Chief Executive Officer of
the Company.
For investment community, please contact:
Richard HuangDirector, Investor RelationsTel: +852 2598 3619Email:
richardlshuang@melco-resorts.com
For media enquiries, please
contact:
Chimmy LeungExecutive Director, Corporate CommunicationsTel:
+852 3151 3765Email: chimmyleung@melco-resorts.com
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Melco Resorts & Entertainment Limited and
Subsidiaries |
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Condensed Consolidated Statements of
Operations |
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(In thousands of U.S. dollars, except share
and per share data) |
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2018 |
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2017 |
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2018 |
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2017 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Audited) |
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OPERATING REVENUES |
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Casino |
$ |
1,210,565 |
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$ |
1,249,513 |
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$ |
4,463,704 |
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$ |
4,937,597 |
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Rooms |
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89,513 |
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71,164 |
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|
|
311,028 |
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|
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271,500 |
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Food and beverage |
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56,059 |
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|
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51,273 |
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|
204,171 |
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184,979 |
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Entertainment, retail
and other |
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40,317 |
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43,924 |
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179,606 |
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203,763 |
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Gross revenues |
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1,396,454 |
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1,415,874 |
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5,158,509 |
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|
5,597,839 |
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Less: promotional
allowances |
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- |
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(83,318 |
) |
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- |
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|
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(313,016 |
) |
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Net revenues |
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1,396,454 |
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1,332,556 |
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5,158,509 |
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5,284,823 |
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OPERATING COSTS AND
EXPENSES |
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Casino |
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(795,606 |
) |
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(865,064 |
) |
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|
(2,984,711 |
) |
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(3,374,013 |
) |
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Rooms |
|
(22,590 |
) |
|
|
(8,389 |
) |
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|
(78,377 |
) |
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(32,641 |
) |
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Food and beverage |
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(44,955 |
) |
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(16,056 |
) |
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(161,126 |
) |
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(57,927 |
) |
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Entertainment, retail
and other |
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(21,600 |
) |
|
|
(21,612 |
) |
|
|
(92,436 |
) |
|
|
(88,268 |
) |
|
|
General and
administrative |
|
(119,248 |
) |
|
|
(122,616 |
) |
|
|
(500,624 |
) |
|
|
(467,121 |
) |
|
|
Payments to the
Philippine Parties |
|
(15,030 |
) |
|
|
(9,112 |
) |
|
|
(60,778 |
) |
|
|
(51,661 |
) |
|
|
Pre-opening costs |
|
(4,282 |
) |
|
|
(1,097 |
) |
|
|
(37,369 |
) |
|
|
(2,274 |
) |
|
|
Development costs |
|
(11,301 |
) |
|
|
(12,976 |
) |
|
|
(23,029 |
) |
|
|
(31,115 |
) |
|
|
Amortization of gaming
subconcession |
|
(13,881 |
) |
|
|
(14,309 |
) |
|
|
(56,809 |
) |
|
|
(57,237 |
) |
|
|
Amortization of land
use rights |
|
(5,534 |
) |
|
|
(5,705 |
) |
|
|
(22,646 |
) |
|
|
(22,817 |
) |
|
|
Depreciation and
amortization |
|
(130,261 |
) |
|
|
(113,451 |
) |
|
|
(484,621 |
) |
|
|
(460,521 |
) |
|
|
Property charges and
other |
|
(8,190 |
) |
|
|
(13,215 |
) |
|
|
(29,147 |
) |
|
|
(31,616 |
) |
|
|
Total operating costs
and expenses |
|
(1,192,478 |
) |
|
|
(1,203,602 |
) |
|
|
(4,531,673 |
) |
|
|
(4,677,211 |
) |
|
|
OPERATING INCOME |
|
203,976 |
|
|
|
128,954 |
|
|
|
626,836 |
|
|
|
607,612 |
|
|
|
NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,422 |
|
|
|
1,082 |
|
|
|
5,471 |
|
|
|
3,579 |
|
|
|
Interest expenses, net
of capitalized interest |
|
(73,992 |
) |
|
|
(60,691 |
) |
|
|
(264,880 |
) |
|
|
(255,764 |
) |
|
|
Other finance
costs |
|
(564 |
) |
|
|
(1,575 |
) |
|
|
(4,630 |
) |
|
|
(6,079 |
) |
|
|
Foreign exchange
(losses) gains, net |
|
(4,253 |
) |
|
|
592 |
|
|
|
(9,612 |
) |
|
|
12,783 |
|
|
|
Other income, net |
|
670 |
|
|
|
3,024 |
|
|
|
3,682 |
|
|
|
5,282 |
|
|
|
Loss on extinguishment
of debt |
|
(3,248 |
) |
|
|
(939 |
) |
|
|
(3,461 |
) |
|
|
(49,337 |
) |
|
|
Costs associated with
debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,793 |
) |
|
|
Total non-operating
expenses, net |
|
(79,965 |
) |
|
|
(58,507 |
) |
|
|
(273,430 |
) |
|
|
(292,329 |
) |
|
|
INCOME BEFORE INCOME
TAX |
|
124,011 |
|
|
|
70,447 |
|
|
|
353,406 |
|
|
|
315,283 |
|
|
|
INCOME TAX
CREDIT |
|
6,160 |
|
|
|
945 |
|
|
|
445 |
|
|
|
10 |
|
|
|
NET INCOME |
|
130,171 |
|
|
|
71,392 |
|
|
|
353,851 |
|
|
|
315,293 |
|
|
|
NET (INCOME) LOSS
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING
INTERESTS |
|
(2,164 |
) |
|
|
9,780 |
|
|
|
(2,336 |
) |
|
|
31,709 |
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS
& ENTERTAINMENT LIMITED |
$ |
128,007 |
|
|
$ |
81,172 |
|
|
$ |
351,515 |
|
|
$ |
347,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS
& ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.091 |
|
|
$ |
0.055 |
|
|
$ |
0.242 |
|
|
$ |
0.236 |
|
|
|
Diluted |
$ |
0.091 |
|
|
$ |
0.055 |
|
|
$ |
0.240 |
|
|
$ |
0.235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS
& ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.274 |
|
|
$ |
0.166 |
|
|
$ |
0.727 |
|
|
$ |
0.709 |
|
|
|
Diluted |
$ |
0.273 |
|
|
$ |
0.164 |
|
|
$ |
0.721 |
|
|
$ |
0.704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
USED IN NET
INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS
& ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,399,181,661 |
|
|
|
1,469,344,163 |
|
|
|
1,451,051,051 |
|
|
|
1,467,653,209 |
|
|
|
Diluted |
|
1,404,204,538 |
|
|
|
1,482,030,219 |
|
|
|
1,460,909,324 |
|
|
|
1,479,342,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The
Company adopted the New Revenue Standard on January 1, 2018 under
the modified retrospective method. Results for the periods
beginning on or after January 1, 2018 are presented under the New
Revenue Standard, while prior year amounts are not adjusted and
continue to be reported in accordance with the previous
basis. |
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
Condensed Consolidated Balance
Sheets |
|
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2018 |
|
2017 |
|
|
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
1,436,558 |
|
|
$ |
1,408,211 |
|
|
|
Investment
securities |
|
91,598 |
|
|
|
89,874 |
|
|
|
Bank deposits with
original maturities over three months |
|
- |
|
|
|
9,884 |
|
|
|
Restricted cash |
|
48,037 |
|
|
|
45,412 |
|
|
|
Accounts receivable,
net |
|
242,089 |
|
|
|
176,544 |
|
|
|
Amounts due from
affiliated companies |
|
7,603 |
|
|
|
2,377 |
|
|
|
Inventories |
|
40,828 |
|
|
|
34,988 |
|
|
|
Prepaid expenses and
other current assets |
|
90,749 |
|
|
|
77,503 |
|
|
|
Total current
assets |
|
1,957,462 |
|
|
|
1,844,793 |
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
5,661,653 |
|
|
|
5,730,760 |
|
|
|
GAMING SUBCONCESSION,
NET |
|
197,533 |
|
|
|
256,083 |
|
|
|
INTANGIBLE ASSETS |
|
30,072 |
|
|
|
4,220 |
|
|
|
GOODWILL |
|
81,376 |
|
|
|
81,915 |
|
|
|
LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
186,515 |
|
|
|
189,645 |
|
|
|
RESTRICTED CASH |
|
129 |
|
|
|
130 |
|
|
|
DEFERRED TAX
ASSETS |
|
2,992 |
|
|
|
11 |
|
|
|
LAND USE RIGHTS,
NET |
|
759,651 |
|
|
|
787,499 |
|
|
|
TOTAL ASSETS |
$ |
8,877,383 |
|
|
$ |
8,895,056 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Accounts payable |
$ |
24,879 |
|
|
$ |
16,041 |
|
|
|
Accrued expenses and
other current liabilities |
|
1,658,550 |
|
|
|
1,563,585 |
|
|
|
Income tax payable |
|
4,903 |
|
|
|
3,179 |
|
|
|
Capital lease
obligations, due within one year |
|
34,659 |
|
|
|
33,387 |
|
|
|
Current portion of
long-term debt, net |
|
395,547 |
|
|
|
51,032 |
|
|
|
Amounts due to
affiliated companies |
|
11,469 |
|
|
|
16,790 |
|
|
|
Total current
liabilities |
|
2,130,007 |
|
|
|
1,684,014 |
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT,
NET |
|
3,665,370 |
|
|
|
3,506,530 |
|
|
|
OTHER LONG-TERM
LIABILITIES |
|
28,866 |
|
|
|
48,087 |
|
|
|
DEFERRED TAX
LIABILITIES |
|
54,063 |
|
|
|
53,994 |
|
|
|
CAPITAL LEASE
OBLIGATIONS, DUE AFTER ONE YEAR |
|
253,374 |
|
|
|
265,896 |
|
|
|
AMOUNTS DUE TO
AFFILIATED COMPANIES |
|
- |
|
|
|
919 |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Ordinary shares |
|
14,830 |
|
|
|
14,784 |
|
|
|
Treasury shares |
|
(657,389 |
) |
|
|
(90 |
) |
|
|
Additional paid-in
capital |
|
3,523,275 |
|
|
|
3,671,805 |
|
|
|
Accumulated other
comprehensive losses |
|
(49,804 |
) |
|
|
(26,610 |
) |
|
|
Accumulated losses |
|
(703,576 |
) |
|
|
(772,338 |
) |
|
|
Total Melco Resorts
& Entertainment Limited shareholders’ equity |
|
2,127,336 |
|
|
|
2,887,551 |
|
|
|
Noncontrolling
interests |
|
618,367 |
|
|
|
448,065 |
|
|
|
Total equity |
|
2,745,703 |
|
|
|
3,335,616 |
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
8,877,383 |
|
|
$ |
8,895,056 |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Reconciliation of Net Income Attributable to
Melco Resorts & Entertainment Limited
to |
|
Adjusted Net Income Attributable to Melco
Resorts & Entertainment Limited |
|
(In thousands of U.S. dollars, except share
and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts
& Entertainment Limited |
$ |
128,007 |
|
|
$ |
81,172 |
|
|
$ |
351,515 |
|
|
$ |
347,002 |
|
|
Pre-opening Costs |
|
4,282 |
|
|
|
1,097 |
|
|
|
37,369 |
|
|
|
2,274 |
|
|
Development
Costs |
|
11,301 |
|
|
|
12,976 |
|
|
|
23,029 |
|
|
|
31,115 |
|
|
Property
Charges and Other |
|
8,190 |
|
|
|
13,215 |
|
|
|
29,147 |
|
|
|
31,616 |
|
|
Loss on
Extinguishment of Debt |
|
3,248 |
|
|
|
939 |
|
|
|
3,461 |
|
|
|
49,337 |
|
|
Costs Associated
with Debt Modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,793 |
|
|
Income Tax
Impact on Adjustments |
|
(3,944 |
) |
|
|
(98 |
) |
|
|
(4,123 |
) |
|
|
(360 |
) |
|
Noncontrolling Interests Impact on Adjustments |
|
(3,871 |
) |
|
|
(7,932 |
) |
|
|
(5,741 |
) |
|
|
(10,606 |
) |
|
Adjusted Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts
& Entertainment Limited |
$ |
147,213 |
|
|
$ |
101,369 |
|
|
$ |
434,657 |
|
|
$ |
453,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.105 |
|
|
$ |
0.069 |
|
|
$ |
0.300 |
|
|
$ |
0.309 |
|
|
Diluted |
$ |
0.105 |
|
|
$ |
0.068 |
|
|
$ |
0.297 |
|
|
$ |
0.306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS
& ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.316 |
|
|
$ |
0.207 |
|
|
$ |
0.899 |
|
|
$ |
0.926 |
|
|
Diluted |
$ |
0.314 |
|
|
$ |
0.205 |
|
|
$ |
0.892 |
|
|
$ |
0.919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
USED IN ADJUSTED
NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO RESORTS
& ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,399,181,661 |
|
|
|
1,469,344,163 |
|
|
|
1,451,051,051 |
|
|
|
1,467,653,209 |
|
|
Diluted |
|
1,404,204,538 |
|
|
|
1,482,030,219 |
|
|
|
1,460,909,324 |
|
|
|
1,479,342,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Reconciliation of Operating Income (Loss) to
Adjusted EBITDA and Adjusted Property EBITDA |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2018 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Other |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
14,591 |
|
|
$ |
2,050 |
|
|
$ |
165,786 |
|
|
$ |
56,174 |
|
$ |
25,825 |
|
$ |
(60,450 |
) |
|
$ |
203,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
15,030 |
|
|
- |
|
|
|
15,030 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
747 |
|
|
- |
|
|
|
747 |
|
Pre-opening
Costs |
|
37 |
|
|
|
- |
|
|
|
(33 |
) |
|
|
4,140 |
|
|
138 |
|
|
- |
|
|
|
4,282 |
|
Development
Costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
11,301 |
|
|
|
11,301 |
|
Depreciation and
Amortization |
|
5,185 |
|
|
|
2,181 |
|
|
|
63,175 |
|
|
|
41,569 |
|
|
18,680 |
|
|
18,886 |
|
|
|
149,676 |
|
Share-based
Compensation |
|
110 |
|
|
|
47 |
|
|
|
873 |
|
|
|
423 |
|
|
270 |
|
|
5,202 |
|
|
|
6,925 |
|
Property Charges
and Other |
|
238 |
|
|
|
454 |
|
|
|
(57 |
) |
|
|
377 |
|
|
7,181 |
|
|
(3 |
) |
|
|
8,190 |
|
Adjusted EBITDA |
|
20,161 |
|
|
|
4,732 |
|
|
|
229,744 |
|
|
|
102,683 |
|
|
67,871 |
|
|
(25,064 |
) |
|
|
400,127 |
|
Corporate and
Other Expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
25,064 |
|
|
|
25,064 |
|
Adjusted Property
EBITDA |
$ |
20,161 |
|
|
$ |
4,732 |
|
|
$ |
229,744 |
|
|
$ |
102,683 |
|
$ |
67,871 |
|
$ |
- |
|
|
$ |
425,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2017 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Other |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
13,039 |
|
|
$ |
5,114 |
|
|
$ |
132,793 |
|
|
$ |
28,915 |
|
$ |
19,972 |
|
$ |
(70,879 |
) |
|
$ |
128,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
9,112 |
|
|
- |
|
|
|
9,112 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
782 |
|
|
- |
|
|
|
782 |
|
Pre-opening
Costs |
|
- |
|
|
|
- |
|
|
|
966 |
|
|
|
131 |
|
|
- |
|
|
- |
|
|
|
1,097 |
|
Development
Costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
12,976 |
|
|
|
12,976 |
|
Depreciation and
Amortization |
|
4,975 |
|
|
|
2,090 |
|
|
|
40,782 |
|
|
|
46,081 |
|
|
21,042 |
|
|
18,495 |
|
|
|
133,465 |
|
Share-based
Compensation |
|
54 |
|
|
|
(73 |
) |
|
|
828 |
|
|
|
367 |
|
|
247 |
|
|
3,787 |
|
|
|
5,210 |
|
Property Charges
and Other |
|
(611 |
) |
|
|
305 |
|
|
|
(5,692 |
) |
|
|
15,981 |
|
|
2,638 |
|
|
594 |
|
|
|
13,215 |
|
Adjusted EBITDA |
|
17,457 |
|
|
|
7,436 |
|
|
|
169,677 |
|
|
|
91,475 |
|
|
53,793 |
|
|
(35,027 |
) |
|
|
304,811 |
|
Corporate and
Other Expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
35,027 |
|
|
|
35,027 |
|
Adjusted Property
EBITDA |
$ |
17,457 |
|
|
$ |
7,436 |
|
|
$ |
169,677 |
|
|
$ |
91,475 |
|
$ |
53,793 |
|
$ |
- |
|
|
$ |
339,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Reconciliation of Operating Income (Loss) to
Adjusted EBITDA and Adjusted Property EBITDA |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Other |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
34,789 |
|
|
$ |
12,897 |
|
$ |
500,203 |
|
$ |
188,684 |
|
$ |
122,909 |
|
|
$ |
(232,646 |
) |
|
$ |
626,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
60,778 |
|
|
|
- |
|
|
|
60,778 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
3,001 |
|
|
|
- |
|
|
|
3,001 |
|
Pre-opening
Costs |
|
37 |
|
|
|
- |
|
|
32,624 |
|
|
4,550 |
|
|
158 |
|
|
|
- |
|
|
|
37,369 |
|
Development
Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
23,029 |
|
|
|
23,029 |
|
Depreciation and
Amortization |
|
19,655 |
|
|
|
8,413 |
|
|
209,622 |
|
|
176,006 |
|
|
75,274 |
|
|
|
75,106 |
|
|
|
564,076 |
|
Share-based
Compensation |
|
388 |
|
|
|
158 |
|
|
3,472 |
|
|
1,577 |
|
|
(129 |
) |
|
|
19,677 |
|
|
|
25,143 |
|
Property Charges
and Other |
|
678 |
|
|
|
22 |
|
|
10,460 |
|
|
4,471 |
|
|
7,209 |
|
|
|
6,307 |
|
|
|
29,147 |
|
Adjusted EBITDA |
|
55,547 |
|
|
|
21,490 |
|
|
756,381 |
|
|
375,288 |
|
|
269,200 |
|
|
|
(108,527 |
) |
|
|
1,369,379 |
|
Corporate and
Other Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
108,527 |
|
|
|
108,527 |
|
Adjusted Property
EBITDA |
$ |
55,547 |
|
|
$ |
21,490 |
|
$ |
756,381 |
|
$ |
375,288 |
|
$ |
269,200 |
|
|
$ |
- |
|
|
$ |
1,477,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Other |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
(149 |
) |
|
$ |
18,206 |
|
$ |
625,766 |
|
$ |
126,247 |
|
$ |
92,636 |
|
|
$ |
(255,094 |
) |
|
$ |
607,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
51,661 |
|
|
|
- |
|
|
|
51,661 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
3,143 |
|
|
|
- |
|
|
|
3,143 |
|
Pre-opening
Costs |
|
- |
|
|
|
- |
|
|
1,933 |
|
|
116 |
|
|
225 |
|
|
|
- |
|
|
|
2,274 |
|
Development
Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
31,115 |
|
|
|
31,115 |
|
Depreciation and
Amortization |
|
20,973 |
|
|
|
8,312 |
|
|
171,216 |
|
|
184,456 |
|
|
84,200 |
|
|
|
71,418 |
|
|
|
540,575 |
|
Share-based
Compensation |
|
204 |
|
|
|
24 |
|
|
2,934 |
|
|
1,294 |
|
|
516 |
|
|
|
12,333 |
|
|
|
17,305 |
|
Property Charges
and Other |
|
(357 |
) |
|
|
97 |
|
|
3,023 |
|
|
23,455 |
|
|
2,638 |
|
|
|
2,760 |
|
|
|
31,616 |
|
Adjusted EBITDA |
|
20,671 |
|
|
|
26,639 |
|
|
804,872 |
|
|
335,568 |
|
|
235,019 |
|
|
|
(137,468 |
) |
|
|
1,285,301 |
|
Corporate and
Other Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
137,468 |
|
|
|
137,468 |
|
Adjusted Property
EBITDA |
$ |
20,671 |
|
|
$ |
26,639 |
|
$ |
804,872 |
|
$ |
335,568 |
|
$ |
235,019 |
|
|
$ |
- |
|
|
$ |
1,422,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
|
Reconciliation of Net Income Attributable to
Melco Resorts & Entertainment Limited to |
|
Adjusted EBITDA and Adjusted Property
EBITDA |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable
to Melco Resorts & Entertainment Limited |
$ |
128,007 |
|
|
$ |
81,172 |
|
|
$ |
351,515 |
|
|
$ |
347,002 |
|
|
Net Income (Loss)
Attributable to Noncontrolling Interests |
|
2,164 |
|
|
|
(9,780 |
) |
|
|
2,336 |
|
|
|
(31,709 |
) |
|
Net Income |
|
130,171 |
|
|
|
71,392 |
|
|
|
353,851 |
|
|
|
315,293 |
|
|
Income
Tax Credit |
|
(6,160 |
) |
|
|
(945 |
) |
|
|
(445 |
) |
|
|
(10 |
) |
|
Interest
and Other Non-Operating Expenses, Net |
|
79,965 |
|
|
|
58,507 |
|
|
|
273,430 |
|
|
|
292,329 |
|
|
Property
Charges and Other |
|
8,190 |
|
|
|
13,215 |
|
|
|
29,147 |
|
|
|
31,616 |
|
|
Share-based Compensation |
|
6,925 |
|
|
|
5,210 |
|
|
|
25,143 |
|
|
|
17,305 |
|
|
Depreciation and Amortization |
|
149,676 |
|
|
|
133,465 |
|
|
|
564,076 |
|
|
|
540,575 |
|
|
Development Costs |
|
11,301 |
|
|
|
12,976 |
|
|
|
23,029 |
|
|
|
31,115 |
|
|
Pre-opening Costs |
|
4,282 |
|
|
|
1,097 |
|
|
|
37,369 |
|
|
|
2,274 |
|
|
Land Rent
to Belle Corporation |
|
747 |
|
|
|
782 |
|
|
|
3,001 |
|
|
|
3,143 |
|
|
Payments
to the Philippine Parties |
|
15,030 |
|
|
|
9,112 |
|
|
|
60,778 |
|
|
|
51,661 |
|
|
Adjusted EBITDA |
|
400,127 |
|
|
|
304,811 |
|
|
|
1,369,379 |
|
|
|
1,285,301 |
|
|
Corporate
and Other Expenses |
|
25,064 |
|
|
|
35,027 |
|
|
|
108,527 |
|
|
|
137,468 |
|
|
Adjusted Property
EBITDA |
$ |
425,191 |
|
|
$ |
339,838 |
|
|
$ |
1,477,906 |
|
|
$ |
1,422,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment
Limited and Subsidiaries |
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
188 |
|
|
$ |
209 |
|
|
$ |
189 |
|
|
$ |
204 |
|
|
|
|
Occupancy per available room |
|
|
|
100 |
% |
|
|
99 |
% |
|
|
99 |
% |
|
|
96 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
188 |
|
|
$ |
207 |
|
|
$ |
188 |
|
|
$ |
196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
222 |
|
|
$ |
209 |
|
|
$ |
212 |
|
|
$ |
202 |
|
|
|
|
Occupancy per available room |
|
|
|
97 |
% |
|
|
97 |
% |
|
|
97 |
% |
|
|
97 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
216 |
|
|
$ |
202 |
|
|
$ |
206 |
|
|
$ |
196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
138 |
|
|
$ |
145 |
|
|
$ |
138 |
|
|
$ |
140 |
|
|
|
|
Occupancy per available room |
|
|
|
100 |
% |
|
|
99 |
% |
|
|
100 |
% |
|
|
99 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
138 |
|
|
$ |
144 |
|
|
$ |
138 |
|
|
$ |
138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
162 |
|
|
$ |
163 |
|
|
$ |
159 |
|
|
$ |
158 |
|
|
|
|
Occupancy per available room |
|
|
|
98 |
% |
|
|
97 |
% |
|
|
98 |
% |
|
|
96 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
159 |
|
|
$ |
158 |
|
|
$ |
156 |
|
|
$ |
152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
103 |
|
|
|
103 |
|
|
|
104 |
|
|
|
107 |
|
|
|
|
Average number of gaming machines |
|
|
136 |
|
|
|
120 |
|
|
|
129 |
|
|
|
73 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
23,849 |
|
|
$ |
19,358 |
|
|
$ |
20,546 |
|
|
$ |
15,478 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
102 |
|
|
$ |
112 |
|
|
$ |
137 |
|
|
$ |
106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
477 |
|
|
|
479 |
|
|
|
476 |
|
|
|
479 |
|
|
|
|
Average number of gaming machines |
|
|
774 |
|
|
|
712 |
|
|
|
724 |
|
|
|
746 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
18,187 |
|
|
$ |
15,013 |
|
|
$ |
16,257 |
|
|
$ |
16,408 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
547 |
|
|
$ |
726 |
|
|
$ |
737 |
|
|
$ |
557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
293 |
|
|
|
293 |
|
|
|
292 |
|
|
|
288 |
|
|
|
|
Average number of gaming machines |
|
|
987 |
|
|
|
883 |
|
|
|
957 |
|
|
|
951 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
13,233 |
|
|
$ |
14,123 |
|
|
$ |
14,076 |
|
|
$ |
12,932 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
254 |
|
|
$ |
272 |
|
|
$ |
240 |
|
|
$ |
225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
301 |
|
|
|
291 |
|
|
|
300 |
|
|
|
283 |
|
|
|
|
Average number of gaming machines |
|
|
2,057 |
|
|
|
1,800 |
|
|
|
1,929 |
|
|
|
1,786 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
5,408 |
|
|
$ |
5,473 |
|
|
$ |
5,536 |
|
|
$ |
5,432 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
261 |
|
|
$ |
265 |
|
|
$ |
278 |
|
|
$ |
271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Average daily rate is calculated by dividing total room
revenues including the retail value of complimentary rooms (less
service charges, if any) by total occupied rooms including
complimentary rooms |
|
|
|
(4) Revenue per available room is calculated by dividing total
room revenues including the retail value of complimentary rooms
(less service charges, if any) by total rooms available |
|
|
|
(5) Table games win per unit per day is shown before
discounts, commissions, non-discretionary incentives (including our
point-loyalty programs) and allocating casino revenues related to
goods and services provided to gaming patrons on a
complimentary basis |
|
|
|
(6) Gaming machines win per unit per day is shown before
non-discretionary incentives (including our point-loyalty programs)
and allocating casino revenues related to goods and services
provided to gaming patrons on a complimentary basis |
|
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