Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco”
or the “Company”), a developer, owner, and operator of integrated
resort facilities in Asia and Europe, today reported its unaudited
financial results for the third quarter of 2021.
Total operating revenues for the third quarter
of 2021 were US$446.4 million, representing an increase of
approximately 110% from US$212.9 million for the comparable period
in 2020. The increase in total operating revenues was primarily
attributable to improved performance in all gaming segments and
non-gaming operations as a result of a year-over-year increase in
inbound tourism in Macau.
Operating loss for the third quarter of 2021 was
US$182.2 million, compared with operating loss of US$275.0 million
in the third quarter of 2020.
Melco generated Adjusted Property EBITDA(1) of
US$31.9 million in the third quarter of 2021, compared with
negative Adjusted Property EBITDA of US$76.7 million in the third
quarter of 2020.
Net loss attributable to Melco Resorts &
Entertainment Limited for the third quarter of 2021 was US$233.2
million, or US$0.49 per ADS, compared with net loss attributable to
Melco Resorts & Entertainment Limited of US$331.6 million, or
US$0.70 per ADS, in the third quarter of 2020. The net loss
attributable to noncontrolling interests was US$35.3 million and
US$55.3 million during the third quarters of 2021 and 2020,
respectively, all of which were related to Studio City, City of
Dreams Manila, and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “Continued travel restrictions and
quarantine measures in Macau and the region negatively impacted our
third quarter operating and financial performance. To preserve our
cash and liquidity, we continue to enforce strong cost control
discipline in respect to both operating expenses and capital
expenditures.
“Macau remains one of the safest regions in the
world thanks to the government’s careful handling of the global
pandemic, and we applaud the government’s effort to further
increase vaccination rates towards the goal of increasing immunity
in Macau. At Melco, we continue to encourage vaccination uptake as
a key company objective that will help to ensure a safe environment
for colleagues, guests, and the community at large. Thanks to
strong participation in our “Get the Jab” vaccination incentive
campaign, Melco’s vaccination rate in Macau has reached close to
95%. We look forward to further travel integration between mainland
China and Macau, once Macau achieves an acceptable vaccination
rate, and we remain fully committed to doing our part for the
betterment of the community.
“Looking forward, we remain confident that
pent-up demand for Macau remains intact and strong.
“Meanwhile, Melco remains steadfast to its
investment commitments in Macau, where we are a leader in driving
the growth and diversification of the Macau economy. The
construction of Studio City Phase 2 is progressing on track for
completion before December 27, 2022. This expansion will offer
approximately 900 additional luxury hotel rooms and suites, an
additional indoor/outdoor water park which is expected to be one of
the largest in the world, a Cineplex, multiple fine-dining
restaurants, and state-of-the-art MICE space.
“In Europe, the development of City of Dreams
Mediterranean continues and is on track with our target opening
date in the second half of 2022. The project represents Europe’s
largest integrated resort with approximately 500 luxury hotel
rooms, approximately 100,000 square feet of MICE space, an
outdoor amphitheater, a family adventure park, a variety of
fine-dining outlets, and luxury retail.
“We have discontinued our pursuit of an
integrated resort development in Japan and will close our offices
there in the coming months.
“Additionally, we have recently repurchased
approximately 3.1 million ADSs for approximately US$31 million.
These share repurchases reflect the confidence we have in our
company, our long-term strategy, and our future growth
prospects.
“Last, we are proud of our achievements in
sustainability at Melco. In the third quarter, we were awarded the
PATA Gold Awards 2021 in the “Climate Change Initiative” category,
while International Gaming Awards 2021 named us “Sustainable Resort
of the Year” in City of Dreams Macau. Through our initiatives, we
have significantly reduced food waste, greenhouse gas emissions,
the usage of harmful chemicals, and the consumption of single use
plastics across our properties.”
City of Dreams Third Quarter
Results
For the quarter ended September 30, 2021, total
operating revenues at City of Dreams were US$252.0 million,
compared to US$91.4 million in the third quarter of 2020. City of
Dreams generated Adjusted EBITDA of US$32.7 million in the third
quarter of 2021, compared with negative Adjusted EBITDA of US$49.2
million in the third quarter of 2020. The year-over-year increase
in Adjusted EBITDA was primarily a result of better performance in
all gaming segments and non-gaming operations.
Rolling chip volume was US$2.79 billion for the
third quarter of 2021 versus US$1.86 billion in the third quarter
of 2020. The rolling chip win rate was 3.46% in the third quarter
of 2021 versus 3.34% in the third quarter of 2020. The expected
rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$617.7 million in the third quarter of 2021, compared with
US$90.1 million in the third quarter of 2020. The mass market table
games hold percentage was 28.6% in the third quarter of 2021,
compared to 38.1% in the third quarter of 2020.
Gaming machine handle for the third quarter of
2021 was US$376.9 million, compared with US$109.7 million in the
third quarter of 2020. The gaming machine win rate was 3.1% in the
third quarter of 2021 versus 3.4% in the third quarter of 2020.
Total non-gaming revenue at City of Dreams in
the third quarter of 2021 was US$39.5 million, compared with
US$18.0 million in the third quarter of 2020.
Altira Macau Third Quarter
Results
For the quarter ended September 30, 2021, total
operating revenues at Altira Macau were US$10.2 million, compared
to US$11.0 million in the third quarter of 2020. Altira Macau
generated negative Adjusted EBITDA of US$6.9 million in the third
quarter of 2021, compared with negative Adjusted EBITDA of US$16.8
million in the third quarter of 2020.
Starting in the third quarter of 2021, Altira
Macau has strategically repositioned to cater to the premium mass
segment and has shut down VIP operations. In the third quarter of
2020, rolling chip volume was US$335.8 million and the rolling chip
win rate was 3.06%. The expected rolling chip win rate range is
2.85% - 3.15%.
In the mass market table games segment, drop was
US$28.7 million in the third quarter of 2021 versus US$15.7 million
in the third quarter of 2020. The mass market table games hold
percentage was 25.8% in the third quarter of 2021, compared with
16.9% in the third quarter of 2020. Gaming
machine handle for the third quarter of 2021 was US$59.1 million,
compared with US$42.6 million in the third quarter of 2020. The
gaming machine win rate was 3.6% in the third quarter of 2021
versus 2.3% in the third quarter of 2020.
Total non-gaming revenue at Altira Macau in the
third quarter of 2021 was US$2.0 million, compared with US$2.2
million in the third quarter of 2020.
Mocha Clubs Third Quarter
Results
Total operating revenues from Mocha Clubs were
US$22.2 million in the third quarter of 2021, compared to US$11.3
million in the third quarter of 2020. Mocha Clubs generated
Adjusted EBITDA of US$4.8 million in the third quarter of 2021,
compared with negative Adjusted EBITDA of US$0.5 million in the
same period in 2020.
Gaming machine handle for the third quarter of
2021 was US$491.3 million, compared with US$279.6 million in the
third quarter of 2020. The gaming machine win rate was 4.5% in the
third quarter of 2021 versus 4.0% in the third quarter of 2020.
Studio City Third Quarter
Results
For the quarter ended September 30, 2021, total
operating revenues at Studio City were US$81.8 million, compared to
US$30.8 million in the third quarter of 2020. Studio City generated
negative Adjusted EBITDA of US$14.0 million in the third quarter of
2021, compared with negative Adjusted EBITDA of US$21.7 million in
the third quarter of 2020. The year-over-year change in Adjusted
EBITDA was primarily a result of better performance in overall
gaming and non-gaming operations.
Studio City’s rolling chip volume was US$472.4
million in the third quarter of 2021 versus US$148.8 million in the
third quarter of 2020. The rolling chip win rate was 2.35% in the
third quarter of 2021 versus 3.41% in the third quarter of 2020.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$250.5 million in the third quarter of 2021, compared with
US$49.7 million in the third quarter of 2020. The mass market table
games hold percentage was 26.4% in the third quarter of 2021,
compared to 31.5% in the third quarter of 2020.
Gaming machine handle for the third quarter of
2021 was US$271.5 million, compared with US$99.2 million in the
third quarter of 2020. The gaming machine win rate was 2.9% in the
third quarter of 2021, compared to 2.7% in the third quarter of
2020.
Total non-gaming revenue at Studio City in the
third quarter of 2021 was US$19.6 million, compared with US$11.5
million in the third quarter of 2020.
City of Dreams Manila Third Quarter
Results
For the quarter ended September 30, 2021, total
operating revenues at City of Dreams Manila were US$52.5 million,
compared to US$43.4 million in the third quarter of 2020. City of
Dreams Manila generated Adjusted EBITDA of US$11.7 million in the
third quarter of 2021, compared with Adjusted EBITDA of US$5.2
million in the comparable period of 2020. The year-over-year
increase in Adjusted EBITDA was primarily due to better performance
in the mass market table games and gaming machine segments,
partially offset by softer performance in the rolling chip
segment.
City of Dreams Manila’s rolling chip volume was
US$25.3 million in the third quarter of 2021 versus US$561.3
million in the third quarter of 2020. The rolling chip win rate was
6.75% in the third quarter of 2021 versus 2.68% in the third
quarter of 2020. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$82.0 million in the third quarter of 2021, compared with US$63.8
million in the third quarter of 2020. The mass market table games
hold percentage was 28.1% in the third quarter of 2021, compared to
29.0% in the third quarter of 2020.
Gaming machine handle for the third quarter of
2021 was US$527.8 million, compared with US$287.9 million in the
third quarter of 2020. The gaming machine win rate was 5.5% in the
third quarter of 2021 versus 5.8% in the third quarter of 2020.
Total non-gaming revenue at City of Dreams
Manila in the third quarter of 2021 was US$9.8 million, compared
with US$8.7 million in the third quarter of 2020.
Cyprus Operations Third Quarter
Results
The Company is licensed to operate a temporary
casino, the first casino in the Republic of Cyprus, and four
satellite casinos. Upon the completion and opening of City of
Dreams Mediterranean, the Company will continue to operate the
satellite casinos while operation of the temporary casino will
cease.
For the quarter ended September 30, 2021, total
operating revenues at Cyprus Casinos were US$20.2 million, compared
to US$20.5 million in the third quarter of 2020. Cyprus Casinos
generated Adjusted EBITDA of US$3.6 million in the third quarter of
2021, compared with Adjusted EBITDA of US$6.3 million in the third
quarter of 2020.
Rolling chip volume was US$2.7 million for the
third quarter of 2021 versus US$0.2 million in the third quarter of
2020. The rolling chip win rate was 22.33% in the third quarter of
2021 versus negative 36.03% in the third quarter of 2020. The
expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop was US$31.3 million
in the third quarter of 2021, compared with US$23.3 million in the
third quarter of 2020. The mass market table games hold percentage
was 17.0% in the third quarter of 2021, compared to 20.6% in the
third quarter of 2020.
Gaming machine handle for the third quarter of
2021 was US$293.1 million, compared with US$307.5 million in the
third quarter of 2020. The gaming machine win rate was 5.0% in the
third quarter of 2021 versus 5.1% in the third quarter of 2020.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2021 were US$87.1 million, which mainly included
interest expenses of US$87.4 million, net of amounts
capitalized.
Depreciation and amortization costs of US$147.7
million were recorded in the third quarter of 2021, of which
US$14.3 million related to the amortization expense for our gaming
subconcession and US$5.7 million related to the amortization
expense for the land use rights.
The negative Adjusted EBITDA for Studio City for
the three months ended September 30, 2021 referred to above was
US$9.1 million less than the negative Adjusted EBITDA of Studio
City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated November 9, 2021
(the “Studio City earnings release”). The Adjusted EBITDA of Studio
City contained in the Studio City earnings release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in this press release. Such intercompany
charges include, among other items, fees and shared service charges
billed between SCIHL and its subsidiaries and certain subsidiaries
of Melco. Additionally, Adjusted EBITDA of Studio City included in
this press release does not reflect certain intercompany costs
related to the table games operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of September 30,
2021 aggregated to US$1.52 billion, including US$0.4 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$6.16 billion at the end
of the third quarter of 2021.
Capital expenditures for the third quarter of
2021 were US$221.3 million, which primarily related to various
construction projects at Studio City Phase 2 and City of Dreams
Mediterranean.
On November 5, 2021, MCO Nominee One Limited
(“MCO Nominee One”), a subsidiary of Melco, received confirmation
that the majority of lenders of the senior facilities agreement
dated April 29, 2020, entered into between, among others, MCO
Nominee One, as borrower, and Bank of China Limited, Macau Branch,
Bank of Communications Co., Ltd. Macau Branch and Morgan Stanley
Senior Funding, Inc., as joint global coordinators, under which
lenders have made available HK$14.85 billion (equivalent to US$1.92
billion) in a revolving credit facility for a term of five years
(the “2020 Credit Facilities”) have consented and agreed to a
waiver extension of the following financial condition covenants
contained in the revolving credit facility under the 2020 Credit
Facilities (the “Facility Agreement”): (i) meet or exceed the
interest cover ratio (ratio of consolidated EBITDA to consolidated
net finance charges as such terms are defined in the Facility
Agreement) of 2.50 to 1.00; (ii) not exceed the senior leverage
ratio (ratio of consolidated total debt to consolidated EBITDA as
such terms are defined in the Facility Agreement) of 3.50 to 1.00;
and (iii) not exceed the total leverage ratio (ratio of
consolidated total debt to consolidated EBITDA as such terms are
defined in the Facility Agreement) of 4.50 to 1.00, in each case in
respect of the relevant periods ending on the following applicable
test dates: (a) March 31, 2022; (b) June 30, 2022; (c) September
30, 2022; and (d) December 31, 2022. MCO Nominee One has paid
a customary fee to all consenting lenders in relation to such
consent and such consent has become effective upon receipt of
the consent fee by the facility agent of the lenders to the 2020
Credit Facilities.
Recent Developments
COVID-19 outbreaks continue to have a material
effect on our operations, financial position, and future prospects
in the fourth quarter of 2021.
In Macau, our operations have been impacted by
on-and-off travel restrictions and quarantine requirements as
imposed by the governments of Macau, Hong Kong, and China in
response to isolated cases. The appearance of COVID-19 cases in
early August 2021 led to city-wide mandatory testing, mandatory
closure of most entertainment and leisure venues (casinos and
gaming areas excluded), and strict travel restrictions and
requirements being implemented to enter and exit Macau. Similarly
in late September 2021, the identification of additional COVID-19
cases again led to a repeat of testing, closure, and travel
restrictions, which led to reduced turnout for October Golden Week
holiday. Since October 19, 2021, authorities have eased pandemic
prevention measures such that travelers no longer require a 14-day
quarantine on arrival in Zhuhai, and the validity of negative
nucleic acid tests were extended from 24 hours to 48 hours or seven
days. As a result, our visitation has been gradually
recovering.
In the Philippines, City of Dreams Manilla was
operating at limited capacity since the beginning of the quarter
until August 5, 2021, when Manila was put into lockdown on August
6, 2021 due to a surge in COVID-19 cases. On September 17, 2021,
City of Dreams Manila reopened operations with capacity limited at
50% under the new Alert Level 4 classification. Hotels were not
open to the general public, but indoor F&B operations were
allowed to take customers who had been vaccinated. On October 16,
2021, the Philippines downgraded to Alert Level 3, allowing hotels
to take vaccinated local guests on staycation packages. Most
recently in the fourth quarter, this was further downgraded to
Alert Level 2 on November 5, 2021 allowing hotels to take leisure
guests. Meanwhile, from a business development front, City of
Dreams Manila commenced operating online gaming, namely,
live-dealer table games on August 10, 2021 and slot machines on
September 15, 2021 after receiving the required approvals from
PAGCOR. Such online gaming offerings are only available to
registered patrons of City of Dreams Manila inside the
Philippines.
In Cyprus, our casinos were fully opened
throughout the third quarter and we saw sequential improvement
versus the second quarter thanks to progressively higher permitted
capacities and increased visitation over the summer months,
although with permitted capacity limited at 50%. Certain other
COVID-19 restrictions continue to remain in force, such as wearing
of masks on the casino floor and smoking only in designated
areas.
The pace of recovery from COVID-19 will depend
on future events, including duration of travel and visa
restrictions, the pace of vaccination progress, development of new
medicine for COVID-19, the impact of potentially higher
unemployment rates, declines in income levels, and loss of personal
wealth resulting from the COVID-19 outbreak affecting discretionary
spending and travel, all of which remain highly uncertain.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its third quarter 2021 financial
results on Tuesday, November 9, 2021 at 8:30 a.m. Eastern Time (or
9:30 p.m. Hong Kong Time). To join the conference call, please use
the dial-in details below:
US Toll Free |
1 833 239 5575 |
US Toll / International |
1 332 208 9458 |
HK Toll |
852 3018 8307 |
HK Toll Free |
800 906 613 |
Japan Toll |
81 3 4577 4717 |
Japan Toll Free |
012 092 5482 |
UK Toll Free |
080 0279 8053 |
Australia Toll |
61 290 833 216 |
Australia Toll Free |
1 800 754 642 |
Philippines Toll Free |
1 800 1888 0892 |
|
|
Passcode |
9266657 |
An audio webcast will also be available at
http://www.melco-resorts.com.
To access the replay, please use the dial-in
details below:
US Toll Free |
1 855 452 5696 |
US Toll / International |
1 646 254 3697 |
HK Toll |
852 3051 2780 |
HK Toll Free |
800 963 117 |
Japan Toll |
81 3 4580 6717 |
Japan Toll Free |
012 095 9034 |
Philippines Toll Free |
1 800 1612 0166 |
|
|
Conference ID |
9266657 |
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) the global pandemic of
COVID-19, caused by a novel strain of the coronavirus, and the
continued impact of its consequences on our business, our industry
and the global economy, (ii) growth of the gaming market and
visitations in Macau, the Philippines and the Republic of Cyprus,
(iii) capital and credit market volatility, (iv) local and global
economic conditions, (v) our anticipated growth strategies, (vi)
gaming authority and other governmental approvals and regulations,
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”), land rent to
Belle Corporation and other non-operating income and expenses.
“Adjusted Property EBITDA” is net income/loss before interest,
taxes, depreciation, amortization, pre-opening costs, development
costs, property charges and other, share-based compensation,
payments to the Philippine Parties, land rent to Belle Corporation,
Corporate and Other expenses and other non-operating income and
expenses. Adjusted EBITDA and Adjusted Property EBITDA are
presented exclusively as supplemental disclosures because
management believes they are widely used to measure the
performance, and as a basis for valuation, of gaming companies.
Management uses Adjusted EBITDA and Adjusted Property EBITDA as
measures of the operating performance of its segments and to
compare the operating performance of its properties with those of
its competitors.The Company also presents Adjusted EBITDA and
Adjusted Property EBITDA because they are used by some investors as
ways to measure a company’s ability to incur and service debt, make
capital expenditures, and meet working capital requirements. Gaming
companies have historically reported Adjusted EBITDA and Adjusted
Property EBITDA as supplements to financial measures in accordance
with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property
EBITDA should not be considered as alternatives to operating
income/loss as indicators of the Company’s performance, as
alternatives to cash flows from operating activities as measures of
liquidity, or as alternatives to any other measure determined in
accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA
and Adjusted Property EBITDA do not include depreciation and
amortization or interest expense and, therefore, do not reflect
current or future capital expenditures or the cost of capital. The
Company compensates for these limitations by using Adjusted EBITDA
and Adjusted Property EBITDA as only two of several comparative
tools, together with U.S. GAAP measurements, to assist in the
evaluation of operating performance.
Such U.S. GAAP measurements include operating
income/loss, net income/loss, cash flows from operations and cash
flow data. The Company has significant uses of cash flows,
including capital expenditures, interest payments, debt principal
repayments, taxes and other recurring and nonrecurring charges,
which are not reflected in Adjusted EBITDA or Adjusted Property
EBITDA. Also, the Company’s calculation of Adjusted EBITDA and
Adjusted Property EBITDA may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited. Reconciliations of Adjusted EBITDA and Adjusted
Property EBITDA with the most comparable financial measures
calculated and presented in accordance with U.S. GAAP are provided
herein immediately following the financial statements included in
this press release.
(2) “Adjusted net income/loss” is net
income/loss before pre-opening costs, development costs, property
charges and other, loss on extinguishment of debt and costs
associated with debt modification, net of noncontrolling interests
and taxes calculated using specific tax treatments applicable to
the adjustments based on their respective jurisdictions. Adjusted
net income/loss attributable to Melco Resorts & Entertainment
Limited and adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited per share (“EPS”) are presented as
supplemental disclosures because management believes they are
widely used to measure the performance, and as a basis for
valuation, of gaming companies. These measures are used by
management and/or evaluated by some investors, in addition to
income/loss and EPS computed in accordance with U.S. GAAP, as an
additional basis for assessing period-to-period results of our
business. Adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited and adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited per share
may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted net income/loss attributable to Melco
Resorts & Entertainment Limited with the most comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided herein immediately following the financial
statements included in this press release.About Melco
Resorts & Entertainment Limited
The Company, with its American depositary shares
listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a
developer, owner and operator of integrated resort facilities in
Asia and Europe. The Company currently operates Altira Macau
(www.altiramacau.com), an integrated resort located at Taipa, Macau
and City of Dreams (www.cityofdreamsmacau.com), an integrated
resort located in Cotai, Macau. Its business also includes the
Mocha Clubs (www.mochaclubs.com), which comprise the largest
non-casino based operations of electronic gaming machines in Macau.
The Company also majority owns and operates Studio City
(www.studiocity-macau.com), a cinematically-themed integrated
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), an integrated resort in the
Entertainment City complex in Manila. In Europe, the Company is
currently developing City of Dreams Mediterranean
(www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is
expected to be the largest and premier integrated destination
resort in Europe. The Company is currently operating a temporary
casino, the first authorized casino in the Republic of Cyprus, and
is licensed to operate four satellite casinos (“Cyprus Casinos”).
Upon the opening of City of Dreams Mediterranean, the Company will
continue to operate the satellite casinos while operation of the
temporary casino will cease. For more information about the
Company, please visit www.melco-resorts.com.
The Company is strongly supported by its single
largest shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong Kong
Limited and is substantially owned and led by Mr. Lawrence Ho, who
is the Chairman, Executive Director and Chief Executive Officer of
the Company.
For the investment community, please
contact: Robin YuenDirector, Investor RelationsTel: +852
2598 3619Email: robinyuen@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 of U.S. dollars, except share and per share
data) |
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Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
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Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
373,170 |
|
|
$ |
170,775 |
|
|
$ |
1,285,604 |
|
|
$ |
1,030,914 |
|
Rooms |
|
33,428 |
|
|
|
15,184 |
|
|
|
112,835 |
|
|
|
67,228 |
|
Food and beverage |
|
20,529 |
|
|
|
13,385 |
|
|
|
72,024 |
|
|
|
48,047 |
|
Entertainment, retail and other |
|
19,259 |
|
|
|
13,552 |
|
|
|
61,285 |
|
|
|
53,732 |
|
Total
operating revenues |
|
446,386 |
|
|
|
212,896 |
|
|
|
1,531,748 |
|
|
|
1,199,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(297,847 |
) |
|
|
(207,188 |
) |
|
|
(1,034,602 |
) |
|
|
(986,818 |
) |
Rooms |
|
(11,592 |
) |
|
|
(8,573 |
) |
|
|
(37,270 |
) |
|
|
(34,897 |
) |
Food and beverage |
|
(20,967 |
) |
|
|
(14,822 |
) |
|
|
(68,775 |
) |
|
|
(62,482 |
) |
Entertainment, retail and other |
|
(7,110 |
) |
|
|
(9,378 |
) |
|
|
(23,108 |
) |
|
|
(44,915 |
) |
General and administrative |
|
(112,011 |
) |
|
|
(80,985 |
) |
|
|
(326,401 |
) |
|
|
(326,214 |
) |
Payments to the Philippine Parties |
|
(3,176 |
) |
|
|
(2,743 |
) |
|
|
(20,269 |
) |
|
|
(7,678 |
) |
Pre-opening costs |
|
(650 |
) |
|
|
(428 |
) |
|
|
(2,774 |
) |
|
|
(1,049 |
) |
Development costs |
|
(24,648 |
) |
|
|
(2,831 |
) |
|
|
(31,979 |
) |
|
|
(22,633 |
) |
Amortization of gaming subconcession |
|
(14,307 |
) |
|
|
(14,364 |
) |
|
|
(42,990 |
) |
|
|
(43,050 |
) |
Amortization of land use rights |
|
(5,703 |
) |
|
|
(5,726 |
) |
|
|
(17,137 |
) |
|
|
(17,161 |
) |
Depreciation and amortization |
|
(127,663 |
) |
|
|
(133,439 |
) |
|
|
(375,592 |
) |
|
|
(410,757 |
) |
Property charges and other |
|
(2,945 |
) |
|
|
(7,426 |
) |
|
|
(23,937 |
) |
|
|
(37,990 |
) |
Total
operating costs and expenses |
|
(628,619 |
) |
|
|
(487,903 |
) |
|
|
(2,004,834 |
) |
|
|
(1,995,644 |
) |
Operating
loss |
|
(182,233 |
) |
|
|
(275,007 |
) |
|
|
(473,086 |
) |
|
|
(795,723 |
) |
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,580 |
|
|
|
1,437 |
|
|
|
5,161 |
|
|
|
3,732 |
|
Interest expenses, net of amounts capitalized |
|
(87,387 |
) |
|
|
(91,864 |
) |
|
|
(265,096 |
) |
|
|
(250,288 |
) |
Other financing costs |
|
(3,473 |
) |
|
|
(2,471 |
) |
|
|
(9,953 |
) |
|
|
(5,644 |
) |
Foreign exchange gains (losses), net |
|
1,441 |
|
|
|
1,101 |
|
|
|
3,050 |
|
|
|
(5,117 |
) |
Other income (expenses), net |
|
741 |
|
|
|
(50 |
) |
|
|
2,372 |
|
|
|
(151,857 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
(18,497 |
) |
|
|
(28,817 |
) |
|
|
(19,733 |
) |
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(310 |
) |
Total
non-operating expenses, net |
|
(87,098 |
) |
|
|
(110,344 |
) |
|
|
(293,283 |
) |
|
|
(429,217 |
) |
Loss before
income tax |
|
(269,331 |
) |
|
|
(385,351 |
) |
|
|
(766,369 |
) |
|
|
(1,224,940 |
) |
Income tax
credit (expense) |
|
837 |
|
|
|
(1,560 |
) |
|
|
(154 |
) |
|
|
5,166 |
|
Net
loss |
|
(268,494 |
) |
|
|
(386,911 |
) |
|
|
(766,523 |
) |
|
|
(1,219,774 |
) |
Net loss
attributable to noncontrolling interests |
|
35,273 |
|
|
|
55,330 |
|
|
|
114,709 |
|
|
|
156,016 |
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(233,221 |
) |
|
$ |
(331,581 |
) |
|
$ |
(651,814 |
) |
|
$ |
(1,063,758 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited per
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.162 |
) |
|
$ |
(0.232 |
) |
|
$ |
(0.454 |
) |
|
$ |
(0.743 |
) |
Diluted |
$ |
(0.162 |
) |
|
$ |
(0.232 |
) |
|
$ |
(0.454 |
) |
|
$ |
(0.743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.487 |
) |
|
$ |
(0.695 |
) |
|
$ |
(1.362 |
) |
|
$ |
(2.228 |
) |
Diluted |
$ |
(0.487 |
) |
|
$ |
(0.696 |
) |
|
$ |
(1.362 |
) |
|
$ |
(2.230 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in net loss attributable
to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited per
share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,437,651,448 |
|
|
|
1,430,817,899 |
|
|
|
1,435,941,037 |
|
|
|
1,432,437,101 |
|
Diluted |
|
1,437,651,448 |
|
|
|
1,430,817,899 |
|
|
|
1,435,941,037 |
|
|
|
1,432,437,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
2021 |
|
2020 |
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,521,562 |
|
|
$ |
1,755,351 |
|
Restricted cash |
|
274 |
|
|
|
13 |
|
Accounts receivable, net |
|
52,168 |
|
|
|
129,619 |
|
Amounts due from affiliated companies |
|
280 |
|
|
|
765 |
|
Inventories |
|
35,572 |
|
|
|
37,277 |
|
Prepaid expenses and other current assets |
|
119,019 |
|
|
|
85,798 |
|
Assets held for sales |
|
3,287 |
|
|
|
- |
|
Total
current assets |
|
1,732,162 |
|
|
|
2,008,823 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
5,821,612 |
|
|
|
5,681,268 |
|
Gaming
subconcession, net |
|
41,409 |
|
|
|
84,663 |
|
Intangible
assets, net |
|
53,782 |
|
|
|
58,833 |
|
Goodwill |
|
81,858 |
|
|
|
82,203 |
|
Long-term
prepayments, deposits and other assets |
|
187,424 |
|
|
|
284,608 |
|
Restricted
cash |
|
131 |
|
|
|
406 |
|
Deferred tax
assets, net |
|
6,701 |
|
|
|
6,376 |
|
Operating
lease right-of-use assets |
|
74,527 |
|
|
|
92,213 |
|
Land use
rights, net |
|
701,442 |
|
|
|
721,574 |
|
Total
assets |
$ |
8,701,048 |
|
|
$ |
9,020,967 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
6,882 |
|
|
$ |
9,483 |
|
Accrued expenses and other current liabilities |
|
914,616 |
|
|
|
983,865 |
|
Income tax payable |
|
12,847 |
|
|
|
14,164 |
|
Operating lease liabilities, current |
|
21,107 |
|
|
|
27,066 |
|
Finance lease liabilities, current |
|
41,120 |
|
|
|
80,004 |
|
Current portion of long-term debt, net |
|
128 |
|
|
|
- |
|
Amounts due to affiliated companies |
|
1,443 |
|
|
|
1,668 |
|
Total
current liabilities |
|
998,143 |
|
|
|
1,116,250 |
|
|
|
|
|
|
|
Long-term
debt, net |
|
6,157,476 |
|
|
|
5,645,391 |
|
Other
long-term liabilities |
|
41,750 |
|
|
|
29,213 |
|
Deferred tax
liabilities, net |
|
44,450 |
|
|
|
45,952 |
|
Operating
lease liabilities, non-current |
|
64,480 |
|
|
|
75,867 |
|
Finance
lease liabilities, non-current |
|
351,456 |
|
|
|
270,223 |
|
Total
liabilities |
|
7,657,755 |
|
|
|
7,182,896 |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
|
|
|
|
|
1,456,547,942 and 1,456,547,942 shares
issued; |
|
|
|
|
|
1,431,608,590 and 1,430,965,312 shares
outstanding, respectively |
|
14,565 |
|
|
|
14,565 |
|
Treasury shares, at cost; 24,939,352 and 25,582,630
shares, respectively |
(109,184 |
) |
|
|
(121,028 |
) |
Additional paid-in capital |
|
3,227,235 |
|
|
|
3,207,312 |
|
Accumulated other comprehensive losses |
|
(59,399 |
) |
|
|
(11,332 |
) |
Accumulated losses |
|
(2,639,276 |
) |
|
|
(1,987,396 |
) |
Total Melco
Resorts & Entertainment Limited shareholders’ equity |
|
433,941 |
|
|
|
1,102,121 |
|
Noncontrolling interests |
|
609,352 |
|
|
|
735,950 |
|
Total
shareholders' equity |
|
1,043,293 |
|
|
|
1,838,071 |
|
Total
liabilities and shareholders' equity |
$ |
8,701,048 |
|
|
$ |
9,020,967 |
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
Adjusted Net
Loss Attributable to Melco Resorts & Entertainment Limited
(Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(233,221 |
) |
|
$ |
(331,581 |
) |
|
$ |
(651,814 |
) |
|
$ |
(1,063,758 |
) |
Pre-opening costs |
|
650 |
|
|
|
428 |
|
|
|
2,774 |
|
|
|
1,049 |
|
Development costs |
|
24,648 |
|
|
|
2,831 |
|
|
|
31,979 |
|
|
|
22,633 |
|
Property charges and other |
|
2,945 |
|
|
|
7,426 |
|
|
|
23,937 |
|
|
|
37,990 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
18,497 |
|
|
|
28,817 |
|
|
|
19,733 |
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
310 |
|
Income tax impact on adjustments |
|
(739 |
) |
|
|
(355 |
) |
|
|
(2,133 |
) |
|
|
(4,178 |
) |
Noncontrolling interests impact on adjustments |
|
(440 |
) |
|
|
(8,321 |
) |
|
|
(16,185 |
) |
|
|
(10,677 |
) |
Adjusted net loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(206,157 |
) |
|
$ |
(311,075 |
) |
|
$ |
(582,625 |
) |
|
$ |
(996,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.143 |
) |
|
$ |
(0.217 |
) |
|
$ |
(0.406 |
) |
|
$ |
(0.696 |
) |
Diluted |
$ |
(0.143 |
) |
|
$ |
(0.218 |
) |
|
$ |
(0.406 |
) |
|
$ |
(0.697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.430 |
) |
|
$ |
(0.652 |
) |
|
$ |
(1.217 |
) |
|
$ |
(2.088 |
) |
Diluted |
$ |
(0.430 |
) |
|
$ |
(0.654 |
) |
|
$ |
(1.217 |
) |
|
$ |
(2.091 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in adjusted net loss
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,437,651,448 |
|
|
|
1,430,817,899 |
|
|
|
1,435,941,037 |
|
|
|
1,432,437,101 |
|
Diluted |
|
1,437,651,448 |
|
|
|
1,430,817,899 |
|
|
|
1,435,941,037 |
|
|
|
1,432,437,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Operating Loss to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2021 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(12,725 |
) |
|
$ |
3,296 |
|
|
$ |
(35,542 |
) |
|
$ |
(49,810 |
) |
|
$ |
(12,639 |
) |
|
$ |
541 |
|
|
$ |
(75,354 |
) |
|
$ |
(182,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,176 |
|
|
|
- |
|
|
|
- |
|
|
|
3,176 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
672 |
|
|
|
- |
|
|
|
- |
|
|
|
672 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
644 |
|
|
|
- |
|
|
|
650 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24,648 |
|
|
|
24,648 |
|
Depreciation and amortization |
|
5,542 |
|
|
|
1,420 |
|
|
|
62,736 |
|
|
|
34,327 |
|
|
|
19,844 |
|
|
|
2,205 |
|
|
|
21,599 |
|
|
|
147,673 |
|
Share-based compensation |
|
365 |
|
|
|
115 |
|
|
|
4,307 |
|
|
|
1,137 |
|
|
|
517 |
|
|
|
238 |
|
|
|
10,840 |
|
|
|
17,519 |
|
Property charges and other |
|
(128 |
) |
|
|
15 |
|
|
|
1,212 |
|
|
|
347 |
|
|
|
130 |
|
|
|
- |
|
|
|
1,369 |
|
|
|
2,945 |
|
Adjusted
EBITDA |
|
(6,946 |
) |
|
|
4,846 |
|
|
|
32,713 |
|
|
|
(13,993 |
) |
|
|
11,700 |
|
|
|
3,628 |
|
|
|
(16,898 |
) |
|
|
15,050 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,898 |
|
|
|
16,898 |
|
Adjusted
Property EBITDA |
$ |
(6,946 |
) |
|
$ |
4,846 |
|
|
$ |
32,713 |
|
|
$ |
(13,993 |
) |
|
$ |
11,700 |
|
|
$ |
3,628 |
|
|
$ |
- |
|
|
$ |
31,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2020 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss) income |
$ |
(22,653 |
) |
|
$ |
(2,367 |
) |
|
$ |
(111,994 |
) |
|
$ |
(66,769 |
) |
|
$ |
(20,982 |
) |
|
$ |
2,447 |
|
|
$ |
(52,689 |
) |
|
$ |
(275,007 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,743 |
|
|
|
- |
|
|
|
- |
|
|
|
2,743 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
812 |
|
|
|
- |
|
|
|
- |
|
|
|
812 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
29 |
|
|
|
77 |
|
|
|
- |
|
|
|
322 |
|
|
|
- |
|
|
|
428 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,831 |
|
|
|
2,831 |
|
Depreciation and amortization |
|
5,407 |
|
|
|
1,850 |
|
|
|
59,743 |
|
|
|
44,399 |
|
|
|
16,733 |
|
|
|
3,470 |
|
|
|
21,927 |
|
|
|
153,529 |
|
Share-based compensation |
|
140 |
|
|
|
36 |
|
|
|
1,512 |
|
|
|
484 |
|
|
|
340 |
|
|
|
54 |
|
|
|
8,526 |
|
|
|
11,092 |
|
Property charges and other |
|
261 |
|
|
|
30 |
|
|
|
1,517 |
|
|
|
71 |
|
|
|
5,550 |
|
|
|
(3 |
) |
|
|
- |
|
|
|
7,426 |
|
Adjusted
EBITDA |
|
(16,845 |
) |
|
|
(451 |
) |
|
|
(49,193 |
) |
|
|
(21,738 |
) |
|
|
5,196 |
|
|
|
6,290 |
|
|
|
(19,405 |
) |
|
|
(96,146 |
) |
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,405 |
|
|
|
19,405 |
|
Adjusted
Property EBITDA |
$ |
(16,845 |
) |
|
$ |
(451 |
) |
|
$ |
(49,193 |
) |
|
$ |
(21,738 |
) |
|
$ |
5,196 |
|
|
$ |
6,290 |
|
|
$ |
- |
|
|
$ |
(76,741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Operating Loss to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2021 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(72,608 |
) |
|
$ |
7,241 |
|
|
$ |
(52,024 |
) |
|
$ |
(129,172 |
) |
|
$ |
(28,303 |
) |
|
$ |
(14,375 |
) |
|
$ |
(183,845 |
) |
|
$ |
(473,086 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,269 |
|
|
|
- |
|
|
|
- |
|
|
|
20,269 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,179 |
|
|
|
- |
|
|
|
- |
|
|
|
2,179 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
195 |
|
|
|
739 |
|
|
|
- |
|
|
|
1,840 |
|
|
|
- |
|
|
|
2,774 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
31,979 |
|
|
|
31,979 |
|
Depreciation and amortization |
|
16,518 |
|
|
|
4,641 |
|
|
|
186,130 |
|
|
|
101,893 |
|
|
|
53,187 |
|
|
|
8,586 |
|
|
|
64,764 |
|
|
|
435,719 |
|
Share-based compensation |
|
618 |
|
|
|
187 |
|
|
|
7,217 |
|
|
|
1,974 |
|
|
|
1,298 |
|
|
|
350 |
|
|
|
28,262 |
|
|
|
39,906 |
|
Property charges and other |
|
1,630 |
|
|
|
203 |
|
|
|
10,769 |
|
|
|
4,212 |
|
|
|
5,732 |
|
|
|
- |
|
|
|
1,391 |
|
|
|
23,937 |
|
Adjusted
EBITDA |
|
(53,842 |
) |
|
|
12,272 |
|
|
|
152,287 |
|
|
|
(20,354 |
) |
|
|
54,362 |
|
|
|
(3,599 |
) |
|
|
(57,449 |
) |
|
|
83,677 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
57,449 |
|
|
|
57,449 |
|
Adjusted
Property EBITDA |
$ |
(53,842 |
) |
|
$ |
12,272 |
|
|
$ |
152,287 |
|
|
$ |
(20,354 |
) |
|
$ |
54,362 |
|
|
$ |
(3,599 |
) |
|
$ |
- |
|
|
$ |
141,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(62,735 |
) |
|
$ |
(1,515 |
) |
|
$ |
(260,100 |
) |
|
$ |
(210,500 |
) |
|
$ |
(54,233 |
) |
|
$ |
(6,808 |
) |
|
$ |
(199,832 |
) |
|
$ |
(795,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,678 |
|
|
|
- |
|
|
|
- |
|
|
|
7,678 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,374 |
|
|
|
- |
|
|
|
- |
|
|
|
2,374 |
|
Pre-opening costs |
|
37 |
|
|
|
- |
|
|
|
(21 |
) |
|
|
133 |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
|
|
1,049 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,633 |
|
|
|
22,633 |
|
Depreciation and amortization |
|
16,086 |
|
|
|
5,459 |
|
|
|
186,253 |
|
|
|
131,043 |
|
|
|
49,553 |
|
|
|
9,128 |
|
|
|
73,446 |
|
|
|
470,968 |
|
Share-based compensation |
|
366 |
|
|
|
41 |
|
|
|
3,960 |
|
|
|
1,416 |
|
|
|
1,066 |
|
|
|
155 |
|
|
|
25,172 |
|
|
|
32,176 |
|
Property charges and other |
|
897 |
|
|
|
56 |
|
|
|
11,325 |
|
|
|
4,414 |
|
|
|
5,753 |
|
|
|
129 |
|
|
|
15,416 |
|
|
|
37,990 |
|
Adjusted
EBITDA |
|
(45,349 |
) |
|
|
4,041 |
|
|
|
(58,583 |
) |
|
|
(73,494 |
) |
|
|
12,191 |
|
|
|
3,504 |
|
|
|
(63,165 |
) |
|
|
(220,855 |
) |
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63,165 |
|
|
|
63,165 |
|
Adjusted
Property EBITDA |
$ |
(45,349 |
) |
|
$ |
4,041 |
|
|
$ |
(58,583 |
) |
|
$ |
(73,494 |
) |
|
$ |
12,191 |
|
|
$ |
3,504 |
|
|
$ |
- |
|
|
$ |
(157,690 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(233,221 |
) |
|
$ |
(331,581 |
) |
|
$ |
(651,814 |
) |
|
$ |
(1,063,758 |
) |
Net loss
attributable to noncontrolling interests |
|
(35,273 |
) |
|
|
(55,330 |
) |
|
|
(114,709 |
) |
|
|
(156,016 |
) |
Net
loss |
|
(268,494 |
) |
|
|
(386,911 |
) |
|
|
(766,523 |
) |
|
|
(1,219,774 |
) |
Income tax (credit) expense |
|
(837 |
) |
|
|
1,560 |
|
|
|
154 |
|
|
|
(5,166 |
) |
Interest and other non-operating expenses, net |
|
87,098 |
|
|
|
110,344 |
|
|
|
293,283 |
|
|
|
429,217 |
|
Property charges and other |
|
2,945 |
|
|
|
7,426 |
|
|
|
23,937 |
|
|
|
37,990 |
|
Share-based compensation |
|
17,519 |
|
|
|
11,092 |
|
|
|
39,906 |
|
|
|
32,176 |
|
Depreciation and amortization |
|
147,673 |
|
|
|
153,529 |
|
|
|
435,719 |
|
|
|
470,968 |
|
Development costs |
|
24,648 |
|
|
|
2,831 |
|
|
|
31,979 |
|
|
|
22,633 |
|
Pre-opening costs |
|
650 |
|
|
|
428 |
|
|
|
2,774 |
|
|
|
1,049 |
|
Land rent to Belle Corporation |
|
672 |
|
|
|
812 |
|
|
|
2,179 |
|
|
|
2,374 |
|
Payments to the Philippine Parties |
|
3,176 |
|
|
|
2,743 |
|
|
|
20,269 |
|
|
|
7,678 |
|
Adjusted
EBITDA |
|
15,050 |
|
|
|
(96,146 |
) |
|
|
83,677 |
|
|
|
(220,855 |
) |
Corporate and Other expenses |
|
16,898 |
|
|
|
19,405 |
|
|
|
57,449 |
|
|
|
63,165 |
|
Adjusted
Property EBITDA |
$ |
31,948 |
|
|
$ |
(76,741 |
) |
|
$ |
141,126 |
|
|
$ |
(157,690 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
|
|
September
30, |
|
September
30, |
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
104 |
|
|
$ |
152 |
|
|
$ |
110 |
|
|
$ |
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
46 |
% |
|
|
19 |
% |
|
|
51 |
% |
|
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
48 |
|
|
$ |
29 |
|
|
$ |
56 |
|
|
$ |
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
211 |
|
|
$ |
208 |
|
|
$ |
203 |
|
|
$ |
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
46 |
% |
|
|
15 |
% |
|
|
55 |
% |
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
96 |
|
|
$ |
31 |
|
|
$ |
113 |
|
|
$ |
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
123 |
|
|
$ |
119 |
|
|
$ |
122 |
|
|
$ |
134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
52 |
% |
|
|
13 |
% |
|
|
54 |
% |
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
64 |
|
|
$ |
16 |
|
|
$ |
66 |
|
|
$ |
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
117 |
|
|
$ |
291 |
|
|
$ |
110 |
|
|
$ |
222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
75 |
% |
|
|
26 |
% |
|
|
69 |
% |
|
|
58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
88 |
|
|
$ |
77 |
|
|
$ |
76 |
|
|
$ |
129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
100 |
|
|
|
101 |
|
|
|
101 |
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
128 |
|
|
|
101 |
|
|
|
119 |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
804 |
|
|
$ |
1,390 |
|
|
$ |
2,188 |
|
|
$ |
4,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
181 |
|
|
$ |
104 |
|
|
$ |
202 |
|
|
$ |
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
514 |
|
|
|
515 |
|
|
|
511 |
|
|
|
489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
607 |
|
|
|
482 |
|
|
|
536 |
|
|
|
476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
5,782 |
|
|
$ |
2,033 |
|
|
$ |
7,090 |
|
|
$ |
6,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
212 |
|
|
$ |
85 |
|
|
$ |
297 |
|
|
$ |
202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
291 |
|
|
|
291 |
|
|
|
291 |
|
|
|
279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
656 |
|
|
|
595 |
|
|
|
623 |
|
|
|
579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
2,883 |
|
|
$ |
774 |
|
|
$ |
3,354 |
|
|
$ |
2,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
131 |
|
|
$ |
48 |
|
|
$ |
135 |
|
|
$ |
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
302 |
|
|
|
301 |
|
|
|
297 |
|
|
|
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
2,377 |
|
|
|
2,256 |
|
|
|
2,304 |
|
|
|
2,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
1,638 |
|
|
$ |
1,450 |
|
|
$ |
1,926 |
|
|
$ |
2,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
251 |
|
|
$ |
96 |
|
|
$ |
190 |
|
|
$ |
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
32 |
|
|
|
25 |
|
|
|
32 |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
457 |
|
|
|
304 |
|
|
|
440 |
|
|
|
362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
2,007 |
|
|
$ |
2,041 |
|
|
$ |
1,844 |
|
|
$ |
1,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
346 |
|
|
$ |
565 |
|
|
$ |
372 |
|
|
$ |
483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics
exclude rooms that were temporarily closed or provided to staff
members due to the COVID-19 outbreak |
(4) |
Average daily rate is
calculated by dividing total room revenues including complimentary
rooms (less service charges, if any) by total occupied rooms
including complimentary rooms |
(5) |
Revenue per available
room is calculated by dividing total room revenues including
complimentary rooms (less service charges, if any) by total rooms
available |
(6) |
Table games and gaming
machines that were not in operation due to government mandated
closures or social distancing measures in relation to the COVID-19
outbreak have been excluded |
(7) |
Table games win per
unit per day is shown before discounts, commissions,
non-discretionary incentives (including our point-loyalty programs)
and allocating casino revenues related to goods and services
provided to gaming patrons on a complimentary basis |
(8) |
Gaming machines win
per unit per day is shown before non-discretionary incentives
(including our point-loyalty programs) and allocating casino
revenues related to goods and services provided to gaming patrons
on a complimentary basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
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