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 2022.
Total operating revenues for the third quarter
of 2022 were US$241.8 million, representing a decrease of
approximately 46% from US$446.4 million for the comparable period
in 2021. The decrease in total operating revenues was primarily
attributable to the government mandated temporary closure of our
casinos in Macau in July and heightened travel restrictions in
Macau and mainland China related to COVID-19 during the quarter
which led to softer performance in the rolling chip and mass market
table games segments.
Melco generated negative Adjusted Property
EBITDA(1) of US$34.9 million in the third quarter of 2022, compared
with Adjusted Property EBITDA of US$ 31.9 million in the third
quarter of 2021.
Operating loss for the third quarter of 2022 was
US$198.5 million, compared with operating loss of US$182.2 million
in the third quarter of 2021.
Net loss attributable to Melco Resorts &
Entertainment Limited for the third quarter of 2022 was US$243.8
million, or US$0.53 per ADS, compared with net loss attributable to
Melco Resorts & Entertainment Limited of US$233.2 million, or
US$0.49 per ADS, in the third quarter of 2021. The net loss
attributable to noncontrolling interests was US$42.8 million and
US$35.3 million during the third quarters of 2022 and 2021,
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, “Our results for the third quarter of
2022 were impacted by the casino closures in July and the travel
restrictions imposed across mainland China and Macau. In July, the
Macau government implemented preventative measures against the
pandemic and our casinos were closed for 12 days. Following the
re-opening, the operating environment remained challenging given
the continuing tight travel restrictions, but we are encouraged by
the recent re-opening of Macau to international tourists from
designated countries as well as the increase in visitation over the
October Golden Week. We are also cautiously optimistic that the
granting of e-visas and group visas, which commenced on November 1,
2022, will lead to a gradual increase in visitation.
“We submitted our proposal to the public tender
for the award of new gaming concessions on September 14, 2022 and
it has been a smooth and transparent process. We fully support the
Macau government’s initiatives to further develop Macau as Asia’s
premier destination for international tourism. Our integrated
resorts offer a wide range of unique non-gaming amenities, and we
plan to leverage our experience to provide additional tourist
attractions in Macau. Our proposal reinforces our commitment to
Macau, and we look forward to playing a leadership role in
partnering with the Macau government to execute on its vision.
“In the Philippines, gaming volumes continue to
track towards pre-pandemic levels. We expect to see further growth
as travel restrictions around Asia continue to be lifted and travel
returns to more normal levels. Gaming volumes in Cyprus exceeded
pre-pandemic levels driven by further easing of COVID-19 related
restrictions in the third quarter.
“In respect to our development projects, the
construction of Studio City Phase 2 is progressing on schedule. We
will monitor the market closely to determine the appropriate time
to open and currently anticipate the opening to be conducted in
stages beginning in the second quarter of 2023. In Cyprus, as we
have previously announced, the City of Dreams Mediterranean project
is expected to open in the second quarter of 2023, subject to
regulatory approvals.
“I am pleased to report that we are making
appreciable progress to reach our 2030 goals in environmental
sustainability. The energy-efficiency measures that have been
progressively adopted at our properties in Macau and Manila since
2018 have resulted in annualized savings of over 46.8 million kWh,
equivalent to energy savings in over 4,000 homes. We continue to
strive to reduce single-use plastic in our operations with the
NORDAQ water filtration and bottling system which is now
operational in all of our properties in Macau and Manila. In
addition, we are undergoing an extensive plastic inventory exercise
to report and continue to implement plans to reduce problematic
plastic usage.”
City of Dreams Third Quarter
Results
For the quarter ended September 30, 2022, total
operating revenues at City of Dreams were US$66.4 million, compared
to US$252.0 million in the third quarter of 2021. City of Dreams
generated negative Adjusted EBITDA of US$40.2 million in the third
quarter of 2022, compared with Adjusted EBITDA of US$32.7 million
in the third quarter of 2021. The year-over-year decline in
Adjusted EBITDA was primarily a result of softer performance in the
rolling chip and mass market table games segments, as well as
non-gaming operations.
Rolling chip volume was US$332.2 million for the
third quarter of 2022 versus US$2.79 billion in the third quarter
of 2021. The rolling chip win rate was 4.53% in the third quarter
of 2022 versus 3.46% in the third quarter of 2021. The expected
rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$133.5 million in the third quarter of 2022, compared with
US$617.7 million in the third quarter of 2021. The mass market
table games hold percentage was 28.6% in both the third quarters of
2022 and 2021.
Gaming machine handle for the third quarter of
2022 was US$137.4 million, compared with US$376.9 million in the
third quarter of 2021. The gaming machine win rate was 4.3% in the
third quarter of 2022 versus 3.1% in the third quarter of 2021.
Total non-gaming revenue at City of Dreams in
the third quarter of 2022 was US$19.3 million, compared with
US$39.5 million in the third quarter of 2021.
Altira Macau Third Quarter
Results
For the quarter ended September 30, 2022, total
operating revenues at Altira Macau were US$2.4 million, compared to
US$10.2 million in the third quarter of 2021. Altira Macau
generated negative Adjusted EBITDA of US$12.9 million in the third
quarter of 2022, compared with negative Adjusted EBITDA of US$6.9
million in the third quarter of 2021.
In the mass market table games segment, drop was
US$18.4 million in the third quarter of 2022 versus US$28.7 million
in the third quarter of 2021. The mass market table games hold
percentage was 4.8% in the third quarter of 2022, compared with
25.8% in the third quarter of 2021.
Gaming machine handle for the third quarter of
2022 was US$33.2 million, compared with US$59.1 million in the
third quarter of 2021. The gaming machine win rate was 2.9% in the
third quarter of 2022 versus 3.6% in the third quarter of 2021.
Total non-gaming revenue at Altira Macau in the
third quarter of 2022 was US$1.3 million, compared with US$2.0
million in the third quarter of 2021.
Mocha and Other Third Quarter
Results
Total operating revenues from Mocha and Other
were US$18.8 million in the third quarter of 2022, compared to
US$22.2 million in the third quarter of 2021. Mocha and Other
generated Adjusted EBITDA of US$1.7 million in the third quarter of
2022, compared with Adjusted EBITDA of US$4.8 million in the third
quarter of 2021.
Mass market table games drop was US$17.8 million
in the third quarter of 2022 and the mass market table games hold
percentage was 20.3% for the third quarter of 2022.
Gaming machine handle for the third quarter of
2022 was US$327.6 million, compared with US$491.3 million in the
third quarter of 2021. The gaming machine win rate was 4.7% in the
third quarter of 2022 versus 4.5% in the third quarter of 2021.
Studio City Third Quarter
Results
For the quarter ended September 30, 2022, total
operating revenues at Studio City were US$25.6 million, compared to
US$81.8 million in the third quarter of 2021. Studio City generated
negative Adjusted EBITDA of US$31.5 million in the third quarter of
2022, compared with negative Adjusted EBITDA of US$14.0 million in
the third quarter of 2021. The year-over-year decline in Adjusted
EBITDA was primarily a result of softer performance in all gaming
segments and non-gaming operations.
Studio City’s rolling chip volume was US$42.1
million in the third quarter of 2022 versus US$472.4 million in the
third quarter of 2021. The rolling chip win rate was 4.18% in the
third quarter of 2022 versus 2.35% in the third quarter of 2021.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$61.9 million in the third quarter of 2022, compared with
US$250.5 million in the third quarter of 2021. The mass market
table games hold percentage was 25.6% in the third quarter of 2022,
compared to 26.4% in the third quarter of 2021.
Gaming machine handle for the third quarter of
2022 was US$98.2 million, compared with US$271.5 million in the
third quarter of 2021. The gaming machine win rate was 3.1% in the
third quarter of 2022, compared to 2.9% in the third quarter of
2021.
Total non-gaming revenue at Studio City in the
third quarter of 2022 was US$9.0 million, compared with US$19.6
million in the third quarter of 2021.
City of Dreams Manila Third Quarter
Results
For the quarter ended September 30, 2022, total
operating revenues at City of Dreams Manila were US$102.6 million,
compared to US$52.5 million in the third quarter of 2021. City of
Dreams Manila generated Adjusted EBITDA of US$41.4 million in the
third quarter of 2022, compared with Adjusted EBITDA of US$11.7
million in the comparable period of 2021. The year-over-year
improvement in Adjusted EBITDA was primarily the result of the
relaxation of COVID-19 related restrictions in Manila combined with
effective cost controls. Casinos were temporarily closed for
approximately 1.5 months during the third quarter of 2021 due to
government-mandated restrictions.
City of Dreams Manila’s rolling chip volume was
US$513.2 million in the third quarter of 2022 versus US$25.3
million in the third quarter of 2021. The rolling chip win rate was
2.91% in the third quarter of 2022 versus 6.75% in the third
quarter of 2021. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$153.3 million in the third quarter of 2022, compared with
US$82.0 million in the third quarter of 2021. The mass market table
games hold percentage was 33.1% in the third quarter of 2022,
compared to 28.1% in the third quarter of 2021.
Gaming machine handle for the third quarter of
2022 was US$930.8 million, compared with US$527.8 million in the
third quarter of 2021. The gaming machine win rate was 5.2% in the
third quarter of 2022 versus 5.5% in the third quarter of 2021.
Total non-gaming revenue at City of Dreams
Manila in the third quarter of 2022 was US$28.5 million, compared
with US$9.8 million in the third quarter of 2021.
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.
Total operating revenues at Cyprus Casinos for
the quarter ended September 30, 2022 was US$24.8 million, compared
to US$20.2 million in the third quarter of 2021. Cyprus Casinos
generated Adjusted EBITDA of US$6.7 million in the third quarter of
2022, compared with Adjusted EBITDA of US$3.6 million in the third
quarter of 2021.
Rolling chip volume was US$1.7 million in the
third quarter of 2022, compared with US$2.7 million in the third
quarter of 2021. The rolling chip win rate was 14.19% in the third
quarter of 2022, compared to 22.33% in the third quarter of 2021.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop was US$39.0 million
in the third quarter of 2022, compared with US$31.3 million in the
third quarter of 2021. The mass market table games hold percentage
was 19.8% in the third quarter of 2022, compared to 17.0% in the
third quarter of 2021.
Gaming machine handle for the third quarter of
2022 was US$346.2 million, compared with US$293.1 million in the
third quarter of 2021. The gaming machine win rate was 5.1% in the
third quarter of 2022 versus 5.0% in the third quarter of 2021.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2022 were US$86.0 million, which mainly included
interest expenses of US$93.7 million, net of amounts capitalized,
partially offset by interest income of US$8.8 million.
Depreciation and amortization costs of US$122.0
million were recorded in the third quarter of 2022 of which US$2.8
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, 2022 referred to above is
US$8.1 million less than the negative Adjusted EBITDA of Studio
City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated November 2, 2022
(the “Studio City Earnings Release”). The Adjusted EBITDA of Studio
City contained in the Studio City Earnings Release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in this press release. Such intercompany
charges include, among other items, fees and shared service charges
billed between SCIHL and its subsidiaries and certain subsidiaries
of Melco. Additionally, Adjusted EBITDA of Studio City included in
this press release does not reflect certain intercompany costs
related to the table games operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of September 30,
2022 aggregated to US$1.57 billion, including US$51.1 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$7.73 billion at the end
of the third quarter of 2022.
Available liquidity, including cash and undrawn
revolving credit facilities, as of September 30, 2022, was US$2.32
billion.
US$154.4 million of ADSs were repurchased in the
third quarter of 2022, of which US$152.7 million were repurchased
through a privately-negotiated transaction with Melco Leisure and
Entertainment Group Limited, a wholly-owned subsidiary of Melco
International Development Limited.
Capital expenditures for the third quarter of
2022 were US$167.2 million, which primarily related to the
construction projects at Studio City Phase 2 and City of Dreams
Mediterranean.
Recent Developments
Uncertainty around COVID-19 outbreaks and
related restrictions continue to have a material effect on our
operations, financial position, and future prospects into the
fourth quarter of 2022.
On August 2, 2022, the validity of nucleic acid
tests to enter Macau was set at 48 hours for entry from Zhuhai and
reduced to 24 hours from October 30, 2022. Since September 1, 2022,
tourists became eligible to enter Macau without prior approval
provided they held passports issued by the 41 countries specified
by the Macau government or comply with certain conditions imposed
by the Macau government, subject to valid nucleic acid tests, 7-day
quarantine at a government designated facility and a 3-day
self-monitoring period. On November 1, 2022, China’s National
Immigration Administration commenced electronic processing of visa
applications for individual or group travel to Macau.
As of May 30, 2022, restrictions for inbound
travelers into the Philippines were eased and negative RT-PCR test
results no longer required for people fully vaccinated. In
addition, as of October 28, 2022, the mandatory wearing of masks in
the Philippines has been limited to healthcare facilities, medical
transport vehicles and public transport. In Cyprus, as of June 1,
2022, passengers travelling to Cyprus were no longer required to
present any sort of vaccination or recovery certificates, nor a
negative COVID-19 test result. Furthermore, masks were no longer
mandatory other than in healthcare facilities, pharmacies and
public transport. Although travel restrictions have eased in the
Philippines and Cyprus, the respective governments continue to
closely monitor the status.
Uncertainty around COVID-19 outbreaks is
expected to continue for at least the remainder of 2022 with travel
bans or restrictions, visa restrictions, and quarantine
requirements being key factors impacting performance for the
year.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its third quarter 2022 financial
results on Wednesday, November 2, 2022 at 8:30 a.m. Eastern Time
(or 8:30 p.m. Singapore Time).
To join the conference call, please register in
advance using the below Online Registration Link. Upon registering,
each participant will receive the dial-in numbers and a unique
Personal PIN which can be used to join the conference.
Online Registration Link:
https://register.vevent.com/register/BI5c7f384a910b44edb61725cce41316d0
An audio webcast and replay of the conference
call will also be available at http://www.melco-resorts.com.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) the global COVID-19 outbreak,
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) risks associated with the newly adopted gaming
law in Macau and its implementation by the Macau government and our
ability to obtain a new concession under the public tender to be
conducted by the Macau government and the terms and conditions of a
new concession, if we are granted one, (iii) growth of the gaming
market and visitations in Macau, the Philippines and the Republic
of Cyprus, (iv) capital and credit market volatility, (v) local and
global economic conditions, (vi) our anticipated growth strategies,
(vii) gaming authority and other governmental approvals and
regulations, and (viii) our future business development, results of
operations and financial condition. In some cases, forward-looking
statements can be identified by words or phrases such as “may”,
“will”, “expect”, “anticipate”, “target”, “aim”, “estimate”,
“intend”, “plan”, “believe”, “potential”, “continue”, “is/are
likely to” or other similar expressions. Further information
regarding these and other risks, uncertainties or factors is
included in the Company’s filings with the SEC. All information
provided in this press release is as of the date of this press
release, and the Company undertakes no duty to update such
information, except as required under applicable law.
Non-GAAP Financial Measures
(1) |
“Adjusted EBITDA” is net income/loss before interest, taxes,
depreciation, amortization, pre- opening costs, development costs,
property charges and other, share-based compensation, payments to
the Philippine parties under the cooperative arrangement (the
“Philippine Parties”), land rent to Belle Corporation and other
non-operating income and expenses. “Adjusted Property EBITDA” is
net income/loss before interest, taxes, depreciation, amortization,
pre-opening costs, development costs, property charges and other,
share-based compensation, payments to the Philippine Parties, land
rent to Belle Corporation, Corporate and Other expenses and other
non- operating income and expenses. Adjusted EBITDA and Adjusted
Property EBITDA are presented exclusively as supplemental
disclosures because management believes they are widely used to
measure the performance, and as a basis for valuation, of gaming
companies. Management uses Adjusted EBITDA and Adjusted Property
EBITDA as measures of the operating performance of its segments and
to compare the operating performance of its properties with those
of its competitors. |
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The
Company also presents Adjusted EBITDA and Adjusted Property EBITDA
because they are used by some investors as ways to measure a
company’s ability to incur and service debt, make capital
expenditures, and meet working capital requirements. Gaming
companies have historically reported 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. |
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Such U.S.
GAAP measurements include operating income/loss, net income/loss,
cash flows from operations and cash flow data. The Company has
significant uses of cash flows, including capital expenditures,
interest payments, debt principal repayments, taxes and other
recurring and nonrecurring charges, which are not reflected in
Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s
calculation of Adjusted EBITDA and Adjusted Property EBITDA may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. 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. |
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(2) |
“Adjusted
net income/loss” is net income/loss before pre-opening costs,
development costs, property charges and other and loss on
extinguishment of debt, net of noncontrolling interests and taxes
calculated using specific tax treatments applicable to the
adjustments based on their respective jurisdictions. Adjusted net
income/loss attributable to Melco Resorts & Entertainment
Limited and adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited per share (“EPS”) are presented as
supplemental disclosures because management believes they are
widely used to measure the performance, and as a basis for
valuation, of gaming companies. These measures are used by
management and/or evaluated by some investors, in addition to
income/loss and EPS computed in accordance with U.S. GAAP, as an
additional basis for assessing period-to- period results of our
business. Adjusted net income/loss attributable to Melco Resorts
& Entertainment Limited and adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited per share
may be different from the calculation methods used by other
companies and, therefore, comparability may be limited.
Reconciliations of adjusted net income/loss attributable to Melco
Resorts & Entertainment Limited with the most comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided herein immediately following the financial
statements included in this press release. |
About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares
listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a
developer, owner and operator of integrated resort facilities in
Asia and Europe. The Company currently operates Altira Macau
(www.altiramacau.com), an integrated resort located at Taipa, Macau
and City of Dreams (www.cityofdreamsmacau.com), an integrated
resort located in Cotai, Macau. Its business also includes the
Mocha Clubs (www.mochaclubs.com), which comprise the largest
non-casino based operations of electronic gaming machines in Macau.
The Company also majority owns and operates Studio City
(www.studiocity-macau.com), a cinematically-themed integrated
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), an integrated resort in the
Entertainment City complex in Manila. In Europe, the Company is
currently developing City of Dreams Mediterranean
(www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is
expected to be the largest and premier integrated destination
resort in Europe. The Company is currently operating a temporary
casino, the first authorized casino in the Republic of Cyprus, and
is licensed to operate four satellite casinos (“Cyprus Casinos”).
Upon the opening of City of Dreams Mediterranean, the Company will
continue to operate the satellite casinos while operation of the
temporary casino will cease. For more information about the
Company, please visit www.melco-resorts.com.
The Company is strongly supported by its single
largest shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong Kong
Limited and is substantially owned and led by Mr. Lawrence Ho, who
is the Chairman, Executive Director and Chief Executive Officer of
the Company.
For the investment community, please
contact:Jeanny KimSenior Vice President, Group
TreasurerTel: +852 2598 3698Email: jeannykim@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
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Melco Resorts & Entertainment Limited and
Subsidiaries |
Condensed Consolidated Statements of Operations
(Unaudited) |
(In thousands of U.S. dollars, except share and per share
data) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Operating revenues: |
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Casino |
$ |
181,962 |
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$ |
373,170 |
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$ |
808,930 |
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$ |
1,285,604 |
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Rooms |
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25,976 |
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33,428 |
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89,277 |
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112,835 |
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Food and beverage |
|
17,973 |
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20,529 |
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62,238 |
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72,024 |
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Entertainment, retail and other |
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15,926 |
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19,259 |
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52,444 |
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61,285 |
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Total operating revenues |
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241,837 |
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446,386 |
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1,012,889 |
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1,531,748 |
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Operating costs and expenses: |
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Casino |
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(173,805 |
) |
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(297,847 |
) |
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(685,591 |
) |
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(1,034,602 |
) |
Rooms |
|
(10,863 |
) |
|
|
(11,592 |
) |
|
|
(35,057 |
) |
|
|
(37,270 |
) |
Food and beverage |
|
(17,279 |
) |
|
|
(20,967 |
) |
|
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(61,091 |
) |
|
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(68,775 |
) |
Entertainment, retail and other |
|
(5,145 |
) |
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(7,110 |
) |
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(16,836 |
) |
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(23,108 |
) |
General and administrative |
|
(98,819 |
) |
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(112,011 |
) |
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(302,483 |
) |
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(326,401 |
) |
Payments to the Philippine Parties |
|
(8,417 |
) |
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(3,176 |
) |
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(26,878 |
) |
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(20,269 |
) |
Pre-opening costs |
|
(3,313 |
) |
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(650 |
) |
|
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(8,915 |
) |
|
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(2,774 |
) |
Development costs |
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- |
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|
|
(24,648 |
) |
|
|
- |
|
|
|
(31,979 |
) |
Amortization of gaming subconcession |
|
(2,844 |
) |
|
|
(14,307 |
) |
|
|
(29,932 |
) |
|
|
(42,990 |
) |
Amortization of land use rights |
|
(5,653 |
) |
|
|
(5,703 |
) |
|
|
(16,990 |
) |
|
|
(17,137 |
) |
Depreciation and amortization |
|
(113,549 |
) |
|
|
|
(127,663 |
) |
|
|
(353,142 |
) |
|
|
(375,592 |
) |
Property charges and other |
|
(696 |
) |
|
|
(2,945 |
) |
|
|
(19,595 |
) |
|
|
(23,937 |
) |
Total operating costs and expenses |
|
(440,383 |
) |
|
|
|
(628,619 |
) |
|
|
(1,556,510 |
) |
|
|
(2,004,834 |
) |
Operating loss |
|
(198,546 |
) |
|
|
|
(182,233 |
) |
|
|
(543,621 |
) |
|
|
(473,086 |
) |
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
8,814 |
|
|
|
1,580 |
|
|
|
17,025 |
|
|
|
5,161 |
|
Interest expenses, net of amounts capitalized |
|
(93,747 |
) |
|
|
(87,387 |
) |
|
|
(272,055 |
) |
|
|
(265,096 |
) |
Other financing costs |
|
(1,755 |
) |
|
|
(3,473 |
) |
|
|
(5,439 |
) |
|
|
(9,953 |
) |
Foreign exchange (losses) gains, net |
|
(505 |
) |
|
|
1,441 |
|
|
|
2,857 |
|
|
|
3,050 |
|
Other income, net |
|
1,145 |
|
|
|
741 |
|
|
|
2,713 |
|
|
|
2,372 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(28,817 |
) |
Total non-operating expenses, net |
|
(86,048 |
) |
|
|
(87,098 |
) |
|
|
(254,899 |
) |
|
|
(293,283 |
) |
Loss before income tax |
|
(284,594 |
) |
|
|
|
(269,331 |
) |
|
|
(798,520 |
) |
|
|
(766,369 |
) |
Income tax (expense) credit |
|
(2,028 |
) |
|
|
837 |
|
|
|
(4,618 |
) |
|
|
(154 |
) |
Net loss |
|
(286,622 |
) |
|
|
|
(268,494 |
) |
|
|
(803,138 |
) |
|
|
(766,523 |
) |
Net loss attributable to noncontrolling interests |
|
42,780 |
|
|
|
35,273 |
|
|
|
124,553 |
|
|
|
114,709 |
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(243,842 |
) |
|
|
$ |
(233,221 |
) |
|
$ |
(678,585 |
) |
|
$ |
(651,814 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.176 |
) |
|
$ |
(0.162 |
) |
|
$ |
(0.481 |
) |
|
$ |
(0.454 |
) |
Diluted |
$ |
(0.176 |
) |
|
$ |
(0.162 |
) |
|
$ |
(0.482 |
) |
|
$ |
(0.454 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.528 |
) |
|
$ |
(0.487 |
) |
|
$ |
(1.444 |
) |
|
$ |
(1.362 |
) |
Diluted |
$ |
(0.528 |
) |
|
$ |
(0.487 |
) |
|
$ |
(1.446 |
) |
|
$ |
(1.362 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in net loss attributable
to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,386,720,527 |
|
|
|
|
1,437,651,448 |
|
|
|
1,409,983,323 |
|
|
|
1,435,941,037 |
|
Diluted |
|
1,386,720,527 |
|
|
|
|
1,437,651,448 |
|
|
|
1,409,983,323 |
|
|
|
1,435,941,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,522,395 |
|
|
$ |
1,652,890 |
|
Restricted cash |
|
50,994 |
|
|
|
285 |
|
Accounts receivable, net |
49,591 |
|
|
|
54,491 |
|
Receivables from affiliated companies |
|
211,169 |
|
|
|
384 |
|
Inventories |
|
27,117 |
|
|
|
29,589 |
|
Prepaid expenses and other current assets |
|
112,178 |
|
|
|
109,330 |
|
Assets held for sale |
|
12,314 |
|
|
|
21,777 |
|
Total current assets |
|
1,985,758 |
|
|
|
1,868,746 |
|
|
|
|
|
|
|
Property and equipment, net |
5,835,074 |
|
|
|
5,910,684 |
|
Gaming subconcession, net |
2,843 |
|
|
|
27,065 |
|
Intangible assets, net |
|
45,723 |
|
|
|
51,547 |
|
Goodwill |
|
81,185 |
|
|
|
81,721 |
|
Long-term prepayments, deposits and other assets |
|
147,570 |
|
|
|
177,142 |
|
Restricted cash |
|
140 |
|
|
|
140 |
|
Deferred tax assets, net |
879 |
|
|
|
4,029 |
|
Operating lease right-of-use assets |
|
59,761 |
|
|
|
68,034 |
|
Land use rights, net |
|
673,067 |
|
|
|
694,582 |
|
Total assets |
$ |
8,832,000 |
|
|
$ |
8,883,690 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
5,745 |
|
|
$ |
5,992 |
|
Accrued expenses and other current liabilities |
|
780,936 |
|
|
|
935,483 |
|
Income tax payable |
|
11,192 |
|
|
|
11,913 |
|
Operating lease liabilities, current |
|
11,837 |
|
|
|
16,771 |
|
Finance lease liabilities, current |
|
35,502 |
|
|
|
48,551 |
|
Current portion of long-term debt, net |
|
127 |
|
|
|
128 |
|
Payables to affiliated companies |
|
1,316 |
|
|
|
1,548 |
|
Liabilities related to assets held for sale |
|
1,199 |
|
|
|
1,497 |
|
Total current liabilities |
|
847,854 |
|
|
|
1,021,883 |
|
|
|
|
|
|
|
Long-term debt, net |
|
7,727,749 |
|
|
|
6,559,854 |
|
Other long-term liabilities |
32,577 |
|
|
|
30,520 |
|
Deferred tax liabilities, net |
40,179 |
|
|
|
41,030 |
|
Operating lease liabilities, non-current |
|
56,982 |
|
|
|
62,889 |
|
Finance lease liabilities, non-current |
|
228,868 |
|
|
|
347,629 |
|
Total liabilities |
|
8,934,209 |
|
|
|
8,063,805 |
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
1,445,052,143 and 1,456,547,942 shares issued; |
|
|
1,335,266,470 and 1,423,370,314 shares outstanding,
respectively |
|
14,451 |
|
|
|
14,565 |
|
Treasury shares, at cost; 109,785,673 and 33,177,628 shares,
respectively |
|
(241,908 |
) |
|
|
(132,856 |
) |
Additional paid-in capital |
3,210,907 |
|
|
|
3,238,600 |
|
Accumulated other comprehensive losses |
|
(173,510 |
) |
|
|
(76,008 |
) |
Accumulated losses |
|
(3,478,011 |
) |
|
|
(2,799,555 |
) |
Total Melco Resorts & Entertainment Limited shareholders’
(deficit) equity |
|
(668,071 |
) |
|
|
244,746 |
|
Noncontrolling interests |
|
565,862 |
|
|
|
575,139 |
|
Total (deficit) equity |
|
(102,209 |
) |
|
|
819,885 |
|
Total liabilities and (deficit) equity |
$ |
8,832,000 |
|
|
$ |
8,883,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(243,842 |
) |
|
$ |
(233,221 |
) |
|
$ |
(678,585 |
) |
|
$ |
(651,814 |
) |
Pre-opening costs |
|
3,313 |
|
|
|
650 |
|
|
|
8,915 |
|
|
|
2,774 |
|
Development costs |
|
- |
|
|
|
24,648 |
|
|
|
- |
|
|
|
31,979 |
|
Property charges and other |
|
696 |
|
|
|
2,945 |
|
|
|
19,595 |
|
|
|
23,937 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,817 |
|
Income tax impact on adjustments |
|
(210 |
) |
|
|
(739 |
) |
|
|
(598 |
) |
|
|
(2,133 |
) |
Noncontrolling interests impact on adjustments |
|
(1,275 |
) |
|
|
(440 |
) |
|
|
(4,781 |
) |
|
|
(16,185 |
) |
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(241,318 |
) |
|
$ |
(206,157 |
) |
|
$ |
(655,454 |
) |
|
$ |
(582,625 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.174 |
) |
|
$ |
(0.143 |
) |
|
$ |
(0.465 |
) |
|
$ |
(0.406 |
) |
Diluted |
$ |
(0.174 |
) |
|
$ |
(0.143 |
) |
|
$ |
(0.465 |
) |
|
$ |
(0.406 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per ADS: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.522 |
) |
|
$ |
(0.430 |
) |
|
$ |
(1.395 |
) |
|
$ |
(1.217 |
) |
Diluted |
$ |
(0.522 |
) |
|
$ |
(0.430 |
) |
|
$ |
(1.396 |
) |
|
$ |
(1.217 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in adjusted net loss
attributable to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,386,720,527 |
|
|
|
1,437,651,448 |
|
|
|
1,409,983,323 |
|
|
|
1,435,941,037 |
|
Diluted |
|
1,386,720,527 |
|
|
|
1,437,651,448 |
|
|
|
1,409,983,323 |
|
|
|
1,435,941,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2022 |
|
|
Altira Macau |
|
Mocha and Other(3) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(18,401 |
) |
|
$ |
359 |
|
|
$ |
(105,943 |
) |
|
$ |
(66,752 |
) |
|
$ |
18,649 |
|
|
$ |
2,715 |
|
|
$ |
(29,173 |
) |
|
$ |
(198,546 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,417 |
|
|
|
- |
|
|
|
- |
|
|
|
8,417 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
555 |
|
|
|
- |
|
|
|
- |
|
|
|
555 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
699 |
|
|
|
- |
|
|
|
2,614 |
|
|
|
- |
|
|
|
3,313 |
|
Depreciation and amortization |
|
5,202 |
|
|
|
1,305 |
|
|
|
59,362 |
|
|
|
33,800 |
|
|
|
13,417 |
|
|
|
1,379 |
|
|
|
7,581 |
|
|
|
122,046 |
|
Share-based compensation |
|
136 |
|
|
|
(90 |
) |
|
|
3,787 |
|
|
|
425 |
|
|
|
288 |
|
|
|
16 |
|
|
|
5,419 |
|
|
|
9,981 |
|
Property charges and other |
|
145 |
|
|
|
85 |
|
|
|
2,558 |
|
|
|
370 |
|
|
|
43 |
|
|
|
(1 |
) |
|
|
(2,504 |
) |
|
|
696 |
|
Adjusted EBITDA |
|
(12,918 |
) |
|
|
1,659 |
|
|
|
(40,236 |
) |
|
|
(31,458 |
) |
|
|
41,369 |
|
|
|
6,723 |
|
|
|
(18,677 |
) |
|
|
(53,538 |
) |
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,677 |
|
|
|
18,677 |
|
Adjusted Property EBITDA |
$ |
(12,918 |
) |
|
$ |
1,659 |
|
|
$ |
(40,236 |
) |
|
$ |
(31,458 |
) |
|
$ |
41,369 |
|
|
$ |
6,723 |
|
|
$ |
- |
|
|
$ |
(34,861 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Effective from June 27, 2022, the Grand Dragon Casino,
which focuses on mass market table games and was previously
reported under the Corporate and Other segment, has been included
in the Mocha and Other segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2022 |
|
Altira Macau |
|
|
Mocha and Other(3) |
|
City of Dreams |
|
|
Studio City |
|
|
City of Dreams Manila |
|
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(51,146 |
) |
|
$ |
4,476 |
|
$ |
(221,971 |
) |
|
$ |
(188,603 |
) |
|
$ |
47,745 |
|
|
$ |
402 |
|
|
$ |
(134,524 |
) |
|
$ |
(543,621 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
26,878 |
|
|
|
- |
|
|
|
- |
|
|
|
26,878 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
1,851 |
|
|
|
- |
|
|
|
- |
|
|
|
1,851 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
- |
|
|
|
1,512 |
|
|
|
- |
|
|
|
7,403 |
|
|
|
- |
|
|
|
8,915 |
|
Depreciation and amortization |
|
16,037 |
|
|
|
3,813 |
|
|
179,486 |
|
|
|
101,228 |
|
|
|
45,387 |
|
|
|
4,865 |
|
|
|
49,248 |
|
|
|
400,064 |
|
Share-based compensation |
|
845 |
|
|
|
153 |
|
|
12,075 |
|
|
|
2,229 |
|
|
|
1,256 |
|
|
|
527 |
|
|
|
26,775 |
|
|
|
43,860 |
|
Property charges and other |
|
744 |
|
|
|
40 |
|
|
6,060 |
|
|
|
3,794 |
|
|
|
257 |
|
|
|
3 |
|
|
|
8,697 |
|
|
|
19,595 |
|
Adjusted EBITDA |
|
(33,520 |
) |
|
|
8,482 |
|
|
(24,350 |
) |
|
|
(79,840 |
) |
|
|
123,374 |
|
|
|
13,200 |
|
|
|
(49,804 |
) |
|
|
(42,458 |
) |
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
49,804 |
|
|
|
49,804 |
|
Adjusted Property EBITDA |
$ |
(33,520 |
) |
|
$ |
8,482 |
|
$ |
(24,350 |
) |
|
$ |
(79,840 |
) |
|
$ |
123,374 |
|
|
$ |
13,200 |
|
|
$ |
- |
|
|
$ |
7,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(243,842 |
) |
|
$ |
(233,221 |
) |
|
$ |
(678,585 |
) |
|
$ |
(651,814 |
) |
Net loss attributable to noncontrolling interests |
|
(42,780 |
) |
|
|
(35,273 |
) |
|
|
(124,553 |
) |
|
|
(114,709 |
) |
Net loss |
|
(286,622 |
) |
|
|
(268,494 |
) |
|
|
(803,138 |
) |
|
|
(766,523 |
) |
Income tax expense (credit) |
|
2,028 |
|
|
|
(837 |
) |
|
|
4,618 |
|
|
|
154 |
|
Interest and other non-operating expenses, net |
|
86,048 |
|
|
|
87,098 |
|
|
|
254,899 |
|
|
|
293,283 |
|
Property charges and other |
|
696 |
|
|
|
2,945 |
|
|
|
19,595 |
|
|
|
23,937 |
|
Share-based compensation |
|
9,981 |
|
|
|
17,519 |
|
|
|
43,860 |
|
|
|
39,906 |
|
Depreciation and amortization |
|
122,046 |
|
|
|
147,673 |
|
|
|
400,064 |
|
|
|
435,719 |
|
Development costs |
|
- |
|
|
|
24,648 |
|
|
|
- |
|
|
|
31,979 |
|
Pre-opening costs |
|
3,313 |
|
|
|
650 |
|
|
|
8,915 |
|
|
|
2,774 |
|
Land rent to Belle Corporation |
|
555 |
|
|
|
672 |
|
|
|
1,851 |
|
|
|
2,179 |
|
Payments to the Philippine Parties |
|
8,417 |
|
|
|
3,176 |
|
|
|
26,878 |
|
|
|
20,269 |
|
Adjusted EBITDA |
(53,538 |
) |
|
|
15,050 |
|
|
|
(42,458 |
) |
|
|
83,677 |
|
Corporate and Other expenses |
|
18,677 |
|
|
|
16,898 |
|
|
|
49,804 |
|
|
|
57,449 |
|
Adjusted Property EBITDA |
$ |
(34,861 |
) |
|
$ |
31,948 |
|
|
$ |
7,346 |
|
|
$ |
141,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Room
Statistics(4): |
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average daily rate(5) |
$ |
91 |
|
|
$ |
104 |
|
|
$ |
97 |
|
|
$ |
110 |
|
|
|
Occupancy per available room |
|
37 |
% |
|
|
46 |
% |
|
|
40 |
% |
|
|
51 |
% |
|
|
Revenue per available room(6) |
$ |
34 |
|
|
$ |
48 |
|
|
$ |
39 |
|
|
$ |
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
Average daily rate(5) |
$ |
192 |
|
|
$ |
211 |
|
|
$ |
203 |
|
|
$ |
203 |
|
|
|
Occupancy per available room |
|
20 |
% |
|
|
46 |
% |
|
|
27 |
% |
|
|
55 |
% |
|
|
Revenue per available room(6) |
$ |
38 |
|
|
$ |
96 |
|
|
$ |
55 |
|
|
$ |
113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
Average daily rate(5) |
$ |
107 |
|
|
$ |
123 |
|
|
$ |
114 |
|
|
$ |
122 |
|
|
|
Occupancy per available room |
|
25 |
% |
|
|
52 |
% |
|
|
27 |
% |
|
|
54 |
% |
|
|
Revenue per available room(6) |
$ |
27 |
|
|
$ |
64 |
|
|
$ |
31 |
|
|
$ |
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
Average daily rate(5) |
$ |
195 |
|
|
$ |
117 |
|
|
$ |
190 |
|
|
$ |
110 |
|
|
|
Occupancy per available room |
|
95 |
% |
|
|
75 |
% |
|
|
94 |
% |
|
|
69 |
% |
|
|
Revenue per available room(6) |
$ |
186 |
|
|
$ |
88 |
|
|
$ |
179 |
|
|
$ |
76 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(7): |
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
92 |
|
|
|
100 |
|
|
|
94 |
|
|
|
101 |
|
|
|
Average number of gaming machines |
|
|
144 |
|
|
|
128 |
|
|
|
139 |
|
|
|
119 |
|
|
|
Table games win per unit per day(8) |
|
$ |
121 |
|
|
$ |
804 |
|
|
$ |
722 |
|
|
$ |
2,188 |
|
|
|
Gaming machines win per unit per day(9) |
|
$ |
85 |
|
|
$ |
181 |
|
|
$ |
131 |
|
|
$ |
202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mocha and Other(3) |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
25 |
|
|
|
- |
|
|
|
25 |
|
|
|
- |
|
|
|
Average number of gaming machines |
|
|
952 |
|
|
|
823 |
|
|
|
949 |
|
|
|
782 |
|
|
|
Table games win per unit per day(8) |
|
$ |
1,806 |
|
|
$ |
- |
|
|
$ |
1,776 |
|
|
$ |
- |
|
|
|
Gaming machines win per unit per day(9) |
|
$ |
203 |
|
|
$ |
294 |
|
|
$ |
216 |
|
|
$ |
301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
443 |
|
|
|
514 |
|
|
|
449 |
|
|
|
511 |
|
|
|
Average number of gaming machines |
|
|
649 |
|
|
|
607 |
|
|
|
678 |
|
|
|
536 |
|
|
|
Table games win per unit per day(8) |
|
$ |
1,503 |
|
|
$ |
5,782 |
|
|
$ |
3,474 |
|
|
$ |
7,090 |
|
|
|
Gaming machines win per unit per day(9) |
|
$ |
113 |
|
|
$ |
212 |
|
|
$ |
139 |
|
|
$ |
297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
277 |
|
|
|
291 |
|
|
|
277 |
|
|
|
291 |
|
|
|
Average number of gaming machines |
|
|
702 |
|
|
|
656 |
|
|
|
711 |
|
|
|
623 |
|
|
|
Table games win per unit per day(8) |
|
$ |
794 |
|
|
$ |
2,883 |
|
|
$ |
1,592 |
|
|
$ |
3,354 |
|
|
|
Gaming machines win per unit per day(9) |
|
$ |
54 |
|
|
$ |
131 |
|
|
$ |
82 |
|
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
260 |
|
|
|
302 |
|
|
|
278 |
|
|
|
297 |
|
|
|
Average number of gaming machines |
|
|
2,317 |
|
|
|
2,377 |
|
|
|
2,283 |
|
|
|
2,304 |
|
|
|
Table games win per unit per day(8) |
|
$ |
2,750 |
|
|
$ |
1,638 |
|
|
$ |
2,436 |
|
|
$ |
1,926 |
|
|
|
Gaming machines win per unit per day(9) |
|
$ |
228 |
|
|
$ |
251 |
|
|
$ |
231 |
|
|
$ |
190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
35 |
|
|
|
32 |
|
|
|
35 |
|
|
|
32 |
|
|
|
Average number of gaming machines |
|
|
451 |
|
|
|
457 |
|
|
|
455 |
|
|
|
440 |
|
|
|
Table games win per unit per day(8) |
|
$ |
2,465 |
|
|
$ |
2,007 |
|
|
$ |
1,925 |
|
|
$ |
1,844 |
|
|
|
Gaming machines win per unit per day(9) |
|
$ |
427 |
|
|
$ |
346 |
|
|
$ |
368 |
|
|
$ |
372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members due to the COVID-19 outbreak |
(5) |
Average daily rate is calculated by dividing total room revenues
including complimentary rooms (less service charges, if any) by
total occupied rooms including complimentary rooms |
(6) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
(7) |
Table games 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 |
(8) |
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 |
(9) |
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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