Melco Announces Unaudited Third Quarter 2023 Earnings

Melco Resorts & Entertainment Limited
Melco Resorts & Entertainment Limited

MACAU, Nov. 07, 2023 (GLOBE NEWSWIRE) -- 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 2023.

Total operating revenues for the third quarter of 2023 were US$1.02 billion, representing an increase of approximately 321% from US$241.8 million for the comparable period in 2022. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations following the relaxation of COVID-19 related restrictions in Macau in January 2023 and the opening of Studio City Phase 2.

Operating income for the third quarter of 2023 was US$94.7 million, compared with operating loss of US$198.5 million in the third quarter of 2022.

Melco generated Adjusted Property EBITDA(1) of US$280.6 million in the third quarter of 2023, compared with negative Adjusted Property EBITDA of US$34.9 million in the third quarter of 2022.

Net loss attributable to Melco Resorts & Entertainment Limited for the third quarter of 2023 was US$16.3 million, or US$0.04 per ADS, compared with US$243.8 million, or US$0.53 per ADS, in the third quarter of 2022. The net loss attributable to noncontrolling interests was US$20.5 million and US$42.8 million during the third quarters of 2023 and 2022, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Macau’s recovery continued to grow from strength to strength into the third quarter of 2023, especially during the summer months, with our property visitation and casino player hours benefiting from this growth. We had solid performance over the October Golden Week and we saw a robust recovery during the remainder of October. Both gaming and non-gaming segment revenues improved, reinforced by our commitment to invest in world class entertainment and enhance our non-gaming amenities. Our market leading design standards were recognized by Prix Versailles with Morpheus being the only hotel in Macau to have the honor of being included as one of the World’s Most Beautiful Hotels.

“City of Dreams Manila continues to generate solid earnings with a strong margin profile. On the other hand, after a successful opening, City of Dreams Mediterranean has been impacted by the conflict in Israel. Our teams are working on re-aligning our marketing strategy.

“Food waste reduction continues to be a key focus of our sustainability strategy with plate waste being the most challenging area to address. With clean plate awareness campaigns taking place almost daily in our staff dining areas at City of Dreams Manila and the implementation of AI technology, plate waste per cover has reduced by more than 60%.”

City of Dreams Third Quarter Results

For the quarter ended September 30, 2023, total operating revenues at City of Dreams were US$506.2 million, compared with US$66.4 million in the third quarter of 2022. City of Dreams generated Adjusted EBITDA of US$153.9 million in the third quarter of 2023, compared with negative Adjusted EBITDA of US$40.2 million in the third quarter of 2022. 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$4.43 billion for the third quarter of 2023 versus US$332.2 million in the third quarter of 2022. The rolling chip win rate was 2.48% in the third quarter of 2023 versus 4.53% in the third quarter of 2022. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$1.32 billion in the third quarter of 2023, compared with US$133.5 million in the third quarter of 2022. The mass market table games hold percentage was 32.1% in the third quarter of 2023, compared with 28.6% in the third quarter of 2022.

Gaming machine handle for the third quarter of 2023 was US$807.5 million, compared with US$137.4 million in the third quarter of 2022. The gaming machine win rate was 3.6% in the third quarter of 2023 versus 4.3% in the third quarter of 2022.

Total non-gaming revenue at City of Dreams in the third quarter of 2023 was US$73.6 million, compared with US$19.3 million in the third quarter of 2022.

Altira Macau Third Quarter Results

For the quarter ended September 30, 2023, total operating revenues at Altira Macau were US$24.2 million, compared with US$2.4 million in the third quarter of 2022. Altira Macau generated negative Adjusted EBITDA of US$3.8 million in the third quarter of 2023, compared with negative Adjusted EBITDA of US$12.9 million in the third quarter of 2022. The year-over-year decrease in negative Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations.

In the mass market table games segment, drop was US$140.0 million in the third quarter of 2023 versus US$18.4 million in the third quarter of 2022. The mass market table games hold percentage was 18.9% in the third quarter of 2023, compared with 4.8% in the third quarter of 2022.

Gaming machine handle for the third quarter of 2023 was US$86.5 million, compared with US$33.2 million in the third quarter of 2022. The gaming machine win rate was 3.9% in the third quarter of 2023 versus 2.9% in the third quarter of 2022.

Total non-gaming revenue at Altira Macau in the third quarter of 2023 was US$5.3 million, compared with US$1.3 million in the third quarter of 2022.

Mocha and Other Third Quarter Results

Total operating revenues from Mocha and Other were US$30.1 million in the third quarter of 2023, compared with US$18.8 million in the third quarter of 2022. Mocha and Other generated Adjusted EBITDA of US$6.9 million in the third quarter of 2023, compared with Adjusted EBITDA of US$1.7 million in the third quarter of 2022.

Mass market table games drop was US$47.3 million in the third quarter of 2023 versus US$17.8 million in the third quarter of 2022. The mass market table games hold percentage was 18.6% in the third quarter of 2023 versus 20.3% in the third quarter of 2022.

Gaming machine handle for the third quarter of 2023 was US$515.8 million, compared with US$327.6 million in the third quarter of 2022. The gaming machine win rate was 4.5% in the third quarter of 2023 versus 4.7% in the third quarter of 2022.

Studio City Third Quarter Results

For the quarter ended September 30, 2023, total operating revenues at Studio City were US$277.7 million, compared with US$25.6 million in the third quarter of 2022. Studio City generated Adjusted EBITDA of US$67.7 million in the third quarter of 2023, compared with negative Adjusted EBITDA of US$31.5 million in the third quarter of 2022. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.

Studio City’s rolling chip volume was US$713.6 million in the third quarter of 2023 versus US$42.1 million in the third quarter of 2022. The rolling chip win rate was 1.78% in the third quarter of 2023 versus 4.18% in the third quarter of 2022. The expected rolling chip win rate range is 2.85%- 3.15%.

Mass market table games drop increased to US$809.1 million in the third quarter of 2023, compared with US$61.9 million in the third quarter of 2022. The mass market table games hold percentage was 27.5% in the third quarter of 2023, compared with 25.6% in the third quarter of 2022.

Gaming machine handle for the third quarter of 2023 was US$673.9 million, compared with US$98.2 million in the third quarter of 2022. The gaming machine win rate was 3.2% in the third quarter of 2023, compared with 3.1% in the third quarter of 2022.

Total non-gaming revenue at Studio City in the third quarter of 2023 was US$79.0 million, compared with US$9.0 million in the third quarter of 2022.

City of Dreams Manila Third Quarter Results

For the quarter ended September 30, 2023, total operating revenues at City of Dreams Manila were US$124.9 million, compared with US$102.6 million in the third quarter of 2022. City of Dreams Manila generated Adjusted EBITDA of US$48.7 million in the third quarter of 2023, compared with Adjusted EBITDA of US$41.4 million in the comparable period of 2022.

City of Dreams Manila’s rolling chip volume was US$374.6 million in the third quarter of 2023 versus US$513.2 million in the third quarter of 2022. The rolling chip win rate was 6.48% in the third quarter of 2023 versus 2.91% in the third quarter of 2022. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$214.1 million in the third quarter of 2023, compared with US$153.3 million in the third quarter of 2022. The mass market table games hold percentage was 29.7% in the third quarter of 2023, compared with 33.1% in the third quarter of 2022.

Gaming machine handle for the third quarter of 2023 was US$1.03 billion, compared with US$930.8 million in the third quarter of 2022. The gaming machine win rate was 4.9% in the third quarter of 2023 versus 5.2% in the third quarter of 2022.

Total non-gaming revenue at City of Dreams Manila in the third quarter of 2023 was US$29.0 million, compared with US$28.5 million in the third quarter of 2022.

City of Dreams Mediterranean and Other Third Quarter Results

City of Dreams Mediterranean officially opened to the public on July 10, 2023, after a soft opening in June. The Company continues to operate three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean (collectively, the “Cyprus Casinos”).

Total operating revenues at the Cyprus Casinos for the quarter ended September 30, 2023 were US$53.4 million, compared with US$24.8 million in the third quarter of 2022. The Cyprus Casinos generated Adjusted EBITDA of US$7.2 million in the third quarter of 2023, compared with Adjusted EBITDA of US$6.7 million in the third quarter of 2022.

Rolling chip volume was US$3.9 million for the third quarter of 2023 versus US$1.7 million in the third quarter of 2022. The rolling chip win rate was negative 7.05% in the third quarter of 2023, compared with 14.19% in the third quarter of 2022. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop was US$97.2 million in the third quarter of 2023, compared with US$39.0 million in the third quarter of 2022. The mass market table games hold percentage was 20.6% in the third quarter of 2023, compared with 19.8% in the third quarter of 2022.

Gaming machine handle for the third quarter of 2023 was US$466.5 million, compared with US$346.2 million in the third quarter of 2022. The gaming machine win rate was 5.2% in the third quarter of 2023 versus 5.1% in the third quarter of 2022.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the third quarter of 2023 was US$16.8 million, compared with US$0.2 million in the third quarter of 2022.

Other Factors Affecting Earnings

Total net non-operating expenses for the third quarter of 2023 were US$129.5 million, which mainly included interest expenses of US$131.1 million, partially offset by interest income of US$6.1 million.

Depreciation and amortization costs of US$140.7 million were recorded in the third quarter of 2023, of which US$5.7 million related to the amortization expense for land use rights.

The Adjusted EBITDA for Studio City for the three months ended September 30, 2023 referred to above is US$11.5 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated November 7, 2023 (the “Studio City Earnings Release”). The Adjusted EBITDA of Studio City contained in the Studio City Earnings Release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in this press release does not reflect certain gaming concession related costs and certain intercompany costs related to the table games operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of September 30, 2023 aggregated to US$1.54 billion, including US$124.8 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.77 billion at the end of the third quarter of 2023, a reduction of US$100 million compared to the total debt balance as of June 30, 2023. Available liquidity, including cash and undrawn revolving credit facilities, as of September 30, 2023, was US$2.26 billion.

Capital expenditures for the third quarter of 2023 were US$61.1 million, which included costs related to the construction of the City of Dreams Mediterranean in Cyprus, Studio City Phase 2 and enhancement projects at City of Dreams in Macau.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its third quarter 2023 financial results on Tuesday, November 7, 2023 at 8:30 a.m. Eastern Time (or 9:30 p.m. Singapore Time).

To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers and a unique Personal PIN which can be used to join the conference.

Online Registration Link:
https://register.vevent.com/register/BI530c8e115be14d1789750179df1b8422

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) COVID-19 outbreaks, and the 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, (iii) changes in 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, 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, 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 recognizes these limitations and uses Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

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, property charges and other and gain 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 operates City of Dreams Mediterranean in Limassol in the Republic of Cyprus (www.cityofdreamsmed.com.cy).The Company also continues to operate three satellite casinos in other cities in Cyprus (the "Cyprus Casinos”). For more information about the Company, please visit www.melco-resorts.com.

The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: jeannykim@melco-resorts.com

For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Melco Resorts & Entertainment Limited and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

Casino

$

812,086

 

 

$

181,962

 

 

$

2,179,536

 

 

$

808,930

 

Rooms

 

96,113

 

 

 

25,976

 

 

 

234,776

 

 

 

89,277

 

Food and beverage

 

60,370

 

 

 

17,973

 

 

 

143,668

 

 

 

62,238

 

Entertainment, retail and other

 

48,646

 

 

 

15,926

 

 

 

123,654

 

 

 

52,444

 

Total operating revenues

 

1,017,215

 

 

 

241,837

 

 

 

2,681,634

 

 

 

1,012,889

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Casino

 

(533,311

)

 

 

(173,805

)

 

 

(1,437,761

)

 

 

(685,591

)

Rooms

 

(25,345

)

 

 

(10,863

)

 

 

(59,567

)

 

 

(35,057

)

Food and beverage

 

(48,251

)

 

 

(17,279

)

 

 

(111,669

)

 

 

(61,091

)

Entertainment, retail and other

 

(25,770

)

 

 

(5,145

)

 

 

(68,336

)

 

 

(16,836

)

General and administrative

 

(130,447

)

 

 

(98,819

)

 

 

(358,776

)

 

 

(302,483

)

Payments to the Philippine Parties

 

(9,979

)

 

 

(8,417

)

 

 

(32,638

)

 

 

(26,878

)

Pre-opening costs

 

(10,184

)

 

 

(3,313

)

 

 

(40,444

)

 

 

(8,915

)

Amortization of gaming subconcession

 

-

 

 

 

(2,844

)

 

 

-

 

 

 

(29,932

)

Amortization of land use rights

 

(5,672

)

 

 

(5,653

)

 

 

(16,990

)

 

 

(16,990

)

Depreciation and amortization

 

(134,996

)

 

 

(113,549

)

 

 

(381,666

)

 

 

(353,142

)

Property charges and other

 

1,442

 

 

 

(696

)

 

 

(14,445

)

 

 

(19,595

)

Total operating costs and expenses

 

(922,513

)

 

 

(440,383

)

 

 

(2,522,292

)

 

 

(1,556,510

)

Operating income (loss)

 

94,702

 

 

 

(198,546

)

 

 

159,342

 

 

 

(543,621

)

Non-operating income (expenses):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

6,064

 

 

 

8,814

 

 

 

17,837

 

 

 

17,025

 

Interest expenses, net of amounts capitalized

 

(131,128

)

 

 

(93,747

)

 

 

(363,597

)

 

 

(272,055

)

Other financing costs

 

(1,097

)

 

 

(1,755

)

 

 

(3,021

)

 

 

(5,439

)

Foreign exchange (losses) gains, net

 

(3,833

)

 

 

(505

)

 

 

(2,292

)

 

 

2,857

 

Other income, net

 

438

 

 

 

1,145

 

 

 

1,756

 

 

 

2,713

 

Gain on extinguishment of debt

 

80

 

 

 

-

 

 

 

80

 

 

 

-

 

Total non-operating expenses, net

 

(129,476

)

 

 

(86,048

)

 

 

(349,237

)

 

 

(254,899

)

Loss before income tax

 

(34,774

)

 

 

(284,594

)

 

 

(189,895

)

 

 

(798,520

)

Income tax (expense) benefit

 

(2,021

)

 

 

(2,028

)

 

 

1,295

 

 

 

(4,618

)

Net loss

 

(36,795

)

 

 

(286,622

)

 

 

(188,600

)

 

 

(803,138

)

Net loss attributable to noncontrolling interests

 

20,492

 

 

 

42,780

 

 

 

67,568

 

 

 

124,553

 

Net loss attributable to Melco Resorts & Entertainment Limited

$

(16,303

)

 

$

(243,842

)

 

$

(121,032

)

 

$

(678,585

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Melco Resorts & Entertainment Limited per share:

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.012

)

 

$

(0.176

)

 

$

(0.092

)

 

$

(0.481

)

Diluted

$

(0.012

)

 

$

(0.176

)

 

$

(0.092

)

 

$

(0.482

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Melco Resorts & Entertainment Limited per ADS:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.037

)

 

$

(0.528

)

 

$

(0.276

)

 

$

(1.444

)

Diluted

$

(0.037

)

 

$

(0.528

)

 

$

(0.276

)

 

$

(1.446

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding used in net loss attributable to Melco Resorts & Entertainment Limited per share calculation:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,311,270,775

 

 

 

1,386,720,527

 

 

 

1,315,728,852

 

 

 

1,409,983,323

 

Diluted

 

1,311,270,775

 

 

 

1,386,720,527

 

 

 

1,315,728,852

 

 

 

1,409,983,323

 

 

 

 

 

 

 

 

 

 

 

 

 



Melco Resorts & Entertainment Limited and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2023

 

2022

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

1,417,998

 

 

$

1,812,729

 

Restricted cash

 

26

 

 

 

50,992

 

Accounts receivable, net

 

95,716

 

 

 

55,992

 

Receivables from affiliated companies

 

1,001

 

 

 

630

 

Inventories

 

28,106

 

 

 

26,416

 

Prepaid expenses and other current assets

 

130,977

 

 

 

119,410

 

Assets held for sale

 

-

 

 

 

8,503

 

Total current assets

 

1,673,824

 

 

 

2,074,672

 

 

 

 

 

 

 

 

Property and equipment, net(3)

 

5,690,991

 

 

 

5,870,905

 

Intangible assets, net(3) (4)

 

339,493

 

 

 

43,610

 

Goodwill

 

81,385

 

 

 

81,606

 

Long-term prepayments, deposits and other assets

 

84,042

 

 

 

159,697

 

Receivables from an affiliated company

 

-

 

 

 

216,333

 

Restricted cash

 

124,773

 

 

 

124,736

 

Deferred tax assets, net

 

-

 

 

 

638

 

Operating lease right-of-use assets

 

67,290

 

 

 

58,715

 

Land use rights, net

 

652,052

 

 

 

670,872

 

Total assets

$

8,713,850

 

 

$

9,301,784

 

 

 

 

 

 

 

 

LIABILITIES AND DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

12,458

 

 

$

6,730

 

Accrued expenses and other current liabilities(3)(4)

 

933,688

 

 

 

809,305

 

Income tax payable

 

11,345

 

 

 

11,610

 

Operating lease liabilities, current

 

19,431

 

 

 

12,761

 

Finance lease liabilities, current

 

34,442

 

 

 

34,959

 

Current portion of long-term debt, net

 

-

 

 

 

322,500

 

Payables to affiliated companies

 

253

 

 

 

761

 

Total current liabilities

 

1,011,617

 

 

 

1,198,626

 

 

 

 

 

 

 

 

Long-term debt, net

 

7,768,815

 

 

 

8,090,008

 

Other long-term liabilities(3) (4)

 

312,622

 

 

 

33,712

 

Deferred tax liabilities, net

 

36,980

 

 

 

39,677

 

Operating lease liabilities, non-current

 

56,225

 

 

 

55,832

 

Finance lease liabilities, non-current

 

186,131

 

 

 

198,291

 

Total liabilities

 

9,372,390

 

 

 

9,616,146

 

 

 

 

 

 

 

 

Deficit:

 

 

 

 

 

Ordinary shares, par value $0.01; 7,300,000,000 shares authorized;

 

 

 

 

 

1,404,679,067 and 1,445,052,143 shares issued;

 

 

 

 

 

1,311,270,775 and 1,335,307,327 shares outstanding, respectively

 

14,047

 

 

 

14,451

 

Treasury shares, at cost; 93,408,292 and 109,744,816 shares, respectively

(255,068

)

 

 

(241,750

)

Additional paid-in capital

 

3,100,820

 

 

 

3,218,895

 

Accumulated other comprehensive losses

 

(130,469

)

 

 

(111,969

)

Accumulated losses

 

(3,850,984

)

 

 

(3,729,952

)

Total Melco Resorts & Entertainment Limited shareholders’ deficit

 

(1,121,654

)

 

 

(850,325

)

Noncontrolling interests

 

463,114

 

 

 

535,963

 

Total deficit

 

(658,540

)

 

 

(314,362

)

Total liabilities and deficit

$

8,713,850

 

 

$

9,301,784

 

 

 

 

 

 

 

 


(3)

On December 16, 2022, the Macau government awarded a ten-year concession to operate games of fortune and chance in casinos in Macau (the “Concession”) to Melco Resorts (Macau) Limited (“Melco Resorts Macau”), a subsidiary of Melco. The term of the Concession commenced on January 1, 2023 and ends on December 31, 2032 and Melco Resorts Macau is authorized to operate the Altira Casino, the City of Dreams Casino and the Studio City Casino as well as the Grand Dragon Casino and the Mocha Clubs. Under the Concession, Melco Resorts Macau is obligated to pay the Macau government a fixed annual premium of Macau Patacas (“MOP”) 30,000 (equivalent to $3,719) plus a variable annual premium calculated in accordance with the number and type of gaming tables (subject to a minimum of 500 tables) and electronic gaming machines (subject to a minimum of 1,000 machines) operated by Melco Resorts Macau. The variable annual premium is MOP300 (equivalent to $37) for each gaming table reserved exclusively to certain kinds of games or players, MOP150 (equivalent to $19) for each gaming table not so exclusively reserved and MOP1 (equivalent to $0.1) for each electronic gaming machine.

On December 30, 2022, in accordance with the obligations under the letters of undertakings dated June 23, 2022, Melco Resorts Macau and certain subsidiaries of Melco, which hold the land lease rights for the properties on which the Altira Casino, City of Dreams Casino and Studio City Casino are located, executed a public deed pursuant to which the gaming and gaming support areas comprising the Altira Casino, City of Dreams Casino and Studio City Casino with an area of 17,128.8 square meters, 31,227.3 square meters and 28,784.3 square meters, respectively, and related gaming equipment and utensils (collectively as referred to the “Reversion Assets”), reverted to the Macau government, without compensation and free and clear from any charges or encumbrances, at the expiration of the previous subconcession in accordance with the Macau gaming law. The Reversion Assets that reverted to the Macau government at the expiration of the previous subconcession are owned by the Macau government. Under the terms of the Macau gaming law and the Concession, effective as of January 1, 2023, the Reversion Assets have been transferred by the Macau government to Melco Resorts Macau for use in its operations during the Concession for a fee of MOP0.75 (equivalent to $0.09) per square meter of the casino for years 1 to 3 of the Concession, subject to a consumer price index increase in years 2 and 3 of the Concession and such fee will increase to MOP2.5 (equivalent to $0.3) per square meter of the casino for years 4 to 10 of the Concession, subject to a consumer price index increase in years 5 to 10 of the Concession (the “Fee”). As Melco Resorts Macau continues to operate the Reversion Assets in the same manner as under the previous subconcession, obtains substantially all of the economic benefits and bears all of the risks arising from the use of these assets, as well as assuming it will be successful in the awarding of a new concession upon expiry of the Concession, the Company continues to recognize these Reversion Assets as property and equipment over their remaining estimated useful lives.

 

On January 1, 2023, the Company recognized an intangible asset and financial liability of $239,588, representing the right to operate the Reversion Assets, the right to conduct games of fortunes and chance in Macau and the unconditional obligation to make payments under the Concession. This intangible asset comprises the contractually obligated annual payments of fixed premium and variable premiums, as well as the Fee without considering the consumer price index under the Concession. The contractually obligated annual variable premium payments associated with the intangible asset were determined using the total number of gaming tables and the total number of electronic gaming machines that Melco Resorts Macau is currently approved to operate by the Macau government. In the accompanying condensed consolidated balance sheet, the noncurrent portion of the financial liability is included in “Other long-term liabilities” and the current portion is included in “Accrued expenses and other current liabilities”. The intangible asset is being amortized on a straight-line basis over the period of the Concession, being 10 years.

(4)

On June 26, 2017, the Cyprus government granted a gaming license (the “Cyprus License”) to an affiliate of Melco in Cyprus (the “Cyprus Subsidiary”) to develop, operate and maintain an integrated casino resort in Limassol, Cyprus (and, up until completion and opening of the integrated casino resort, a temporary casino facility) and up to four satellite casino premises in Cyprus for a term of 30 years, the first 15 years of which are exclusive. Pursuant to the Cyprus License agreement, the Cyprus Subsidiary is obligated to pay the Cyprus government an annual license fee for the integrated casino resort (and prior to opening of the integrated casino resort, the temporary casino) and any operating satellite casinos. The Cyprus License required the integrated casino resort to open by the extended deadline of June 30, 2023 as approved by the Cyprus government (the “Cyprus License Requirement”), failing which the Cyprus government would have been entitled to terminate the Cyprus License.

On June 28, 2023, upon fulfillment of the Cyprus License Requirement, the Company recognized an intangible asset of $73,928 and financial liability of $73,059, representing the right under the Cyprus License and the unconditional obligation to pay i) a minimum annual license fee for City of Dreams Mediterranean of Euros (“EUR”) 5,000 (equivalent to $5,281) per year; and ii) an aggregate annual license fee for three operating satellite casinos of EUR2,000 (equivalent to $2,112), during the term of the Cyprus License from June 28, 2023. In the accompanying condensed consolidated balance sheet, the noncurrent portion of the financial liability of the Cyprus License is included in “Other long-term liabilities” and the current portion is included in “Accrued expenses and other current liabilities”. The intangible asset is being amortized on a straight-line basis over the remaining period of the Cyprus License until June 2047.

 

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, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Net loss attributable to Melco Resorts & Entertainment Limited

$

(16,303

)

 

$

(243,842

)

 

$

(121,032

)

 

$

(678,585

)

Pre-opening costs

 

10,184

 

 

 

3,313

 

 

 

40,444

 

 

 

8,915

 

Property charges and other

 

(1,442

)

 

 

696

 

 

 

14,445

 

 

 

19,595

 

Gain on extinguishment of debt

 

(80

)

 

 

-

 

 

 

(80

)

 

 

-

 

Income tax impact on adjustments

 

584

 

 

 

(210

)

 

 

-

 

 

 

(598

)

Noncontrolling interests impact on adjustments

 

(4,028

)

 

 

(1,275

)

 

 

(14,136

)

 

 

(4,781

)

Adjusted net loss attributable to Melco Resorts & Entertainment Limited

$

(11,085

)

 

$

(241,318

)

 

$

(80,359

)

 

$

(655,454

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net loss attributable to Melco Resorts & Entertainment Limited per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.008

)

 

$

(0.174

)

 

$

(0.061

)

 

$

(0.465

)

Diluted

$

(0.008

)

 

$

(0.174

)

 

$

(0.061

)

 

$

(0.465

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net loss attributable to Melco Resorts & Entertainment Limited per ADS:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.025

)

 

$

(0.522

)

 

$

(0.183

)

 

$

(1.395

)

Diluted

$

(0.025

)

 

$

(0.522

)

 

$

(0.183

)

 

$

(1.396

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding used in adjusted net loss attributable to Melco Resorts & Entertainment Limited per share calculation:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,311,270,775

 

 

 

1,386,720,527

 

 

 

1,315,728,852

 

 

 

1,409,983,323

 

Diluted

 

1,311,270,775

 

 

 

1,386,720,527

 

 

 

1,315,728,852

 

 

 

1,409,983,323

 

 

 

 

 

 

 

 

 

 

 

 

 


Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2023

 

Altira
Macau

 

Mocha
and Other

 

City of
Dreams

 

Studio
City

 

City of Dreams
Manila

 

City of Dreams
Mediterranean
and Other
(5)

 

Corporate
and Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

$

(9,784

)

 

$

5,981

 

 

$

95,238

 

 

$

10,074

 

 

$

25,681

 

 

$

(7,794

)

 

$

(24,694

)

 

$

94,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments to the Philippine Parties

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,979

 

 

 

-

 

 

 

-

 

 

 

9,979

 

Land rent to Belle Corporation

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

474

 

 

 

-

 

 

 

-

 

 

 

474

 

Pre-opening costs

 

-

 

 

 

-

 

 

 

-

 

 

 

7,564

 

 

 

-

 

 

 

2,620

 

 

 

-

 

 

 

10,184

 

Depreciation and amortization

 

5,838

 

 

 

884

 

 

 

54,865

 

 

 

49,647

 

 

 

12,297

 

 

 

12,249

 

 

 

4,888

 

 

 

140,668

 

Share-based compensation

 

119

 

 

 

(33

)

 

 

1,091

 

 

 

390

 

 

 

303

 

 

 

125

 

 

 

5,560

 

 

 

7,555

 

Property charges and other

 

-

 

 

 

46

 

 

 

2,752

 

 

 

57

 

 

 

3

 

 

 

(28

)

 

 

(4,272

)

 

 

(1,442

)

Adjusted EBITDA

 

(3,827

)

 

 

6,878

 

 

 

153,946

 

 

 

67,732

 

 

 

48,737

 

 

 

7,172

 

 

 

(18,518

)

 

 

262,120

 

Corporate and Other expenses

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18,518

 

 

 

18,518

 

Adjusted Property EBITDA

$

(3,827

)

 

$

6,878

 

 

$

153,946

 

 

$

67,732

 

 

$

48,737

 

 

$

7,172

 

 

$

-

 

 

$

280,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2022

 

Altira
Macau

 

Mocha
and Other

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(5)

Effective from June 12, 2023, with the soft opening of City of Dreams Mediterranean, the Cyprus Operations segment which previously included the operation of the temporary casino before its closure on June 9, 2023 and the licensed satellite casinos in Cyprus, has been renamed to City of Dreams Mediterranean and Other segment which included the operation of City of Dreams Mediterranean and the licensed satellite casinos in Cyprus.

 

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

Altira
Macau

 

Mocha
and Other
(6)

 

City of
Dreams

 

Studio
City

 

City of Dreams
Manila

 

City of Dreams
Mediterranean
and Other
(5)

 

Corporate
and Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

$

(20,014

)

 

$

18,097

 

 

$

210,446

 

 

$

(20,286

)

 

$

84,131

 

 

$

(17,222

)

 

$

(95,810

)

 

$

159,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments to the Philippine Parties

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

32,638

 

 

 

-

 

 

 

-

 

 

 

32,638

 

Land rent to Belle Corporation

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,436

 

 

 

-

 

 

 

-

 

 

 

1,436

 

Pre-opening costs

 

-

 

 

 

-

 

 

 

-

 

 

 

17,348

 

 

 

-

 

 

 

23,096

 

 

 

-

 

 

 

40,444

 

Depreciation and amortization

 

17,755

 

 

 

3,044

 

 

 

176,751

 

 

 

130,768

 

 

 

37,922

 

 

 

16,545

 

 

 

15,871

 

 

 

398,656

 

Share-based compensation

 

180

 

 

 

50

 

 

 

5,248

 

 

 

1,081

 

 

 

881

 

 

 

356

 

 

 

19,432

 

 

 

27,228

 

Property charges and other

 

511

 

 

 

76

 

 

 

17,670

 

 

 

544

 

 

 

(397

)

 

 

(11

)

 

 

(3,948

)

 

 

14,445

 

Adjusted EBITDA

 

(1,568

)

 

 

21,267

 

 

 

410,115

 

 

 

129,455

 

 

 

156,611

 

 

 

22,764

 

 

 

(64,455

)

 

 

674,189

 

Corporate and Other expenses

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

64,455

 

 

 

64,455

 

Adjusted Property EBITDA

$

(1,568

)

 

$

21,267

 

 

$

410,115

 

 

$

129,455

 

 

$

156,611

 

 

$

22,764

 

 

$

-

 

 

$

738,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

Altira
Macau

 

Mocha
and Other
(6)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(6)

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 Net Loss Attributable to Melco Resorts & Entertainment Limited to

Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Net loss attributable to Melco Resorts & Entertainment Limited

$

(16,303

)

 

$

(243,842

)

 

$

(121,032

)

 

$

(678,585

)

Net loss attributable to noncontrolling interests

 

(20,492

)

 

 

(42,780

)

 

 

(67,568

)

 

 

(124,553

)

Net loss

 

(36,795

)

 

 

(286,622

)

 

 

(188,600

)

 

 

(803,138

)

Income tax expense (benefit)

 

2,021

 

 

 

2,028

 

 

 

(1,295

)

 

 

4,618

 

Interest and other non-operating expenses, net

 

129,476

 

 

 

86,048

 

 

 

349,237

 

 

 

254,899

 

Depreciation and amortization

 

140,668

 

 

 

122,046

 

 

 

398,656

 

 

 

400,064

 

Property charges and other

 

(1,442

)

 

 

696

 

 

 

14,445

 

 

 

19,595

 

Share-based compensation

 

7,555

 

 

 

9,981

 

 

 

27,228

 

 

 

43,860

 

Pre-opening costs

 

10,184

 

 

 

3,313

 

 

 

40,444

 

 

 

8,915

 

Land rent to Belle Corporation

 

474

 

 

 

555

 

 

 

1,436

 

 

 

1,851

 

Payments to the Philippine Parties

 

9,979

 

 

 

8,417

 

 

 

32,638

 

 

 

26,878

 

Adjusted EBITDA

 

262,120

 

 

 

(53,538

)

 

 

674,189

 

 

 

(42,458

)

Corporate and Other expenses

 

18,518

 

 

 

18,677

 

 

 

64,455

 

 

 

49,804

 

Adjusted Property EBITDA

$

280,638

 

 

$

(34,861

)

 

$

738,644

 

 

$

7,346

 

 

 

 

 

 

 

 

 

 

 

 

 


Melco Resorts & Entertainment Limited and Subsidiaries

Supplemental Data Schedule

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2023

 

2022

 

2023

 

2022

Room Statistics(7):

 

 

 

 

 

 

 

 

Altira Macau

 

 

 

 

 

 

 

 

 

Average daily rate (8)

$

138

 

 

$

91

 

 

$

136

 

 

$

97

 

 

 

Occupancy per available room

 

95

%

 

 

37

%

 

 

85

%

 

 

40

%

 

 

Revenue per available room (9)

$

131

 

 

$

34

 

 

$

116

 

 

$

39

 

 

 

 

 

 

 

 

 

 

 

 

City of Dreams

 

 

 

 

 

 

 

 

 

Average daily rate (8)

$

193

 

 

$

192

 

 

$

202

 

 

$

203

 

 

 

Occupancy per available room

 

91

%

 

 

20

%

 

 

83

%

 

 

27

%

 

 

Revenue per available room (9)

$

176

 

 

$

38

 

 

$

168

 

 

$

55

 

 

 

 

 

 

 

 

 

 

 

 

Studio City

 

 

 

 

 

 

 

 

 

Average daily rate (8)

$

167

 

 

$

107

 

 

$

148

 

 

$

114

 

 

 

Occupancy per available room

 

92

%

 

 

25

%

 

 

88

%

 

 

27

%

 

 

Revenue per available room (9)

$

155

 

 

$

27

 

 

$

129

 

 

$

31

 

 

 

 

 

 

 

 

 

 

 

 

City of Dreams Manila

 

 

 

 

 

 

 

 

 

Average daily rate (8)

$

173

 

 

$

195

 

 

$

180

 

 

$

190

 

 

 

Occupancy per available room

 

97

%

 

 

95

%

 

 

96

%

 

 

94

%

 

 

Revenue per available room (9)

$

168

 

 

$

186

 

 

$

173

 

 

$

179

 

 

 

 

 

 

 

 

 

 

 

 

City of Dreams Mediterranean and Other(5)

 

 

 

 

 

 

 

 

 

Average daily rate (8)

$

375

 

 

N/A

 

$

371

 

 

N/A

 

 

Occupancy per available room

 

63

%

 

N/A

 

 

62

%

 

N/A

 

 

Revenue per available room (9)

$

236

 

 

N/A

 

$

231

 

 

N/A

 

 

 

 

 

 

 

 

 

 

Other Information(10):

 

 

 

 

 

 

 

 

Altira Macau

 

 

 

 

 

 

 

 

 

Average number of table games

 

43

 

 

 

92

 

 

 

44

 

 

 

94

 

 

 

Average number of gaming machines

 

125

 

 

 

144

 

 

 

143

 

 

 

139

 

 

 

Table games win per unit per day (11)

$

6,686

 

 

$

121

 

 

$

6,218

 

 

$

722

 

 

 

Gaming machines win per unit per day (12)

$

291

 

 

$

85

 

 

$

223

 

 

$

131

 

 

 

 

 

 

 

 

 

 

 

 

Mocha and Other(6)

 

 

 

 

 

 

 

 

 

Average number of table games

 

18

 

 

 

25

 

 

 

17

 

 

 

25

 

 

 

Average number of gaming machines

 

892

 

 

 

952

 

 

 

880

 

 

 

949

 

 

 

Table games win per unit per day (11)

$

5,306

 

 

$

1,806

 

 

$

5,000

 

 

$

1,776

 

 

 

Gaming machines win per unit per day (12)

$

282

 

 

$

203

 

 

$

292

 

 

$

216

 

 

 

 

 

 

 

 

 

 

 

 

City of Dreams

 

 

 

 

 

 

 

 

 

Average number of table games

 

430

 

 

 

443

 

 

 

430

 

 

 

449

 

 

 

Average number of gaming machines

 

629

 

 

 

649

 

 

 

635

 

 

 

678

 

 

 

Table games win per unit per day (11)

$

13,437

 

 

$

1,503

 

 

$

12,496

 

 

$

3,474

 

 

 

Gaming machines win per unit per day (12)

$

505

 

 

$

113

 

 

$

441

 

 

$

139

 

 

 

 

 

 

 

 

 

 

 

 

Studio City

 

 

 

 

 

 

 

 

 

Average number of table games

 

246

 

 

 

277

 

 

 

246

 

 

 

277

 

 

 

Average number of gaming machines

 

661

 

 

 

702

 

 

 

667

 

 

 

711

 

 

 

Table games win per unit per day (11)

$

10,380

 

 

$

794

 

 

$

8,331

 

 

$

1,592

 

 

 

Gaming machines win per unit per day (12)

$

352

 

 

$

54

 

 

$

319

 

 

$

82

 

 

 

 

 

 

 

 

 

 

 

 

City of Dreams Manila

 

 

 

 

 

 

 

 

 

Average number of table games

 

266

 

 

 

260

 

 

 

267

 

 

 

278

 

 

 

Average number of gaming machines

 

2,295