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 first quarter of 2023.
Total operating revenues for the first quarter
of 2023 were US$716.5 million, representing an increase of
approximately 51% from US$474.9 million for the comparable period
in 2022. The increase in total operating revenues was primarily
attributable to the improved performance in all gaming segments
primarily due to the relaxation of COVID-19 related restrictions in
Macau during the quarter.
Operating income for the first quarter of 2023
was US$0.4 million, compared with operating loss of US$135.9
million in the first quarter of 2022.
Melco generated Adjusted Property EBITDA(1) of
US$190.8 million in the first quarter of 2023, compared with
Adjusted Property EBITDA of US$56.0 million in the first quarter of
2022.
Net loss attributable to Melco Resorts &
Entertainment Limited for the first quarter of 2023 was US$81.3
million, or US$0.18 per ADS, compared with US$183.3 million, or
US$0.39 per ADS, in the first quarter of 2022. The net loss
attributable to noncontrolling interests was US$19.4 million and
US$38.6 million during the first quarters of 2023 and 2022,
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, “We have seen a very encouraging
start to the recovery in Macau during the first quarter of 2023,
following the relaxation of border restrictions in early January.
We continued to see improving momentum into April and Golden Week
in May, with mass market table games drop and mass gross
gaming revenue during the Golden Week period exceeding the same
period in 2019.
“We launched some exciting new initiatives in
April. We started Macau’s first ever residency concert series at
Studio City and opened Studio City Phase 2, starting with our Epic
hotel tower and the indoor water park. These initiatives reinforce
our long-standing commitment to bring unique, world class
entertainment and hotel offerings to Macau. We have a diverse
range of events that are being planned for the future that, we
believe, will continue to drive international tourism and position
Macau as a leading destination for leisure and entertainment.
“We’ve seen strength in the Philippines with a
solid recovery underway. Adjusted Property EBITDA at City of Dreams
Manila for the first quarter of 2023 surpassed that of the first
quarter of 2019. Performance in Cyprus has also been strong with
both gross gaming revenue and Adjusted Property EBITDA
exceeding 2019 levels. With this proven demand, we are excited to
open City of Dreams Mediterranean in mid-June and showcase our
expertise with the first integrated resort of its kind in the
region.
“Environmental sustainability remains a key
pillar of our strategy. Our latest 2022 Sustainability Report
highlights our achievements to date as we work towards reaching our
2030 goals. We have expanded climate related risk assessment to
provide further guidance as we implement our carbon-neutral resort
commitments across our properties. We are also continuing our work
towards achieving BREEAM certification for Studio City Phase 2 and
City of Dreams Mediterranean following construction
completion.”
City of Dreams First Quarter
Results
For the quarter ended March 31, 2023, total
operating revenues at City of Dreams were US$358.3 million,
compared with US$256.7 million in the first quarter of 2022. City
of Dreams generated Adjusted EBITDA of US$94.9 million in the first
quarter of 2023, compared with Adjusted EBITDA of US$44.4 million
in the first quarter of 2022. The year-over-year increase in
Adjusted EBITDA was primarily a result of better performance in the
mass market table games segment and non-gaming operations.
Rolling chip volume was US$4.04 billion for the
first quarter of 2023 versus US$2.45 billion in the first quarter
of 2022. The rolling chip win rate was 2.41% in the first quarter
of 2023 versus 3.93% in the first quarter of 2022. The expected
rolling chip win rate range is 2.85%-3.15%.
Mass market table games drop increased to
US$1.02 billion in the first quarter of 2023, compared with
US$552.5 million in the first quarter of 2022. The mass market
table games hold percentage was 27.0% in the first quarter of 2023,
compared with 30.6% in the first quarter of 2022.
Gaming machine handle for the first quarter of
2023 was US$655.7 million, compared with US$380.1 million in the
first quarter of 2022. The gaming machine win rate was 3.9% in the
first quarter of 2023 versus 3.4% in the first quarter of 2022.
Total non-gaming revenue at City of Dreams in
the first quarter of 2023 was US$58.3 million, compared with
US$37.8 million in the first quarter of 2022.
Altira Macau First Quarter
Results
For the quarter ended March 31, 2023, total
operating revenues at Altira Macau were US$23.8 million, compared
with US$13.9 million in the first quarter of 2022. Altira Macau
generated negative Adjusted EBITDA of US$2.0 million in the first
quarter of 2023, compared with negative Adjusted EBITDA of US$9.4
million in the first quarter of 2022.
In the mass market table games segment, drop was
US$82.6 million in the first quarter of 2023 versus US$44.4 million
in the first quarter of 2022. The mass market table games hold
percentage was 25.0% in the first quarter of 2023, compared with
26.3% in the first quarter of 2022.
Gaming machine handle for the first quarter of
2023 was US$74.3 million, compared with US$50.5 million in the
first quarter of 2022. The gaming machine win rate was 3.6% in the
first quarter of 2023 versus 4.1% in the first quarter of 2022.
Total non-gaming revenue at Altira Macau in the
first quarter of 2023 was US$3.7 million, compared with US$2.4
million in the first quarter of 2022.
Mocha and Other First Quarter
Results
Total operating revenues from Mocha and Other
were US$30.0 million in the first quarter of 2023, compared with
US$21.2 million in the first quarter of 2022. Mocha and Other
generated Adjusted EBITDA of US$7.7 million in the first quarter of
2023, compared with Adjusted EBITDA of US$4.4 million in the first
quarter of 2022.
Mass market table games drop was US$37.7 million
in the first quarter of 2023 and the mass market table games hold
percentage was 16.8% for the first quarter of 2023.
Gaming machine handle for the first quarter of
2023 was US$519.0 million, compared with US$478.1 million in the
first quarter of 2022. The gaming machine win rate was 4.7% in the
first quarter of 2023 versus 4.4% in the first quarter of 2022.
Studio City First Quarter
Results
For the quarter ended March 31, 2023, total
operating revenues at Studio City were US$142.2 million, compared
with US$71.1 million in the first quarter of 2022. Studio City
generated Adjusted EBITDA of US$20.6 million in the first quarter
of 2023, compared with negative Adjusted EBITDA of US$17.3 million
in the first quarter of 2022. The year-over-year increase in
Adjusted EBITDA was primarily a result of better performance in the
mass market table games segment and non-gaming operations.
Studio City's rolling chip volume was US$718.5
million in the first quarter of 2023 versus US$439.3 million in the
first quarter of 2022. The rolling chip win rate was 1.59% in the
first quarter of 2023 versus 1.66% in the first quarter of 2022.
The expected rolling chip win rate range is 2.85%- 3.15%.
Mass market table games drop increased to
US$480.6 million in the first quarter of 2023, compared with
US$191.8 million in the first quarter of 2022. The mass market
table games hold percentage was 24.7% in the first quarter of 2023,
compared with 31.6% in the first quarter of 2022.
Gaming machine handle for the first quarter of
2023 was US$431.7 million, compared with US$233.0 million in the
first quarter of 2022. The gaming machine win rate was 3.8% in the
first quarter of 2023, compared with 3.1% in the first quarter of
2022.
Total non-gaming revenue at Studio City in the
first quarter of 2023 was US$25.1 million, compared with US$13.3
million in the first quarter of 2022.
City of Dreams Manila First Quarter
Results
For the quarter ended March 31, 2023, total
operating revenues at City of Dreams Manila were US$133.3 million,
compared with US$86.9 million in the first quarter of 2022. City of
Dreams Manila generated Adjusted EBITDA of US$60.9 million in the
first quarter of 2023, compared with Adjusted EBITDA of US$33.0
million in the comparable period 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.
City of Dreams Manila’s rolling chip volume was
US$655.8 million in the first quarter of 2023 versus US$647.9
million in the first quarter of 2022. The rolling chip win rate was
5.43% in the first quarter of 2023 versus 1.09% in the first
quarter of 2022. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$177.1 million in the first quarter of 2023, compared with
US$127.3 million in the first quarter of 2022. The mass market
table games hold percentage was 31.2% in the first quarter of 2023,
compared with 29.8% in the first quarter of 2022.
Gaming machine handle for the first quarter of
2023 was US$979.5 million, compared with US$776.7 million in the
first quarter of 2022. The gaming machine win rate was 5.4% in the
first quarter of 2023 versus 6.0% in the first quarter of 2022.
Total non-gaming revenue at City of Dreams
Manila in the first quarter of 2023 was US$28.6 million, compared
with US$22.3 million in the first quarter of 2022.
Cyprus Operations First Quarter
Results
The Company is licensed to operate a temporary
casino, which is the first casino in the Republic of Cyprus, and
four satellite casinos (collectively, the “Cyprus 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 March 31, 2023 was US$27.8 million, compared with
US$16.1 million in the first quarter of 2022. Cyprus Casinos
generated Adjusted EBITDA of US$8.7 million in the first quarter of
2023, compared with Adjusted EBITDA of US$0.9 million in the first
quarter of 2022. The year-over-year increase in Adjusted EBITDA was
primarily a result of better performance in the mass market
segment.
Rolling chip volume was US$0.5 million in the
first quarter of 2023, compared with US$2.2 million in the first
quarter of 2022. The rolling chip win rate was 32.91% in the first
quarter of 2023, compared with negative 3.40% in the first quarter
of 2022. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop was US$42.2 million
in the first quarter of 2023, compared with US$26.8 million in the
first quarter of 2022. The mass market table games hold percentage
was 21.7% in the first quarter of 2023, compared with 16.5% in the
first quarter of 2022.
Gaming machine handle for the first quarter of
2023 was US$384.9 million, compared with US$247.1 million in the
first quarter of 2022. The gaming machine win rate was 4.9% in the
first quarter of 2023 versus 4.9% in the first quarter of 2022.
Other Factors Affecting
Earnings
Total net non-operating expenses for the first
quarter of 2023 were US$103.3 million, which mainly included
interest expenses of US$109.0 million, net of amounts capitalized,
partially offset by interest income of US$6.8 million.
Depreciation and amortization costs of US$121.5
million were recorded in the first 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 March 31, 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 May 10, 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 March 31,
2023 aggregated to US$1.46 billion, including US$124.5 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$7.86 billion at the end
of the first quarter of 2023.
Available liquidity, including cash and undrawn
revolving credit facilities, as of March 31, 2023, was US$2.08
billion.
US$169.8 million of ADSs were repurchased in the
first quarter of 2023 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 first quarter of
2023 were US$69.8 million, which primarily related to the
construction projects at Studio City Phase 2 and City of Dreams
Mediterranean.
Recent Developments
On April 6, 2023, the Company announced the
opening of an indoor water park and the Epic hotel tower, at Studio
City Phase 2. The indoor water park spans nearly 10,000 square
meters with 16 waterslides and attractions. The outdoor water park
at Studio City opened for the season on April 28, 2023. The Epic
hotel tower has a total of 338 suites in eight room types including
two villas.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its first quarter 2023 financial
results on Wednesday, May 10, 2023 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/BI2b5302de12dd4dfc9ccd5719a54aa3e3
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
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, (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. |
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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 recognizes these limitations and uses Adjusted EBITDA and
Adjusted Property EBITDA as only two of several comparative tools,
together with U.S. GAAP measurements, to assist in the evaluation
of operating performance. |
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|
Such U.S.
GAAP measurements include operating income/loss, net income/loss,
cash flows from operations and cash flow data. The Company has
significant uses of cash flows, including capital expenditures,
interest payments, debt principal repayments, taxes and other
recurring and nonrecurring charges, which are not reflected in
Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s
calculation of Adjusted EBITDA and Adjusted Property EBITDA may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. 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 and
property charges and other, net of non-controlling 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 majority owned by Melco
International Development Limited, a company listed on the Main
Board of The Stock Exchange of Hong Kong Limited, which is in turn
majority owned and led by Mr. Lawrence Ho, who is the Chairman,
Executive Director and Chief Executive Officer of the Company.
For the investment community, please
contact:Jeanny KimSenior Vice President, Group
TreasurerTel: +852 2598 3698Email: jeannykim@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
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Melco
Resorts & Entertainment Limited and Subsidiaries |
Condensed
Consolidated Statements of Operations (Unaudited) |
(In
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March
31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
Casino |
$ |
599,000 |
|
|
$ |
395,075 |
|
|
Rooms |
|
58,588 |
|
|
|
36,509 |
|
|
Food and beverage |
|
36,755 |
|
|
|
24,328 |
|
|
Entertainment, retail and other |
|
22,137 |
|
|
|
19,033 |
|
|
Total
operating revenues |
|
716,480 |
|
|
|
474,945 |
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
Casino |
|
(398,869 |
) |
|
|
(307,383 |
) |
|
Rooms |
|
(14,351 |
) |
|
|
(12,964 |
) |
|
Food and beverage |
|
(27,514 |
) |
|
|
(23,821 |
) |
|
Entertainment, retail and other |
|
(6,026 |
) |
|
|
(5,988 |
) |
|
General and administrative |
|
(110,004 |
) |
|
|
(101,223 |
) |
|
Payments to the Philippine Parties |
|
(13,348 |
) |
|
|
(7,215 |
) |
|
Pre-opening costs |
|
(13,112 |
) |
|
|
(2,355 |
) |
|
Amortization of gaming subconcession |
|
- |
|
|
|
(14,254 |
) |
|
Amortization of land use rights |
|
(5,658 |
) |
|
|
(5,682 |
) |
|
Depreciation and amortization |
|
(115,801 |
) |
|
|
(121,356 |
) |
|
Property charges and other |
|
(11,442 |
) |
|
|
(8,601 |
) |
|
Total
operating costs and expenses |
|
(716,125 |
) |
|
|
(610,842 |
) |
|
Operating income (loss) |
|
355 |
|
|
|
(135,897 |
) |
|
Non-operating income (expenses): |
|
|
|
|
Interest income |
6,794 |
|
|
|
990 |
|
|
Interest expenses, net of amounts capitalized |
|
(108,958 |
) |
|
|
(87,087 |
) |
|
Other financing costs |
|
(934 |
) |
|
|
(1,343 |
) |
|
Foreign exchange (losses) gains, net |
|
(819 |
) |
|
|
2,778 |
|
|
Other income, net |
|
660 |
|
|
|
688 |
|
|
Total
non-operating expenses, net |
|
(103,257 |
) |
|
|
(83,974 |
) |
|
Loss before
income tax |
|
(102,902 |
) |
|
|
(219,871 |
) |
|
Income tax
benefit (expense) |
|
2,241 |
|
|
|
(1,973 |
) |
|
Net
loss |
|
(100,661 |
) |
|
|
(221,844 |
) |
|
Net loss
attributable to noncontrolling interests |
|
19,373 |
|
|
|
38,560 |
|
|
Net loss
attributable to Melco Resorts & Entertainment Limited |
$ |
(81,288 |
) |
|
$ |
(183,284 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per share: |
Basic |
$ |
(0.061 |
) |
|
$ |
(0.129 |
) |
|
Diluted |
$ |
(0.061 |
) |
|
$ |
(0.129 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment Limited
per ADS: |
Basic |
$ |
(0.184 |
) |
|
$ |
(0.387 |
) |
|
Diluted |
$ |
(0.184 |
) |
|
$ |
(0.388 |
) |
|
|
|
|
|
|
|
|
Weighted
average shares outstanding used in net loss attributable to Melco
Resorts & Entertainment Limited per share calculation: |
|
|
|
|
|
|
Basic |
|
1,325,716,287 |
|
|
|
1,422,175,108 |
|
|
Diluted |
|
1,325,716,287 |
|
|
|
1,422,175,108 |
|
|
|
|
|
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|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
Condensed Consolidated Balance Sheets |
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,338,558 |
|
|
$ |
1,812,729 |
|
|
Restricted cash |
|
22 |
|
|
|
50,992 |
|
|
Accounts receivable, net |
|
69,043 |
|
|
|
55,992 |
|
|
Receivables from affiliated companies |
|
654 |
|
|
|
630 |
|
|
Inventories |
|
26,216 |
|
|
|
26,416 |
|
|
Prepaid expenses and other current assets |
|
132,901 |
|
|
|
119,410 |
|
|
Assets held for sale |
|
8,372 |
|
|
|
8,503 |
|
Total current assets |
|
1,575,766 |
|
|
|
2,074,672 |
|
|
|
|
|
|
|
|
Property and equipment, net (3) |
5,820,049 |
|
|
|
5,870,905 |
|
Intangible assets, net (3) |
274,383 |
|
|
|
43,610 |
|
Goodwill |
|
81,188 |
|
|
|
81,606 |
|
Long-term prepayments, deposits and other assets |
|
159,983 |
|
|
|
159,697 |
|
Receivables from an affiliated company |
- |
|
|
|
216,333 |
|
Restricted cash |
|
124,483 |
|
|
|
124,736 |
|
Deferred tax assets, net |
362 |
|
|
|
638 |
|
Operating lease right-of-use assets |
66,921 |
|
|
|
58,715 |
|
Land use rights, net |
|
661,781 |
|
|
|
670,872 |
|
Total assets |
$ |
8,764,916 |
|
|
$ |
9,301,784 |
|
|
|
|
|
|
|
|
LIABILITIES AND DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
8,516 |
|
|
$ |
6,730 |
|
|
Accrued expenses and other current liabilities (3) |
|
869,782 |
|
|
|
809,305 |
|
|
Income tax payable |
|
9,999 |
|
|
|
11,610 |
|
|
Operating lease liabilities, current |
|
17,398 |
|
|
|
12,761 |
|
|
Finance lease liabilities, current |
|
36,045 |
|
|
|
34,959 |
|
|
Current portion of long-term debt, net |
|
- |
|
|
|
322,500 |
|
|
Payables to affiliated companies |
|
322 |
|
|
|
761 |
|
Total current liabilities |
|
942,062 |
|
|
|
1,198,626 |
|
|
|
|
|
|
|
|
Long-term debt, net |
|
7,862,705 |
|
|
|
8,090,008 |
|
Other long-term liabilities (3) |
257,509 |
|
|
|
33,712 |
|
Deferred tax liabilities, net |
37,914 |
|
|
|
39,677 |
|
Operating lease liabilities, non-current |
59,374 |
|
|
|
55,832 |
|
Finance lease liabilities, non-current |
|
201,318 |
|
|
|
198,291 |
|
Total liabilities |
|
9,360,882 |
|
|
|
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; |
|
|
|
|
|
|
|
1,299,279,721 and 1,335,307,327 shares outstanding,
respectively |
|
14,047 |
|
|
|
14,451 |
|
|
Treasury shares, at cost; 105,399,346 and 109,744,816
shares, respectively |
|
(290,076 |
) |
|
|
(241,750 |
) |
|
Additional paid-in capital |
|
3,105,273 |
|
|
|
3,218,895 |
|
|
Accumulated other comprehensive losses |
|
(122,068 |
) |
|
|
(111,969 |
) |
|
Accumulated losses |
|
(3,811,240 |
) |
|
|
(3,729,952 |
) |
Total Melco Resorts & Entertainment Limited shareholders’
deficit |
|
(1,104,064 |
) |
|
|
(850,325 |
) |
Noncontrolling interests |
|
508,098 |
|
|
|
535,963 |
|
Total deficit |
|
(595,966 |
) |
|
|
(314,362 |
) |
Total liabilities and deficit |
$ |
8,764,916 |
|
|
$ |
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 $3,730) 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 letter of undertakings dated June 23, 2022,
Melco Resorts Macau and certain subsidiaries of Melco, which holds
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 subconcession in accordance
with the Macau gaming law. The Reversion Assets that reverted to
the Macau government at the expiration of the 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 will continue to operate the
Reversion Assets in the same manner as under the previous
subconcession, obtain substantially all of the economic benefits
and bear 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 will continue
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 was determined at the rate
using the total number of gaming tables not reserved exclusively to
certain kinds of games or players 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
March
31, |
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(81,288 |
) |
|
$ |
(183,284 |
) |
Pre-opening costs |
|
13,112 |
|
|
|
2,355 |
|
Property charges and other |
|
11,442 |
|
|
|
8,601 |
|
Income tax impact on adjustments |
|
(308 |
) |
|
|
- |
|
Noncontrolling interests impact on adjustments |
|
(4,586 |
) |
|
|
(2,166 |
) |
Adjusted net
loss attributable to Melco Resorts & Entertainment Limited |
$ |
(61,628 |
) |
|
$ |
(174,494 |
) |
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per share: |
Basic |
$ |
(0.046 |
) |
|
$ |
(0.123 |
) |
Diluted |
$ |
(0.046 |
) |
|
$ |
(0.123 |
) |
|
|
|
|
|
|
Adjusted net loss attributable to Melco Resorts & Entertainment
Limited per ADS: |
Basic |
$ |
(0.139 |
) |
|
$ |
(0.368 |
) |
Diluted |
$ |
(0.139 |
) |
|
$ |
(0.369 |
) |
|
|
|
|
|
|
Weighted
average shares outstanding used in adjusted net loss attributable
to Melco Resorts & Entertainment Limited per share
calculation: |
|
|
|
|
|
Basic |
|
1,325,716,287 |
|
|
|
1,422,175,108 |
|
Diluted |
|
1,325,716,287 |
|
|
|
1,422,175,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts & Entertainment Limited and
Subsidiaries |
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
|
Altira Macau |
|
Mocha and Other (4) |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporateand Other |
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(8,218 |
) |
|
$ |
6,564 |
|
|
$ |
19,626 |
|
$ |
(19,455 |
) |
|
$ |
34,719 |
|
|
$ |
(580 |
) |
|
$ |
(32,301 |
) |
|
$ |
355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
13,348 |
|
|
|
- |
|
|
|
- |
|
|
|
13,348 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
486 |
|
|
|
- |
|
|
|
- |
|
|
|
486 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
5,063 |
|
|
|
- |
|
|
|
8,049 |
|
|
|
- |
|
|
|
13,112 |
|
Depreciation and amortization |
|
5,929 |
|
|
|
1,077 |
|
|
|
61,372 |
|
|
34,368 |
|
|
|
12,469 |
|
|
|
1,184 |
|
|
|
5,060 |
|
|
|
121,459 |
|
Share-based compensation |
|
(57 |
) |
|
|
37 |
|
|
|
2,817 |
|
|
323 |
|
|
|
293 |
|
|
|
26 |
|
|
|
7,373 |
|
|
|
10,812 |
|
Property charges and other |
|
308 |
|
|
|
- |
|
|
|
11,112 |
|
|
290 |
|
|
|
(403 |
) |
|
|
3 |
|
|
|
132 |
|
|
|
11,442 |
|
Adjusted EBITDA |
|
(2,038 |
) |
|
|
7,678 |
|
|
|
94,927 |
|
|
20,589 |
|
|
|
60,912 |
|
|
|
8,682 |
|
|
|
(19,736 |
) |
|
|
171,014 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,736 |
|
|
|
19,736 |
|
Adjusted Property EBITDA |
$ |
(2,038 |
) |
|
$ |
7,678 |
|
|
$ |
94,927 |
|
$ |
20,589 |
|
|
$ |
60,912 |
|
|
$ |
8,682 |
|
|
$ |
- |
|
|
$ |
190,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
|
|
City of Dreams Manila |
|
|
Cyprus Operations |
|
Corporateand Other |
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(15,721 |
) |
|
$ |
3,040 |
|
|
$ |
(23,194 |
) |
|
$ |
(55,256 |
) |
|
$ |
8,166 |
|
|
$ |
(3,360 |
) |
|
$ |
(49,572 |
) |
|
$ |
(135,897 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
7,215 |
|
|
|
- |
|
|
|
- |
|
|
|
7,215 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
658 |
|
|
|
- |
|
|
|
- |
|
|
|
658 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
277 |
|
|
|
- |
|
|
|
2,078 |
|
|
|
- |
|
|
|
2,355 |
|
Depreciation and amortization |
|
5,433 |
|
|
|
1,247 |
|
|
|
60,207 |
|
|
33,805 |
|
|
|
16,326 |
|
|
|
1,929 |
|
|
|
22,345 |
|
|
|
141,292 |
|
Share-based compensation |
|
363 |
|
|
|
118 |
|
|
|
3,796 |
|
|
805 |
|
|
|
537 |
|
|
|
253 |
|
|
|
11,099 |
|
|
|
16,971 |
|
Property charges and other |
|
573 |
|
|
|
(53 |
) |
|
|
3,614 |
|
|
3,066 |
|
|
|
94 |
|
|
|
- |
|
|
|
1,307 |
|
|
|
8,601 |
|
Adjusted EBITDA |
|
(9,352 |
) |
|
|
4,352 |
|
|
|
44,423 |
|
|
(17,303 |
) |
|
|
32,996 |
|
|
|
900 |
|
|
|
(14,821 |
) |
|
|
41,195 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
14,821 |
|
|
|
14,821 |
|
Adjusted Property EBITDA |
$ |
(9,352 |
) |
|
$ |
4,352 |
|
|
$ |
44,423 |
|
$ |
(17,303 |
) |
|
$ |
32,996 |
|
|
$ |
900 |
|
|
$ |
- |
|
|
$ |
56,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
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 |
|
|
March
31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
Net loss
attributable to Melco Resorts & Entertainment Limited |
$ |
(81,288 |
) |
|
$ |
(183,284 |
) |
|
|
Net loss attributable to noncontrolling interests |
|
(19,373 |
) |
|
|
(38,560 |
) |
|
Net
loss |
|
(100,661 |
) |
|
|
|
(221,844 |
) |
|
|
Income tax (benefit) expense |
|
(2,241 |
) |
|
|
1,973 |
|
|
Interest and other non-operating expenses, net |
|
103,257 |
|
|
|
83,974 |
|
|
Depreciation and amortization |
|
121,459 |
|
|
|
141,292 |
|
|
Property charges and other |
|
11,442 |
|
|
|
8,601 |
|
|
Share-based compensation |
|
10,812 |
|
|
|
16,971 |
|
|
Pre-opening costs |
|
13,112 |
|
|
|
2,355 |
|
|
Land rent to Belle Corporation |
|
486 |
|
|
|
658 |
|
|
Payments to the Philippine Parties |
|
13,348 |
|
|
|
7,215 |
|
|
Adjusted EBITDA |
171,014 |
|
|
|
41,195 |
|
|
Corporate and Other expenses |
|
19,736 |
|
|
|
14,821 |
|
|
Adjusted
Property EBITDA |
$ |
190,750 |
|
|
$ |
56,016 |
|
|
|
|
|
|
|
|
|
|
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|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
Supplemental
Data Schedule |
|
|
|
|
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|
|
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|
Three Months
Ended |
|
|
|
|
|
|
|
March
31, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Room Statistics(5): |
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
Average daily rate (6) |
|
$ |
122 |
|
|
$ |
105 |
|
|
|
|
Occupancy per available room |
|
71 |
% |
|
|
47 |
% |
|
|
|
Revenue per available room (7) |
$ |
87 |
|
|
$ |
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
Average daily rate (6) |
|
$ |
212 |
|
|
$ |
210 |
|
|
|
|
Occupancy per available room |
|
72 |
% |
|
|
40 |
% |
|
|
|
Revenue per available room (7) |
$ |
153 |
|
|
$ |
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
Average daily rate (6) |
|
$ |
107 |
|
|
$ |
127 |
|
|
|
|
Occupancy per available room |
|
76 |
% |
|
|
33 |
% |
|
|
|
Revenue per available room (7) |
$ |
82 |
|
|
$ |
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
Average daily rate (6) |
|
$ |
186 |
|
|
$ |
192 |
|
|
|
|
Occupancy per available room |
|
95 |
% |
|
|
91 |
% |
|
|
|
Revenue per available room (7) |
$ |
177 |
|
|
$ |
176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information(8): |
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|
Altira Macau |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
46 |
|
|
|
98 |
|
|
|
|
Average
number of gaming machines |
|
|
|
|
158 |
|
|
|
132 |
|
|
|
|
Table games
win per unit per day (9) |
|
|
|
$ |
4,983 |
|
|
$ |
1,329 |
|
|
|
|
Gaming
machines win per unit per day (10) |
|
|
|
$ |
190 |
|
|
$ |
173 |
|
|
|
|
|
|
|
|
|
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|
Mocha and Other(4) |
|
|
|
|
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|
|
|
Average number of table games |
|
15 |
|
|
|
- |
|
|
|
|
Average
number of gaming machines |
|
|
|
|
883 |
|
|
|
931 |
|
|
|
|
Table games
win per unit per day (9) |
|
|
|
$ |
4,688 |
|
|
$ |
- |
|
|
|
|
Gaming
machines win per unit per day (10) |
|
|
|
$ |
305 |
|
|
$ |
254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
430 |
|
|
|
460 |
|
|
|
|
Average
number of gaming machines |
|
|
|
|
643 |
|
|
|
685 |
|
|
|
|
Table games
win per unit per day (9) |
|
|
|
$ |
9,635 |
|
|
$ |
6,408 |
|
|
|
|
Gaming
machines win per unit per day (10) |
|
|
|
$ |
446 |
|
|
$ |
211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
246 |
|
|
|
277 |
|
|
|
|
Average
number of gaming machines |
|
|
|
|
677 |
|
|
|
712 |
|
|
|
|
Table games
win per unit per day (9) |
|
|
|
$ |
5,879 |
|
|
$ |
2,725 |
|
|
|
|
Gaming
machines win per unit per day (10) |
|
|
|
$ |
272 |
|
|
$ |
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
Average number of table games |
|
268 |
|
|
|
294 |
|
|
|
|
Average
number of gaming machines |
|
|
|
|
2,296 |
|
|
|
2,248 |
|
|
|
|
Table games
win per unit per day (9) |
|
|
|
$ |
3,764 |
|
|
$ |
1,696 |
|
|
|
|
Gaming
machines win per unit per day (10) |
|
|
|
$ |
255 |
|
|
$ |
229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
Average number of table games |
|
35 |
|
|
|
35 |
|
|
|
|
Average
number of gaming machines |
|
|
|
|
447 |
|
|
|
457 |
|
|
|
|
Table games
win per unit per day (9) |
|
|
|
$ |
2,962 |
|
|
$ |
1,380 |
|
|
|
|
Gaming
machines win per unit per day (10) |
|
|
|
$ |
471 |
|
|
$ |
292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members due to the COVID-19 outbreak |
(6) |
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 |
(7) |
Revenue per available room is calculated by dividing total room
revenues including complimentary rooms (less service charges, if
any) by total rooms available |
(8) |
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 |
(9) |
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 |
(10) |
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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|
|
|
|
|
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|
Melco Resorts and Entert... (NASDAQ:MLCO)
過去 株価チャート
から 4 2024 まで 5 2024
Melco Resorts and Entert... (NASDAQ:MLCO)
過去 株価チャート
から 5 2023 まで 5 2024