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 2021.
Total operating revenues for the first quarter
of 2021 were US$0.52 billion, representing a decrease of
approximately 36% from US$0.81 billion for the comparable period in
2020. The decrease in total operating revenues was primarily
attributable to a year-over-year decline in inbound tourism in the
first quarter of 2021, compared to the first quarter of 2020, which
was only partially impacted by the restrictions from the COVID-19
pandemic.
Operating loss for the first quarter of 2021 was
US$162.8 million, compared with operating loss of US$149.9 million
in the first quarter of 2020.
Melco generated Adjusted Property EBITDA(1) of
US$30.1 million in the first quarter of 2021, compared with
Adjusted Property EBITDA of US$75.3 million in the first quarter of
2020.
Net loss attributable to Melco Resorts &
Entertainment Limited for the first quarter of 2021 was US$232.9
million, or US$0.49 per ADS, compared with net loss attributable to
Melco Resorts & Entertainment Limited of US$364.0 million, or
US$0.76 per ADS, in the first quarter of 2020. The net loss
attributable to noncontrolling interests was US$44.6 million and
US$42.0 million during the first quarters of 2021 and 2020,
respectively, all of which were related to Studio City, City of
Dreams Manila and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief
Executive Officer, commented, “COVID-19 and the subsequent travel
restrictions continue to have a significant negative impact on our
operating and financial performance. Despite these challenges, our
integrated resorts experienced a moderate recovery in business
levels during the first quarter.
“We commend the Macau government’s measured
approach to reopening the border and schemes to boost the economy
and support local jobs. In this regard, we continue to prioritize
epidemic prevention measures to keep our colleagues and customers
safe, while working collaboratively with small and medium
enterprise (SME) partners to contribute to Macau’s sustainable
development and economic recovery.
“While impacted by COVID-19, Melco remains
committed to its global development program. In Macau, construction
on the expansion of Studio City is progressing. Upon completion,
Studio City will offer approximately 900 additional luxury hotel
rooms and suites, one of the world’s largest indoor/outdoor water
parks, a Cineplex, fine-dining restaurants and state-of-the-art
MICE space. The expansion of the current water park at Studio City
Phase 1 is complete and will open on May 22, 2021. Also in Macau,
our facility upgrade works at City of Dreams are ongoing, where the
fully renovated Nϋwa hotel re-opened at the end of March 2021,
while the Countdown closed down at the end of March 2021 to undergo
a full renovation. In Europe, we are developing City of Dreams
Mediterranean which, upon completion, will be Europe’s largest
integrated resort with approximately 500 luxury hotel rooms,
approximately 10,000 square meters of MICE space, an outdoor
amphitheater, a family adventure park, and a variety of fine-dining
outlets and luxury retail.
“Additionally, in recognition of the Company’s
commitment to sustainable building design and development as part
of its Above and Beyond sustainability strategy, Studio City Phase
2 was named winner of the BREEAM Awards’ 2021 ‘Regional Award,
Asia’. Both Studio City Phase 2 and City of Dreams Mediterranean
have attained BREEAM’s “Excellent” rating at the Design Stage where
the highest sustainability standards in development have been
incorporated into the building’s design.
“Turning to Japan, we remain committed to
bringing to the country a world-leading IR. We continue to believe
our focus on the Asian premium segment, a portfolio of high-quality
assets, devotion to craftsmanship, dedication to world-class
entertainment offerings, market-leading social safeguard systems,
established track record of successful partnerships, culture of
exceptional guest service, and a continuing commitment to employee
development puts Melco in a strong position to help Japan realize
the vision of developing an exceptional IR with a uniquely Japanese
touch. Due to COVID, the process in Japan has been delayed and
remains complex but has continued to progress forward. Melco is
currently actively engaged with multiple potential partners. We
will continue to be patient as we navigate the landscape to ensure
that Melco pursues the right opportunity that takes advantage of
Melco’s core strengths to drive strong value creation.”
City of Dreams First Quarter
Results
For the quarter ended March 31, 2021, the total
operating revenues at City of Dreams were US$302.5 million,
compared to US$467.6 million in the first quarter of 2020. City of
Dreams generated Adjusted EBITDA of US$40.0 million in the first
quarter of 2021, compared with Adjusted EBITDA of US$61.0 million
in the first quarter of 2020. The year-over-year decrease in
Adjusted EBITDA was primarily a result of softer performance in the
rolling chip segment, partially offset by lower operating costs as
a result of lower business volumes and our cost containment
efforts.
Rolling chip volume was US$4.13 billion for the
first quarter of 2021 versus US$8.65 billion in the first quarter
of 2020. The rolling chip win rate was 2.36% in the first quarter
of 2021 versus 4.11% in the first quarter of 2020. The expected
rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to
US$0.73 billion in the first quarter of 2021, compared with US$0.57
billion in the first quarter of 2020. The mass market table games
hold percentage was 31.7% in the first quarter of 2021, compared to
33.7% in the first quarter of 2020.
Gaming machine handle for the first quarter of
2021 was US$510.2 million, compared with US$509.6 million in the
first quarter of 2020. The gaming machine win rate was 3.3% in the
first quarter of 2021 versus 3.9% in the first quarter of 2020.
Total non-gaming revenue at City of Dreams in
the first quarter of 2021 was US$47.1 million, compared with
US$47.0 million in the first quarter of 2020.
Altira Macau First Quarter
Results
For the quarter ended March 31, 2021, the total
operating revenues at Altira Macau were US$14.3 million, compared
to US$52.9 million in the first quarter of 2020. Altira Macau
generated negative Adjusted EBITDA of US$29.6 million in the first
quarter of 2021, compared with negative Adjusted EBITDA of US$9.1
million in the first quarter of 2020. The change in Adjusted EBITDA
was primarily a result of softer performance in the rolling chip
and mass market table games segments, partially offset by
lower operating costs as a result of lower business volumes and our
cost containment efforts.
Rolling chip volume was US$1.10 billion in the
first quarter of 2021 versus US$1.38 billion in the first quarter
of 2020. The rolling chip win rate was 1.60% in the first quarter
of 2021 versus 4.48% in the first quarter of 2020. The expected
rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment, drop was
US$51.4 million in the first quarter of 2021 versus US$64.4 million
in the first quarter of 2020. The mass market table games hold
percentage was 19.1% in the first quarter of 2021, compared with
30.4% in the first quarter of 2020. Gaming
machine handle for the first quarter of 2021 was US$60.2 million,
compared with US$39.1 million in the first quarter of 2020. The
gaming machine win rate was 3.9% in the first quarter of 2021
versus 2.5% in the first quarter of 2020.
Total non-gaming revenue at Altira Macau in the
first quarter of 2021 was US$3.1 million, compared with US$3.0
million in the first quarter of 2020.
Mocha Clubs First Quarter
Results
Total operating revenues from Mocha Clubs were
US$17.8 million in the first quarter of 2021, compared to US$18.0
million in the first quarter of 2020. Mocha Clubs generated
Adjusted EBITDA of US$1.8 million in the first quarter of 2021,
compared with Adjusted EBITDA of US$0.1 million in the same period
in 2020.
Gaming machine handle for the first quarter of
2021 was US$415.2 million, compared with US$385.9 million in the
first quarter of 2020. The gaming machine win rate was 4.3% in the
first quarter of 2021 versus 4.7% in the first quarter of 2020.
Studio City First Quarter
Results
For the quarter ended March 31, 2021, the total
operating revenues at Studio City were US$97.9 million, compared to
US$136.6 million in the first quarter of 2020. Studio City
generated negative Adjusted EBITDA of US$5.2 million in the first
quarter of 2021, compared with negative Adjusted EBITDA of US$9.4
million in the first quarter of 2020. The year-over-year
change in Adjusted EBITDA was primarily due to lower operating
costs as a result of lower business volumes and our cost
containment efforts.
Studio City’s rolling chip volume was US$0.50
billion in the first quarter of 2021 versus US$1.38 billion in the
first quarter of 2020. The rolling chip win rate was 0.29% in the
first quarter of 2021 versus 3.31% in the first quarter of 2020.
The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to
US$309.3 million in the first quarter of 2021, compared with
US$352.8 million in the first quarter of 2020. The mass market
table games hold percentage was 29.1% in the first quarter of 2021,
compared to 25.9% in the first quarter of 2020.
Gaming machine handle for the first quarter of
2021 was US$278.3 million, compared with US$311.1 million in the
first quarter of 2020. The gaming machine win rate was 2.5% in the
first quarter of 2021 versus 3.2% in the first quarter of 2020.
Total non-gaming revenue at Studio City in the
first quarter of 2021 was US$19.4 million, compared with US$21.0
million in the first quarter of 2020.
City of Dreams Manila First Quarter
Results
For the quarter ended March 31, 2021, the total
operating revenues at City of Dreams Manila were US$79.5 million,
compared to US$110.3 million in the first quarter of 2020. City of
Dreams Manila generated Adjusted EBITDA of US$29.4 million in the
first quarter of 2021, compared with Adjusted EBITDA of US$29.6
million in the comparable period of 2020.
City of Dreams Manila’s rolling chip volume was
US$0.27 billion in the first quarter of 2021 versus US$1.16 billion
in the first quarter of 2020. The rolling chip win rate was 7.00%
in the first quarter of 2021 versus 3.72% in the first quarter of
2020. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop decreased to
US$100.0 million in the first quarter of 2021, compared with
US$156.9 million in the first quarter of 2020. The mass market
table games hold percentage was 34.0% in the first quarter of 2021,
compared to 33.5% in the first quarter of 2020.
Gaming machine handle for the first quarter of
2021 was US$568.9 million, compared with US$859.2 million in the
first quarter of 2020. The gaming machine win rate was 5.7% in the
first quarter of 2021 versus 4.1% in the first quarter of 2020.
Total non-gaming revenue at City of Dreams
Manila in the first quarter of 2021 was US$14.2 million, compared
with US$25.6 million in the first quarter of 2020.
Cyprus Operations First Quarter
Results
The Company is licensed to operate a temporary
casino, the first casino in the Republic of Cyprus, and four
satellite casinos, of which the temporary casino and three
satellite casinos are planned to resume operation after the current
government restrictions are lifted. Upon the completion and opening
of City of Dreams Mediterranean, the Company will continue to
operate the satellite casinos while operation of the temporary
casino will cease.
For the quarter ended March 31, 2021, the total
operating revenues at Cyprus Casinos were insignificant, compared
to US$18.8 million in the first quarter of 2020. Cyprus Casinos
generated negative Adjusted EBITDA of US$6.4 million in the first
quarter of 2021, compared with Adjusted EBITDA of US$3.2 million in
the first quarter of 2020. The year-over-year decrease in Adjusted
EBITDA was primarily a result of temporary government-mandated
casino closures during the entire first quarter of 2021.
Other Factors Affecting
Earnings
Total net non-operating expenses for the first
quarter of 2021 were US$114.0 million, which mainly included
interest expenses of US$90.6 million, net of amounts capitalized,
and loss on extinguishment of debt of US$28.8 million.
Depreciation and amortization costs of US$141.1
million were recorded in the first quarter of 2021, of which
US$14.3 million related to the amortization expense for
our Macau gaming subconcession and US$5.7 million related to
the amortization expense for the land use rights.
The negative Adjusted EBITDA for Studio City for
the three months ended March 31, 2021 referred to in this press
release was US$8.2 million less than the negative Adjusted EBITDA
of Studio City contained in the earnings release for Studio City
International Holdings Limited (“SCIHL”) dated April 28, 2021 (the
“Studio City earnings release”). The Adjusted EBITDA of Studio City
contained in the Studio City earnings release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in this press release. Such intercompany
charges include, among other items, fees and shared service charges
billed between SCIHL and its subsidiaries and certain subsidiaries
of Melco. Additionally, Adjusted EBITDA of Studio City included in
this press release does not reflect certain intercompany costs
related to the table games operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of March 31,
2021 aggregated to US$1.58 billion, including US$0.4 million of
restricted cash. Total debt, net of unamortized deferred financing
costs and original issue premiums, was US$5.80 billion at the end
of the first quarter of 2021.
Capital expenditures for the first quarter of
2021 were US$157.4 million, which primarily related to
various construction projects at City of Dreams, Studio City
Phase 2, and City of Dreams Mediterranean.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position, and
prospects during the second quarter of 2021.
Despite the nationwide resumption of issuance of
Individual Visit Scheme visas by China in September 2020, our
operations in Macau continue to be impacted by significant travel
bans, restrictions, and quarantine requirements imposed by the
governments in Macau, Hong Kong and China, and such bans,
restrictions and requirements have been, and may continue to be,
modified by the relevant authorities from time to time as COVID-19
developments unfold. Additionally, health-related precautionary
measures remain in place at our properties in Macau, which continue
to impact visitation and customer spending.
Our Philippines casino gaming operations were
closed due to the enhanced community quarantine for the entire
island of Luzon, including Metro Manila, which began in March 2020.
Despite the general closure, in June 2020, City of Dreams Manila
was able to conduct a dry run of its gaming and hospitality
operations with a limited number of participants, strictly adhering
to the new guidelines on social distancing and hygiene and
sanitation procedures imposed by the government of the Philippines
and as permitted by PAGCOR. The PAGCOR-sanctioned dry run aimed at
addressing all potential operational concerns to achieve a seamless
re-opening for City of Dreams Manila. The dry run was
expected to continue until PAGCOR issued a formal notice that City
of Dreams Manila could resume operations again on a regular basis
in the future.
The dry run was suspended for more than two
weeks in early August 2020 due to the rising number of COVID-19
cases, before resuming in late August 2020. However, due to a
recent resurgence in COVID-19 cases, on April 12, 2021, the
government placed Metro Manila under a modified enhanced community
quarantine, which is expected to be in effect until April 30,
2021. City of Dreams Manila was temporarily closed beginning
on March 29, 2021, and will remain closed while such quarantine
measures remain in place.
In Cyprus, on November 12, 2020, as part of a
regional lockdown, our casino operations in Limassol and Paphos
were suspended until November 30, 2020. Thereafter, the government
of Cyprus has announced a series of nationwide measures in an
effort to prevent the spread of COVID-19 which included, among
others, curfews, restrictions on gatherings, sports activities and
operation of food and beverage and retail businesses and closure of
various other businesses, including our casino operations in
Cyprus. As a result, our operations in Cyprus are currently closed
and will remain closed while such measures remain in place.
The COVID-19 outbreak has also impacted the
construction of the Studio City Phase 2 project and the progress of
construction work at the City of Dreams Mediterranean project. We
currently expect additional time will be needed to complete the
construction of these projects.
As the disruptions from the COVID-19 outbreak
are ongoing, any recovery from such disruptions will depend on
future events, such as the successful production, distribution and
widespread acceptance of safe and effective vaccines, the
development of effective treatments for COVID-19, including for new
strains of COVID-19, the duration of travel and visa restrictions
as well as customer sentiment and behavior, including the length of
time before customers resume traveling and participating in
entertainment and leisure activities at high-density venues and the
impact of potential higher unemployment rates, declines in income
levels and loss of personal wealth resulting from the COVID-19
outbreak on consumer behavior related to discretionary spending and
traveling, all of which are highly uncertain.
Conference Call Information
Melco Resorts & Entertainment Limited will
hold a conference call to discuss its first quarter 2021 financial
results on Wednesday, April 28, 2021 at 8:30 a.m. Eastern Time (or
8:30 p.m. Hong Kong Time). To join the conference call, please use
the dial-in details below:
US Toll
Free |
1 844 760
0770 |
US Toll / International |
1 347 549 4094 |
HK Toll |
852 3018 8307 |
HK Toll Free |
800 906 613 |
Japan Toll |
81 3 4503 6004 |
Japan Toll Free |
012 092 5482 |
UK Toll Free |
080 0051 4241 |
Australia Toll |
61 290 833 216 |
Australia Toll Free |
1 800 754 642 |
Philippines Toll Free |
1 800 1612 0312 |
|
|
Passcode |
5767758 |
An audio webcast will also be available at
http://www.melco-resorts.com.
To access the replay, please use the dial-in
details below:
US Toll
Free |
1 855 452
5696 |
US Toll / International |
1 646 254 3697 |
HK Toll |
852 3051 2780 |
HK Toll Free |
800 963 117 |
Japan Toll |
81 3 4580 6717 |
Japan Toll Free |
012 095 9034 |
Philippines Toll Free |
1 800 1612 0166 |
|
|
Conference ID |
5767758 |
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Melco Resorts & Entertainment Limited (the “Company”) may
also make forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) the global pandemic of
COVID-19, caused by a novel strain of the coronavirus, and the
continued impact of its consequences on our business, our industry
and the global economy, (ii) growth of the gaming market and
visitations in Macau, the Philippines and the Republic of Cyprus,
(iii) capital and credit market volatility, (iv) local and global
economic conditions, (v) our anticipated growth strategies, (vi)
gaming authority and other governmental approvals and regulations,
and (vii) our future business development, results of operations
and financial condition. In some cases, forward-looking statements
can be identified by words or phrases such as “may”, “will”,
“expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”,
“plan”, “believe”, “potential”, “continue”, “is/are likely to” or
other similar expressions. Further information regarding these and
other risks, uncertainties or factors is included in the Company’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
undertakes no duty to update such information, except as required
under applicable law.
Non-GAAP Financial Measures
(1) “Adjusted EBITDA” is net
income/loss before interest, taxes, depreciation, amortization,
pre-opening costs, development costs, property charges and other,
share-based compensation, payments to the Philippine parties under
the cooperative arrangement (the “Philippine Parties”), land rent
to Belle Corporation and other non-operating income and expenses.
“Adjusted Property EBITDA” is net income/loss before interest,
taxes, depreciation, amortization, pre-opening costs, development
costs, property charges and other, share-based compensation,
payments to the Philippine Parties, land rent to Belle Corporation,
Corporate and Other expenses and other non-operating income and
expenses. Adjusted EBITDA and Adjusted Property EBITDA are
presented exclusively as supplemental disclosures because
management believes they are widely used to measure the
performance, and as a basis for valuation, of gaming companies.
Management uses Adjusted EBITDA and Adjusted Property EBITDA as
measures of the operating performance of its segments and to
compare the operating performance of its properties with those of
its competitors. The Company also presents Adjusted EBITDA and
Adjusted Property EBITDA because they are used by some investors as
ways to measure a company’s ability to incur and service debt, make
capital expenditures, and meet working capital requirements. Gaming
companies have historically reported Adjusted EBITDA and Adjusted
Property EBITDA as supplements to financial measures in accordance
with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property
EBITDA should not be considered as alternatives to operating
income/loss as indicators of the Company’s performance, as
alternatives to cash flows from operating activities as measures of
liquidity, or as alternatives to any other measure determined in
accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA
and Adjusted Property EBITDA do not include depreciation and
amortization or interest expense and, therefore, do not reflect
current or future capital expenditures or the cost of capital. The
Company compensates for these limitations by using Adjusted EBITDA
and Adjusted Property EBITDA as only two of several comparative
tools, together with U.S. GAAP measurements, to assist in the
evaluation of operating performance.
Such U.S. GAAP measurements include operating
income/loss, net income/loss, cash flows from operations and cash
flow data. The Company has significant uses of cash flows,
including capital expenditures, interest payments, debt principal
repayments, taxes and other recurring and nonrecurring charges,
which are not reflected in Adjusted EBITDA or Adjusted Property
EBITDA. Also, the Company’s calculation of Adjusted EBITDA and
Adjusted Property EBITDA may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited. Reconciliations of Adjusted EBITDA and Adjusted
Property EBITDA with the most comparable financial measures
calculated and presented in accordance with U.S. GAAP are provided
herein immediately following the financial statements included in
this press release.
(2) “Adjusted net income/loss”
is net income/loss before pre-opening costs, development costs,
property charges and other and loss on extinguishment of debt, net
of noncontrolling interests and taxes calculated using specific tax
treatments applicable to the adjustments based on their respective
jurisdictions. Adjusted net income/loss attributable to Melco
Resorts & Entertainment Limited and adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited per share
(“EPS”) are presented as supplemental disclosures because
management believes they are widely used to measure the
performance, and as a basis for valuation, of gaming companies.
These measures are used by management and/or evaluated by some
investors, in addition to income/loss and EPS computed in
accordance with U.S. GAAP, as an additional basis for assessing
period-to-period results of our business. Adjusted net income/loss
attributable to Melco Resorts & Entertainment Limited and
adjusted net income/loss attributable to Melco Resorts &
Entertainment Limited per share may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net
income/loss attributable to Melco Resorts & Entertainment
Limited with the most comparable financial measures calculated and
presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release.About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares
listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a
developer, owner and operator of integrated resort facilities in
Asia and Europe. The Company currently operates Altira Macau
(www.altiramacau.com), an integrated resort located at Taipa, Macau
and City of Dreams (www.cityofdreamsmacau.com), an integrated
resort located in Cotai, Macau. Its business also includes the
Mocha Clubs (www.mochaclubs.com), which comprise the largest
non-casino based operations of electronic gaming machines in Macau.
The Company also majority owns and operates Studio City
(www.studiocity-macau.com), a cinematically-themed integrated
resort in Cotai, Macau. In the Philippines, a Philippine subsidiary
of the Company currently operates and manages City of Dreams Manila
(www.cityofdreamsmanila.com), an integrated resort in the
Entertainment City complex in Manila. In Europe, the Company is
currently developing City of Dreams Mediterranean
(www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is
expected to be the largest and premier integrated destination
resort in Europe. The Company is currently operating a temporary
casino, the first authorized casino in the Republic of Cyprus, and
is licensed to operate four satellite casinos (“Cyprus Casinos”).
Upon the opening of City of Dreams Mediterranean, the Company will
continue to operate the satellite casinos while operation of the
temporary casino will cease. For more information about the
Company, please visit www.melco-resorts.com.
The Company is strongly supported by its single
largest shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong Kong
Limited and is substantially owned and led by Mr. Lawrence Ho, who
is the Chairman, Executive Director and Chief Executive Officer of
the Company.
For the investment community, please
contact: Robin YuenDirector, Investor RelationsTel: +852
2598 3619Email: robinyuen@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Condensed
Consolidated Statements of Operations (Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
Casino |
$ |
433,796 |
|
|
$ |
712,555 |
|
Rooms |
|
39,680 |
|
|
|
44,821 |
|
Food and beverage |
|
26,051 |
|
|
|
28,943 |
|
Entertainment, retail and other |
|
19,395 |
|
|
|
24,856 |
|
Total
operating revenues |
|
518,922 |
|
|
|
811,175 |
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
Casino |
|
(366,929 |
) |
|
|
(563,841 |
) |
Rooms |
|
(12,839 |
) |
|
|
(17,941 |
) |
Food and beverage |
|
(24,122 |
) |
|
|
(32,230 |
) |
Entertainment, retail and other |
|
(7,704 |
) |
|
|
(20,324 |
) |
General and administrative |
|
(108,160 |
) |
|
|
(131,297 |
) |
Payments to the Philippine Parties |
|
(10,625 |
) |
|
|
(7,706 |
) |
Pre-opening costs |
|
(997 |
) |
|
|
(395 |
) |
Development costs |
|
(3,519 |
) |
|
|
(13,430 |
) |
Amortization of gaming subconcession |
|
(14,342 |
) |
|
|
(14,323 |
) |
Amortization of land use rights |
|
(5,717 |
) |
|
|
(5,709 |
) |
Depreciation and amortization |
|
(121,040 |
) |
|
|
(142,233 |
) |
Property charges and other |
|
(5,724 |
) |
|
|
(11,672 |
) |
Total
operating costs and expenses |
|
(681,718 |
) |
|
|
(961,101 |
) |
Operating
loss |
|
(162,796 |
) |
|
|
(149,926 |
) |
Non-operating income (expenses): |
|
|
|
|
|
Interest income |
|
2,025 |
|
|
|
1,142 |
|
Interest expenses, net of amounts capitalized |
|
(90,642 |
) |
|
|
(78,155 |
) |
Other financing costs |
|
(2,487 |
) |
|
|
(1,244 |
) |
Foreign exchange gains (losses), net |
|
5,199 |
|
|
|
(3,311 |
) |
Other income (expenses), net |
|
673 |
|
|
|
(179,397 |
) |
Loss on extinguishment of debt |
|
(28,817 |
) |
|
|
- |
|
Total
non-operating expenses, net |
|
(114,049 |
) |
|
|
(260,965 |
) |
Loss before
income tax |
|
(276,845 |
) |
|
|
(410,891 |
) |
Income tax
(expense) credit |
|
(664 |
) |
|
|
4,840 |
|
Net
loss |
|
(277,509 |
) |
|
|
(406,051 |
) |
Net loss
attributable to |
|
|
|
|
|
noncontrolling interests |
|
44,601 |
|
|
|
42,003 |
|
Net loss
attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(232,908 |
) |
|
$ |
(364,048 |
) |
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited per
share: |
|
|
|
|
|
Basic |
$ |
(0.163 |
) |
|
$ |
(0.254 |
) |
Diluted |
$ |
(0.163 |
) |
|
$ |
(0.254 |
) |
|
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited per ADS: |
|
|
|
|
|
Basic |
$ |
(0.488 |
) |
|
$ |
(0.761 |
) |
Diluted |
$ |
(0.488 |
) |
|
$ |
(0.761 |
) |
|
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
|
used in net loss attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited |
|
|
|
|
|
per share calculation: |
|
|
|
|
|
Basic |
|
1,432,289,789 |
|
|
|
1,435,762,261 |
|
Diluted |
|
1,432,289,789 |
|
|
|
1,435,762,261 |
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
2021 |
|
|
2020 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
1,580,648 |
|
|
$ |
1,755,351 |
|
Restricted cash |
|
13 |
|
|
|
13 |
|
Accounts receivable, net |
|
111,398 |
|
|
|
129,619 |
|
Amounts due from affiliated companies |
|
281 |
|
|
|
765 |
|
Inventories |
|
35,890 |
|
|
|
37,277 |
|
Prepaid expenses and other current assets |
|
84,832 |
|
|
|
85,798 |
|
Assets held for sales |
|
3,321 |
|
|
|
- |
|
Total
current assets |
|
1,816,383 |
|
|
|
2,008,823 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
5,729,003 |
|
|
|
5,681,268 |
|
Gaming
subconcession, net |
|
70,093 |
|
|
|
84,663 |
|
Intangible
assets, net |
|
57,303 |
|
|
|
58,833 |
|
Goodwill |
|
81,958 |
|
|
|
82,203 |
|
Long-term
prepayments, deposits and other assets |
|
280,951 |
|
|
|
284,608 |
|
Restricted
cash |
|
404 |
|
|
|
406 |
|
Deferred tax
assets, net |
|
6,381 |
|
|
|
6,376 |
|
Operating
lease right-of-use assets |
|
90,624 |
|
|
|
92,213 |
|
Land use
rights, net |
|
713,713 |
|
|
|
721,574 |
|
Total
assets |
$ |
8,846,813 |
|
|
$ |
9,020,967 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
11,976 |
|
|
$ |
9,483 |
|
Accrued expenses and other current liabilities |
|
881,443 |
|
|
|
983,865 |
|
Income tax payable |
|
11,784 |
|
|
|
14,164 |
|
Operating lease liabilities, current |
|
28,879 |
|
|
|
27,066 |
|
Finance lease liabilities, current |
|
24,435 |
|
|
|
80,004 |
|
Amounts due to affiliated companies |
|
1,604 |
|
|
|
1,668 |
|
Total
current liabilities |
|
960,121 |
|
|
|
1,116,250 |
|
|
|
|
|
|
|
Long-term
debt, net |
|
5,801,344 |
|
|
|
5,645,391 |
|
Other
long-term liabilities |
|
38,563 |
|
|
|
29,213 |
|
Deferred tax
liabilities, net |
|
46,079 |
|
|
|
45,952 |
|
Operating
lease liabilities, non-current |
|
74,329 |
|
|
|
75,867 |
|
Finance
lease liabilities, non-current |
|
379,801 |
|
|
|
270,223 |
|
Total
liabilities |
|
7,300,237 |
|
|
|
7,182,896 |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Ordinary shares, par value $0.01; 7,300,000,000 shares
authorized; |
|
|
|
|
|
1,456,547,942 and 1,456,547,942 shares
issued; |
|
|
|
|
|
1,436,245,498 and 1,430,965,312 shares
outstanding, respectively |
|
14,565 |
|
|
|
14,565 |
|
Treasury shares, at cost; 20,302,444 and 25,582,630
shares, respectively |
(96,142 |
) |
|
|
(121,028 |
) |
Additional paid-in capital |
|
3,212,294 |
|
|
|
3,207,312 |
|
Accumulated other comprehensive losses |
|
(46,452 |
) |
|
|
(11,332 |
) |
Accumulated losses |
|
(2,220,304 |
) |
|
|
(1,987,396 |
) |
Total Melco
Resorts & Entertainment Limited shareholders’ equity |
|
863,961 |
|
|
|
1,102,121 |
|
Noncontrolling interests |
|
682,615 |
|
|
|
735,950 |
|
Total
shareholders' equity |
|
1,546,576 |
|
|
|
1,838,071 |
|
Total
liabilities and shareholders' equity |
$ |
8,846,813 |
|
|
$ |
9,020,967 |
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
Adjusted Net
Loss Attributable to Melco Resorts & Entertainment Limited
(Unaudited) |
(In
thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2021 |
|
|
2020 |
|
|
|
|
|
Net loss
attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(232,908 |
) |
|
$ |
(364,048 |
) |
Pre-opening costs |
|
997 |
|
|
|
395 |
|
Development costs |
|
3,519 |
|
|
|
13,430 |
|
Property charges and other |
|
5,724 |
|
|
|
11,672 |
|
Loss on extinguishment of debt |
|
28,817 |
|
|
|
- |
|
Income tax impact on adjustments |
|
(706 |
) |
|
|
(2,332 |
) |
Noncontrolling interests impact on adjustments |
|
(13,449 |
) |
|
|
(2,227 |
) |
Adjusted net loss attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited |
$ |
(208,006 |
) |
|
$ |
(343,110 |
) |
|
|
|
|
|
|
Adjusted net
loss attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited per
share: |
|
|
|
|
|
Basic |
$ |
(0.145 |
) |
|
$ |
(0.239 |
) |
Diluted |
$ |
(0.145 |
) |
|
$ |
(0.239 |
) |
|
|
|
|
|
|
Adjusted net
loss attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited per ADS: |
|
|
|
|
|
Basic |
$ |
(0.436 |
) |
|
$ |
(0.717 |
) |
Diluted |
$ |
(0.436 |
) |
|
$ |
(0.717 |
) |
|
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
|
used in adjusted net loss attributable to |
|
|
|
|
|
Melco Resorts & Entertainment Limited |
|
|
|
|
|
per share calculation: |
|
|
|
|
|
Basic |
|
1,432,289,789 |
|
|
|
1,435,762,261 |
|
Diluted |
|
1,432,289,789 |
|
|
|
1,435,762,261 |
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Operating Loss to Adjusted EBITDA and
Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2021 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(35,224 |
) |
|
$ |
163 |
|
|
$ |
(21,579 |
) |
|
$ |
(39,341 |
) |
|
$ |
(3,247 |
) |
|
$ |
(10,267 |
) |
|
$ |
(53,301 |
) |
|
$ |
(162,796 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,625 |
|
|
|
- |
|
|
|
- |
|
|
|
10,625 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
805 |
|
|
|
- |
|
|
|
- |
|
|
|
805 |
|
Pre-opening costs |
|
- |
|
|
|
- |
|
|
|
193 |
|
|
|
243 |
|
|
|
- |
|
|
|
561 |
|
|
|
- |
|
|
|
997 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,519 |
|
|
|
3,519 |
|
Depreciation and amortization |
|
5,475 |
|
|
|
1,629 |
|
|
|
59,278 |
|
|
|
33,617 |
|
|
|
16,390 |
|
|
|
3,207 |
|
|
|
21,503 |
|
|
|
141,099 |
|
Share-based compensation |
|
120 |
|
|
|
35 |
|
|
|
858 |
|
|
|
352 |
|
|
|
466 |
|
|
|
69 |
|
|
|
8,117 |
|
|
|
10,017 |
|
Property charges and other |
|
71 |
|
|
|
17 |
|
|
|
1,298 |
|
|
|
(60 |
) |
|
|
4,373 |
|
|
|
- |
|
|
|
25 |
|
|
|
5,724 |
|
Adjusted
EBITDA |
|
(29,558 |
) |
|
|
1,844 |
|
|
|
40,048 |
|
|
|
(5,189 |
) |
|
|
29,412 |
|
|
|
(6,430 |
) |
|
|
(20,137 |
) |
|
|
9,990 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,137 |
|
|
|
20,137 |
|
Adjusted
Property EBITDA |
$ |
(29,558 |
) |
|
$ |
1,844 |
|
|
$ |
40,048 |
|
|
$ |
(5,189 |
) |
|
$ |
29,412 |
|
|
$ |
(6,430 |
) |
|
$ |
- |
|
|
$ |
30,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Cyprus Operations |
|
Corporate and Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss) income |
$ |
(14,700 |
) |
|
$ |
(1,691 |
) |
|
$ |
(6,877 |
) |
|
$ |
(57,110 |
) |
|
$ |
4,288 |
|
|
$ |
(42 |
) |
|
$ |
(73,794 |
) |
|
$ |
(149,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,706 |
|
|
|
- |
|
|
|
- |
|
|
|
7,706 |
|
Land rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
777 |
|
|
|
- |
|
|
|
- |
|
|
|
777 |
|
Pre-opening costs |
|
37 |
|
|
|
- |
|
|
|
- |
|
|
|
28 |
|
|
|
- |
|
|
|
330 |
|
|
|
- |
|
|
|
395 |
|
Development costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13,430 |
|
|
|
13,430 |
|
Depreciation and amortization |
|
5,410 |
|
|
|
1,776 |
|
|
|
63,351 |
|
|
|
42,833 |
|
|
|
16,466 |
|
|
|
2,837 |
|
|
|
29,592 |
|
|
|
162,265 |
|
Share-based compensation |
|
115 |
|
|
|
(31 |
) |
|
|
1,057 |
|
|
|
393 |
|
|
|
318 |
|
|
|
79 |
|
|
|
6,677 |
|
|
|
8,608 |
|
Property charges and other |
|
72 |
|
|
|
26 |
|
|
|
3,421 |
|
|
|
4,442 |
|
|
|
- |
|
|
|
- |
|
|
|
3,711 |
|
|
|
11,672 |
|
Adjusted
EBITDA |
|
(9,066 |
) |
|
|
80 |
|
|
|
60,952 |
|
|
|
(9,414 |
) |
|
|
29,555 |
|
|
|
3,204 |
|
|
|
(20,384 |
) |
|
|
54,927 |
|
Corporate and Other expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,384 |
|
|
|
20,384 |
|
Adjusted
Property EBITDA |
$ |
(9,066 |
) |
|
$ |
80 |
|
|
$ |
60,952 |
|
|
$ |
(9,414 |
) |
|
$ |
29,555 |
|
|
$ |
3,204 |
|
|
$ |
- |
|
|
$ |
75,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
Reconciliation of Net Loss Attributable to Melco Resorts
& Entertainment Limited to |
Adjusted
EBITDA and Adjusted Property EBITDA (Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Melco Resorts & Entertainment
Limited |
$ |
(232,908 |
) |
|
$ |
(364,048 |
) |
Net loss
attributable to noncontrolling interests |
|
(44,601 |
) |
|
|
(42,003 |
) |
Net
loss |
|
(277,509 |
) |
|
|
(406,051 |
) |
Income tax expense (credit) |
|
664 |
|
|
|
(4,840 |
) |
Interest and other non-operating expenses, net |
|
114,049 |
|
|
|
260,965 |
|
Property charges and other |
|
5,724 |
|
|
|
11,672 |
|
Share-based compensation |
|
10,017 |
|
|
|
8,608 |
|
Depreciation and amortization |
|
141,099 |
|
|
|
162,265 |
|
Development costs |
|
3,519 |
|
|
|
13,430 |
|
Pre-opening costs |
|
997 |
|
|
|
395 |
|
Land rent to Belle Corporation |
|
805 |
|
|
|
777 |
|
Payments to the Philippine Parties |
|
10,625 |
|
|
|
7,706 |
|
Adjusted
EBITDA |
|
9,990 |
|
|
|
54,927 |
|
Corporate and Other expenses |
|
20,137 |
|
|
|
20,384 |
|
Adjusted
Property EBITDA |
$ |
30,127 |
|
|
$ |
75,311 |
|
|
|
|
|
|
|
|
Melco
Resorts & Entertainment Limited and Subsidiaries |
|
|
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
|
|
March
31, |
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
121 |
|
|
$ |
181 |
|
|
|
|
Occupancy per available room |
|
|
46 |
% |
|
|
58 |
% |
|
|
|
Revenue per available room (5) |
|
$ |
56 |
|
|
$ |
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
195 |
|
|
$ |
231 |
|
|
|
|
Occupancy per available room |
|
|
58 |
% |
|
|
47 |
% |
|
|
|
Revenue per available room (5) |
|
$ |
112 |
|
|
$ |
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
121 |
|
|
$ |
137 |
|
|
|
|
Occupancy per available room |
|
|
50 |
% |
|
|
43 |
% |
|
|
|
Revenue per available room (5) |
|
$ |
60 |
|
|
$ |
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
130 |
|
|
$ |
200 |
|
|
|
|
Occupancy per available room |
|
|
70 |
% |
|
|
93 |
% |
|
|
|
Revenue per available room (5) |
|
$ |
90 |
|
|
$ |
185 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
102 |
|
|
|
85 |
|
|
|
|
Average number of gaming machines |
|
|
114 |
|
|
|
141 |
|
|
|
|
Table games win per unit per day (7) |
|
$ |
2,992 |
|
|
$ |
13,145 |
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
229 |
|
|
$ |
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
508 |
|
|
|
427 |
|
|
|
|
Average number of gaming machines |
|
|
509 |
|
|
|
562 |
|
|
|
|
Table games win per unit per day (7) |
|
$ |
7,205 |
|
|
$ |
16,650 |
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
366 |
|
|
$ |
458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
292 |
|
|
|
252 |
|
|
|
|
Average number of gaming machines |
|
|
604 |
|
|
|
747 |
|
|
|
|
Table games win per unit per day (7) |
|
$ |
3,476 |
|
|
$ |
7,051 |
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
130 |
|
|
$ |
174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
Average number of table games |
|
|
294 |
|
|
|
299 |
|
|
|
|
Average number of gaming machines |
|
|
2,162 |
|
|
|
2,292 |
|
|
|
|
Table games win per unit per day (7) |
|
$ |
2,076 |
|
|
$ |
4,255 |
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
172 |
|
|
$ |
207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cyprus Operations |
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
- |
|
|
|
37 |
|
|
|
|
Average number of gaming machines |
|
|
- |
|
|
|
452 |
|
|
|
|
Table games win per unit per day (7) |
|
$ |
- |
|
|
$ |
1,929 |
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
- |
|
|
$ |
398 |
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics
exclude rooms that were temporarily closed or provided to staff
members due to the COVID-19 outbreak |
(4) |
Average daily rate is
calculated by dividing total room revenues including complimentary
rooms (less service charges, if any) by total occupied rooms
including complimentary rooms |
(5) |
Revenue per available
room is calculated by dividing total room revenues including
complimentary rooms (less service charges, if any) by total rooms
available |
(6) |
Table games and gaming
machines that were not in operation due to government mandated
closures or social distancing measures in relation to the COVID-19
outbreak have been excluded |
(7) |
Table games win per
unit per day is shown before discounts, commissions,
non-discretionary incentives (including our point-loyalty programs)
and allocating casino revenues related to goods and services
provided to gaming patrons on a complimentary basis |
(8) |
Gaming machines win
per unit per day is shown before non-discretionary incentives
(including our point-loyalty programs) and allocating casino
revenues related to goods and services provided to gaming patrons
on a complimentary basis |
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