Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a–16 OR 15d–16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2025

Commission File Number: 001-33178

 

 

MELCO RESORTS & ENTERTAINMENT LIMITED

 

 

71 Robinson Road

#04-03

Singapore (068895)

and

38th Floor, The Centrium

60 Wyndham Street

Central

Hong Kong

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

 

 

 

Table of Contents

MELCO RESORTS & ENTERTAINMENT LIMITED

Form 6–K

TABLE OF CONTENTS

 

Signature    3
Exhibit 99.1
   
Exhibit 99.2
   

 

2

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

MELCO RESORTS & ENTERTAINMENT LIMITED
By:  

/s/ Geoffrey Davis

Name:   Geoffrey Davis, CFA
Title:   Chief Financial Officer

Date: February 28, 2025

 

3

Table of Contents

EXHIBIT INDEX

 

Exhibit No.

   

Description

Exhibit 99.1    Unaudited Results for Fourth Quarter of 2024
Exhibit 99.2    Press Release

 

4

Exhibit 99.1

 

LOGO

Melco Announces Unaudited Fourth Quarter 2024 Earnings

MACAU, Feb. 27, 2025 (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 fourth quarter and full year ended December 31, 2024.

Total operating revenues for the fourth quarter of 2024 were US$1.19 billion, representing an increase of approximately 9% from US$1.09 billion for the comparable period in 2023. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations.

Operating income for the fourth quarter of 2024 was US$97.0 million, compared with operating loss of US$94.4 million in the fourth quarter of 2023.

Melco generated Adjusted Property EBITDA(1) of US$295.4 million in the fourth quarter of 2024, compared with Adjusted Property EBITDA of US$303.4 million in the fourth quarter of 2023.

Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2024 was US$20.3 million, or US$0.05 per ADS, compared with the net loss attributable to Melco Resorts & Entertainment Limited of US$205.9 million, or US$0.47 per ADS, in the fourth quarter of 2023. The net loss attributable to noncontrolling interests was US$19.6 million and US$20.8 million during the fourth quarters of 2024 and 2023, respectively, the majority of which related to the net loss attributable to Studio City and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “2024 was a year of transition for us in Macau. We invested in our business to enhance the customer experience and to build a stronger foundation for growth. The contributions from these initiatives are now evident with market share in the fourth quarter of 2024 growing month-to-month and property visitation exceeding pre-pandemic levels. We are committed to continuing to deliver on our strategic objectives and expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.

“City of Dreams Manila had a strong quarter with a sequential increase in property EBITDA as well as market share. City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited solid results despite the challenges posed by the conflicts in the region.

“And last, but not least, the development of the casino at City of Dreams Sri Lanka is progressing well and we expect to commence casino operations in the third quarter of 2025.”

City of Dreams Fourth Quarter Results

For the quarter ended December 31, 2024, total operating revenues at City of Dreams were US$591.1 million, compared with US$559.8 million in the fourth quarter of 2023. City of Dreams generated Adjusted EBITDA of US$140.1 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$166.2 million in the fourth quarter of 2023. The year-over-year decrease in Adjusted EBITDA was primarily a result of higher operating costs, largely due to an increase in staffing levels to enhance service quality and improve performance.

Rolling chip volume increased to US$6.24 billion during the fourth quarter of 2024 compared to US$5.19 billion in the fourth quarter of 2023. The rolling chip win rate was 2.35% in the fourth quarter of 2024 versus 2.55% in the fourth quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$1.53 billion in the fourth quarter of 2024, compared with US$1.44 billion in the fourth quarter of 2023. The mass market table games hold percentage was 32.0% in the fourth quarter of 2024, compared with 31.6% in the fourth quarter of 2023.

Gaming machine handle for the fourth quarter of 2024 was US$1.03 billion, compared with US$0.96 billion in the fourth quarter of 2023. The gaming machine win rate was 3.1% in both the fourth quarters of 2024 and 2023.

Total non-gaming revenue at City of Dreams in the fourth quarter of 2024 was US$85.6 million, compared with US$80.1 million in the fourth quarter of 2023.

Altira Macau Fourth Quarter Results

For the quarter ended December 31, 2024, total operating revenues at Altira Macau were US$31.2 million, compared with US$33.6 million in the fourth quarter of 2023. Altira Macau generated negative Adjusted EBITDA of US$0.3 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$0.3 million in the fourth quarter of 2023.

In the mass market table games segment, drop was US$125.1 million in the fourth quarter of 2024 versus US$149.0 million in the fourth quarter of 2023. The mass market table games hold percentage was 22.7% in the fourth quarter of 2024, compared with 23.8% in the fourth quarter of 2023.

 

1

Gaming machine handle for the fourth quarter of 2024 was US$122.1 million, compared with US$87.8 million in the fourth quarter of 2023. The gaming machine win rate was 2.7% in the fourth quarter of 2024 versus 3.2% in the fourth quarter of 2023.

Total non-gaming revenue at Altira Macau in the fourth quarter of 2024 was US$5.1 million, compared with US$5.3 million in the fourth quarter of 2023.

Mocha and Other Fourth Quarter Results

Total operating revenues from Mocha and Other were US$29.3 million in the fourth quarter of 2024, compared with US$28.7 million in the fourth quarter of 2023. Mocha and Other generated Adjusted EBITDA of US$5.7 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$6.0 million in the fourth quarter of 2023.

Mass market table games drop was US$57.5 million in the fourth quarter of 2024 versus US$49.6 million in the fourth quarter of 2023. The mass market table games hold percentage was 15.3% in the fourth quarter of 2024 versus 14.8% in the fourth quarter of 2023.

Gaming machine handle for the fourth quarter of 2024 was US$516.7 million, compared with US$493.0 million in the fourth quarter of 2023. The gaming machine win rate was 4.1% in the fourth quarter of 2024 versus 4.6% in the fourth quarter of 2023.

Studio City Fourth Quarter Results

For the quarter ended December 31, 2024, total operating revenues at Studio City were US$342.0 million, compared with US$302.5 million in the fourth quarter of 2023. Studio City generated Adjusted EBITDA of US$81.2 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$77.3 million in the fourth quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment.

Studio City has strategically repositioned itself to focus on the premium mass and mass segments, and VIP rolling chip operations at Studio City were transferred to City of Dreams in late October 2024. Studio City’s rolling chip volume was US$165.0 million in the fourth quarter of 2024 versus US$566.0 million in the fourth quarter of 2023. The rolling chip win rate was 3.48% in the fourth quarter of 2024 versus 1.86% in the fourth quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$891.7 million in the fourth quarter of 2024, compared with US$864.1 million in the fourth quarter of 2023. The mass market table games hold percentage was 32.1% in the fourth quarter of 2024, compared with 30.0% in the fourth quarter of 2023.

Gaming machine handle for the fourth quarter of 2024 was US$888.9 million, compared with US$778.3 million in the fourth quarter of 2023. The gaming machine win rate was 3.3% in the fourth quarter of 2024, compared with 3.2% in the fourth quarter of 2023.

Total non-gaming revenue at Studio City in the fourth quarter of 2024 was US$73.2 million, compared with US$65.3 million in the fourth quarter of 2023.

City of Dreams Manila Fourth Quarter Results

For the quarter ended December 31, 2024, total operating revenues at City of Dreams Manila were US$133.8 million, compared with US$120.5 million in the fourth quarter of 2023. City of Dreams Manila generated Adjusted EBITDA of US$56.8 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$48.8 million in the comparable period of 2023. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in rolling chip and mass market table games segments.

City of Dreams Manila’s rolling chip volume was US$770.9 million in the fourth quarter of 2024 versus US$416.5 million in the fourth quarter of 2023. The rolling chip win rate was 4.51% in the fourth quarter of 2024 versus 3.97% in the fourth quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$168.5 million in the fourth quarter of 2024, compared with US$198.2 million in the fourth quarter of 2023. The mass market table games hold percentage was 34.2% in the fourth quarter of 2024, compared with 29.1% in the fourth quarter of 2023.

Gaming machine handle was US$1.08 billion in both the fourth quarters of 2024 and 2023. The gaming machine win rate was 5.3% in both the fourth quarters of 2024 and 2023.

Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2024 was US$29.9 million, compared with US$30.3 million in the fourth quarter of 2023.

 

2

City of Dreams Mediterranean and Other Fourth Quarter Results

The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.

Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended December 31, 2024 were US$59.2 million, compared with US$47.3 million in the fourth quarter of 2023. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$11.8 million in the fourth quarter of 2024, compared with Adjusted EBITDA of US$4.7 million in the fourth quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily attributable to the continued ramp up of operations following the opening of City of Dreams Mediterranean in mid-2023, which led to a better performance in the mass market segment and non-gaming operations.

Rolling chip volume was US$5.2 million for the fourth quarter of 2024 versus US$6.4 million in the fourth quarter of 2023. The rolling chip win rate was 3.06% in the fourth quarter of 2024, compared with negative 8.85% in the fourth quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop was US$126.5 million in the fourth quarter of 2024, compared with US$87.6 million in the fourth quarter of 2023. The mass market table games hold percentage was 21.8% in the fourth quarter of 2024, compared with 22.1% in the fourth quarter of 2023.

Gaming machine handle for the fourth quarter of 2024 was US$567.3 million, compared with US$492.8 million in the fourth quarter of 2023. The gaming machine win rate was 5.2% in the fourth quarter of 2024 versus 5.0% in the fourth quarter of 2023.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the fourth quarter of 2024 was US$19.4 million, compared with US$13.0 million in the fourth quarter of 2023.

Other Factors Affecting Earnings

Total net non-operating expenses for the fourth quarter of 2024 were US$131.9 million, which mainly included interest expense, net of amounts capitalized of US$119.8 million and net foreign exchange losses of US$14.2 million, partially offset by interest income of US$3.2 million.

Depreciation and amortization costs of US$134.4 million were recorded in the fourth quarter of 2024, of which US$5.0 million related to the amortization expense for land use rights.

The Adjusted EBITDA for Studio City for the three months ended December 31, 2024 referred to above was US$24.5 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated February 27, 2025 (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 December 31, 2024 aggregated to US$1.27 billion, including US$125.9 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.16 billion at the end of the fourth quarter of 2024, a reduction of approximately US$10 million compared to the total debt, net balance as of September 30, 2024, primarily as a result of the repurchases of the 6.00% senior notes due 2025 issued by Studio City Finance Limited during the fourth quarter of 2024. Available liquidity, including cash and undrawn revolving credit facilities as of December 31, 2024 was approximately US$3.35 billion.

On November 29, 2024, Studio City Company Limited entered into a senior secured revolving credit facilities agreement in aggregate amount of HK$1,945,000,000 (equivalent to US$250 million) for a term of five years (the “2029 Studio City Senior Secured Credit Facility”). At the same time, the terms of an existing senior secured credit facilities in an amount of HK$234 million (equivalent to US$30 million) were amended to be in line with the 2029 Studio City Senior Secured Credit Facility with the maturity date being extended to August 29, 2029. HK$1.0 million (equivalent to US$0.1 million) was drawn under these credit facilities as of December 31, 2024.

Capital expenditures for the fourth quarter of 2024 were US$94.9 million, which included costs related to enhancement projects at City of Dreams in Macau and Studio City, and the development project in Sri Lanka.

 

3

Share Repurchase Program

For the year ended December 31, 2024, Melco repurchased approximately 20.7 million ADSs (representing approximately 62.1 million ordinary shares) in the open market at an aggregate purchase price of approximately US$112 million under its US$500 million share repurchase program which was approved by the board and announced in June 2024, and expires in June 2027.

During the period from January 1, 2025 to February 26, 2025, Melco repurchased 3.7 million ADSs (representing approximately 11.1 million ordinary shares) from the open market at an aggregate purchase price of approximately US$20 million, under the same repurchase program. The Company currently has remaining authority to repurchase up to approximately US$368 million of ordinary shares.

Full Year Results

For the year ended December 31, 2024, Melco Resorts & Entertainment Limited reported total operating revenues of US$4.64 billion versus US$3.78 billion in the prior year. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations, led by the continued recovery in inbound tourism to Macau in 2024 and the ramp up of operations following the opening of Studio City Phase 2 and City of Dreams Mediterranean in mid-2023.

Operating income for 2024 was US$484.6 million, compared with an operating income of US$65.0 million for 2023.

Melco generated Adjusted Property EBITDA of US$1.22 billion for the year ended December 31, 2024, compared with Adjusted Property EBITDA of US$1.04 billion in 2023.

Net income attributable to Melco Resorts & Entertainment Limited for 2024 was US$43.5 million, or US$0.10 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$326.9 million, or US$0.75 per ADS, for 2023. Net loss attributable to noncontrolling interests was US$71.5 million and US$88.4 million for 2024 and 2023, respectively, the majority of which related to the net loss attributable to Studio City and City of Dreams Mediterranean and Other.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its fourth quarter 2024 financial results on Thursday, February 27, 2025 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, passcode and a unique Personal PIN which can be used to join the conference.

Online Registration Link:

https://s1.c-conf.com/diamondpass/10045522-8dixzq.html

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) changes in the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (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.

 

4

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”), integrated resort and casino rent 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, integrated resort and casino rent, 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 similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. 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. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA does not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. 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 gain/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 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.

 

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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

 

6

Melco Resorts & Entertainment Limited and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

 

    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2024     2023     2024     2023  

Operating revenues:

        

Casino

   $ 972,015     $ 897,776     $ 3,772,655     $ 3,077,312  

Rooms

     109,348       103,448       422,565       338,224  

Food and beverage

     74,742       65,217       285,933       208,885  

Entertainment, retail and other

     34,913       27,172       157,060       150,826  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total operating revenues

     1,191,018       1,093,613       4,638,213       3,775,247  
 

 

 

    

 

 

    

 

 

    

 

 

  

Operating costs and expenses:

        

Casino

     (658,219 )      (597,087 )      (2,524,565 )      (2,034,848 ) 

Rooms

     (34,838 )      (28,070 )      (127,884 )      (87,637 ) 

Food and beverage

     (62,007 )      (51,823 )      (230,284 )      (163,492 ) 

Entertainment, retail and other

     (16,654 )      (8,368 )      (79,169 )      (76,704 ) 

General and administrative

     (156,852 )      (129,351 )      (568,701 )      (488,127 ) 

Payments to the Philippine Parties

     (12,407 )      (9,813 )      (41,939 )      (42,451 ) 

Pre-opening costs

     (9,917 )      (3,550 )      (20,852 )      (43,994 ) 

Development costs

     (1,892 )      (1,202 )      (5,433 )      (1,202 ) 

Amortization of land use rights

     (5,008 )      (5,680 )      (19,956 )      (22,670 ) 

Depreciation and amortization

     (129,364 )      (139,060 )      (521,582 )      (520,726 ) 

Property charges and other

     (6,904 )      (213,992 )      (13,221 )      (228,437 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total operating costs and expenses

     (1,094,062 )      (1,187,996 )      (4,153,586 )      (3,710,288 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

     96,956       (94,383 )      484,627       64,959  
 

 

 

    

 

 

    

 

 

    

 

 

  

Non-operating income (expenses):

        

Interest income

     3,166       5,468       15,766       23,305  

Interest expense, net of amounts capitalized

     (119,771 )      (128,794 )      (486,721 )      (492,391 ) 

Other financing costs

     (1,701 )      (1,351 )      (7,362 )      (4,372 ) 

Foreign exchange (losses) gains , net

     (14,209 )      4,524       (15,492 )      2,232  

Other income, net

     627       992       3,833       2,748  

(Loss) gain on extinguishment of debt

     (17 )      1,531       (1,000 )      1,611  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total non-operating expenses, net

     (131,905 )      (117,630 )      (490,976 )      (466,867 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Loss before income tax

     (34,949 )      (212,013 )      (6,349 )      (401,908 ) 

Income tax expense

     (4,963 )      (14,717 )      (21,610 )      (13,422 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net loss

     (39,912 )      (226,730 )      (27,959 )      (415,330 ) 

Net loss attributable to noncontrolling interests

     19,638       20,842       71,502       88,410  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income attributable to Melco Resorts & Entertainment Limited

   $ (20,274 )    $ (205,888 )    $ 43,543     $ (326,920 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

        

Basic

   $ (0.016 )    $ (0.157 )    $ 0.034     $ (0.249 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ (0.016 )    $ (0.157 )    $ 0.034     $ (0.249 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

        

Basic

   $ (0.048 )    $ (0.471 )    $ 0.101     $ (0.746 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ (0.048 )    $ (0.471 )    $ 0.101     $ (0.746 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

        

Basic

     1,259,134,710       1,311,270,775       1,296,361,341       1,314,605,173  
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

     1,259,134,710       1,311,270,775       1,299,430,914       1,314,605,173  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

7

Melco Resorts & Entertainment Limited and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

    December 31,     December 31,  
    2024     2023  
    (Unaudited)        

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 1,147,193     $ 1,310,715  

Restricted cash

     368       27  

Accounts receivable, net

     144,211       91,638  

Receivables from affiliated companies

     2,422       797  

Inventories

     32,452       29,427  

Prepaid expenses and other current assets

     102,521       111,688  
 

 

 

    

 

 

  

Total current assets

     1,429,167       1,544,292  
 

 

 

    

 

 

  

Property and equipment, net

     5,272,500       5,533,994  

Intangible assets, net

     288,710       304,652  

Goodwill

     82,090       81,582  

Long-term prepayments, deposits and other assets, net

     131,850       100,320  

Restricted cash

     125,511       125,094  

Operating lease right-of-use assets

     89,164       62,356  

Land use rights, net

     566,351       582,782  
 

 

 

    

 

 

  

Total assets

   $ 7,985,343     $ 8,335,072  
 

 

 

    

 

 

  

LIABILITIES AND DEFICIT

    

Current liabilities:

    

Accounts payable

   $ 24,794     $ 11,752  

Accrued expenses and other current liabilities

     1,054,018       1,008,316  

Income tax payable

     38,009       28,183  

Operating lease liabilities, current

     18,590       19,685  

Finance lease liabilities, current

     33,817       35,307  

Current portion of long-term debt, net

     21,597       —   

Payables to affiliated companies

     39       377  
 

 

 

    

 

 

  

Total current liabilities

     1,190,864       1,103,620  
 

 

 

    

 

 

  

Long-term debt, net

     7,135,825       7,472,620  

Other long-term liabilities

    315,299       322,591  

Deferred tax liabilities, net

     36,708       34,959  

Operating lease liabilities, non-current

     80,673       53,858  

Finance lease liabilities, non-current

     165,938       187,474  
 

 

 

    

 

 

  

Total liabilities

     8,925,307       9,175,122  
 

 

 

    

 

 

  

Deficit:

    

Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,351,540,382 and 1,404,679,067 shares issued; 1,259,138,299 and 1,311,270,775 shares outstanding, respectively

     13,515       14,047  

Treasury shares, at cost; 92,402,083 and 93,408,292 shares, respectively

     (216,626 )      (255,068 ) 

Additional paid-in capital

     2,985,730       3,109,212  

Accumulated other comprehensive losses

     (95,750 )      (98,599 ) 

Accumulated losses

     (4,013,329 )      (4,056,872 ) 
 

 

 

    

 

 

  

Total Melco Resorts & Entertainment Limited shareholders’ deficit

     (1,326,460 )      (1,287,280 ) 

Noncontrolling interests

     386,496       447,230  
 

 

 

    

 

 

  

Total deficit

     (939,964 )      (840,050 ) 
 

 

 

    

 

 

  

Total liabilities and deficit

   $ 7,985,343     $ 8,335,072  
 

 

 

    

 

 

  

 

8

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Net (Loss) Income Attributable to Melco Resorts & Entertainment Limited to

Adjusted Net (Loss) Income Attributable to Melco Resorts & Entertainment Limited (Unaudited)

(In thousands, except share and per share data)

 

    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2024     2023     2024     2023  

Net (loss) income attributable to Melco Resorts & Entertainment Limited

   $ (20,274 )    $ (205,888 )    $ 43,543     $ (326,920 ) 

Pre-opening costs

     9,917       3,550       20,852       43,994  

Development costs

     1,892       1,202       5,433       1,202  

Property charges and other

     6,904       213,992       13,221       228,437  

Loss (gain) on extinguishment of debt

     17       (1,531 )      1,000       (1,611 ) 

Income tax impact on adjustments

     (13 )      (5,130 )      (50 )      (5,130 ) 

Noncontrolling interests impact on adjustments

     (439 )      230       (1,585 )      (13,906 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net (loss) income attributable to Melco Resorts & Entertainment Limited

   $ (1,996 )    $ 6,425     $ 82,414     $ (73,934 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

        

Basic

   $ (0.002 )    $ 0.005     $ 0.064     $ (0.056 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ (0.002 )    $ 0.005     $ 0.063     $ (0.056 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

        

Basic

   $ (0.005 )    $ 0.015     $ 0.191     $ (0.169 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ (0.005 )    $ 0.015     $ 0.190     $ (0.169 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

        

Basic

     1,259,134,710       1,311,270,775       1,296,361,341       1,314,605,173  
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

     1,259,134,710       1,316,408,710       1,299,430,914       1,314,605,173  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

9

Melco Resorts & Entertainment Limited and Subsidiaries

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

(In thousands)

 

     Three Months Ended December 31, 2024  
     Altira
Macau		     Mocha
and Other		      City of
Dreams		      Studio
City		     City of
Dreams
Manila		      City of Dreams
Mediterranean
and Other		     Corporate
and Other		     Total  

Operating (loss) income

    $ (2,501 )    $ 4,782      $ 80,534      $ 23,019     $ 34,094      $ (897 )    $ (42,075 )    $ 96,956  

Payments to the Philippine Parties

      —        —         —         —        12,407        —        —        12,407  

Integrated resort and casino rent (3)

      —        —         —         —        1,226        —        1,820       3,046  

Pre-opening costs (4)

      —        —         4,940        (23 )      —         (25 )      3,205       8,097  

Development costs

      —        —         —         —        —         —        1,892       1,892  

Depreciation and amortization

      547       911        49,389        56,957       8,716        12,399       5,453       134,372  

Share-based compensation

      104       43        1,276        348       255        99       4,376       6,501  

Property charges and other

      1,599       —         3,940        944       95        210       116       6,904  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

      (251 )      5,736        140,079        81,245       56,793        11,786       (25,213 )      270,175  

Corporate and Other expenses

      —        —         —         —        —         —        25,213       25,213  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted Property EBITDA

    $ (251 )    $ 5,736      $ 140,079      $ 81,245     $ 56,793      $ 11,786     $ —      $ 295,388  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  
     Three Months Ended December 31, 2023  
     Altira
Macau		     Mocha
and Other		      City of
Dreams		      Studio
City		     City of
Dreams
Manila		      City of Dreams
Mediterranean
and Other		     Corporate
and Other		     Total  

Operating (loss) income

    $ (212,857 )    $ 5,231      $ 104,471      $ 21,668     $ 26,012      $ (9,246 )    $ (29,662 )    $ (94,383 ) 

Payments to the Philippine Parties

      —        —         —         —        9,813        —        —        9,813  

Integrated resort and casino rent (3)

      —        —         —         —        475        —        —        475  

Pre-opening costs

      —        —         3,946        (169 )      —         (227 )      —        3,550  

Development costs

      —        —         —         —        —         —        1,202       1,202  

Depreciation and amortization

      5,420       751        53,283        54,621       12,057        13,300       5,308       144,740  

Share-based compensation

      120       37        1,354        344       303        100       5,987       8,245  

Property charges and other

      207,608       —         3,144        871       181        809       1,379       213,992  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

      291       6,019        166,198        77,335       48,841        4,736       (15,786 )      287,634  

Corporate and Other expenses

      —        —         —         —        —         —        15,786       15,786  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted Property EBITDA

    $ 291     $ 6,019      $ 166,198      $ 77,335     $ 48,841      $ 4,736     $ —      $ 303,420  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

 

(3) 

Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to John Keells Group.

(4)

Certain amount of pre-opening costs were grouped and reported under the line item Integrated resort and casino rent.

 

10

Melco Resorts & Entertainment Limited and Subsidiaries

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

(In thousands)

 

     Year Ended December 31, 2024  
     Altira
Macau		     Mocha
and Other		     City of
Dreams		      Studio
City		      City of
Dreams
Manila		     City of Dreams
Mediterranean
and Other		     Corporate
and Other		     Total  

Operating (loss) income

    $ (8,211 )    $ 23,089     $ 397,995      $ 115,883      $ 89,097     $ (568 )    $ (132,658 )    $ 484,627  

Payments to the Philippine Parties

      —        —        —         —         41,939       —        —        41,939  

Integrated resort and casino rent (3)

      —        —        —         —         5,417       —        3,019       8,436  

Pre-opening costs (4)

      69       —        11,924        807        —        288       4,745       17,833  

Development costs

      —        —        —         —         —        —        5,433       5,433  

Depreciation and amortization

      2,297       3,724       199,530        221,731        43,166       50,010       21,080       541,538  

Share-based compensation

      438       166       5,056        1,401        1,090       413       18,804       27,368  

Property charges and other

      3,485       (5 )      7,137        1,417        349       403       435       13,221  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

      (1,922 )      26,974       621,642        341,239        181,058       50,546       (79,142 )      1,140,395  

Corporate and Other expenses

      —        —        —         —         —        —        79,142       79,142  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Property EBITDA

    $ (1,922 )    $ 26,974     $ 621,642      $ 341,239      $ 181,058     $ 50,546     $ —      $ 1,219,537  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
     Year Ended December 31, 2023  
     Altira
Macau		     Mocha
and Other		     City of
Dreams		      Studio
City		      City of
Dreams
Manila		     City of Dreams
Mediterranean
and Other		     Corporate
and Other		     Total  

Operating (loss) income

    $ (232,871 )    $ 23,328     $ 314,917      $ 1,382      $ 110,143     $ (26,468 )    $ (125,472 )    $ 64,959  

Payments to the Philippine Parties

      —        —        —         —         42,451       —        —        42,451  

Integrated resort and casino rent (3)

      —        —        —         —         1,911       —        —        1,911  

Pre-opening costs

      —        —        3,946        17,179        —        22,869       —        43,994  

Development costs

      —        —        —         —         —        —        1,202       1,202  

Depreciation and amortization

      23,175       3,795       230,034        185,389        49,979       29,845       21,179       543,396  

Share-based compensation

      300       87       6,602        1,425        1,184       456       25,419       35,473  

Property charges and other

      208,119       76       20,814        1,415        (216 )      798       (2,569 )      228,437  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

      (1,277 )      27,286       576,313        206,790        205,452       27,500       (80,241 )      961,823  

Corporate and Other expenses

      —        —        —         —         —        —        80,241       80,241  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Property EBITDA

    $ (1,277 )    $ 27,286     $ 576,313      $ 206,790      $ 205,452     $ 27,500     $ —      $ 1,042,064  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

11

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Net (Loss) Income Attributable to Melco Resorts & Entertainment Limited to

Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)

(In thousands)

 

     Three Months Ended
December 31,		     Year Ended
December 31,		  
     2024     2023     2024     2023  

Net (loss) income attributable to Melco Resorts & Entertainment Limited

    $ (20,274 )    $ (205,888 )    $ 43,543     $ (326,920 ) 

Net loss attributable to noncontrolling interests

      (19,638 )      (20,842 )      (71,502 )      (88,410 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net loss

      (39,912 )      (226,730 )      (27,959 )      (415,330 ) 

Income tax expense

      4,963       14,717       21,610       13,422  

Interest and other non-operating expenses, net

      131,905       117,630       490,976       466,867  

Depreciation and amortization

      134,372       144,740       541,538       543,396  

Property charges and other

      6,904       213,992       13,221       228,437  

Share-based compensation

      6,501       8,245       27,368       35,473  

Development costs

      1,892       1,202       5,433       1,202  

Pre-opening costs (4)

      8,097       3,550       17,833       43,994  

Integrated resort and casino rent (3)

      3,046       475       8,436       1,911  

Payments to the Philippine Parties

      12,407       9,813       41,939       42,451  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

        270,175         287,634       1,140,395       961,823  

Corporate and Other expenses

      25,213       15,786       79,142       80,241  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Property EBITDA

    $ 295,388     $ 303,420     $ 1,219,537     $ 1,042,064  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

12

Melco Resorts & Entertainment Limited and Subsidiaries

Supplemental Data Schedule

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2024     2023     2024     2023  

Room Statistics:

         

Altira Macau

         

Average daily rate (5)

    $ 136     $ 135     $ 133     $ 136  

Occupancy per available room

      96 %      94 %      95 %      87 % 

Revenue per available room (6)

    $ 131     $ 127     $ 127     $ 118  

City of Dreams

         

Average daily rate (5)

    $ 219     $ 199     $ 211     $ 201  

Occupancy per available room

      95 %      93 %      93 %      86 % 

Revenue per available room (6)

    $ 209     $ 186     $ 197     $ 173  

Studio City

         

Average daily rate (5)

    $ 175     $ 163     $ 165     $ 153  

Occupancy per available room

      97 %      94 %      96 %      90 % 

Revenue per available room (6)

    $ 169     $ 154     $ 159     $ 137  

City of Dreams Manila

         

Average daily rate (5)

    $ 163     $ 170     $ 164     $ 177  

Occupancy per available room

      97 %      97 %      97 %      97 % 

Revenue per available room (6)

    $ 159     $ 165     $ 158     $ 171  

City of Dreams Mediterranean and Other

         

Average daily rate (5)

    $ 386     $ 341     $ 425     $ 359  

Occupancy per available room

      58 %      53 %      61 %      58 % 

Revenue per available room (6)

    $ 225     $ 181     $ 261     $ 209  

Other Information:

         

Altira Macau

         

Average number of table games

      37       43       39       44  

Average number of gaming machines

      131       135       134       141  

Table games win per unit per day (7)

    $ 8,363     $ 8,970     $ 8,416     $ 6,895  

Gaming machines win per unit per day (8)

    $ 277     $ 227     $ 255     $ 224  

Mocha and Other

         

Average number of table games

      15       18       16       17  

Average number of gaming machines

      844       855       882       874  

Table games win per unit per day (7)

    $ 6,399     $ 4,439     $ 6,660     $ 4,850  

Gaming machines win per unit per day (8)

    $ 276     $ 287     $ 274     $ 291  

City of Dreams

         

Average number of table games

      430       430       430       430  

Average number of gaming machines

      604       610       613       628  

Table games win per unit per day (7)

    $ 16,118     $ 14,861     $ 15,459     $ 13,092  

Gaming machines win per unit per day (8)

    $ 571     $ 537     $ 524     $ 464  

Studio City

         

Average number of table games

      253       246       251       246  

Average number of gaming machines

      797       643       709       661  

Table games win per unit per day (7)

    $ 12,563     $ 11,936     $ 13,091     $ 9,239  

Gaming machines win per unit per day (8)

    $ 401     $ 418     $ 431     $ 343  

City of Dreams Manila

         

Average number of table games

      266       266       267       267  

Average number of gaming machines

      2,277       2,296       2,278       2,297  

Table games win per unit per day (7)

    $ 3,773     $ 3,026     $ 3,238     $ 3,390  

Gaming machines win per unit per day (8)

    $ 272     $ 270     $ 263     $ 248  

City of Dreams Mediterranean and Other

         

Average number of table games

      105       103       104       71  

Average number of gaming machines

      897       908       893       690  

Table games win per unit per day (7)

    $ 2,896     $ 1,985     $ 2,943     $ 2,254  

Gaming machines win per unit per day (8)

    $ 356     $ 297     $ 340     $ 350  

 

(5) 

Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms

(6) 

Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available

(7) 

Table games 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

 

13

Exhibit 99.2

 

LOGO

Melco Announces Exploration of Strategic Alternatives in Relation to City of Dreams Manila

MACAU, Feb. 27, 2025 (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 announced that it is evaluating potential strategic alternatives in relation to City of Dreams Manila. Melco Resorts Leisure (PHP) Corporation (“Melco Resorts Leisure”), a subsidiary of Melco, manages and operates City of Dreams Manila pursuant to an operating agreement entered into by, among others, Melco Resorts Leisure, certain other subsidiaries of Melco and PremiumLeisure and Amusement, Inc.

Melco has retained CBRE Capital Advisors, Inc. and Moelis & Company LLC as financial advisors to assist in the process of exploring potential strategic alternatives for City of Dreams Manila.

No decision has been made regarding any strategic alternative and there can be no assurance that the exploration of potential strategic alternatives will result in any transaction. Melco does not intend to comment on or provide updates in relation to this process unless and until it determines that further disclosure is appropriate or required.

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) changes in the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (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.

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

 

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