Globe Newswire

2019-07-24 20:17

Melco Announces Record Adjusted Property EBITDA in Second Quarter 2019 and Increase in Quarterly Dividend to US$0.16512 per ADS

MACAU, July 24, 2019 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia, today reported its unaudited financial results for the second quarter of 2019.

Total operating revenues for the second quarter of 2019 were US$1,442.7 million, representing an increase of approximately 17% from US$1,228.6 million for the comparable period in 2018. The increase in total operating revenues was primarily attributable to better performance in the rolling chip and mass market table games segments and higher non-gaming revenue as a result of the opening of Morpheus in June 2018.

Operating income for the second quarter of 2019 was US$205.3 million, compared with operating income of US$118.1 million in the second quarter of 2018, representing an increase of 74%.

Adjusted property EBITDA(1) was US$442.2 million for the second quarter of 2019 compared to Adjusted property EBITDA of US$355.5 million in the second quarter of 2018, representing an increase of 24%.

Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2019 was US$100.3 million, or US$0.22 per ADS, compared with US$57.3 million, or US$0.12 per ADS, in the second quarter of 2018. The net loss attributable to noncontrolling interests during the second quarter of 2019 and 2018 were US$3.0 million and US$4.1 million, respectively, which were related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “During the second quarter of 2019, all of Melco’s Macau Integrated Resorts delivered strong mass table games revenue growth, which drove Group-wide Property EBITDA to expand approximately 24% year-over-year to an all-time-high of US$442 million.

“The further ramp up of the award-winning Morpheus and opening of the new VIP area on the second floor helped City of Dreams deliver a strong set of results in the second quarter of 2019, with VIP volumes, mass table gaming revenue and Property EBITDA all experiencing significant growth.

“During the second quarter, Studio City and Altira also delivered strong mass table gaming revenue growth, highlighting strength in Macau’s mass gaming market and Melco’s dominant foothold in the city’s mass and premium mass gaming segments.

“Melco’s dedication to excellence has been widely recognized, most recently by the 2019 Asia Pacific Property Awards with Morpheus being awarded as the winner of Best Hotel Architecture Macau and Best New Hotel Construction & Design Macau. ‘The House of Dancing Water’, Melco’s award-winning show, has also been recognized by Global Gaming Expo (G2E) Asia Awards 2019 as the Best Integrated Resorts Non-Gaming Attraction. These recognitions have positioned Melco as a leading integrated resort operator in Asia.

“At Studio City, we continue to enhance our entertainment offerings with a series of property upgrades, which include the opening of the pop-up ‘Legend Heroes Park’ in January, the ‘Show House’ Night Club in February and the ‘Flip Out’ Trampoline Park in May. Soon, we will open the permanent, 50,000 square feet Legend Heroes VR Park, which should be Asia’s largest Virtual Reality Zone.

“The Board has, after evaluating the Company’s current liquidity position and future expected capital needs, decided to increase the quarterly cash dividend by 6% to US$0.05504 per ordinary share, which is equivalent to US$0.16512 per ADS, from the previous quarterly dividend of US$0.0517 per ordinary share.

“In May 2019, the Company announced its agreement to acquire a 19.99% stake in Crown Resorts Limited (“Crown”) from CPH Crown Holdings Pty Limited. We believe Melco’s investment in Crown is an incredible opportunity to purchase a strategic stake in what we believe to be Australia’s premier provider of true integrated resort experiences.

“In June 2019, the Company announced its agreement to acquire from Melco International Development Limited (“Melco International”) all of Melco International’s holdings of ordinary shares of ICR Cyprus Holdings Limited ("ICR Cyprus"), which represents a 75% equity interest in ICR Cyprus. ICR Cyprus and its subsidiaries are developing the City of Dreams Mediterranean integrated destination resort project in Cyprus. The City of Dreams Mediterranean project is currently under development and scheduled to open in 2021, upon which it is expected to be the largest and premier integrated destination resort in Europe.

“Lastly, Japan continues to be a core focus for us. In May, we released designs of our proposed Osaka Integrated Resort – City of the Future. We have also participated in the Yokohama RFI and will participate in the Osaka RFC. With our focus on the Asian premium segment, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture, and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realize a vision for an integrated resort development with unique Japanese touch.”

City of Dreams Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at City of Dreams were US$790.8 million compared to US$577.8 million in the second quarter of 2018. City of Dreams generated Adjusted EBITDA of US$250.8 million in the second quarter of 2019 compared with Adjusted EBITDA of US$171.5 million in the second quarter of 2018. The year-over-year increase in Adjusted EBITDA was primarily a result of better performances in the rolling chip and mass market table games segments.

Rolling chip volumes totaled US$14.9 billion for the second quarter of 2019 versus US$10.5 billion in the second quarter of 2018. The rolling chip win rate was 3.16% in the second quarter of 2019 versus 2.88% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$1,372.2 million in the second quarter of 2019 compared with US$1,182.4 million in the second quarter of 2018. The mass market table games hold percentage was 31.6% in the second quarter of 2019 compared to 28.4% in the second quarter of 2018.

Gaming machine handle for the second quarter of 2019 was US$1,037.8 million, compared with US$1,116.9 million in the second quarter of 2018. The gaming machine win rate was 3.8% in the second quarter of 2019 versus 5.1% in the second quarter of 2018.

Total non-gaming revenue at City of Dreams in the second quarter of 2019 was US$98.4 million, compared with US$77.0 million in the second quarter of 2018.

Altira Macau Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at Altira Macau were US$104.3 million compared to US$123.1 million in the second quarter of 2018. Altira Macau generated Adjusted EBITDA of US$8.5 million in the second quarter of 2019 compared with Adjusted EBITDA of US$18.3 million in the second quarter of 2018. The decline in Adjusted EBITDA was primarily a result of softer performance in the rolling chip segment.

Rolling chip volumes totaled US$4.4 billion in the second quarter of 2019 versus US$4.8 billion in the second quarter of 2018. The rolling chip win rate was 2.95% in the second quarter of 2019 versus 3.65% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

In the mass market table games segment, drop totaled US$150.0 million in the second quarter of 2019 versus US$131.9 million in the second quarter of 2018. The mass market table games hold percentage was 22.5% in the second quarter of 2019 compared with 19.7% in the second quarter of 2018.
   
Gaming machine handle for the second quarter of 2019 was US$83.5 million, compared with US$30.0 million in the second quarter of 2018. The increase was primarily due to an increase in average number of gaming machines to 171 in the second quarter of 2019, compared to 129 in the second quarter of 2018. The gaming machine win rate was 4.4% in the second quarter of 2019 versus 6.3% in the second quarter of 2018.

Total non-gaming revenue at Altira Macau in the second quarter of 2019 was US$6.6 million, compared with US$6.7 million in the second quarter of 2018.

Mocha Clubs Second Quarter Results

Total operating revenues from Mocha Clubs totaled US$28.9 million in the second quarter of 2019 as compared to US$28.0 million in the second quarter of 2018. Mocha Clubs generated US$5.3 million of Adjusted EBITDA in the second quarter of 2019 compared with US$5.2 million in the same period in 2018.

Gaming machine handle for the second quarter of 2019 was US$609.4 million, compared with US$618.5 million in the second quarter of 2018. The gaming machine win rate was 4.8% in the second quarter of 2019 versus 4.5% in the second quarter of 2018.

Studio City Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at Studio City were US$328.9 million compared to US$314.1 million in the second quarter of 2018. Studio City generated Adjusted EBITDA of US$94.8 million in the second quarter of 2019 compared with Adjusted EBITDA of US$73.2 million in the second quarter of 2018. The increase in Adjusted EBITDA was primarily a result of better performance in the mass market table games segment, partially offset by a softer performance in the rolling chip segment and lower non-gaming revenue.

Affected by the Macau market-wide VIP weakness, and by increasing competition in and around Cotai, Studio City’s rolling chip volumes totaled US$3.1 billion in the second quarter of 2019 versus US$6.1 billion in the second quarter of 2018. The rolling chip win rate was 2.76% in the second quarter of 2019 versus 2.66% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$877.0 million in the second quarter of 2019 compared with US$814.3 million in the second quarter of 2018. The mass market table games hold percentage was 29.2% in the second quarter of 2019 compared to 24.5% in the second quarter of 2018.

Gaming machine handle for the second quarter of 2019 was US$630.9 million, compared with US$614.9 million in the second quarter of 2018. The gaming machine win rate was 3.2% in the second quarter of 2019 versus 3.4% in the second quarter of 2018.

Total non-gaming revenue at Studio City in the second quarter of 2019 was US$36.9 million, compared with US$44.3 million in the second quarter of 2018.

City of Dreams Manila Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at City of Dreams Manila were US$176.1 million compared to US$173.9 million in the second quarter of 2018. City of Dreams Manila generated Adjusted EBITDA of US$82.8 million in the second quarter of 2019 compared to US$87.3 million in the comparable period of 2018.

With increased competition in the market, City of Dreams Manila’s rolling chip volumes totaled US$1.9 billion in the second quarter of 2019 versus US$3.0 billion in the second quarter of 2018. The rolling chip win rate was 5.21% in the second quarter of 2019 versus 3.70% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop decreased to US$192.8 million for the second quarter of 2019, compared with US$196.9 million in the second quarter of 2018. The mass market table games hold percentage was 30.4% in the second quarter of 2019 compared to 29.4% in the second quarter of 2018.

Gaming machine handle for the second quarter of 2019 was US$945.1 million, compared with US$855.9 million in the second quarter of 2018. The gaming machine win rate was 5.4% in the second quarter of 2019 versus 5.9% in the second quarter of 2018.

Total non-gaming revenue at City of Dreams Manila in the second quarter of 2019 was US$31.8 million, compared with US$29.2 million in the second quarter of 2018.

Other Factors Affecting Earnings

Total net non-operating expenses for the second quarter of 2019 were US$107.4 million, which mainly included interest expenses of US$75.9 million and other net non-operating expenses of US$23.1 million.

Depreciation and amortization costs of US$159.8 million were recorded in the second quarter of 2019 of which US$14.2 million was related to the amortization expense for our gaming subconcession and US$5.7 million was related to the amortization expense for the land use rights.

The Adjusted EBITDA for Studio City for the three months ended June 30, 2019 referred to in this report is US$12.3 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated July 24, 2019 (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 report. 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 report does not reflect certain costs related to the VIP operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of June 30, 2019 aggregated US$1.6 billion, including US$60.2 million of a bank deposit with original maturity over three months and US$44.4 million of restricted cash, which was primarily related to Studio City. Total debt, net of unamortized deferred financing costs at the end of the second quarter of 2019 was US$4.7 billion.

Capital expenditures for the second quarter of 2019 were US$173.7 million, which predominantly related to an addition to our air transport fleet and various projects at City of Dreams.

Amendment of Dividend Policy 

To reaffirm Melco’s commitment to returning surplus capital to shareholders, our Board, after evaluating Melco’s current liquidity position and future expected capital needs, has amended its quarterly dividend policy from one targeting a quarterly cash dividend payment of US$0.0517 per ordinary share (equivalent to US$0.1551 per ADS, each representing three ordinary shares) of the Company to one targeting a quarterly cash dividend payment of US$0.05504 per ordinary share (equivalent to US$0.16512 per ADS) of the Company. 

The new dividend policy will take effect beginning with any dividends declared by our Board for the second quarter of 2019 and continue until amended or otherwise determined by our Board. Distribution of dividends under this new dividend policy is subject to the Company’s accumulated and future earnings, cash availability, future commitments and other factors the Board may deem relevant. 

Our Board will continue to review our dividend policy from time to time as part of our commitment to maximizing shareholder value, taking into consideration our financial performance and market conditions.

Dividend Declaration

On July 24, 2019, our Board considered and approved the declaration and payment of a quarterly dividend of US$0.05504 per ordinary share (equivalent to US$0.16512 per ADS) for the second quarter of 2019 (the “Quarterly Dividend”). The Quarterly Dividend will be paid on or about August 15, 2019 to our shareholders whose names appear on the register of members of the Company at the close of business on August 5, 2019, being the record date for determination of entitlements to the Quarterly Dividend.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2019 financial results on Wednesday, July 24, 2019 at 8:30 a.m. Eastern Time (8:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below:

US Toll Free1 866 519 4004
US Toll / International1 845 675 0437
HK Toll852 3018 6771
HK Toll Free800 906 601
Japan Toll81 3 4503 6012
Japan Toll Free012 092 5376
UK Toll Free080 8234 6646
Australia Toll61 290 833 212
Australia Toll Free1 800 411 623
Philippines Toll Free1 800 1612 0306
  
PasscodeMLCO

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 Free1 855 452 5696
US Toll / International1 646 254 3697
HK Toll Free800 963 117
Japan Toll81 3 4580 6717
Japan Toll Free012 095 9034
Philippines Toll Free 1 800 1612 0166
  
Conference ID6765429

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 written or oral 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) growth of the gaming market and visitations in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) 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 earnings 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 earnings 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 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, 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, net income, 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” is net income before pre-opening costs, development costs, property charges and other, loss on extinguishment of debt and costs associated with debt modification, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Melco Resorts & Entertainment Limited and adjusted net income 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 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 attributable to Melco Resorts & Entertainment Limited and adjusted net income 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 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 casino gaming and entertainment casino resort facilities in Asia. The Company currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino 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 entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. The Company holds equity interests in Crown Resorts Limited (“Crown”), a company listed on the Australian Securities Exchange and which operates two of Australia’s leading integrated resorts, Crown Melbourne Entertainment Complex and Crown Perth Entertainment Complex. In the United Kingdom, Crown operates Crown Aspinalls, a high-end licensed casino in London. Crown’s development projects include the Crown Sydney Hotel Resort at Barangaroo on Sydney Harbour. Crown also holds equity interests in the Aspers Group and Nobu and has interests in various digital businesses. 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 investment community, please contact:
Richard Huang
Director, Investor Relations
Tel: +852 2598 3619
Email: richardlshuang@melco-resorts.com

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

             
Melco Resorts & Entertainment Limited and Subsidiaries 
Condensed Consolidated Statements of Operations 
(In thousands of U.S. dollars, except share and per share data) 
             
 Three Months Ended Six Months Ended 
 June 30, June 30, 
 2019 2018 2019 2018 
 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 
             
OPERATING REVENUES            
Casino$1,265,649  $1,069,525  $2,442,298  $2,223,278  
Rooms 86,411   67,795   170,480   135,366  
Food and beverage 57,421   46,582   113,594   94,830  
Entertainment, retail and other 33,172   44,728   78,327   88,304  
Total operating revenues 1,442,653   1,228,630   2,804,699   2,541,778  
             
OPERATING COSTS AND EXPENSES            
Casino (806,968)  (710,665)  (1,577,979)  (1,464,714) 
Rooms (21,845)  (17,142)  (44,338)  (32,968) 
Food and beverage (43,564)  (36,950)  (88,442)  (74,037) 
Entertainment, retail and other (26,423)  (22,404)  (48,231)  (45,366) 
General and administrative (141,783)  (126,591)  (269,771)  (234,817) 
Payments to the Philippine Parties (23,203)  (23,617)  (37,255)  (34,994) 
Pre-opening costs (7)  (28,765)  (2,572)  (31,113) 
Development costs (3,920)  (3,018)  (9,440)  (6,907) 
Amortization of gaming subconcession (14,209)  (14,310)  (28,395)  (28,619) 
Amortization of land use rights (5,664)  (5,704)  (11,319)  (11,408) 
Depreciation and amortization (139,955)  (111,747)  (276,457)  (221,434) 
Property charges and other (9,774)  (9,637)  (17,206)  (16,183) 
Total operating costs and expenses (1,237,315)  (1,110,550)  (2,411,405)  (2,202,560) 
OPERATING INCOME 205,338   118,080   393,294   339,218  
NON-OPERATING INCOME (EXPENSES)            
Interest income 1,448   1,286   3,572   2,695  
Interest expenses, net of capitalized interest (75,922)  (61,383)  (145,545)  (120,119) 
Other finance costs (507)  (1,390)  (790)  (2,767) 
Foreign exchange (losses) gain, net (9,373)  (4,253)  (9,868)  371  
Other (expenses) income, net (23,071)  3,257   (16,360)  1,451  
Loss on extinguishment of debt -   -   (3,721)  -  
Costs associated with debt modification -   -   (579)  -  
Total non-operating expenses, net (107,425)  (62,483)  (173,291)  (118,369) 
INCOME BEFORE INCOME TAX 97,913   55,597   220,003   220,849  
INCOME TAX EXPENSE (579)  (2,458)  (4,270)  (4,396) 
NET INCOME 97,334   53,139   215,733   216,453  
NET LOSS (INCOME) ATTRIBUTABLE TO            
NONCONTROLLING INTERESTS 2,978   4,134   1,934   (2,547) 
NET INCOME ATTRIBUTABLE TO            
MELCO RESORTS & ENTERTAINMENT LIMITED$100,312  $57,273  $217,667  $213,906  
             
NET INCOME ATTRIBUTABLE TO            
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:            
Basic$0.073  $0.039  $0.158  $0.145  
Diluted$0.072  $0.038  $0.157  $0.144  
             
NET INCOME ATTRIBUTABLE TO            
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:            
Basic$0.218  $0.117  $0.473  $0.436  
Diluted$0.216  $0.115  $0.470  $0.432  
             
WEIGHTED AVERAGE SHARES OUTSTANDING            
USED IN NET INCOME ATTRIBUTABLE TO            
MELCO RESORTS & ENTERTAINMENT LIMITED            
PER SHARE CALCULATION:            
Basic 1,381,194,779   1,472,695,529   1,380,626,688   1,471,225,884  
Diluted 1,389,396,505   1,485,815,747   1,387,856,833   1,484,794,529  
             

 

       
Melco Resorts & Entertainment Limited and Subsidiaries 
Condensed Consolidated Balance Sheets 
(In thousands of U.S. dollars) 
       
       
 June 30, December 31, 
 2019  2018  
 (Unaudited) (Audited) 
       
ASSETS      
       
CURRENT ASSETS      
Cash and cash equivalents$1,449,819  $1,436,558  
Investment securities 73,098   91,598  
Bank deposit with original maturity over three months 60,152   -  
Restricted cash 44,272   48,037  
Accounts receivable, net 283,841   242,089  
Amounts due from affiliated companies 5,317   7,603  
Inventories 42,357   40,828  
Prepaid expenses and other current assets 91,846   90,749  
Total current assets 2,050,702   1,957,462  
       
PROPERTY AND EQUIPMENT, NET 5,646,973   5,661,653  
GAMING SUBCONCESSION, NET 169,493   197,533  
INTANGIBLE ASSETS, NET 31,004   30,072  
GOODWILL 81,564   81,376  
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS 158,875   186,515  
INVESTMENT SECURITIES 591,708   -  
RESTRICTED CASH 130   129  
DEFERRED TAX ASSETS 3,169   2,992  
OPERATING LEASE RIGHT-OF-USE ASSETS 148,108   -  
LAND USE RIGHTS, NET 750,047   759,651  
TOTAL ASSETS$9,631,773  $8,877,383  
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
       
CURRENT LIABILITIES      
Accounts payable$20,502  $24,879  
Accrued expenses and other current liabilities 1,513,145   1,658,550  
Income tax payable 4,739   4,903  
Operating lease liabilities, current 36,651   -  
Finance lease liabilities, current 37,278   34,659  
Current portion of long-term debt, net 884,536   395,547  
Amounts due to affiliated companies 6,002   11,469  
Total current liabilities 2,502,853   2,130,007  
       
LONG-TERM DEBT, NET 3,815,519   3,665,370  
OTHER LONG-TERM LIABILITIES 12,117   28,866  
DEFERRED TAX LIABILITIES 56,266   54,063  
OPERATING LEASE LIABILITIES, NON-CURRENT 127,260   -  
FINANCE LEASE LIABILITIES, NON-CURRENT 259,341   253,374  
AMOUNT DUE TO AN AFFILIATED COMPANY 282   -  
TOTAL LIABILITIES 6,773,638   6,131,680  
       
SHAREHOLDERS' EQUITY      
Ordinary shares 14,010   14,830  
Treasury shares (93,345)  (657,389) 
Additional paid-in capital 2,971,373   3,523,275  
Accumulated other comprehensive losses (25,513)  (49,804) 
Accumulated losses (628,715)  (703,576) 
Total Melco Resorts & Entertainment Limited shareholders’ equity 2,237,810   2,127,336  
Noncontrolling interests 620,325   618,367  
Total equity 2,858,135   2,745,703  
TOTAL LIABILITIES AND EQUITY$9,631,773  $8,877,383  
       

 

             
Melco Resorts & Entertainment Limited and Subsidiaries 
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to  
Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited 
(In thousands of U.S. dollars, except share and per share data) 
             
 Three Months Ended Six Months Ended 
 June 30, June 30, 
 2019  2018  2019  2018  
 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 
             
Net Income Attributable to            
Melco Resorts & Entertainment Limited$100,312  $57,273  $217,667  $213,906  
Pre-opening Costs 7   28,765   2,572   31,113  
Development Costs 3,920   3,018   9,440   6,907  
Property Charges and Other 9,774   9,637   17,206   16,183  
Loss on Extinguishment of Debt -   -   3,721   -  
Costs Associated with Debt Modification -   -   579   -  
Income Tax Impact on Adjustments (1,020)  (179)  (2,089)  (179) 
Noncontrolling Interests Impact on Adjustments (3,790)  (478)  (6,699)  (1,440) 
Adjusted Net Income Attributable to            
Melco Resorts & Entertainment Limited$109,203  $98,036  $242,397  $266,490  
             
ADJUSTED NET INCOME ATTRIBUTABLE TO            
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:          
Basic$0.079  $0.067  $0.176  $0.181  
Diluted$0.079  $0.066  $0.175  $0.179  
             
ADJUSTED NET INCOME ATTRIBUTABLE TO            
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:            
Basic$0.237  $0.200  $0.527  $0.543  
Diluted$0.236  $0.198  $0.524  $0.538  
             
WEIGHTED AVERAGE SHARES OUTSTANDING            
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO            
MELCO RESORTS & ENTERTAINMENT LIMITED            
PER SHARE CALCULATION:            
Basic 1,381,194,779   1,472,695,529   1,380,626,688   1,471,225,884  
Diluted 1,389,396,505   1,485,815,747   1,387,856,833   1,484,794,529  
             

 

                      
Melco Resorts & Entertainment Limited and Subsidiaries 
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA 
(In thousands of U.S. dollars) 
                      
                      
 Three Months Ended June 30, 2019 
 Altira
Macau
 Mocha City of
Dreams
 Studio
City
 City of
Dreams
Manila
 Corporate
and Other
 Total 
 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 
                      
Operating Income (Loss)$2,484 $3,650  $183,527  $39,185 $39,451  $(62,959) $205,338 
                      
Payments to the Philippine Parties -  -   -   -  23,203   -   23,203 
Land Rent to Belle Corporation -  -   -   -  762   -   762 
Pre-opening Costs -  -   (46)  60  (7)  -   7 
Development Costs -  -   -   -  -   3,920   3,920 
Depreciation and Amortization 5,883  1,989   66,293   46,610  19,023   20,030   159,828 
Share-based Compensation 104  38   1,065   508  348   6,193   8,256 
Property Charges and Other 15  (389)  (66)  8,413  51   1,750   9,774 
Adjusted EBITDA 8,486  5,288   250,773   94,776  82,831   (31,066)  411,088 
Corporate and Other Expenses -  -   -   -  -   31,066   31,066 
Adjusted Property EBITDA$8,486 $5,288  $250,773  $94,776 $82,831  $-  $442,154 
                      
                      
 Three Months Ended June 30, 2018 
 Altira
Macau
 Mocha City of
Dreams
 Studio
City
 City of
Dreams
Manila
 Corporate
and Other
 Total 
 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 
                      
Operating Income (Loss)$13,542 $3,082  $96,426  $26,593 $44,217  $(65,780) $118,080 
                      
Payments to the Philippine Parties -  -   -   -  23,617   -   23,617 
Land Rent to Belle Corporation -  -   -   -  751   -   751 
Pre-opening Costs -  -   28,754   11  -   -   28,765 
Development Costs -  -   -   -  -   3,018   3,018 
Depreciation and Amortization 4,673  2,025   42,660   45,004  18,803   18,596   131,761 
Share-based Compensation 100  48   838   430  (131)  5,376   6,661 
Property Charges and Other -  58   2,801   1,164  28   5,586   9,637 
Adjusted EBITDA 18,315  5,213   171,479   73,202  87,285   (33,204)  322,290 
Corporate and Other Expenses -  -   -   -  -   33,204   33,204 
Adjusted Property EBITDA$18,315 $5,213  $171,479  $73,202 $87,285  $-  $355,494 
                      


                      
Melco Resorts & Entertainment Limited and Subsidiaries 
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA 
(In thousands of U.S. dollars) 
                      
                      
 Six Months Ended June 30, 2019 
 Altira
Macau
 Mocha City of
Dreams
 Studio
City
 City of
Dreams
Manila
 Corporate
and Other
 Total 
 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 
                      
Operating Income (Loss)$12,188 $7,566  $341,747 $87,664 $62,456  $(118,327) $393,294 
                      
Payments to the Philippine Parties -  -   -  -  37,255   -   37,255 
Land Rent to Belle Corporation -  -   -  -  1,518   -   1,518 
Pre-opening Costs 25  -   5  2,549  (7)  -   2,572 
Development Costs -  -   -  -  -   9,440   9,440 
Depreciation and Amortization 11,307  3,991   131,995  91,769  38,150   38,959   316,171 
Share-based Compensation 204  81   1,711  692  630   11,361   14,679 
Property Charges and Other 42  (361)  3,877  8,542  3,356   1,750   17,206 
Adjusted EBITDA 23,766  11,277   479,335  191,216  143,358   (56,817)  792,135 
Corporate and Other Expenses -  -   -  -  -   56,817   56,817 
Adjusted Property EBITDA$23,766 $11,277  $479,335 $191,216 $143,358  $-  $848,952 
                      
                      
 Six Months Ended June 30, 2018 
 Altira
Macau
 Mocha City of
Dreams
 Studio
City
 City of
Dreams
Manila
 Corporate
and Other
 Total 
 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 
                      
Operating Income (Loss)$26,191 $8,402  $258,373 $89,357 $72,324  $(115,429) $339,218 
                      
Payments to the Philippine Parties -  -   -  -  34,994   -   34,994 
Land Rent to Belle Corporation -  -   -  -  1,515   -   1,515 
Pre-opening Costs -  -   31,060  53  -   -   31,113 
Development Costs -  -   -  -  -   6,907   6,907 
Depreciation and Amortization 9,519  4,108   82,823  89,545  37,976   37,490   261,461 
Share-based Compensation 171  75   1,696  766  (741)  9,212   11,179 
Property Charges and Other 461  (432)  5,542  3,531  28   7,053   16,183 
Adjusted EBITDA 36,342  12,153   379,494  183,252  146,096   (54,767)  702,570 
Corporate and Other Expenses -  -   -  -  -   54,767   54,767 
Adjusted Property EBITDA$36,342 $12,153  $379,494 $183,252 $146,096  $-  $757,337 
                      


             
Melco Resorts & Entertainment Limited and Subsidiaries 
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to 
Adjusted EBITDA and Adjusted Property EBITDA 
(In thousands of U.S. dollars) 
             
 Three Months Ended Six Months Ended 
 June 30, June 30, 
 2019  2018  2019  2018 
 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 
             
Net Income Attributable to Melco Resorts & Entertainment Limited$100,312  $57,273  $217,667  $213,906 
Net (Loss) Income Attributable to Noncontrolling Interests (2,978)  (4,134)  (1,934)  2,547 
Net Income 97,334   53,139   215,733   216,453 
Income Tax Expense 579   2,458   4,270   4,396 
Interest and Other Non-Operating Expenses, Net 107,425   62,483   173,291   118,369 
Property Charges and Other 9,774   9,637   17,206   16,183 
Share-based Compensation 8,256   6,661   14,679   11,179 
Depreciation and Amortization 159,828   131,761   316,171   261,461 
Development Costs 3,920   3,018   9,440   6,907 
Pre-opening Costs 7   28,765   2,572   31,113 
Land Rent to Belle Corporation 762   751   1,518   1,515 
Payments to the Philippine Parties 23,203   23,617   37,255   34,994 
Adjusted EBITDA 411,088   322,290   792,135   702,570 
Corporate and Other Expenses 31,066   33,204   56,817   54,767 
Adjusted Property EBITDA$442,154  $355,494  $848,952  $757,337 
             

 

              
 Melco Resorts & Entertainment Limited and Subsidiaries 
 Supplemental Data Schedule 
              
      Three Months Ended Six Months Ended 
      June 30, June 30, 
       2019   2018   2019   2018  
Room Statistics:           
 Altira Macau           
  Average daily rate (3)  $  177  $  187  $  178  $  191  
  Occupancy per available room   99%  99%  99%  99% 
  Revenue per available room (4)  $  176  $  185  $  177  $  189  
              
 City of Dreams           
  Average daily rate (3)  $  206  $  201  $  206  $  203  
  Occupancy per available room   98%  97%  98%  98% 
  Revenue per available room (4)  $  202  $  196  $  201  $  198  
              
              
 Studio City           
  Average daily rate (3)  $  132  $  135  $  133  $  137  
  Occupancy per available room   100%  100%  100%  100% 
  Revenue per available room (4)  $  132  $  135  $  133  $  137  
              
              
 City of Dreams Manila          
  Average daily rate (3)  $  182  $  157  $  173  $  158  
  Occupancy per available room   98%  98%  98%  98% 
  Revenue per available room (4)  $  178  $  154  $  170  $  155  
              
Other Information:           
 Altira Macau           
  Average number of table games    104     103     104     103  
  Average number of gaming machines    171     129     170     126  
  Table games win per unit per day (5) $17,125  $21,491  $20,209  $21,306  
  Gaming machines win per unit per day (6) $  235  $  160  $  220  $  145  
              
 City of Dreams           
  Average number of table games    518     483     518     481  
  Average number of gaming machines    823     690     822     678  
  Table games win per unit per day (5) $19,184  $14,542  $17,812  $15,568  
  Gaming machines win per unit per day (6) $  528  $  912  $  528  $  873  
              
 Studio City           
  Average number of table games    293     293     293     293  
  Average number of gaming machines    985     959     980     951  
  Table games win per unit per day (5) $ 12,812  $13,509  $12,660  $14,399  
  Gaming machines win per unit per day (6) $  225  $  237  $  218  $  244  
              
 City of Dreams Manila          
  Average number of table games    306     299     304     297  
  Average number of gaming machines    2,271     1,900     2,256     1,868  
  Table games win per unit per day (5) $  5,672  $  6,165  $  5,218  $  5,797  
  Gaming machines win per unit per day (6) $  248  $  291  $  255  $  286  
              
              
  (3) 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
  (4) Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available
  (5) 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
  (6) 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

source: Melco Resorts & Entertainment Limited

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