Form 6-K Melco Resorts & Entertai For: Aug 19
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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a–16 OR 15d–16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2022
Commission File Number: 001-33178
MELCO RESORTS & ENTERTAINMENT LIMITED
80 Robinson Road
#02-00
Singapore (068898)
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 ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Table of Contents
Table of Contents
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: August 19, 2022
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Table of Contents
EXHIBIT INDEX
| Exhibit No. |
Description | |
| Exhibit 99.1 | Unaudited Results for Second Quarter of 2022 | |
Exhibit 99.1
Melco Announces Unaudited Second Quarter 2022 Earnings
MACAU, Aug. 18, 2022 (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 second quarter of 2022.
Total operating revenues for the second quarter of 2022 were US$296.1 million, representing a decrease of approximately 48% from US$566.4 million for the comparable period in 2021. The decrease in total operating revenues was primarily attributable to heightened border restrictions in Macau and mainland China related to COVID-19, which led to softer performance in the rolling chip and mass market table games segments.
Operating loss for the second quarter of 2022 was US$209.2 million, compared with operating loss of US$128.1 million in the second quarter of 2021.
Melco generated negative Adjusted Property EBITDA(1) of US$13.8 million in the second quarter of 2022, compared with Adjusted Property EBITDA of US$79.1 million in the second quarter of 2021.
Net loss attributable to Melco Resorts & Entertainment Limited for the second quarter of 2022 was US$251.5 million, or US$0.53 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$185.7 million, or US$0.39 per ADS, in the second quarter of 2021. The net loss attributable to noncontrolling interests was US$43.2 million and US$34.8 million during the second quarters of 2022 and 2021, respectively, all of which were related to Studio City, City of Dreams Manila, and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “It goes without saying that our results for the second quarter of 2022 were heavily impacted by the COVID-19 pandemic and the restrictions imposed across mainland China and Macau. Throughout the pandemic, ensuring the health and safety of our Colleagues has been very important, and these continued to be our highest priority through the recent outbreak in Macau.
“We very much appreciate the Macau government’s expeditious handling and publication of the amendments to the gaming law in June, and the publication of the regulations for the new concession tender. The amended gaming law and the tender regulations provide clear direction for the remainder of the year and set a foundation for a smooth transition to the new concessions. We are committed to Macau, and aligned with the Macau government’s vision to further develop Macau and diversify its economy.
“In contrast to the challenges we have been facing in Macau, our businesses in the Philippines and Cyprus have been improving with volumes gradually recovering toward pre-COVID levels. City of Dreams Manila has been operating at 100% capacity since March 1, 2022 and saw a fairly quick recovery in domestic business. International visitation continues to ramp up, and we expect to see further growth as more of the travel restrictions around Asia are lifted and travel returns to normal. Cyprus also saw a pick-up in volumes and profitability with a relaxation in COVID-19 related restrictions.
“The construction of Studio City Phase 2 is progressing well. We will be monitoring the markets closely to determine the appropriate time to open and currently anticipate phasing the opening beginning in the second quarter of 2023. In Cyprus, the City of Dreams Mediterranean project has experienced delays due to some difficulties that we have encountered with our contractors. At this point in time, we expect to open in early second quarter 2023, subject to regulatory approvals. However, this remains a fluid situation and we continue to look at ways to expedite the progress.
“Lastly, we remain steadfast in our efforts in environmental sustainability with a focus on energy and waste reduction. Melco’s 2021 Sustainability Report has been released, with new ambitious environmental Group targets included to align with our overarching 2030 goals. We are undergoing climate risk assessments under the Task Force on Climate-related Financial Disclosure (TCFD) guidelines to identify climate-related financial risks and opportunities, and have been actively working to gain a deeper understanding of these emissions and continue to refine our calculation methodology.”
City of Dreams Second Quarter Results
For the quarter ended June 30, 2022, total operating revenues at City of Dreams were US$97.3 million, compared to US$347.6 million in the second quarter of 2021. City of Dreams generated negative Adjusted EBITDA of US$28.5 million in the second quarter of 2022, compared with Adjusted EBITDA of US$79.5 million in the second quarter of 2021. The year-over-year decline in Adjusted EBITDA was primarily a result of softer performance in all gaming segments and non-gaming operations.
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Rolling chip volume was US$748.1 million for the second quarter of 2022 versus US$4.55 billion in the second quarter of 2021. The rolling chip win rate was 2.57% in the second quarter of 2022 versus 2.74% in the second quarter of 2021. The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop decreased to US$209.1 million in the second quarter of 2022, compared with US$806.8 million in the second quarter of 2021. The mass market table games hold percentage was 33.0% in the second quarter of 2022, compared to 32.4% in the second quarter of 2021.
Gaming machine handle for the second quarter of 2022 was US$217.1 million, compared with US$494.9 million in the second quarter of 2021. The gaming machine win rate was 2.7% in the second quarter of 2022 versus 3.0% in the second quarter of 2021.
Total non-gaming revenue at City of Dreams in the second quarter of 2022 was US$24.3 million, compared with US$52.2 million in the second quarter of 2021.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2022, total operating revenues at Altira Macau were US$7.2 million, compared to US$18.3 million in the second quarter of 2021. Altira Macau generated negative Adjusted EBITDA of US$11.3 million in the second quarter of 2022, compared with negative Adjusted EBITDA of US$17.3 million in the second quarter of 2021.
In the second quarter of 2021, rolling chip volume was US$857.3 million and the rolling chip win rate was 1.62%. The expected rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment, drop was US$29.3 million in the second quarter of 2022 versus US$43.7 million in the second quarter of 2021. The mass market table games hold percentage was 17.5% in the second quarter of 2022, compared with 26.9% in the second quarter of 2021.
Gaming machine handle for the second quarter of 2022 was US$41.5 million, compared with US$50.2 million in the second quarter of 2021. The gaming machine win rate was 4.2% in the second quarter of 2022 versus 4.1% in the second quarter of 2021.
Total non-gaming revenue at Altira Macau in the second quarter of 2022 was US$1.9 million, compared with US$3.0 million in the second quarter of 2021.
Mocha and Other Second Quarter Results
Effective from June 27, 2022, the Grand Dragon Casino, which focuses on mass market table games and was previously reported under the Corporate and Other segment, has been included in the Mocha and Other segment as a result of the change of terms of the right-to-use agreement for the Grand Dragon Casino.
Total operating revenues from Mocha and Other were US$17.0 million in the second quarter of 2022, compared to US$24.1 million in the second quarter of 2021. Mocha and Other generated Adjusted EBITDA of US$2.5 million in the second quarter of 2022, compared with Adjusted EBITDA of US$5.6 million in the second quarter of 2021.
Mass market table games drop was US$0.4 million in the second quarter of 2022 which reflects the inclusion of the Grand Dragon Casino under the Mocha and Other segment with effect from June 27, 2022, and the mass market table games hold percentage was 26.9% for the second quarter of 2022.
Gaming machine handle for the second quarter of 2022 was US$406.8 million, compared with US$551.8 million in the second quarter of 2021. The gaming machine win rate was 4.2% in the second quarter of 2022 versus 4.4% in the second quarter of 2021.
Studio City Second Quarter Results
For the quarter ended June 30, 2022, total operating revenues at Studio City were US$35.9 million, compared to US$104.5 million in the second quarter of 2021. Studio City generated negative Adjusted EBITDA of US$31.1 million in the second quarter of 2022, compared with negative Adjusted EBITDA of US$1.2 million in the second quarter of 2021. The year-over-year decline in Adjusted EBITDA was primarily a result of softer performance in all gaming segments and non-gaming operations.
Studio City’s rolling chip volume was US$104.1 million in the second quarter of 2022 versus US$386.1 million in the second quarter of 2021. The rolling chip win rate was 5.33% in the second quarter of 2022 versus 4.01% in the second quarter of 2021. The expected rolling chip win rate range is 2.85% - 3.15%.
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Mass market table games drop decreased to US$93.2 million in the second quarter of 2022, compared with US$319.7 million in the second quarter of 2021. The mass market table games hold percentage was 25.7% in the second quarter of 2022, compared to 25.8% in the second quarter of 2021.
Gaming machine handle for the second quarter of 2022 was US$201.7 million, compared with US$299.4 million in the second quarter of 2021. The gaming machine win rate was 2.5% in the second quarter of 2022, compared to 2.7% in the second quarter of 2021.
Total non-gaming revenue at Studio City in the second quarter of 2022 was US$8.3 million, compared with US$22.0 million in the second quarter of 2021.
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2022, total operating revenues at City of Dreams Manila were US$111.7 million, compared to US$52.7 million in the second quarter of 2021. City of Dreams Manila generated Adjusted EBITDA of US$49.0 million in the second quarter of 2022, compared with Adjusted EBITDA of US$13.3 million in the comparable period of 2021. The year-over-year improvement in Adjusted EBITDA was primarily a result of the relaxation of COVID-19 related restrictions in Manila while the casino was closed for all of April 2021 due to government mandated restrictions.
City of Dreams Manila’s rolling chip volume was US$771.3 million in the second quarter of 2022 versus US$271.7 million in the second quarter of 2021. The rolling chip win rate was 2.95% in the second quarter of 2022 versus 5.37% in the second quarter of 2021. The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to US$178.4 million in the second quarter of 2022, compared with US$69.3 million in the second quarter of 2021. The mass market table games hold percentage was 29.0% in the second quarter of 2022, compared to 30.2% in the second quarter of 2021.
Gaming machine handle for the second quarter of 2022 was US$925.6 million, compared with US$401.0 million in the second quarter of 2021. The gaming machine win rate was 5.3% in the second quarter of 2022 versus 5.5% in the second quarter of 2021.
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2022 was US$27.3 million, compared with US$6.9 million in the second quarter of 2021.
Cyprus Operations Second Quarter Results
The Company is licensed to operate a temporary casino, the first casino in the Republic of Cyprus, and four satellite casinos. Upon the completion and opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease.
Total operating revenues at Cyprus Casinos for the quarter ended June 30, 2022 was US$21.7 million, compared to US$10.0 million in the second quarter of 2021. Cyprus Casinos generated Adjusted EBITDA of US$5.6 million in the second quarter of 2022, compared with negative Adjusted EBITDA of US$0.8 million in the second quarter of 2021. The year-over-year increase in Adjusted EBITDA was primarily a result of the relaxation in COVID-19 related restrictions in Cyprus while casinos were temporarily closed for 1.5 months during the second quarter of 2021 due to government mandated restrictions.
Rolling chip volume was US$0.1 million in the second quarter of 2022, compared with US$1.5 million in the second quarter of 2021. The rolling chip win rate was negative 6.12% in the second quarter of 2022, compared to negative 4.40% in the second quarter of 2021. The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop was US$31.4 million in the second quarter of 2022, compared with US$14.4 million in the second quarter of 2021. The mass market table games hold percentage was 19.5% in the second quarter of 2022, compared to 15.6% in the second quarter of 2021.
Gaming machine handle for the second quarter of 2022 was US$315.9 million, compared with US$161.0 million in the second quarter of 2021. The gaming machine win rate was 5.0% in the second quarter of 2022 versus 4.9% in the second quarter of 2021.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2022 were US$84.9 million, which mainly included interest expenses of US$91.2 million, net of amounts capitalized, partially offset by interest income of US$7.2 million.
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Depreciation and amortization costs of US$136.7 million were recorded in the second quarter of 2022, of which US$12.8 million related to the amortization expense for our gaming subconcession and US$5.7 million related to the amortization expense for the land use rights.
The negative Adjusted EBITDA for Studio City for the three months ended June 30, 2022 referred to above is US$9.1 million less than the negative Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated August 18, 2022 (the “Studio City Earnings Release”). The Adjusted EBITDA of Studio City contained in the Studio City Earnings Release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in this press release does not reflect certain intercompany costs related to the table games operations at Studio City Casino.
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2022 aggregated to US$1.65 billion, including US$0.4 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.33 billion at the end of the second quarter of 2022.
Available liquidity, including cash and undrawn revolving credit facilities, as of June 30, 2022, was US$2.8 billion. On August 16, 2022, MCO Nominee One Limited (the “Borrower”), a subsidiary of the Company, received confirmation that the majority of lenders of the Borrower’s credit facilities agreement dated April 29, 2020, (the “2020 Credit Facilities Agreement”) have consented and agreed to a waiver extension of the financial condition covenants contained therein, being the interest cover ratio (the ratio of consolidated EBITDA to consolidated net finance charges), the senior leverage ratio (the ratio of consolidated total debt to consolidated EBITDA) and the total leverage ratio (the ratio of consolidated total debt to consolidated EBITDA). The existing waiver remains valid in respect of the relevant periods ending on the December 31, 2022 test date, and the waiver extension granted extends that waiver for all relevant periods to and including the March 31, 2024 test date. The Borrower has paid a customary fee to all consenting lenders in relation to such consent and such consent has become effective upon receipt of the consent fee by the facility agent.
Approximately 1.7 million ADSs were repurchased in the second quarter of 2022, for a total consideration of approximately US$8 million.
Capital expenditures for the second quarter of 2022 were US$167.7 million, which primarily related to the construction projects at Studio City Phase 2 and City of Dreams Mediterranean.
Recent Developments
Uncertainty around COVID-19 outbreaks and related restrictions continue to have a material effect on our operations, financial position, and future prospects into the third quarter of 2022.
In Macau, our operations remain significantly impacted by travel restrictions and quarantine requirements. On June 23, 2022, the Macau government issued a closure order for entertainment venues which did not include casinos. Effective from July 11, 2022, the Macau government issued a further order whereby from July 11 until July 18, 2022 all entities performing industrial and commercial activities, including gaming activities, were required to suspend operation, except for those in categories of activity deemed essential to the community and to the day-to-day lives of the members of the public. These restrictions were further extended until July 23, 2022 and our casinos were closed for a total of 12 days. From July 23, 2022, we were able to resume our operations, subject to strict health and pandemic prevention requirements. From August 2, 2022, all restrictions were lifted, subject to certain guidelines set by Macau’s Center for Disease Control and Prevention. The validity of nucleic acid tests to enter Macau vary from time to time and is currently set at 48 hours for entry from Zhuhai, and non-Macau resident individuals who are not residents of Taiwan, Hong Kong, or the PRC continue to be unable to enter Macau, except if they are eligible and have been approved for an exemption.
As of May 30, 2022, restrictions for inbound travelers into the Philippines have been eased and negative RT-PCR test results are no longer required for those people that are fully vaccinated. Furthermore, in Cyprus, as of June 1, 2022, passengers travelling to Cyprus are not required to present any sort of vaccination or recovery certificate, nor a negative COVID-19 test result. Although travel restrictions have eased in the Philippines and Cyprus, COVID-19 cases have been increasing in recent weeks, and the respective governments are closely observing the situation.
Uncertainty around COVID-19 outbreaks is expected to continue for at least the remainder of 2022 with travel bans or restrictions, visa restrictions and quarantine requirements being key factors impacting 2022 performance.
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Conference Call Information
Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2022 financial results on Thursday, August 18, 2022 at 8:30 a.m. Eastern Time (or 8:30 p.m. Hong Kong Time).
To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers and a unique Personal PIN which can be used to join the conference.
Online Registration Link: https://register.vevent.com/register/BIba35f43f96fa4d58b49f5f4f6a43bce7
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) the global COVID-19 outbreak, caused by a novel strain of the coronavirus, and the continued impact of its consequences on our business, our industry and the global economy, (ii) risks associated with the newly adopted gaming law in Macau and its implementation by the Macau government and our ability to obtain a new concession under the public tender to be conducted by the Macau government and the terms and conditions of a new concession, if we are granted one, (iii) growth of the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) our anticipated growth strategies, (vii) gaming authority and other governmental approvals and regulations, and (viii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
(1) “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation and other non-operating income and expenses. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, land rent to Belle Corporation, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA are presented exclusively as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors.
The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported Adjusted EBITDA and Adjusted Property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income/loss, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.
Such U.S. GAAP measurements include operating income/loss, net income/loss, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of Adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.
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(2) “Adjusted net income/loss” is net income/loss before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share (“EPS”) are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income/loss and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income/loss attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.
About Melco Resorts & Entertainment Limited
The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau (www.altiramacau.com), an integrated resort located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company is currently developing City of Dreams Mediterranean (www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first authorized casino in the Republic of Cyprus, and is licensed to operate four satellite casinos (“Cyprus Casinos”). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease. For more information about the Company, please visit www.melco-resorts.com.
The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.
For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: [email protected]
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: [email protected]
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Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands of U.S. dollars, except share and per share data)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating revenues: |
||||||||||||||||
| Casino |
$ | 231,893 | $ | 478,638 | $ | 626,968 | $ | 912,434 | ||||||||
| Rooms |
26,792 | 39,727 | 63,301 | 79,407 | ||||||||||||
| Food and beverage |
19,937 | 25,444 | 44,265 | 51,495 | ||||||||||||
| Entertainment, retail and other |
17,485 | 22,631 | 36,518 | 42,026 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating revenues |
296,107 | 566,440 | 771,052 | 1,085,362 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating costs and expenses: |
||||||||||||||||
| Casino |
(204,403 | ) | (369,826 | ) | (511,786 | ) | (736,755 | ) | ||||||||
| Rooms |
(11,230 | ) | (12,839 | ) | (24,194 | ) | (25,678 | ) | ||||||||
| Food and beverage |
(19,991 | ) | (23,686 | ) | (43,812 | ) | (47,808 | ) | ||||||||
| Entertainment, retail and other |
(5,703 | ) | (8,294 | ) | (11,691 | ) | (15,998 | ) | ||||||||
| General and administrative |
(102,441 | ) | (106,230 | ) | (203,664 | ) | (214,390 | ) | ||||||||
| Payments to the Philippine Parties |
(11,246 | ) | (6,468 | ) | (18,461 | ) | (17,093 | ) | ||||||||
| Pre-opening costs |
(3,247 | ) | (1,127 | ) | (5,602 | ) | (2,124 | ) | ||||||||
| Development costs |
— | (3,812 | ) | — | (7,331 | ) | ||||||||||
| Amortization of gaming subconcession |
(12,834 | ) | (14,341 | ) | (27,088 | ) | (28,683 | ) | ||||||||
| Amortization of land use rights |
(5,655 | ) | (5,717 | ) | (11,337 | ) | (11,434 | ) | ||||||||
| Depreciation and amortization |
(118,237 | ) | (126,889 | ) | (239,593 | ) | (247,929 | ) | ||||||||
| Property charges and other |
(10,298 | ) | (15,268 | ) | (18,899 | ) | (20,992 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating costs and expenses |
(505,285 | ) | (694,497 | ) | (1,116,127 | ) | (1,376,215 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating loss |
(209,178 | ) | (128,057 | ) | (345,075 | ) | (290,853 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-operating income (expenses): |
||||||||||||||||
| Interest income |
7,221 | 1,556 | 8,211 | 3,581 | ||||||||||||
| Interest expenses, net of amounts capitalized |
(91,221 | ) | (87,067 | ) | (178,308 | ) | (177,709 | ) | ||||||||
| Other financing costs |
(2,341 | ) | (3,993 | ) | (3,684 | ) | (6,480 | ) | ||||||||
| Foreign exchange gains (losses), net |
584 | (3,590 | ) | 3,362 | 1,609 | |||||||||||
| Other income, net |
880 | 958 | 1,568 | 1,631 | ||||||||||||
| Loss on extinguishment of debt |
— | — | — | (28,817 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total non-operating expenses, net |
(84,877 | ) | (92,136 | ) | (168,851 | ) | (206,185 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss before income tax |
(294,055 | ) | (220,193 | ) | (513,926 | ) | (497,038 | ) | ||||||||
| Income tax expense |
(617 | ) | (327 | ) | (2,590 | ) | (991 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss |
(294,672 | ) | (220,520 | ) | (516,516 | ) | (498,029 | ) | ||||||||
| Net loss attributable to noncontrolling interests |
43,213 | 34,835 | 81,773 | 79,436 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited |
$ | (251,459 | ) | $ | (185,685 | ) | $ | (434,743 | ) | $ | (418,593 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited per share: |
||||||||||||||||
| Basic |
$ | (0.177 | ) | $ | (0.129 | ) | $ | (0.306 | ) | $ | (0.292 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | (0.177 | ) | $ | (0.129 | ) | $ | (0.306 | ) | $ | (0.292 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited per ADS: |
||||||||||||||||
| Basic |
$ | (0.531 | ) | $ | (0.387 | ) | $ | (0.917 | ) | $ | (0.875 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | (0.531 | ) | $ | (0.387 | ) | $ | (0.919 | ) | $ | (0.875 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average shares outstanding used in net loss attributable to Melco Resorts & Entertainment Limited per share calculation: |
||||||||||||||||
| Basic |
1,421,443,946 | 1,437,822,956 | 1,421,807,507 | 1,435,071,657 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
1,421,443,946 | 1,437,822,956 | 1,421,807,507 | 1,435,071,657 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
7
Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars, except share and per share data)
| June 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (Unaudited) | ||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 1,646,321 | $ | 1,652,890 | ||||
| Restricted cash |
287 | 285 | ||||||
| Accounts receivable, net |
49,590 | 54,491 | ||||||
| Receivables from affiliated companies |
205,556 | 384 | ||||||
| Inventories |
28,283 | 29,589 | ||||||
| Prepaid expenses and other current assets |
95,121 | 109,330 | ||||||
| Assets held for sale |
26,043 | 21,777 | ||||||
|
|
|
|
|
|||||
| Total current assets |
2,051,201 | 1,868,746 | ||||||
|
|
|
|
|
|||||
| Property and equipment, net |
5,889,382 | 5,910,684 | ||||||
| Gaming subconcession, net |
5,688 | 27,065 | ||||||
| Intangible assets, net |
46,627 | 51,547 | ||||||
| Goodwill |
81,211 | 81,721 | ||||||
| Long-term prepayments, deposits and other assets |
179,112 | 177,142 | ||||||
| Restricted cash |
141 | 140 | ||||||
| Deferred tax assets, net |
2,302 | 4,029 | ||||||
| Operating lease right-of-use assets |
67,035 | 68,034 | ||||||
| Land use rights, net |
678,933 | 694,582 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 9,001,632 | $ | 8,883,690 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND EQUITY |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 5,897 | $ | 5,992 | ||||
| Accrued expenses and other current liabilities |
789,857 | 935,483 | ||||||
| Income tax payable |
10,463 | 11,913 | ||||||
| Operating lease liabilities, current |
13,728 | 16,771 | ||||||
| Finance lease liabilities, current |
44,751 | 48,551 | ||||||
| Current portion of long-term debt, net |
127 | 128 | ||||||
| Payables to affiliated companies |
1,685 | 1,548 | ||||||
| Liabilities related to assets held for sale |
1,185 | 1,497 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
867,693 | 1,021,883 | ||||||
|
|
|
|
|
|||||
| Long-term debt, net |
7,325,553 | 6,559,854 | ||||||
| Other long-term liabilities |
32,702 | 30,520 | ||||||
| Deferred tax liabilities, net |
40,511 | 41,030 | ||||||
| Operating lease liabilities, non-current |
62,165 | 62,889 | ||||||
| Finance lease liabilities, non-current |
310,839 | 347,629 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
8,639,463 | 8,063,805 | ||||||
|
|
|
|
|
|||||
| Equity: |
||||||||
| Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,456,547,942 and 1,456,547,942 shares issued; 1,419,465,619 and 1,423,370,314 shares outstanding, respectively |
14,565 | 14,565 | ||||||
| Treasury shares, at cost; 37,082,323 and 33,177,628 shares, respectively |
(116,628 | ) | (132,856 | ) | ||||
| Additional paid-in capital |
3,231,515 | 3,238,600 | ||||||
| Accumulated other comprehensive losses |
(144,762 | ) | (76,008 | ) | ||||
| Accumulated losses |
(3,234,165 | ) | (2,799,555 | ) | ||||
|
|
|
|
|
|||||
| Total Melco Resorts & Entertainment Limited shareholders’ (deficit) equity |
(249,475 | ) | 244,746 | |||||
| Noncontrolling interests |
611,644 | 575,139 | ||||||
|
|
|
|
|
|||||
| Total equity |
362,169 | 819,885 | ||||||
|
|
|
|
|
|||||
| Total liabilities and equity |
$ | 9,001,632 | $ | 8,883,690 | ||||
|
|
|
|
|
|||||
8
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Loss Attributable to Melco Resorts & Entertainment Limited to
Adjusted Net Loss Attributable to Melco Resorts & Entertainment Limited (Unaudited)
(In thousands of U.S. dollars, except share and per share data)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited |
$ | (251,459 | ) | $ | (185,685 | ) | $ | (434,743 | ) | $ | (418,593 | ) | ||||
| Pre-opening costs |
3,247 | 1,127 | 5,602 | 2,124 | ||||||||||||
| Development costs |
— | 3,812 | — | 7,331 | ||||||||||||
| Property charges and other |
10,298 | 15,268 | 18,899 | 20,992 | ||||||||||||
| Loss on extinguishment of debt |
— | — | — | 28,817 | ||||||||||||
| Income tax impact on adjustments |
(388 | ) | (688 | ) | (388 | ) | (1,394 | ) | ||||||||
| Noncontrolling interests impact on adjustments |
(1,340 | ) | (2,296 | ) | (3,506 | ) | (15,745 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted net loss attributable to Melco Resorts & Entertainment Limited |
$ | (239,642 | ) | $ | (168,462 | ) | $ | (414,136 | ) | $ | (376,468 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted net loss attributable to Melco Resorts & Entertainment Limited |
||||||||||||||||
| Basic |
$ | (0.169 | ) | $ | (0.117 | ) | $ | (0.291 | ) | $ | (0.262 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | (0.169 | ) | $ | (0.117 | ) | $ | (0.292 | ) | $ | (0.262 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted net loss attributable to Melco Resorts & Entertainment Limited |
||||||||||||||||
| Basic |
$ | (0.506 | ) | $ | (0.351 | ) | $ | (0.874 | ) | $ | (0.787 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | (0.506 | ) | $ | (0.351 | ) | $ | (0.875 | ) | $ | (0.787 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average shares outstanding used in adjusted net loss attributable to Melco Resorts & Entertainment Limited per share calculation: |
||||||||||||||||
| Basic |
1,421,443,946 | 1,437,822,956 | 1,421,807,507 | 1,435,071,657 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
1,421,443,946 | 1,437,822,956 | 1,421,807,507 | 1,435,071,657 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
9
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Loss to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands of U.S. dollars)
| Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
| Altira Macau |
Mocha and Other (3) |
City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total | |||||||||||||||||||||||||
| Operating (loss) income |
$ | (17,024 | ) | $ | 1,077 | $ | (92,834 | ) | $ | (66,595 | ) | $ | 20,930 | $ | 1,047 | $ | (55,779 | ) | $ | (209,178 | ) | |||||||||||
| Payments to the Philippine Parties |
— | — | — | — | 11,246 | — | — | 11,246 | ||||||||||||||||||||||||
| Land rent to Belle Corporation |
— | — | — | — | 638 | — | — | 638 | ||||||||||||||||||||||||
| Pre-opening costs |
— | — | — | 536 | — | 2,711 | — | 3,247 | ||||||||||||||||||||||||
| Depreciation and amortization |
5,402 | 1,261 | 59,917 | 33,623 | 15,644 | 1,557 | 19,322 | 136,726 | ||||||||||||||||||||||||
| Share-based compensation |
346 | 125 | 4,492 | 999 | 431 | 258 | 10,257 | 16,908 | ||||||||||||||||||||||||
| Property charges and other |
26 | 8 | (112 | ) | 358 | 120 | 4 | 9,894 | 10,298 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted EBITDA |
(11,250 | ) | 2,471 | (28,537 | ) | (31,079 | ) | 49,009 | 5,577 | (16,306 | ) | (30,115 | ) | |||||||||||||||||||
| Corporate and Other expenses |
— | — | — | — | — | — | 16,306 | 16,306 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted Property EBITDA |
$ | (11,250 | ) | $ | 2,471 | $ | (28,537 | ) | $ | (31,079 | ) | $ | 49,009 | $ | 5,577 | $ | — | $ | (13,809 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Three Months Ended June 30, 2021 |
||||||||||||||||||||||||||||||||
| Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total | |||||||||||||||||||||||||
| Operating (loss) income |
$ | (24,659 | ) | $ | 3,782 | $ | 5,097 | $ | (40,021 | ) | $ | (12,417 | ) | $ | (4,649 | ) | $ | (55,190 | ) | $ | (128,057 | ) | ||||||||||
| Payments to the Philippine Parties |
— | — | — | — | 6,468 | — | — | 6,468 | ||||||||||||||||||||||||
| Land rent to Belle Corporation |
— | — | — | — | 702 | — | — | 702 | ||||||||||||||||||||||||
| Pre-opening costs |
— | — | 2 | 490 | — | 635 | — | 1,127 | ||||||||||||||||||||||||
| Development costs |
— | — | — | — | — | — | 3,812 | 3,812 | ||||||||||||||||||||||||
| Depreciation and amortization |
5,501 | 1,592 | 64,116 | 33,949 | 16,953 | 3,174 | 21,662 | 146,947 | ||||||||||||||||||||||||
| Share-based compensation |
133 | 37 | 2,052 | 485 | 315 | 43 | 9,305 | 12,370 | ||||||||||||||||||||||||
| Property charges and other |
1,687 | 171 | 8,259 | 3,925 | 1,229 | — | (3 | ) | 15,268 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted EBITDA |
(17,338 | ) | 5,582 | 79,526 | (1,172 | ) | 13,250 | (797 | ) | (20,414 | ) | 58,637 | ||||||||||||||||||||
| Corporate and Other expenses |
— | — | — | — | — | — | 20,414 | 20,414 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted Property EBITDA |
$ | (17,338 | ) | $ | 5,582 | $ | 79,526 | $ | (1,172 | ) | $ | 13,250 | $ | (797 | ) | $ | — | $ | 79,051 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (3) | Effective from June 27, 2022, the Grand Dragon Casino, which focuses on mass market table games and was previously reported under the Corporate and Other segment, has been included in the Mocha and Other segment |
10
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Loss to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands of U.S. dollars)
| Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
| Altira Macau |
Mocha and Other (3) |
City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total | |||||||||||||||||||||||||
| Operating (loss) income |
$ | (32,745 | ) | $ | 4,117 | $ | (116,028 | ) | $ | (121,851 | ) | $ | 29,096 | $ | (2,313 | ) | $ | (105,351 | ) | $ | (345,075 | ) | ||||||||||
| Payments to the Philippine Parties |
— | — | — | — | 18,461 | — | — | 18,461 | ||||||||||||||||||||||||
| Land rent to Belle Corporation |
— | — | — | — | 1,296 | — | — | 1,296 | ||||||||||||||||||||||||
| Pre-opening costs |
— | — | — | 813 | — | 4,789 | — | 5,602 | ||||||||||||||||||||||||
| Depreciation and amortization |
10,835 | 2,508 | 120,124 | 67,428 | 31,970 | 3,486 | 41,667 | 278,018 | ||||||||||||||||||||||||
| Share-based compensation |
709 | 243 | 8,288 | 1,804 | 968 | 511 | 21,356 | 33,879 | ||||||||||||||||||||||||
| Property charges and other |
599 | (45 | ) | 3,502 | 3,424 | 214 | 4 | 11,201 | 18,899 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted EBITDA |
(20,602 | ) | 6,823 | 15,886 | (48,382 | ) | 82,005 | 6,477 | (31,127 | ) | 11,080 | |||||||||||||||||||||
| Corporate and Other expenses |
— | — | — | — | — | — | 31,127 | 31,127 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted Property EBITDA |
$ | (20,602 | ) | $ | 6,823 | $ | 15,886 | $ | (48,382 | ) | $ | 82,005 | $ | 6,477 | $ | — | $ | 42,207 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Six Months Ended June 30, 2021 |
||||||||||||||||||||||||||||||||
| Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total | |||||||||||||||||||||||||
| Operating (loss) income |
$ | (59,883 | ) | $ | 3,945 | $ | (16,482 | ) | $ | (79,362 | ) | $ | (15,664 | ) | $ | (14,916 | ) | $ | (108,491 | ) | $ | (290,853 | ) | |||||||||
| Payments to the Philippine Parties |
— | — | — | — | 17,093 | — | — | 17,093 | ||||||||||||||||||||||||
| Land rent to Belle Corporation |
— | — | — | — | 1,507 | — | — | 1,507 | ||||||||||||||||||||||||
| Pre-opening costs |
— | — | 195 | 733 | — | 1,196 | — | 2,124 | ||||||||||||||||||||||||
| Development costs |
— | — | — | — | — | — | 7,331 | 7,331 | ||||||||||||||||||||||||
| Depreciation and amortization |
10,976 | 3,221 | 123,394 | 67,566 | 33,343 | 6,381 | 43,165 | 288,046 | ||||||||||||||||||||||||
| Share-based compensation |
253 | 72 | 2,910 | 837 | 781 | 112 | 17,422 | 22,387 | ||||||||||||||||||||||||
| Property charges and other |
1,758 | 188 | 9,557 | 3,865 | 5,602 | — | 22 | 20,992 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted EBITDA |
(46,896 | ) | 7,426 | 119,574 | (6,361 | ) | 42,662 | (7,227 | ) | (40,551 | ) | 68,627 | ||||||||||||||||||||
| Corporate and Other expenses |
— | — | — | — | — | — | 40,551 | 40,551 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted Property EBITDA |
$ | (46,896 | ) | $ | 7,426 | $ | 119,574 | $ | (6,361 | ) | $ | 42,662 | $ | (7,227 | ) | $ | — | $ | 109,178 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
11
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Loss Attributable to Melco Resorts & Entertainment Limited to
Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands of U.S. dollars)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited |
$ | (251,459 | ) | $ | (185,685 | ) | $ | (434,743 | ) | $ | (418,593 | ) | ||||
| Net loss attributable to noncontrolling interests |
(43,213 | ) | (34,835 | ) | (81,773 | ) | (79,436 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss |
(294,672 | ) | (220,520 | ) | (516,516 | ) | (498,029 | ) | ||||||||
| Income tax expense |
617 | 327 | 2,590 | 991 | ||||||||||||
| Interest and other non-operating expenses, net |
84,877 | 92,136 | 168,851 | 206,185 | ||||||||||||
| Property charges and other |
10,298 | 15,268 | 18,899 | 20,992 | ||||||||||||
| Share-based compensation |
16,908 | 12,370 | 33,879 | 22,387 | ||||||||||||
| Depreciation and amortization |
136,726 | 146,947 | 278,018 | 288,046 | ||||||||||||
| Development costs |
— | 3,812 | — | 7,331 | ||||||||||||
| Pre-opening costs |
3,247 | 1,127 | 5,602 | 2,124 | ||||||||||||
| Land rent to Belle Corporation |
638 | 702 | 1,296 | 1,507 | ||||||||||||
| Payments to the Philippine Parties |
11,246 | 6,468 | 18,461 | 17,093 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
(30,115 | ) | 58,637 | 11,080 | 68,627 | |||||||||||
| Corporate and Other expenses |
16,306 | 20,414 | 31,127 | 40,551 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted Property EBITDA |
$ | (13,809 | ) | $ | 79,051 | $ | 42,207 | $ | 109,178 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
12
Melco Resorts & Entertainment Limited and Subsidiaries
Supplemental Data Schedule
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Room Statistics(4): |
||||||||||||||||
| Altira Macau |
||||||||||||||||
| Average daily rate (5) |
$ |
93 |
|
$ |
105 |
|
$ |
100 |
|
$ |
113 |
| ||||
| Occupancy per available room |
|
36 |
% |
|
60 |
% |
|
41 |
% |
|
53 |
% | ||||
| Revenue per available room (6) |
$ |
33 |
|
$ |
63 |
|
$ |
41 |
|
$ |
59 |
| ||||
| City of Dreams |
||||||||||||||||
| Average daily rate (5) |
$ |
201 |
|
$ |
206 |
|
$ |
207 |
|
$ |
201 |
| ||||
| Occupancy per available room |
|
20 |
% |
|
63 |
% |
|
30 |
% |
|
60 |
% | ||||
| Revenue per available room (6) |
$ |
41 |
|
$ |
129 |
|
$ |
63 |
|
$ |
121 |
| ||||
| Studio City |
||||||||||||||||
| Average daily rate (5) |
$ |
103 |
|
$ |
121 |
|
$ |
117 |
|
$ |
121 |
| ||||
| Occupancy per available room |
|
24 |
% |
|
61 |
% |
|
28 |
% |
|
55 |
% | ||||
| Revenue per available room (6) |
$ |
24 |
|
$ |
74 |
|
$ |
33 |
|
$ |
67 |
| ||||
| City of Dreams Manila |
||||||||||||||||
| Average daily rate (5) |
$ |
184 |
|
$ |
73 |
|
$ |
187 |
|
$ |
108 |
| ||||
| Occupancy per available room |
|
95 |
% |
|
63 |
% |
|
93 |
% |
|
67 |
% | ||||
| Revenue per available room (6) |
$ |
175 |
|
$ |
46 |
|
$ |
175 |
|
$ |
72 |
| ||||
| Other Information(7): |
||||||||||||||||
| Altira Macau |
||||||||||||||||
| Average number of table games |
|
92 |
|
|
102 |
|
|
95 |
|
|
102 |
| ||||
| Average number of gaming machines |
|
141 |
|
|
115 |
|
|
136 |
|
|
114 |
| ||||
| Table games win per unit per day (8) |
$ |
614 |
|
$ |
2,765 |
|
$ |
980 |
|
$ |
2,878 |
| ||||
| Gaming machines win per unit per day (9) |
$ |
134 |
|
$ |
200 |
|
$ |
153 |
|
$ |
214 |
| ||||
| Mocha and Other(3) |
||||||||||||||||
| Average number of table games |
|
25 |
|
|
— |
|
|
25 |
|
|
— |
| ||||
| Average number of gaming machines |
|
965 |
|
|
771 |
|
|
948 |
|
|
761 |
| ||||
| Table games win per unit per day (8) |
$ |
1,187 |
|
$ |
— |
|
$ |
1,187 |
|
$ |
— |
| ||||
| Gaming machines win per unit per day (9) |
$ |
193 |
|
$ |
345 |
|
$ |
222 |
|
$ |
305 |
| ||||
| City of Dreams |
||||||||||||||||
| Average number of table games |
|
443 |
|
|
511 |
|
|
451 |
|
|
510 |
| ||||
| Average number of gaming machines |
|
695 |
|
|
492 |
|
|
690 |
|
|
500 |
| ||||
| Table games win per unit per day (8) |
$ |
2,192 |
|
$ |
8,306 |
|
$ |
4,329 |
|
$ |
7,761 |
| ||||
| Gaming machines win per unit per day (9) |
$ |
91 |
|
$ |
331 |
|
$ |
151 |
|
$ |
349 |
| ||||
| Studio City |
||||||||||||||||
| Average number of table games |
|
277 |
|
|
291 |
|
|
277 |
|
|
291 |
| ||||
| Average number of gaming machines |
|
717 |
|
|
609 |
|
|
715 |
|
|
606 |
| ||||
| Table games win per unit per day (8) |
$ |
1,172 |
|
$ |
3,709 |
|
$ |
1,944 |
|
$ |
3,593 |
| ||||
| Gaming machines win per unit per day (9) |
$ |
78 |
|
$ |
145 |
|
$ |
94 |
|
$ |
137 |
| ||||
| City of Dreams Manila |
||||||||||||||||
| Average number of table games |
|
280 |
|
|
298 |
|
|
287 |
|
|
296 |
| ||||
| Average number of gaming machines |
|
2,283 |
|
|
2,248 |
|
|
2,266 |
|
|
2,197 |
| ||||
| Table games win per unit per day (8) |
$ |
2,909 |
|
$ |
1,954 |
|
$ |
2,291 |
|
$ |
2,026 |
| ||||
| Gaming machines win per unit per day (9) |
$ |
235 |
|
$ |
161 |
|
$ |
232 |
|
$ |
168 |
| ||||
| Cyprus Operations |
||||||||||||||||
| Average number of table games |
|
35 |
|
|
32 |
|
|
35 |
|
|
32 |
| ||||
| Average number of gaming machines |
|
456 |
|
|
405 |
|
|
456 |
|
|
405 |
| ||||
| Table games win per unit per day (8) |
$ |
1,919 |
|
$ |
1,513 |
|
$ |
1,651 |
|
$ |
1,513 |
| ||||
| Gaming machines win per unit per day (9) |
$ |
383 |
|
$ |
433 |
|
$ |
338 |
|
$ |
433 |
| ||||
| (4) |
Room statistics exclude rooms that were temporarily closed or provided to staff members due to the COVID-19 outbreak |
| (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 and gaming machines that were not in operation due to government mandated closures or social distancing measures in relation to the COVID-19 outbreak have been excluded |
| (8) |
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 |
| (9) |
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
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