MACAU, July 27, 2017 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq:MLCO), 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 2017.
Net revenue for the second quarter of 2017 was US$1,298.2 million, representing an increase of approximately 21%
from US$1,070.4 million for the comparable period in 2016. The increase in net revenue was primarily attributable to improved
group-wide rolling chip revenues.
On a U.S. GAAP basis, operating income for the second quarter of 2017 was US$127.4 million, compared with
operating income of US$72.4 million in the second quarter of 2016, representing an increase of 76%.
Adjusted property EBITDA(1) was US$329.5 million for the second quarter of 2017, as compared to
Adjusted property EBITDA of US$245.3 million in the second quarter of 2016, representing an increase of 34%. The year-on-year
improvement in Adjusted property EBITDA was mainly attributable to better performance in the group-wide rolling chip segment.
On a U.S. GAAP basis, net income attributable to Melco Resorts & Entertainment Limited for the second quarter of
2017 was US$36.5 million, or US$0.08 per ADS, compared with US$30.8 million, or US$0.06 per ADS, in the second quarter of 2016. The
net loss attributable to noncontrolling interests during the second quarter of 2017 of US$8.0 million was related to Studio City
and City of Dreams Manila.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Macau continues on its
strong growth trajectory, with all gaming segments delivering impressive year-over-year growth driven by improving tourism
demographics, an ongoing improvement in player sentiment as well as an expansion of non-gaming amenities across Macau.
“As Macau evolves into a destination that offers a full breadth of gaming and non-gaming amenities to a wider
range of customers from around the region, we are committed to ensuring our integrated resorts are well positioned to cater to
these evolving trends.
“City of Dreams in Macau is undergoing its final development phase which, upon completion, will result in our
flagship integrated resort once again setting new benchmarks of luxury and premium-focused entertainment and hospitality,
reflecting a culmination of over a decade of experience in serving high-end and increasingly discerning customers in Macau.
“With the opening of Morpheus in the first half of 2018, and the redevelopment of the Countdown, the property
will have approximately 2,100 five-star and luxury hotel rooms, to complement the integrated resort’s already market-leading
premium mass and direct VIP gaming amenities and other non-gaming offerings.
“Studio City, our second integrated resort in Cotai, provides an ideal complement to City of Dreams. The
integrated resort’s focus on more mainstream mass market customers allows us to broaden our customer reach. The property continues
to ramp up its core mass market operations, while the newly opened rolling chip operations provide an incremental driver for
revenue and earnings growth.
“In the Philippines, City of Dreams Manila continues to deliver record revenue and Property EBITDA, resulting in
an impressive return on invested capital. Our decision to invest in this fast growing and attractive market is testament to our
approach of identifying and investing in markets that drive long term value for our shareholders.
“While we remain committed to maximizing profitability of our current operations, we are also heavily focused on
identifying additional value-accretive expansion opportunities, with a particular focus on Japan. We believe that our high quality
assets, market-leading social safeguard systems and commitment to being an ideal partner to local governments and communities
alike, as we have shown in Macau and the Philippines, places us in a strong position to compete for a license in this exciting
market.”
City of Dreams Second Quarter Results
For the quarter ended June 30, 2017, net revenue at City of Dreams was US$644.6 million compared to US$629.9
million in the second quarter of 2016. City of Dreams generated Adjusted EBITDA of US$175.3 million in the second quarter of 2017
compared with Adjusted EBITDA of US$177.7 million in the second quarter of 2016.
Rolling chip volume totaled US$12.2 billion for the second quarter of 2017 versus US$9.9 billion in the second
quarter of 2016. The rolling chip win rate was 2.9% in the second quarter of 2017 versus 3.0% in the second quarter of 2016. The
expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to US$1,073.2 million compared with US$1,027.7 million in the second
quarter of 2016. The mass market table games hold percentage was 32.4% in the second quarter of 2017 compared to 35.7% in the
second quarter of 2016.
Gaming machine handle for the second quarter of 2017 was US$937.9 million, compared with US$1,003.5 million in
the second quarter of 2016. The gaming machine win rate was 4.0% in the second quarter of 2017 versus 3.2% in the second quarter of
2016.
Total non-gaming revenue at City of Dreams in the second quarter of 2017 was US$74.6 million, compared with
US$62.8 million in the second quarter of 2016.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2017, net revenue at Altira Macau was US$107.6 million compared to US$98.7
million in the second quarter of 2016. Altira Macau generated Adjusted EBITDA of US$5.1 million in the second quarter of 2017
compared with Adjusted EBITDA of US$1.7 million in the second quarter of 2016. The year-on-year improvement in Adjusted EBITDA was
primarily a result of higher rolling chip revenues, partially offset by lower mass market table games revenues.
Rolling chip volume totaled US$4.0 billion in the second quarter of 2017 versus US$4.2 billion in the second
quarter of 2016. The rolling chip win rate was 3.3% in the second quarter of 2017 versus 2.7% in the second quarter of 2016. The
expected rolling chip win rate range is 2.7%-3.0%.
In the mass market table games segment, drop totaled US$91.9 million in the second quarter of 2017, a decrease
from US$124.2 million generated in the comparable period in 2016. The mass market table games hold percentage was 15.2% in the
second quarter of 2017 compared with 18.5% in the second quarter of 2016.
Gaming machine handle for the second quarter of 2017 was US$7.6 million, compared with US$7.3 million in the
second quarter of 2016. The gaming machine win rate was 6.0% in the second quarter of 2017 versus 6.5% in the second quarter of
2016.
Total non-gaming revenue at Altira Macau in the second quarter of 2017 was US$6.1 million compared with US$6.8
million in the second quarter of 2016.
Mocha Clubs Second Quarter Results
Net revenue from Mocha Clubs totaled US$29.3 million in the second quarter of 2017 as compared to US$28.0
million in the second quarter of 2016. Mocha Clubs generated US$5.6 million of Adjusted EBITDA in the second quarter of 2017
compared with US$4.8 million in the same period in 2016.
Gaming machine handle for the second quarter of 2017 was US$592.4 million, compared with US$595.8 million in the
second quarter of 2016. The gaming machine win rate was 4.8% in the second quarter of 2017 versus 4.6% in the second quarter of
2016.
Studio City Second Quarter Results
For the quarter ended June 30, 2017, net revenue at Studio City was US$332.1 million compared to US$183.8
million in the second quarter of 2016. Studio City generated Adjusted EBITDA of US$80.7 million in the second quarter of 2017
compared with Adjusted EBITDA of US$24.6 million in the second quarter of 2016. The year-on-year improvement in Adjusted EBITDA was
primarily a result of commencement of rolling chip operations in November 2016 and better performance in the mass market table
games segment.
Rolling chip volume totaled US$4.7 billion for the second quarter of 2017. The rolling chip win rate was 3.3% in
the second quarter of 2017. The expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to US$661.4 million compared with US$592.2 million in the second quarter
of 2016. The mass market table games hold percentage was 26.8% in the second quarter of 2017 compared to 22.8% in the second
quarter of 2016.
Gaming machine handle for the second quarter of 2017 was US$502.9 million, compared with US$485.3 million in the
second quarter of 2016. The gaming machine win rate was 3.7% in the second quarter of 2017 versus 3.6% in the second quarter of
2016.
Total non-gaming revenue at Studio City in the second quarter of 2017 was US$48.6 million, compared with US$51.1
million in the second quarter of 2016.
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2017, net revenue at City of Dreams Manila was US$176.2 million compared to
US$120.2 million in the second quarter of 2016. City of Dreams Manila generated Adjusted EBITDA of US$62.8 million in the second
quarter of 2017 compared to US$36.5 million in the comparable period of 2016. The year-on-year improvement in Adjusted EBITDA was
primarily a result of increased casino revenues.
Rolling chip volume totaled US$3.2 billion for the second quarter of 2017 versus US$1.7 billion in the second
quarter of 2016. The rolling chip win rate was 3.5% in the second quarter of 2017 versus 3.4% in the second quarter of 2016. The
expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to US$169.8 million for the second quarter of 2017, compared with
US$134.3 million in the second quarter of 2016. The mass market table games hold percentage was 28.5% in the second quarter of 2017
compared to 29.9% in the second quarter of 2016.
Gaming machine handle for the second quarter of 2017 was US$759.0 million, compared with US$515.4 million in the
second quarter of 2016. The gaming machine win rate was 5.9% in the second quarter of 2017 versus 5.8% in the second quarter of
2016.
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2017 was US$28.1 million, compared
with US$26.2 million in the second quarter of 2016.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2017 were US$97.9 million, which mainly included
interest expenses, net of capitalized interest of US$58.5 million, other finance costs of US$8.3 million, loss on extinguishment of
debt of US$31.5 million and costs associated with debt modification of US$1.9 million. We recorded US$9.0 million of capitalized
interest during the second quarter of 2017, relating to the development of Morpheus at City of Dreams.
The year-on-year increase of US$28.8 million in net non-operating expenses was primarily a result of loss on
extinguishment of debt arising from the refinancing of the US$1 billion Senior Notes issued in 2013 by Melco Resorts Finance
Limited (formerly known as MCE Finance Limited).
Depreciation and amortization costs of US$135.5 million were recorded in the second quarter of 2017, of which
US$14.3 million was related to the amortization of our gaming subconcession and US$5.7 million was related to the amortization of
land use rights.
Financial Position and Capital Expenditure
Total cash and bank balances as of June 30, 2017 were US$1.5 billion, including US$52.7 million of bank deposits
with original maturities over three months and US$42.2 million of restricted cash, primarily related to Studio City. Total debt,
net of unamortized deferred financing costs at the end of the second quarter of 2017, was US$3.7 billion.
Capital expenditures for the second quarter of 2017 were US$121.3 million, which predominantly related to
various projects at City of Dreams, including Morpheus.
Dividend Declaration
On July 27, 2017, our Board considered and approved the declaration and payment of a quarterly dividend of
US$0.03 per share (equivalent to US$0.09 per ADS) for the second quarter of 2017 (the “Quarterly Dividend”). The
Quarterly Dividend will be paid on or about August 23, 2017 to our shareholders whose names appear on the register of members of
the Company at the close of business on August 8, 2017, 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 2017 financial
results on Thursday, July 27, 2017 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 Free |
|
1 866 519 4004 |
| US Toll / International |
|
1 845 675 0437 |
| HK Toll |
|
852 3018 6771 |
| HK Toll Free |
|
800 906 601 |
| UK Toll Free |
|
080 8234 6646 |
| Australia Toll |
|
61 290 833 212 |
| Australia Toll Free |
|
1 800 411 623 |
| Philippines Toll Free |
|
1 800 1651 0607 |
| |
|
|
| Passcode |
MLCO |
|
| |
|
|
|
An audio webcast will also be available at http://www.melco-resorts.com.
|
| |
|
|
| To access the replay, please use the dial-in details
below: |
| |
|
|
| US Toll Free |
|
1 855 452 5696 |
| US Toll / International |
|
1 646 254 3697 |
| HK Toll Free |
|
800 963 117 |
| Philippines Toll Free |
|
1 800 1612 0166 |
| |
|
|
| Conference ID |
|
52198985 |
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, net gain on disposal of property and equipment 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, net gain on disposal of property and equipment to Belle Corporation,
Corporate and Others 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 net gain on disposal of property and equipment to Belle Corporation, 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.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the
Entertainment City complex in Manila. 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:
Ross Dunwoody
Vice President, Development & Investor Relations
Tel: +853 8868 7575 or +852 2598 3689
Email: rossdunwoody@melco-resorts.com
For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com
| |
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|
|
|
|
|
|
|
| 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, |
|
| |
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
| Casino |
$ |
1,213,968 |
|
|
$ |
994,530 |
|
|
$ |
2,402,977 |
|
|
$ |
2,016,788 |
|
|
| Rooms |
|
65,589 |
|
|
|
64,417 |
|
|
|
132,026 |
|
|
|
127,869 |
|
|
| Food and beverage |
|
43,684 |
|
|
|
41,387 |
|
|
|
88,510 |
|
|
|
82,371 |
|
|
| Entertainment, retail and other |
|
49,600 |
|
|
|
42,853 |
|
|
|
102,482 |
|
|
|
91,055 |
|
|
| Gross revenues |
|
1,372,841 |
|
|
|
1,143,187 |
|
|
|
2,725,995 |
|
|
|
2,318,083 |
|
|
| Less: promotional allowances |
|
(74,621 |
) |
|
|
(72,789 |
) |
|
|
(150,555 |
) |
|
|
(144,118 |
) |
|
| Net revenues |
|
1,298,220 |
|
|
|
1,070,398 |
|
|
|
2,575,440 |
|
|
|
2,173,965 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
| Casino |
|
(844,698 |
) |
|
|
(696,444 |
) |
|
|
(1,647,431 |
) |
|
|
(1,420,027 |
) |
|
| Rooms |
|
(8,025 |
) |
|
|
(7,885 |
) |
|
|
(16,215 |
) |
|
|
(16,421 |
) |
|
| Food and beverage |
|
(13,622 |
) |
|
|
(16,422 |
) |
|
|
(28,242 |
) |
|
|
(34,495 |
) |
|
| Entertainment, retail and other |
|
(21,644 |
) |
|
|
(25,551 |
) |
|
|
(44,052 |
) |
|
|
(54,626 |
) |
|
| General and administrative |
|
(122,786 |
) |
|
|
(103,697 |
) |
|
|
(233,581 |
) |
|
|
(214,016 |
) |
|
| Payments to the Philippine Parties |
|
(13,822 |
) |
|
|
(8,249 |
) |
|
|
(29,261 |
) |
|
|
(15,409 |
) |
|
| Pre-opening costs |
|
(525 |
) |
|
|
(88 |
) |
|
|
(1,000 |
) |
|
|
(723 |
) |
|
| Development costs |
|
(3,068 |
) |
|
|
(1 |
) |
|
|
(4,085 |
) |
|
|
(7 |
) |
|
| Amortization of gaming subconcession |
|
(14,309 |
) |
|
|
(14,310 |
) |
|
|
(28,618 |
) |
|
|
(28,619 |
) |
|
| Amortization of land use rights |
|
(5,704 |
) |
|
|
(5,704 |
) |
|
|
(11,408 |
) |
|
|
(11,408 |
) |
|
| Depreciation and amortization |
|
(115,510 |
) |
|
|
(117,674 |
) |
|
|
(233,079 |
) |
|
|
(237,645 |
) |
|
| Property charges and other |
|
(7,063 |
) |
|
|
(1,954 |
) |
|
|
(12,527 |
) |
|
|
(2,358 |
) |
|
| Total operating costs and expenses |
|
(1,170,776 |
) |
|
|
(997,979 |
) |
|
|
(2,289,499 |
) |
|
|
(2,035,754 |
) |
|
| OPERATING INCOME |
|
127,444 |
|
|
|
72,419 |
|
|
|
285,941 |
|
|
|
138,211 |
|
|
| NON-OPERATING INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
915 |
|
|
|
199 |
|
|
|
1,472 |
|
|
|
3,003 |
|
|
| Interest expenses, net of capitalized interest |
|
(58,549 |
) |
|
|
(58,529 |
) |
|
|
(117,105 |
) |
|
|
(111,019 |
) |
|
| Other finance costs |
|
(8,264 |
) |
|
|
(14,065 |
) |
|
|
(17,052 |
) |
|
|
(27,903 |
) |
|
| Foreign exchange gains, net |
|
689 |
|
|
|
2,474 |
|
|
|
9,398 |
|
|
|
5,030 |
|
|
| Other income, net |
|
729 |
|
|
|
877 |
|
|
|
1,388 |
|
|
|
1,719 |
|
|
| Loss on extinguishment of debt |
|
(31,459 |
) |
|
|
- |
|
|
|
(31,459 |
) |
|
|
- |
|
|
| Costs associated with debt modification |
|
(1,912 |
) |
|
|
- |
|
|
|
(1,912 |
) |
|
|
- |
|
|
| Total non-operating expenses, net |
|
(97,851 |
) |
|
|
(69,044 |
) |
|
|
(155,270 |
) |
|
|
(129,170 |
) |
|
| INCOME BEFORE INCOME TAX |
|
29,593 |
|
|
|
3,375 |
|
|
|
130,671 |
|
|
|
9,041 |
|
|
| INCOME TAX (EXPENSE) CREDIT |
|
(1,136 |
) |
|
|
(1,416 |
) |
|
|
617 |
|
|
|
(2,354 |
) |
|
| NET INCOME |
|
28,457 |
|
|
|
1,959 |
|
|
|
131,288 |
|
|
|
6,687 |
|
|
| NET LOSS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
| NONCONTROLLING INTERESTS |
|
8,020 |
|
|
|
28,832 |
|
|
|
18,635 |
|
|
|
63,900 |
|
|
| NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
| MELCO RESORTS & ENTERTAINMENT LIMITED |
$ |
36,477 |
|
|
$ |
30,791 |
|
|
$ |
149,923 |
|
|
$ |
70,587 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
| MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
| Basic |
$ |
0.025 |
|
|
$ |
0.020 |
|
|
$ |
0.102 |
|
|
$ |
0.045 |
|
|
| Diluted |
$ |
0.025 |
|
|
$ |
0.020 |
|
|
$ |
0.101 |
|
|
$ |
0.045 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
| MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
| Basic |
$ |
0.075 |
|
|
$ |
0.061 |
|
|
$ |
0.307 |
|
|
$ |
0.135 |
|
|
| Diluted |
$ |
0.074 |
|
|
$ |
0.060 |
|
|
$ |
0.304 |
|
|
$ |
0.134 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
| USED IN NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
| MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
| PER SHARE CALCULATION: |
|
|
|
|
|
|
|
| Basic |
|
1,467,501,531 |
|
|
|
1,522,898,329 |
|
|
|
1,466,468,014 |
|
|
|
1,570,457,116 |
|
|
| Diluted |
|
1,479,331,486 |
|
|
|
1,531,076,031 |
|
|
|
1,477,811,276 |
|
|
|
1,578,594,809 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Melco Resorts & Entertainment Limited and
Subsidiaries |
|
|
| Condensed Consolidated Balance
Sheets |
|
|
| (In thousands of U.S. dollars) |
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
June 30, |
|
December 31, |
|
|
| |
2017 |
|
|
2016 |
|
|
|
| |
|
(Unaudited) |
|
|
(Audited) |
|
|
| |
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
1,369,704 |
|
|
$ |
1,702,310 |
|
|
|
| Bank deposits with original maturities over three months |
|
52,707 |
|
|
|
210,840 |
|
|
|
| Restricted cash |
|
42,091 |
|
|
|
39,152 |
|
|
|
| Accounts receivable, net |
|
167,216 |
|
|
|
225,438 |
|
|
|
| Amounts due from affiliated companies |
|
167 |
|
|
|
1,103 |
|
|
|
| Inventories |
|
32,547 |
|
|
|
32,600 |
|
|
|
| Prepaid expenses and other current assets |
|
71,757 |
|
|
|
68,111 |
|
|
|
| Total current assets |
|
1,736,189 |
|
|
|
2,279,554 |
|
|
|
| |
|
|
|
|
|
|
|
| PROPERTY AND EQUIPMENT, NET |
|
5,629,632 |
|
|
|
5,655,823 |
|
|
|
| GAMING SUBCONCESSION, NET |
|
284,702 |
|
|
|
313,320 |
|
|
|
| INTANGIBLE ASSETS |
|
4,220 |
|
|
|
4,220 |
|
|
|
| GOODWILL |
|
81,915 |
|
|
|
81,915 |
|
|
|
| LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS |
|
209,611 |
|
|
|
194,911 |
|
|
|
| RESTRICTED CASH |
|
130 |
|
|
|
130 |
|
|
|
| DEFERRED TAX ASSETS |
|
220 |
|
|
|
152 |
|
|
|
| LAND USE RIGHTS, NET |
|
798,908 |
|
|
|
810,316 |
|
|
|
| TOTAL ASSETS |
$ |
8,745,527 |
|
|
$ |
9,340,341 |
|
|
|
| |
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
|
|
| Accounts payable |
$ |
16,788 |
|
|
$ |
17,434 |
|
|
|
| Accrued expenses and other current liabilities |
|
1,352,240 |
|
|
|
1,369,943 |
|
|
|
| Income tax payable |
|
4,585 |
|
|
|
7,422 |
|
|
|
| Capital lease obligations, due within one year |
|
31,723 |
|
|
|
30,730 |
|
|
|
| Current portion of long-term debt, net |
|
50,779 |
|
|
|
50,583 |
|
|
|
| Amounts due to affiliated companies |
|
6,931 |
|
|
|
3,028 |
|
|
|
| Total current liabilities |
|
1,463,046 |
|
|
|
1,479,140 |
|
|
|
| |
|
|
|
|
|
|
|
| LONG-TERM DEBT, NET |
|
3,678,797 |
|
|
|
3,669,692 |
|
|
|
| OTHER LONG-TERM LIABILITIES |
|
55,649 |
|
|
|
49,287 |
|
|
|
| DEFERRED TAX LIABILITIES |
|
55,876 |
|
|
|
56,451 |
|
|
|
| CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR |
|
260,749 |
|
|
|
262,357 |
|
|
|
| AMOUNT DUE TO AN AFFILIATED COMPANY |
|
689 |
|
|
|
- |
|
|
|
| |
|
|
|
|
|
|
|
| SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
| Ordinary shares |
|
14,784 |
|
|
|
14,759 |
|
|
|
| Treasury shares |
|
(105 |
) |
|
|
(108 |
) |
|
|
| Additional paid-in capital |
|
3,706,633 |
|
|
|
2,783,062 |
|
|
|
| Accumulated other comprehensive losses |
|
(25,615 |
) |
|
|
(24,768 |
) |
|
|
| (Accumulated losses) retained earnings |
|
(925,337 |
) |
|
|
570,925 |
|
|
|
| Total Melco Resorts & Entertainment Limited shareholders’ equity |
|
2,770,360 |
|
|
|
3,343,870 |
|
|
|
| Noncontrolling interests |
|
460,361 |
|
|
|
479,544 |
|
|
|
| Total equity |
|
3,230,721 |
|
|
|
3,823,414 |
|
|
|
| TOTAL LIABILITIES AND EQUITY |
$ |
8,745,527 |
|
|
$ |
9,340,341 |
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 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, |
|
| |
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
| Melco Resorts & Entertainment Limited |
$ |
36,477 |
|
|
$ |
30,791 |
|
|
$ |
149,923 |
|
|
$ |
70,587 |
|
|
| Net Gain on Disposal of Property and Equipment to Belle Corporation |
|
- |
|
|
|
(8,134 |
) |
|
|
- |
|
|
|
(8,134 |
) |
|
| Pre-opening Costs |
|
525 |
|
|
|
88 |
|
|
|
1,000 |
|
|
|
723 |
|
|
| Development Costs |
|
3,068 |
|
|
|
1 |
|
|
|
4,085 |
|
|
|
7 |
|
|
| Property Charges and Other |
|
7,063 |
|
|
|
1,954 |
|
|
|
12,527 |
|
|
|
2,358 |
|
|
| Loss on Extinguishment of Debt |
|
31,459 |
|
|
|
- |
|
|
|
31,459 |
|
|
|
- |
|
|
| Costs Associated with Debt Modification |
|
1,912 |
|
|
|
- |
|
|
|
1,912 |
|
|
|
- |
|
|
| Income Tax Impact on Adjustments |
|
(89 |
) |
|
|
(12 |
) |
|
|
(348 |
) |
|
|
(14 |
) |
|
| Noncontrolling Interests Impact on Adjustments |
|
(1,760 |
) |
|
|
1,864 |
|
|
|
(1,752 |
) |
|
|
1,525 |
|
|
| Adjusted Net Income Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
| Melco Resorts & Entertainment Limited |
$ |
78,655 |
|
|
$ |
26,552 |
|
|
$ |
198,806 |
|
|
$ |
67,052 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
| MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
| Basic |
$ |
0.054 |
|
|
$ |
0.017 |
|
|
$ |
0.136 |
|
|
$ |
0.043 |
|
|
| Diluted |
$ |
0.053 |
|
|
$ |
0.017 |
|
|
$ |
0.135 |
|
|
$ |
0.042 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
| MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
| Basic |
$ |
0.161 |
|
|
$ |
0.052 |
|
|
$ |
0.407 |
|
|
$ |
0.128 |
|
|
| Diluted |
$ |
0.160 |
|
|
$ |
0.052 |
|
|
$ |
0.404 |
|
|
$ |
0.127 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
| USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
| MELCO RESORTS & ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
| PER SHARE CALCULATION: |
|
|
|
|
|
|
|
| Basic |
|
1,467,501,531 |
|
|
|
1,522,898,329 |
|
|
|
1,466,468,014 |
|
|
|
1,570,457,116 |
|
|
| Diluted |
|
1,479,331,486 |
|
|
|
1,531,076,031 |
|
|
|
1,477,811,276 |
|
|
|
1,578,594,809 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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,
2017 |
|
| |
Altira
Macau |
|
Mocha |
|
City of
Dreams |
|
Studio
City |
|
City of
Dreams
Manila |
|
Corporate
and Others |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating (Loss) Income |
$ |
(142 |
) |
|
$ |
3,477 |
|
$ |
127,845 |
|
$ |
29,771 |
|
|
$ |
26,901 |
|
|
$ |
(60,408 |
) |
|
$ |
127,444 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
13,822 |
|
|
|
- |
|
|
|
13,822 |
|
|
| Land Rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
792 |
|
|
|
- |
|
|
|
792 |
|
|
| Pre-opening Costs |
|
- |
|
|
|
- |
|
|
321 |
|
|
(21 |
) |
|
|
225 |
|
|
|
- |
|
|
|
525 |
|
|
| Development Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
3,068 |
|
|
|
3,068 |
|
|
| Depreciation and Amortization |
|
5,208 |
|
|
|
2,045 |
|
|
43,573 |
|
|
46,322 |
|
|
|
20,938 |
|
|
|
17,437 |
|
|
|
135,523 |
|
|
| Share-based Compensation |
|
40 |
|
|
|
54 |
|
|
758 |
|
|
319 |
|
|
|
160 |
|
|
|
3,903 |
|
|
|
5,234 |
|
|
| Property Charges and Other |
|
- |
|
|
|
- |
|
|
2,786 |
|
|
4,267 |
|
|
|
- |
|
|
|
10 |
|
|
|
7,063 |
|
|
| Adjusted EBITDA |
|
5,106 |
|
|
|
5,576 |
|
|
175,283 |
|
|
80,658 |
|
|
|
62,838 |
|
|
|
(35,990 |
) |
|
|
293,471 |
|
|
| Corporate and Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
35,990 |
|
|
|
35,990 |
|
|
| Adjusted Property EBITDA |
$ |
5,106 |
|
|
$ |
5,576 |
|
$ |
175,283 |
|
$ |
80,658 |
|
|
$ |
62,838 |
|
|
$ |
- |
|
|
$ |
329,461 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended June 30,
2016 |
|
| |
Altira
Macau |
|
Mocha |
|
City of
Dreams |
|
Studio
City |
|
City of
Dreams
Manila |
|
Corporate
and Others |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating (Loss) Income |
$ |
(4,064 |
) |
|
$ |
1,792 |
|
$ |
133,876 |
|
$ |
(21,056 |
) |
|
$ |
11,127 |
|
|
$ |
(49,256 |
) |
|
$ |
72,419 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
8,249 |
|
|
|
- |
|
|
|
8,249 |
|
|
| Land Rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
846 |
|
|
|
- |
|
|
|
846 |
|
|
| Net Gain on Disposal of Property and Equipment to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
(8,134 |
) |
|
|
- |
|
|
|
(8,134 |
) |
|
| Pre-opening Costs |
|
- |
|
|
|
- |
|
|
225 |
|
|
(137 |
) |
|
|
- |
|
|
|
- |
|
|
|
88 |
|
|
| Development Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
| Depreciation and Amortization |
|
5,754 |
|
|
|
3,007 |
|
|
42,982 |
|
|
44,758 |
|
|
|
23,633 |
|
|
|
17,554 |
|
|
|
137,688 |
|
|
| Share-based Compensation |
|
52 |
|
|
|
48 |
|
|
568 |
|
|
318 |
|
|
|
256 |
|
|
|
3,505 |
|
|
|
4,747 |
|
|
| Property Charges and Other |
|
- |
|
|
|
- |
|
|
- |
|
|
682 |
|
|
|
534 |
|
|
|
738 |
|
|
|
1,954 |
|
|
| Adjusted EBITDA |
|
1,742 |
|
|
|
4,847 |
|
|
177,651 |
|
|
24,565 |
|
|
|
36,511 |
|
|
|
(27,458 |
) |
|
|
217,858 |
|
|
| Corporate and Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
27,458 |
|
|
|
27,458 |
|
|
| Adjusted Property EBITDA |
$ |
1,742 |
|
|
$ |
4,847 |
|
$ |
177,651 |
|
$ |
24,565 |
|
|
$ |
36,511 |
|
|
$ |
- |
|
|
$ |
245,316 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, 2017 |
|
| |
Altira
Macau |
|
Mocha |
|
City of
Dreams |
|
Studio
City |
|
City of
Dreams
Manila |
|
Corporate
and Others |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating (Loss) Income |
$ |
(2,215 |
) |
|
$ |
8,340 |
|
$ |
292,244 |
|
$ |
51,326 |
|
|
$ |
50,398 |
|
|
$ |
(114,152 |
) |
|
$ |
285,941 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
29,261 |
|
|
|
- |
|
|
|
29,261 |
|
|
| Land Rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
1,583 |
|
|
|
- |
|
|
|
1,583 |
|
|
| Pre-opening Costs |
|
- |
|
|
|
- |
|
|
815 |
|
|
(40 |
) |
|
|
225 |
|
|
|
- |
|
|
|
1,000 |
|
|
| Development Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
4,085 |
|
|
|
4,085 |
|
|
| Depreciation and Amortization |
|
10,897 |
|
|
|
4,232 |
|
|
88,352 |
|
|
92,298 |
|
|
|
42,436 |
|
|
|
34,890 |
|
|
|
273,105 |
|
|
| Share-based Compensation |
|
82 |
|
|
|
48 |
|
|
1,284 |
|
|
605 |
|
|
|
73 |
|
|
|
4,729 |
|
|
|
6,821 |
|
|
| Property Charges and Other |
|
57 |
|
|
|
62 |
|
|
6,129 |
|
|
4,267 |
|
|
|
- |
|
|
|
2,012 |
|
|
|
12,527 |
|
|
| Adjusted EBITDA |
|
8,821 |
|
|
|
12,682 |
|
|
388,824 |
|
|
148,456 |
|
|
|
123,976 |
|
|
|
(68,436 |
) |
|
|
614,323 |
|
|
| Corporate and Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
68,436 |
|
|
|
68,436 |
|
|
| Adjusted Property EBITDA |
$ |
8,821 |
|
|
$ |
12,682 |
|
$ |
388,824 |
|
$ |
148,456 |
|
|
$ |
123,976 |
|
|
$ |
- |
|
|
$ |
682,759 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Six Months Ended June
30, 2016 |
|
| |
Altira
Macau |
|
Mocha |
|
City of
Dreams |
|
Studio
City |
|
City of
Dreams
Manila |
|
Corporate
and Others |
|
Total |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating (Loss) Income |
$ |
(23,965 |
) |
|
$ |
5,153 |
|
$ |
294,438 |
|
$ |
(44,385 |
) |
|
$ |
5,690 |
|
|
$ |
(98,720 |
) |
|
$ |
138,211 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments to the Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
15,409 |
|
|
|
- |
|
|
|
15,409 |
|
|
| Land Rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
1,686 |
|
|
|
- |
|
|
|
1,686 |
|
|
| Net Gain on Disposal of Property and Equipment to Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
(8,134 |
) |
|
|
- |
|
|
|
(8,134 |
) |
|
| Pre-opening Costs |
|
- |
|
|
|
- |
|
|
302 |
|
|
421 |
|
|
|
- |
|
|
|
- |
|
|
|
723 |
|
|
| Development Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
7 |
|
|
| Depreciation and Amortization |
|
11,580 |
|
|
|
6,086 |
|
|
87,283 |
|
|
89,465 |
|
|
|
47,908 |
|
|
|
35,350 |
|
|
|
277,672 |
|
|
| Share-based Compensation |
|
(30 |
) |
|
|
82 |
|
|
1,041 |
|
|
442 |
|
|
|
2,031 |
|
|
|
6,718 |
|
|
|
10,284 |
|
|
| Property Charges and Other |
|
197 |
|
|
|
- |
|
|
191 |
|
|
682 |
|
|
|
534 |
|
|
|
754 |
|
|
|
2,358 |
|
|
| Adjusted EBITDA |
|
(12,218 |
) |
|
|
11,321 |
|
|
383,255 |
|
|
46,625 |
|
|
|
65,124 |
|
|
|
(55,891 |
) |
|
|
438,216 |
|
|
| Corporate and Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
55,891 |
|
|
|
55,891 |
|
|
| Adjusted Property EBITDA |
$ |
(12,218 |
) |
|
$ |
11,321 |
|
$ |
383,255 |
|
$ |
46,625 |
|
|
$ |
65,124 |
|
|
$ |
- |
|
|
$ |
494,107 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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, |
| |
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
| |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income Attributable to Melco Resorts & Entertainment Limited |
|
|
|
|
|
|
$ |
36,477 |
|
|
$ |
30,791 |
|
|
$ |
149,923 |
|
|
$ |
70,587 |
|
| Net Loss Attributable to Noncontrolling Interests |
|
|
|
|
|
|
|
(8,020 |
) |
|
|
(28,832 |
) |
|
|
(18,635 |
) |
|
|
(63,900 |
) |
| Net Income |
|
|
|
|
|
|
|
28,457 |
|
|
|
1,959 |
|
|
|
131,288 |
|
|
|
6,687 |
|
| Income Tax Expense (Credit) |
|
|
|
|
|
|
|
1,136 |
|
|
|
1,416 |
|
|
|
(617 |
) |
|
|
2,354 |
|
| Interest and Other Non-Operating Expenses, Net |
|
|
|
|
|
|
|
97,851 |
|
|
|
69,044 |
|
|
|
155,270 |
|
|
|
129,170 |
|
| Property Charges and Other |
|
|
|
|
|
|
|
7,063 |
|
|
|
1,954 |
|
|
|
12,527 |
|
|
|
2,358 |
|
| Share-based Compensation |
|
|
|
|
|
|
|
5,234 |
|
|
|
4,747 |
|
|
|
6,821 |
|
|
|
10,284 |
|
| Depreciation and Amortization |
|
|
|
|
|
|
|
135,523 |
|
|
|
137,688 |
|
|
|
273,105 |
|
|
|
277,672 |
|
| Development Costs |
|
|
|
|
|
|
|
3,068 |
|
|
|
1 |
|
|
|
4,085 |
|
|
|
7 |
|
| Pre-opening Costs |
|
|
|
|
|
|
|
525 |
|
|
|
88 |
|
|
|
1,000 |
|
|
|
723 |
|
| Net Gain on Disposal of Property and Equipment to Belle
Corporation |
|
|
|
|
|
|
|
- |
|
|
|
(8,134 |
) |
|
|
- |
|
|
|
(8,134 |
) |
| Land Rent to Belle Corporation |
|
|
|
|
|
|
|
792 |
|
|
|
846 |
|
|
|
1,583 |
|
|
|
1,686 |
|
| Payments to the Philippine Parties |
|
|
|
|
|
|
|
13,822 |
|
|
|
8,249 |
|
|
|
29,261 |
|
|
|
15,409 |
|
| Adjusted EBITDA |
|
|
|
|
|
|
|
293,471 |
|
|
|
217,858 |
|
|
|
614,323 |
|
|
|
438,216 |
|
| Corporate and Others Expenses |
|
|
|
|
|
|
|
35,990 |
|
|
|
27,458 |
|
|
|
68,436 |
|
|
|
55,891 |
|
| Adjusted Property EBITDA |
|
|
|
|
|
|
$ |
329,461 |
|
|
$ |
245,316 |
|
|
$ |
682,759 |
|
|
$ |
494,107 |
|
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Melco Resorts & Entertainment Limited and
Subsidiaries
|
|
|
|
|
|
| |
Supplemental Data Schedule |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
| |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
| |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
| Room Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
200 |
|
|
$ |
203 |
|
|
$ |
204 |
|
|
$ |
206 |
|
|
|
|
|
|
| |
|
Occupancy per available room |
|
|
|
95 |
% |
|
|
92 |
% |
|
|
93 |
% |
|
|
93 |
% |
|
|
|
|
|
| |
|
Revenue per available room (4) |
|
|
$ |
190 |
|
|
$ |
187 |
|
|
$ |
190 |
|
|
$ |
192 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
199 |
|
|
$ |
200 |
|
|
$ |
199 |
|
|
$ |
198 |
|
|
|
|
|
|
| |
|
Occupancy per available room |
|
|
|
96 |
% |
|
|
94 |
% |
|
|
97 |
% |
|
|
94 |
% |
|
|
|
|
|
| |
|
Revenue per available room (4) |
|
|
$ |
192 |
|
|
$ |
189 |
|
|
$ |
193 |
|
|
$ |
187 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
135 |
|
|
$ |
133 |
|
|
$ |
137 |
|
|
$ |
135 |
|
|
|
|
|
|
| |
|
Occupancy per available room |
|
|
|
98 |
% |
|
|
96 |
% |
|
|
99 |
% |
|
|
96 |
% |
|
|
|
|
|
| |
|
Revenue per available room (4) |
|
|
$ |
133 |
|
|
$ |
127 |
|
|
$ |
135 |
|
|
$ |
129 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate (3) |
|
|
$ |
156 |
|
|
$ |
167 |
|
|
$ |
155 |
|
|
$ |
162 |
|
|
|
|
|
|
| |
|
Occupancy per available room |
|
|
|
95 |
% |
|
|
91 |
% |
|
|
96 |
% |
|
|
88 |
% |
|
|
|
|
|
| |
|
Revenue per available room (4) |
|
|
$ |
149 |
|
|
$ |
152 |
|
|
$ |
149 |
|
|
$ |
143 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
108 |
|
|
|
126 |
|
|
|
111 |
|
|
|
127 |
|
|
|
|
|
|
| |
|
Average number of gaming machines |
|
|
56 |
|
|
|
62 |
|
|
|
56 |
|
|
|
62 |
|
|
|
|
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
14,633 |
|
|
$ |
11,918 |
|
|
$ |
14,465 |
|
|
$ |
12,374 |
|
|
|
|
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
89 |
|
|
$ |
84 |
|
|
$ |
91 |
|
|
$ |
88 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
480 |
|
|
|
498 |
|
|
|
480 |
|
|
|
499 |
|
|
|
|
|
|
| |
|
Average number of gaming machines |
|
|
762 |
|
|
|
1,053 |
|
|
|
800 |
|
|
|
1,062 |
|
|
|
|
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
16,172 |
|
|
$ |
14,667 |
|
|
$ |
16,585 |
|
|
$ |
15,158 |
|
|
|
|
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
541 |
|
|
$ |
338 |
|
|
$ |
503 |
|
|
$ |
351 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
287 |
|
|
|
245 |
|
|
|
284 |
|
|
|
246 |
|
|
|
|
|
|
| |
|
Average number of gaming machines |
|
|
981 |
|
|
|
1,073 |
|
|
|
976 |
|
|
|
1,093 |
|
|
|
|
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
12,729 |
|
|
$ |
6,059 |
|
|
$ |
11,472 |
|
|
$ |
5,809 |
|
|
|
|
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
208 |
|
|
$ |
181 |
|
|
$ |
210 |
|
|
$ |
164 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
|
278 |
|
|
|
268 |
|
|
|
274 |
|
|
|
273 |
|
|
|
|
|
|
| |
|
Average number of gaming machines |
|
|
1,777 |
|
|
|
1,626 |
|
|
|
1,775 |
|
|
|
1,641 |
|
|
|
|
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
6,383 |
|
|
$ |
4,006 |
|
|
$ |
5,800 |
|
|
$ |
3,473 |
|
|
|
|
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
277 |
|
|
$ |
202 |
|
|
$ |
281 |
|
|
$ |
192 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(3) Average daily rate is calculated by
dividing total room revenue including the retail value of promotional allowances by total occupied rooms including
complimentary rooms |
|
| |
|
(4) Revenue per available room is calculated
by dividing total room revenue including the retail value of promotional allowances by total rooms available |
|
|
|
| |
|
(5) Table games win per unit per day is
shown before discounts and commissions |
|
|
|
|
|
|
|
|
|
| |
|
(6) Gaming machines win per unit per day is
shown before deducting cost for slot points |
|
|
|
|
|
|
|
|
