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Melco Announces Unaudited Second Quarter 2017 Earnings and Declares Quarterly Dividend

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

/EIN News/ -- (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

 

                         
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                

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