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In connection with the Company’s acquisition of a 75% interest in
Total operating revenues for the third quarter of 2019 were
Operating income for the third quarter of 2019 was
Adjusted Property EBITDA(1) was
Net income attributable to
Mr.
“During the third quarter of 2019, Melco’s mass market table games drop and gaming machine handle both reached all-time-record-highs. The third quarter of 2019 also marked the 16th consecutive quarter of positive year-over-year growth in mass market table games drop, highlighting the strength in Macau’s mass gaming market and Melco’s leadership position in the city’s mass and premium mass gaming segments.
“Melco’s portfolio of award-winning integrated resorts, commitment to excellence, and determination to push boundaries have been widely recognized, most recently by National Geographic Traveller with Morpheus being named as the winner of the Design Den category of the 2019 Big Sleep Awards.
“At Studio City, we continue to enhance our entertainment offerings with a series of property upgrades, which include the opening of the ‘Show House’
“The Board has, after evaluating the Company’s current liquidity position and future expected capital needs, decided to declare another quarterly dividend of
“Melco remains committed to managing its balance sheet in a prudent manner. As of
“Lastly,
“In July, we announced our partnership with the Yokohama F. Marinos and the
City of Dreams Third Quarter Results
For the quarter ended
Rolling chip volume aggregated
Mass market table games drop increased to
Gaming machine handle for the third quarter of 2019 was
Total non-gaming revenue at City of Dreams in the third quarter of 2019 was
Altira Macau Third Quarter Results
For the quarter ended
Rolling chip volume totaled
In the mass market table games segment, drop aggregated
Gaming machine handle for the third quarter of 2019 was
Total non-gaming revenue at Altira Macau in the third quarter of 2019 was
Mocha Clubs Third Quarter Results
Total operating revenues from
Gaming machine handle for the third quarter of 2019 was
Studio City Third Quarter Results
For the quarter ended
Studio City’s rolling chip volume aggregated
Mass market table games drop increased to
Gaming machine handle for the third quarter of 2019 was
Total non-gaming revenue at Studio City in the third quarter of 2019 was
City of Dreams Manila Third Quarter Results
For the quarter ended
With increased competition in the market, City of Dreams Manila’s rolling chip volume aggregated
Mass market table games drop decreased to
Gaming machine handle for the third quarter of 2019 was
Total non-gaming revenue at City of Dreams Manila in the third quarter of 2019 was
Cyprus Operations Third Quarter Results
The Company is currently operating a temporary casino, the first casino in the
For the quarter ended
Rolling chip volume totaled
Mass market table games drop aggregated
Gaming machine handle for the third quarter of 2019 was
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2019 were
Depreciation and amortization costs of
The Adjusted EBITDA for Studio City for the three months ended
Financial Position and Capital Expenditures
Total cash and bank balances as of
Capital expenditures for the third quarter of 2019 were
Dividend Declaration
On
Conference Call Information
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 |
Japan Toll | 81 3 4503 6012 |
Japan Toll Free | 012 092 5376 |
UK Toll Free | 080 8234 6646 |
Australia Toll | 61 290 833 212 |
Australia Toll Free | 1 800 411 623 |
Philippines Toll Free | 1 800 1612 0306 |
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 |
Japan Toll | 81 3 4580 6717 |
Japan Toll Free | 012 095 9034 |
Philippines Toll Free | 1 800 1612 0166 |
Conference ID | 3988122 |
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.
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
Such U.S. GAAP measurements include operating income, net income, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company’s calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.
(2) “Adjusted net income” is net income before pre-opening costs, development costs, property charges and other, loss on extinguishment of debt and costs associated with debt modification, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to
About
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
The Company is strongly supported by its single largest shareholder,
For investment community, please contact:
Director, Investor Relations
Tel: +852 2598 3619
Email: richardlshuang@melco-resorts.com
For media enquiries, please contact:
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
(Unaudited) | (Restated)(3) | (Unaudited) | (Restated)(3) | ||||||||||||||
OPERATING REVENUES | |||||||||||||||||
Casino | $ | 1,242,192 | $ | 1,046,723 | $ | 3,727,770 | $ | 3,270,432 | |||||||||
Rooms | 88,438 | 86,149 | 258,918 | 221,515 | |||||||||||||
Food and beverage | 59,081 | 53,284 | 172,745 | 148,114 | |||||||||||||
Entertainment, retail and other | 48,945 | 50,181 | 126,727 | 136,895 | |||||||||||||
Total operating revenues | 1,438,656 | 1,236,337 | 4,286,160 | 3,776,956 | |||||||||||||
OPERATING COSTS AND EXPENSES | |||||||||||||||||
Casino | (823,115 | ) | (731,600 | ) | (2,423,186 | ) | (2,196,464 | ) | |||||||||
Rooms | (22,887 | ) | (22,819 | ) | (67,225 | ) | (55,787 | ) | |||||||||
Food and beverage | (44,966 | ) | (42,938 | ) | (133,452 | ) | (116,994 | ) | |||||||||
Entertainment, retail and other | (24,792 | ) | (25,470 | ) | (73,039 | ) | (70,836 | ) | |||||||||
General and administrative | (145,123 | ) | (148,589 | ) | (423,000 | ) | (381,898 | ) | |||||||||
Payments to the Philippine Parties | (8,740 | ) | (10,754 | ) | (45,995 | ) | (45,748 | ) | |||||||||
Pre-opening costs | (525 | ) | (4,078 | ) | (4,638 | ) | (50,392 | ) | |||||||||
Development costs | (30,433 | ) | (4,821 | ) | (39,873 | ) | (11,728 | ) | |||||||||
Amortization of gaming subconcession | (14,206 | ) | (14,309 | ) | (42,601 | ) | (42,928 | ) | |||||||||
Amortization of land use rights | (5,663 | ) | (5,704 | ) | (16,982 | ) | (17,112 | ) | |||||||||
Depreciation and amortization | (140,640 | ) | (134,559 | ) | (422,362 | ) | (355,993 | ) | |||||||||
Property charges and other | (2,372 | ) | (4,774 | ) | (19,578 | ) | (20,957 | ) | |||||||||
Total operating costs and expenses | (1,263,462 | ) | (1,150,415 | ) | (3,711,931 | ) | (3,366,837 | ) | |||||||||
OPERATING INCOME | 175,194 | 85,922 | 574,229 | 410,119 | |||||||||||||
NON-OPERATING INCOME (EXPENSES) | |||||||||||||||||
Interest income | 3,597 | 1,354 | 7,169 | 4,049 | |||||||||||||
Interest expenses, net of capitalized interest | (80,123 | ) | (70,769 | ) | (225,668 | ) | (190,888 | ) | |||||||||
Other finance costs | (883 | ) | (1,299 | ) | (1,673 | ) | (4,066 | ) | |||||||||
Foreign exchange losses, net | (79 | ) | (5,736 | ) | (9,409 | ) | (5,674 | ) | |||||||||
Other (expenses) income, net | (3,815 | ) | 1,561 | (20,166 | ) | 3,012 | |||||||||||
Loss on extinguishment of debt | - | (213 | ) | (3,721 | ) | (213 | ) | ||||||||||
Costs associated with debt modification | - | - | (579 | ) | - | ||||||||||||
Total non-operating expenses, net | (81,303 | ) | (75,102 | ) | (254,047 | ) | (193,780 | ) | |||||||||
INCOME BEFORE INCOME TAX | 93,891 | 10,820 | 320,182 | 216,339 | |||||||||||||
INCOME TAX EXPENSE | (1,788 | ) | (1,319 | ) | (6,777 | ) | (5,715 | ) | |||||||||
NET INCOME | 92,103 | 9,501 | 313,405 | 210,624 | |||||||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO | |||||||||||||||||
NONCONTROLLING INTERESTS | (8,913 | ) | 1,806 | (8,371 | ) | 3,092 | |||||||||||
NET INCOME ATTRIBUTABLE TO | |||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | $ | 83,190 | $ | 11,307 | $ | 305,034 | $ | 213,716 | |||||||||
NET INCOME ATTRIBUTABLE TO | |||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | |||||||||||||||||
Basic | $ | 0.058 | $ | 0.007 | $ | 0.212 | $ | 0.140 | |||||||||
Diluted | $ | 0.058 | $ | 0.007 | $ | 0.211 | $ | 0.139 | |||||||||
NET INCOME ATTRIBUTABLE TO | |||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | |||||||||||||||||
Basic | $ | 0.174 | $ | 0.022 | $ | 0.637 | $ | 0.421 | |||||||||
Diluted | $ | 0.173 | $ | 0.022 | $ | 0.634 | $ | 0.417 | |||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||||
USED IN NET INCOME ATTRIBUTABLE TO | |||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | |||||||||||||||||
PER SHARE CALCULATION: | |||||||||||||||||
Basic | 1,436,810,952 | 1,514,412,109 | 1,436,357,772 | 1,524,031,084 | |||||||||||||
Diluted | 1,443,031,676 | 1,521,685,031 | 1,443,251,443 | 1,535,501,155 | |||||||||||||
(3) In connection with the Company's acquisition of a 75% interest in ICR Cyprus Holdings Limited ("ICR Cyprus") from its parent company, Melco International Development Limited, on July 31, 2019, all periods presented in these financial statements have been restated to include the assets and liabilities and financial results of the ICR Cyprus group in accordance with applicable accounting standards. | |||||||||||||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In thousands of U.S. dollars) | |||||||
September 30, | December 31, | ||||||
2019 | 2018 | ||||||
(Unaudited) | (Restated)(3) | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 1,669,309 | $ | 1,472,423 | |||
Investment securities | 74,107 | 91,598 | |||||
Restricted cash | 66,037 | 48,037 | |||||
Accounts receivable, net | 319,935 | 242,089 | |||||
Amounts due from affiliated companies | 409 | 87,394 | |||||
Inventories | 42,239 | 41,093 | |||||
Prepaid expenses and other current assets | 89,273 | 95,176 | |||||
Total current assets | 2,261,309 | 2,077,810 | |||||
PROPERTY AND EQUIPMENT, NET | 5,695,451 | 5,784,343 | |||||
GAMING SUBCONCESSION, NET | 154,701 | 197,533 | |||||
INTANGIBLE ASSETS, NET | 32,380 | 31,454 | |||||
GOODWILL | 81,278 | 81,376 | |||||
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 180,303 | 186,708 | |||||
INVESTMENT SECURITIES | 551,551 | - | |||||
RESTRICTED CASH | 129 | 129 | |||||
DEFERRED TAX ASSETS | 4,580 | 2,992 | |||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 145,500 | - | |||||
LAND USE RIGHTS, NET | 741,756 | 759,651 | |||||
TOTAL ASSETS | $ | 9,848,938 | $ | 9,121,996 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 25,161 | $ | 25,003 | |||
Accrued expenses and other current liabilities | 1,485,735 | 1,671,630 | |||||
Income tax payable | 7,552 | 4,903 | |||||
Operating lease liabilities, current | 36,812 | - | |||||
Finance lease liabilities, current | 37,706 | 34,659 | |||||
Current portion of long-term debt, net | 933,756 | 395,547 | |||||
Amounts due to affiliated companies | 6,368 | 15,186 | |||||
Total current liabilities | 2,533,090 | 2,146,928 | |||||
LONG-TERM DEBT, NET | 3,804,089 | 3,665,370 | |||||
OTHER LONG-TERM LIABILITIES | 17,068 | 29,286 | |||||
DEFERRED TAX LIABILITIES | 57,266 | 54,746 | |||||
OPERATING LEASE LIABILITIES, NON-CURRENT | 125,308 | - | |||||
FINANCE LEASE LIABILITIES, NON-CURRENT | 255,494 | 253,374 | |||||
TOTAL LIABILITIES | 6,792,315 | 6,149,704 | |||||
SHAREHOLDERS' EQUITY | |||||||
Ordinary shares | 14,565 | 15,385 | |||||
Treasury shares | (91,413) | (657,389) | |||||
Additional paid-in capital | 3,169,623 | 3,715,579 | |||||
Accumulated other comprehensive losses | (81,557) | (59,332) | |||||
Accumulated losses | (633,825) | (716,966) | |||||
Total Melco Resorts & Entertainment Limited shareholders’ equity | 2,377,393 | 2,297,277 | |||||
Noncontrolling interests | 679,230 | 675,015 | |||||
Total equity | 3,056,623 | 2,972,292 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 9,848,938 | $ | 9,121,996 | |||
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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Unaudited) | (Restated)(3) | (Unaudited) | (Restated)(3) | |||||||||||||
Net Income Attributable to | ||||||||||||||||
Melco Resorts & Entertainment Limited | $ | 83,190 | $ | 11,307 | $ | 305,034 | $ | 213,716 | ||||||||
Pre-opening Costs | 525 | 4,078 | 4,638 | 50,392 | ||||||||||||
Development Costs | 30,433 | 4,821 | 39,873 | 11,728 | ||||||||||||
Property Charges and Other | 2,372 | 4,774 | 19,578 | 20,957 | ||||||||||||
Loss on Extinguishment of Debt | - | 213 | 3,721 | 213 | ||||||||||||
Costs Associated with Debt Modification | - | - | 579 | - | ||||||||||||
Income Tax Impact on Adjustments | (1,934 | ) | - | (4,216 | ) | (179 | ) | |||||||||
Noncontrolling Interests Impact on Adjustments | (99 | ) | (956 | ) | (7,183 | ) | (6,196 | ) | ||||||||
Adjusted Net Income Attributable to | ||||||||||||||||
Melco Resorts & Entertainment Limited | $ | 114,487 | $ | 24,237 | $ | 362,024 | $ | 290,631 | ||||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | ||||||||||||||||
Basic | $ | 0.080 | $ | 0.016 | $ | 0.252 | $ | 0.191 | ||||||||
Diluted | $ | 0.079 | $ | 0.016 | $ | 0.251 | $ | 0.189 | ||||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | ||||||||||||||||
Basic | $ | 0.239 | $ | 0.048 | $ | 0.756 | $ | 0.572 | ||||||||
Diluted | $ | 0.238 | $ | 0.048 | $ | 0.752 | $ | 0.567 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | ||||||||||||||||
PER SHARE CALCULATION: | ||||||||||||||||
Basic | 1,436,810,952 | 1,514,412,109 | 1,436,357,772 | 1,524,031,084 | ||||||||||||
Diluted | 1,443,031,676 | 1,521,685,031 | 1,443,251,443 | 1,535,501,155 | ||||||||||||
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 September 30, 2019 | |||||||||||||||||||||||||||
Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila | Cyprus Operations |
Corporate and Other |
Total | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Operating Income (Loss) | $ | 7,797 | $ | 4,584 | $ | 167,828 | $ | 60,424 | $ | 19,788 | $ | 5,452 | $ | (90,679 | ) | $ | 175,194 | ||||||||||
Payments to the Philippine Parties | - | - | - | - | 8,740 | - | - | 8,740 | |||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 765 | - | - | 765 | |||||||||||||||||||
Pre-opening Costs | - | - | 24 | 6 | - | 495 | - | 525 | |||||||||||||||||||
Development Costs | - | - | - | - | - | - | 30,433 | 30,433 | |||||||||||||||||||
Depreciation and Amortization | 6,173 | 1,618 | 63,135 | 45,592 | 19,381 | 2,541 | 22,069 | 160,509 | |||||||||||||||||||
Share-based Compensation | 54 | 39 | 1,124 | 421 | 371 | 52 | 5,774 | 7,835 | |||||||||||||||||||
Property Charges and Other | 31 | 33 | 889 | (7 | ) | 826 | - | 600 | 2,372 | ||||||||||||||||||
Adjusted EBITDA | 14,055 | 6,274 | 233,000 | 106,436 | 49,871 | 8,540 | (31,803 | ) | 386,373 | ||||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | - | 31,803 | 31,803 | |||||||||||||||||||
Adjusted Property EBITDA | $ | 14,055 | $ | 6,274 | $ | 233,000 | $ | 106,436 | $ | 49,871 | $ | 8,540 | $ | - | $ | 418,176 | |||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||
Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila | Cyprus Operations |
Corporate and Other |
Total | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Restated)(3) | (Restated)(3) | (Restated)(3) | ||||||||||||||||||||
Operating Income (Loss) | $ | (5,993 | ) | $ | 2,445 | $ | 76,044 | $ | 43,153 | $ | 24,760 | $ | 2,254 | $ | (56,741 | ) | $ | 85,922 | |||||||||
Payments to the Philippine Parties | - | - | - | - | 10,754 | - | - | 10,754 | |||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 739 | - | - | 739 | |||||||||||||||||||
Pre-opening Costs | - | - | 1,597 | 357 | 20 | 2,104 | - | 4,078 | |||||||||||||||||||
Development Costs | - | - | - | - | - | - | 4,821 | 4,821 | |||||||||||||||||||
Depreciation and Amortization | 4,951 | 2,124 | 63,624 | 44,892 | 18,618 | 1,633 | 18,730 | 154,572 | |||||||||||||||||||
Share-based Compensation | 107 | 36 | 903 | 388 | 342 | 26 | 5,237 | 7,039 | |||||||||||||||||||
Property Charges and Other | (21 | ) | - | 4,975 | 563 | - | - | (743 | ) | 4,774 | |||||||||||||||||
Adjusted EBITDA | (956 | ) | 4,605 | 147,143 | 89,353 | 55,233 | 6,017 | (28,696 | ) | 272,699 | |||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | - | 28,696 | 28,696 | |||||||||||||||||||
Adjusted Property EBITDA | $ | (956 | ) | $ | 4,605 | $ | 147,143 | $ | 89,353 | $ | 55,233 | $ | 6,017 | $ | - | $ | 301,395 | ||||||||||
Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||||||||||||||
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA | ||||||||||||||||||||||||||||
(In thousands of U.S. dollars) | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||
Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total | |||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Operating Income (Loss) | $ | 19,985 | $ | 12,150 | $ | 509,575 | $ | 148,088 | $ | 82,244 | $ | 11,145 | $ | (208,958 | ) | $ | 574,229 | |||||||||||
Payments to the Philippine Parties | - | - | - | - | 45,995 | - | - | 45,995 | ||||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 2,283 | - | - | 2,283 | ||||||||||||||||||||
Pre-opening Costs | 25 | - | 29 | 2,555 | (7 | ) | 2,036 | - | 4,638 | |||||||||||||||||||
Development Costs | - | - | - | - | - | - | 39,873 | 39,873 | ||||||||||||||||||||
Depreciation and Amortization | 17,480 | 5,609 | 195,130 | 137,361 | 57,531 | 7,806 | 61,028 | 481,945 | ||||||||||||||||||||
Share-based Compensation | 258 | 120 | 2,835 | 1,113 | 1,001 | 128 | 17,059 | 22,514 | ||||||||||||||||||||
Property Charges and Other | 73 | (328 | ) | 4,766 | 8,535 | 4,182 | - | 2,350 | 19,578 | |||||||||||||||||||
Adjusted EBITDA | 37,821 | 17,551 | 712,335 | 297,652 | 193,229 | 21,115 | (88,648 | ) | 1,191,055 | |||||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | - | 88,648 | 88,648 | ||||||||||||||||||||
Adjusted Property EBITDA | $ | 37,821 | $ | 17,551 | $ | 712,335 | $ | 297,652 | $ | 193,229 | $ | 21,115 | $ | - | $ | 1,279,703 | ||||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||
Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total | |||||||||||||||||||||
(Unaudited) | (Unaudited) | (Restated)(3) | (Unaudited) | (Unaudited) | (Restated)(3) | (Restated)(3) | (Restated)(3) | |||||||||||||||||||||
Operating Income (Loss) | $ | 20,198 | $ | 10,847 | $ | 334,414 | $ | 132,510 | $ | 97,084 | $ | (12,791 | ) | $ | (172,143 | ) | $ | 410,119 | ||||||||||
Payments to the Philippine Parties | - | - | - | - | 45,748 | - | - | 45,748 | ||||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 2,254 | - | - | 2,254 | ||||||||||||||||||||
Pre-opening Costs | - | - | 32,657 | 410 | 20 | 17,305 | - | 50,392 | ||||||||||||||||||||
Development Costs | - | - | - | - | - | - | 11,728 | 11,728 | ||||||||||||||||||||
Depreciation and Amortization | 14,470 | 6,232 | 146,447 | 134,437 | 56,594 | 1,633 | 56,220 | 416,033 | ||||||||||||||||||||
Share-based Compensation | 278 | 111 | 2,599 | 1,154 | (399 | ) | 53 | 14,422 | 18,218 | |||||||||||||||||||
Property Charges and Other | 440 | (432 | ) | 10,517 | 4,094 | 28 | - | 6,310 | 20,957 | |||||||||||||||||||
Adjusted EBITDA | 35,386 | 16,758 | 526,634 | 272,605 | 201,329 | 6,200 | (83,463 | ) | 975,449 | |||||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | - | 83,463 | 83,463 | ||||||||||||||||||||
Adjusted Property EBITDA | $ | 35,386 | $ | 16,758 | $ | 526,634 | $ | 272,605 | $ | 201,329 | $ | 6,200 | $ | - | $ | 1,058,912 | ||||||||||||
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 | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
(Unaudited) | (Restated)(3) | (Unaudited) | (Restated)(3) | |||||||||||
Net Income Attributable to Melco Resorts & Entertainment Limited | $ | 83,190 | $ | 11,307 | $ | 305,034 | $ | 213,716 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 8,913 | (1,806 | ) | 8,371 | (3,092 | ) | ||||||||
Net Income | 92,103 | 9,501 | 313,405 | 210,624 | ||||||||||
Income Tax Expense | 1,788 | 1,319 | 6,777 | 5,715 | ||||||||||
Interest and Other Non-Operating Expenses, Net | 81,303 | 75,102 | 254,047 | 193,780 | ||||||||||
Property Charges and Other | 2,372 | 4,774 | 19,578 | 20,957 | ||||||||||
Share-based Compensation | 7,835 | 7,039 | 22,514 | 18,218 | ||||||||||
Depreciation and Amortization | 160,509 | 154,572 | 481,945 | 416,033 | ||||||||||
Development Costs | 30,433 | 4,821 | 39,873 | 11,728 | ||||||||||
Pre-opening Costs | 525 | 4,078 | 4,638 | 50,392 | ||||||||||
Land Rent to Belle Corporation | 765 | 739 | 2,283 | 2,254 | ||||||||||
Payments to the Philippine Parties | 8,740 | 10,754 | 45,995 | 45,748 | ||||||||||
Adjusted EBITDA | 386,373 | 272,699 | 1,191,055 | 975,449 | ||||||||||
Corporate and Other Expenses | 31,803 | 28,696 | 88,648 | 83,463 | ||||||||||
Adjusted Property EBITDA | $ | 418,176 | $ | 301,395 | $ | 1,279,703 | $ | 1,058,912 | ||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||||||||
Supplemental Data Schedule | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Room Statistics: | |||||||||||||||||||||
Altira Macau | |||||||||||||||||||||
Average daily rate (4) | $ | 175 | $ | 187 | $ | 177 | $ | 190 | |||||||||||||
Occupancy per available room | 99 | % | 99 | % | 99 | % | 99 | % | |||||||||||||
Revenue per available room (5) | $ | 173 | $ | 186 | $ | 175 | $ | 188 | |||||||||||||
City of Dreams | |||||||||||||||||||||
Average daily rate (4) | $ | 208 | $ | 215 | $ | 207 | $ | 208 | |||||||||||||
Occupancy per available room | 98 | % | 96 | % | 98 | % | 97 | % | |||||||||||||
Revenue per available room (5) | $ | 204 | $ | 208 | $ | 202 | $ | 202 | |||||||||||||
Studio City | |||||||||||||||||||||
Average daily rate (4) | $ | 135 | $ | 141 | $ | 134 | $ | 138 | |||||||||||||
Occupancy per available room | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
Revenue per available room (5) | $ | 135 | $ | 141 | $ | 134 | $ | 138 | |||||||||||||
City of Dreams Manila | |||||||||||||||||||||
Average daily rate (4) | $ | 179 | $ | 158 | $ | 175 | $ | 158 | |||||||||||||
Occupancy per available room | 98 | % | 98 | % | 98 | % | 98 | % | |||||||||||||
Revenue per available room (5) | $ | 176 | $ | 155 | $ | 172 | $ | 155 | |||||||||||||
Other Information: | |||||||||||||||||||||
Altira Macau | |||||||||||||||||||||
Average number of table games | 102 | 106 | 104 | 104 | |||||||||||||||||
Average number of gaming machines | 178 | 128 | 173 | 127 | |||||||||||||||||
Table games win per unit per day (6) | $ | 19,152 | $ | 15,873 | $ | 19,858 | $ | 19,440 | |||||||||||||
Gaming machines win per unit per day (7) | $ | 202 | $ | 160 | $ | 214 | $ | 150 | |||||||||||||
City of Dreams | |||||||||||||||||||||
Average number of table games | 517 | 467 | 517 | 476 | |||||||||||||||||
Average number of gaming machines | 863 | 765 | 836 | 707 | |||||||||||||||||
Table games win per unit per day (6) | $ | 19,520 | $ | 15,678 | $ | 18,387 | $ | 15,605 | |||||||||||||
Gaming machines win per unit per day (7) | $ | 478 | $ | 691 | $ | 511 | $ | 807 | |||||||||||||
Studio City | |||||||||||||||||||||
Average number of table games | 292 | 288 | 293 | 292 | |||||||||||||||||
Average number of gaming machines | 896 | 938 | 952 | 947 | |||||||||||||||||
Table games win per unit per day (6) | $ | 12,126 | $ | 14,287 | $ | 12,481 | $ | 14,361 | |||||||||||||
Gaming machines win per unit per day (7) | $ | 243 | $ | 219 | $ | 226 | $ | 235 | |||||||||||||
City of Dreams Manila | |||||||||||||||||||||
Average number of table games | 311 | 307 | 306 | 300 | |||||||||||||||||
Average number of gaming machines | 2,267 | 1,920 | 2,260 | 1,885 | |||||||||||||||||
Table games win per unit per day (6) | $ | 2,975 | $ | 5,165 | $ | 4,451 | $ | 5,579 | |||||||||||||
Gaming machines win per unit per day (7) | $ | 259 | $ | 280 | $ | 256 | $ | 284 | |||||||||||||
Cyprus Operations | |||||||||||||||||||||
Average number of table games | 38 | 33 | 38 | 33 | |||||||||||||||||
Average number of gaming machines | 409 | 254 | 372 | 254 | |||||||||||||||||
Table games win per unit per day (6) | $ | 3,256 | $ | 2,649 | $ | 2,562 | $ | 2,626 | |||||||||||||
Gaming machines win per unit per day (7) | $ | 416 | $ | 380 | $ | 432 | $ | 379 | |||||||||||||
(4) Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms | |||||||||||||||||||||
(5) Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available | |||||||||||||||||||||
(6) Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis | |||||||||||||||||||||
(7) Gaming machines win per unit per day is shown before non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis |
Source: Melco Resorts & Entertainment Limited