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Net revenue for the third quarter of 2018 was
Operating income for the third quarter of 2018 was
Adjusted property EBITDA(1) was
Net income attributable to
Mr.
“Designed by the late Pritzker Prize-winning architect Dame
“The opening of Morpheus only marks the beginning of the relaunch of City of Dreams. On top of that, we are upgrading our VIP gaming spaces that are expected to open over the next six months. We will also commence the rolling refurbishment of the Nüwa after
“At Studio City, we are embarking on a series of property upgrades to refine the entertainment offerings, which include the world’s most electrifying stunt show – Elekron, Asia’s largest Virtual Reality zone and a fantastic new street of food and beverage.”
“In the Philippines, City of Dreams Manila delivered another solid quarter underpinned by robust mass gaming revenue growth.”
“The Board has, after evaluating the Company’s current liquidity position and future expected capital needs, decided to declare another quarterly dividend of
“Lastly,
City of Dreams Third Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the third quarter of 2018 was
Total non-gaming revenue at City of Dreams in the third quarter of 2018 was
Altira Macau Third Quarter Results
For the quarter ended
Rolling chip volume totaled
In the mass market table games segment, drop totaled
Gaming machine handle for the third quarter of 2018 was
Total non-gaming revenue at Altira Macau in the third quarter of 2018 was
Mocha Clubs Third Quarter Results
Net revenue from
Gaming machine handle for the third quarter of 2018 was
Studio City Third Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the third quarter of 2018 was
Total non-gaming revenue at Studio City in the third quarter of 2018 was
City of Dreams Manila Third Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the third quarter of 2018 was
Total non-gaming revenue at City of Dreams Manila in the third quarter of 2018 was
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2018 were
Depreciation and amortization costs of
Financial Position and Capital Expenditures
Total cash and bank balances as of
Capital expenditures for the third quarter of 2018 were
Dividend Declaration
On
Share Repurchase Program
Our Board has also approved a new
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 3134616
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
- “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), land rent to
Belle Corporation and other non-operating income and expenses. “Adjusted property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, land rent toBelle Corporation , Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and adjusted property EBITDA are presented exclusively as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses adjusted EBITDA and adjusted property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. The Company also presents adjusted EBITDA and adjusted property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported adjusted EBITDA and adjusted property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, adjusted EBITDA and adjusted property EBITDA should not be considered as alternatives to operating income as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income, adjusted EBITDA and adjusted property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using adjusted EBITDA and adjusted property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.
Such U.S. GAAP measurements include operating income, net income, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in adjusted EBITDA or adjusted property EBITDA. Also, the Company’s calculation of adjusted EBITDA and adjusted property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted EBITDA and adjusted property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.
- “Adjusted net income” is net income before pre-opening costs, development costs, property charges and other, loss on extinguishment of debt and costs associated with debt modification, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to
Melco Resorts & Entertainment Limited and adjusted net income attributable toMelco 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 toMelco Resorts & Entertainment Limited and adjusted net income attributable toMelco 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 toMelco 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
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, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
OPERATING REVENUES | ||||||||||||||||
Casino | $ | 1,029,861 | $ | 1,285,107 | $ | 3,253,139 | $ | 3,688,084 | ||||||||
Rooms | 86,149 | 68,310 | 221,515 | 200,336 | ||||||||||||
Food and beverage | 53,282 | 45,196 | 148,112 | 133,706 | ||||||||||||
Entertainment, retail and other | 50,985 | 57,357 | 139,289 | 159,839 | ||||||||||||
Gross revenues | 1,220,277 | 1,455,970 | 3,762,055 | 4,181,965 | ||||||||||||
Less: promotional allowances | - | (79,143 | ) | - | (229,698 | ) | ||||||||||
Net revenues | 1,220,277 | 1,376,827 | 3,762,055 | 3,952,267 | ||||||||||||
OPERATING COSTS AND EXPENSES | ||||||||||||||||
Casino | (724,391 | ) | (861,518 | ) | (2,189,105 | ) | (2,508,949 | ) | ||||||||
Rooms | (22,819 | ) | (8,037 | ) | (55,787 | ) | (24,252 | ) | ||||||||
Food and beverage | (42,134 | ) | (13,629 | ) | (116,171 | ) | (41,871 | ) | ||||||||
Entertainment, retail and other | (25,470 | ) | (22,604 | ) | (70,836 | ) | (66,656 | ) | ||||||||
General and administrative | (146,559 | ) | (110,924 | ) | (381,376 | ) | (344,505 | ) | ||||||||
Payments to the Philippine Parties | (10,754 | ) | (13,288 | ) | (45,748 | ) | (42,549 | ) | ||||||||
Pre-opening costs | (1,974 | ) | (177 | ) | (33,087 | ) | (1,177 | ) | ||||||||
Development costs | (4,821 | ) | (14,054 | ) | (11,728 | ) | (18,139 | ) | ||||||||
Amortization of gaming subconcession | (14,309 | ) | (14,310 | ) | (42,928 | ) | (42,928 | ) | ||||||||
Amortization of land use rights | (5,704 | ) | (5,704 | ) | (17,112 | ) | (17,112 | ) | ||||||||
Depreciation and amortization | (132,926 | ) | (113,991 | ) | (354,360 | ) | (347,070 | ) | ||||||||
Property charges and other | (4,774 | ) | (5,874 | ) | (20,957 | ) | (18,401 | ) | ||||||||
Total operating costs and expenses | (1,136,635 | ) | (1,184,110 | ) | (3,339,195 | ) | (3,473,609 | ) | ||||||||
OPERATING INCOME | 83,642 | 192,717 | 422,860 | 478,658 | ||||||||||||
NON-OPERATING INCOME (EXPENSES) | ||||||||||||||||
Interest income | 1,354 | 1,025 | 4,049 | 2,497 | ||||||||||||
Interest expenses, net of capitalized interest | (70,769 | ) | (63,853 | ) | (190,888 | ) | (195,073 | ) | ||||||||
Other finance costs | (1,299 | ) | (1,567 | ) | (4,066 | ) | (4,504 | ) | ||||||||
Foreign exchange (losses) gains, net | (5,730 | ) | 2,793 | (5,359 | ) | 12,191 | ||||||||||
Other income, net | 1,561 | 870 | 3,012 | 2,258 | ||||||||||||
Loss on extinguishment of debt | (213 | ) | (16,939 | ) | (213 | ) | (48,398 | ) | ||||||||
Costs associated with debt modification | - | (881 | ) | - | (2,793 | ) | ||||||||||
Total non-operating expenses, net | (75,096 | ) | (78,552 | ) | (193,465 | ) | (233,822 | ) | ||||||||
INCOME BEFORE INCOME TAX | 8,546 | 114,165 | 229,395 | 244,836 | ||||||||||||
INCOME TAX EXPENSE | (1,319 | ) | (1,552 | ) | (5,715 | ) | (935 | ) | ||||||||
NET INCOME | 7,227 | 112,613 | 223,680 | 243,901 | ||||||||||||
NET LOSS (INCOME) ATTRIBUTABLE TO | ||||||||||||||||
NONCONTROLLING INTERESTS | 2,375 | 3,294 | (172 | ) | 21,929 | |||||||||||
NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | $ | 9,602 | $ | 115,907 | $ | 223,508 | $ | 265,830 | ||||||||
NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | ||||||||||||||||
Basic | $ | 0.007 | $ | 0.079 | $ | 0.152 | $ | 0.181 | ||||||||
Diluted | $ | 0.007 | $ | 0.078 | $ | 0.151 | $ | 0.180 | ||||||||
NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | ||||||||||||||||
Basic | $ | 0.020 | $ | 0.237 | $ | 0.457 | $ | 0.544 | ||||||||
Diluted | $ | 0.020 | $ | 0.235 | $ | 0.453 | $ | 0.539 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
USED IN NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | ||||||||||||||||
PER SHARE CALCULATION: | ||||||||||||||||
Basic | 1,458,911,371 | 1,468,293,998 | 1,468,530,346 | 1,467,083,364 | ||||||||||||
Diluted | 1,466,184,293 | 1,479,677,417 | 1,480,000,417 | 1,478,440,011 | ||||||||||||
Note The Company adopted the New Revenue Standard using the modified retrospective method from January 1, 2018. Results for the periods beginning on or after January 1, 2018 are presented under the New Revenue Standard, while prior year amounts are not adjusted and continue to be reported in accordance with the previous basis. | ||||||||||||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In thousands of U.S. dollars) | |||||||
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
(Unaudited) | (Audited) | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 1,226,504 | $ | 1,408,211 | |||
Investment securities | 92,827 | 89,874 | |||||
Bank deposits with original maturities over three months | 20,000 | 9,884 | |||||
Restricted cash | 87,089 | 45,412 | |||||
Accounts receivable, net | 198,900 | 176,544 | |||||
Amounts due from affiliated companies | 7,129 | 2,377 | |||||
Inventories | 40,086 | 34,988 | |||||
Prepaid expenses and other current assets | 82,657 | 77,503 | |||||
Total current assets | 1,755,192 | 1,844,793 | |||||
PROPERTY AND EQUIPMENT, NET | 5,740,402 | 5,730,760 | |||||
GAMING SUBCONCESSION, NET | 213,155 | 256,083 | |||||
INTANGIBLE ASSETS | 4,220 | 4,220 | |||||
GOODWILL | 81,915 | 81,915 | |||||
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 200,620 | 189,645 | |||||
RESTRICTED CASH | 130 | 130 | |||||
DEFERRED TAX ASSETS | 143 | 11 | |||||
LAND USE RIGHTS, NET | 770,387 | 787,499 | |||||
TOTAL ASSETS | $ | 8,766,164 | $ | 8,895,056 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 24,290 | $ | 16,041 | |||
Accrued expenses and other current liabilities | 1,643,290 | 1,563,585 | |||||
Income tax payable | 7,859 | 3,179 | |||||
Capital lease obligations, due within one year | 32,916 | 33,387 | |||||
Current portion of long-term debt, net | 86,588 | 51,032 | |||||
Amounts due to affiliated companies | 7,890 | 16,790 | |||||
Total current liabilities | 1,802,833 | 1,684,014 | |||||
LONG-TERM DEBT, NET | 3,720,981 | 3,506,530 | |||||
OTHER LONG-TERM LIABILITIES | 28,503 | 48,087 | |||||
DEFERRED TAX LIABILITIES | 54,742 | 53,994 | |||||
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR | 245,835 | 265,896 | |||||
AMOUNTS DUE TO AFFILIATED COMPANIES | - | 919 | |||||
SHAREHOLDERS' EQUITY | |||||||
Ordinary shares | 14,830 | 14,784 | |||||
Treasury shares | (441,028 | ) | (90 | ) | |||
Additional paid-in capital | 3,692,379 | 3,671,805 | |||||
Accumulated other comprehensive losses | (31,046 | ) | (26,610 | ) | |||
Accumulated losses | (763,783 | ) | (772,338 | ) | |||
Total Melco Resorts & Entertainment Limited shareholders’ equity | 2,471,352 | 2,887,551 | |||||
Noncontrolling interests | 441,918 | 448,065 | |||||
Total equity | 2,913,270 | 3,335,616 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 8,766,164 | $ | 8,895,056 | |||
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, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net Income Attributable to | |||||||||||||||
Melco Resorts & Entertainment Limited | $ | 9,602 | $ | 115,907 | $ | 223,508 | $ | 265,830 | |||||||
Pre-opening Costs | 1,974 | 177 | 33,087 | 1,177 | |||||||||||
Development Costs | 4,821 | 14,054 | 11,728 | 18,139 | |||||||||||
Property Charges and Other | 4,774 | 5,874 | 20,957 | 18,401 | |||||||||||
Loss on Extinguishment of Debt | 213 | 16,939 | 213 | 48,398 | |||||||||||
Costs Associated with Debt Modification | - | 881 | - | 2,793 | |||||||||||
Income Tax Impact on Adjustments | - | 86 | (179 | ) | (262 | ) | |||||||||
Noncontrolling Interests Impact on Adjustments | (430 | ) | (922 | ) | (1,870 | ) | (2,674 | ) | |||||||
Adjusted Net Income Attributable to | |||||||||||||||
Melco Resorts & Entertainment Limited | $ | 20,954 | $ | 152,996 | $ | 287,444 | $ | 351,802 | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | |||||||||||||||
Basic | $ | 0.014 | $ | 0.104 | $ | 0.196 | $ | 0.240 | |||||||
Diluted | $ | 0.014 | $ | 0.103 | $ | 0.194 | $ | 0.238 | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | |||||||||||||||
Basic | $ | 0.043 | $ | 0.313 | $ | 0.587 | $ | 0.719 | |||||||
Diluted | $ | 0.043 | $ | 0.310 | $ | 0.582 | $ | 0.714 | |||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | |||||||||||||||
PER SHARE CALCULATION: | |||||||||||||||
Basic | 1,458,911,371 | 1,468,293,998 | 1,468,530,346 | 1,467,083,364 | |||||||||||
Diluted | 1,466,184,293 | 1,479,677,417 | 1,480,000,417 | 1,478,440,011 | |||||||||||
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, 2018 | ||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Other |
Total | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
Operating Income (Loss) | $ | (5,993 | ) | $ | 2,445 | $ | 76,044 | $ | 43,153 | $ | 24,760 | $ | (56,767 | ) | $ | 83,642 | ||||||||
Payments to the Philippine Parties | - | - | - | - | 10,754 | - | 10,754 | |||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 739 | - | 739 | |||||||||||||||||
Pre-opening Costs | - | - | 1,597 | 357 | 20 | - | 1,974 | |||||||||||||||||
Development Costs | - | - | - | - | - | 4,821 | 4,821 | |||||||||||||||||
Depreciation and Amortization | 4,951 | 2,124 | 63,624 | 44,892 | 18,618 | 18,730 | 152,939 | |||||||||||||||||
Share-based Compensation | 107 | 36 | 903 | 388 | 342 | 5,263 | 7,039 | |||||||||||||||||
Property Charges and Other | (21 | ) | - | 4,975 | 563 | - | (743 | ) | 4,774 | |||||||||||||||
Adjusted EBITDA | (956 | ) | 4,605 | 147,143 | 89,353 | 55,233 | (28,696 | ) | 266,682 | |||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | 28,696 | 28,696 | |||||||||||||||||
Adjusted Property EBITDA | $ | (956 | ) | $ | 4,605 | $ | 147,143 | $ | 89,353 | $ | 55,233 | $ | - | $ | 295,378 | |||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Other |
Total | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
Operating Income (Loss) | $ | (10,973 | ) | $ | 4,752 | $ | 200,729 | $ | 46,006 | $ | 22,266 | $ | (70,063 | ) | $ | 192,717 | ||||||||
Payments to the Philippine Parties | - | - | - | - | 13,288 | - | 13,288 | |||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 778 | - | 778 | |||||||||||||||||
Pre-opening Costs | - | - | 152 | 25 | - | - | 177 | |||||||||||||||||
Development Costs | - | - | - | - | - | 14,054 | 14,054 | |||||||||||||||||
Depreciation and Amortization | 5,101 | 1,990 | 42,082 | 46,077 | 20,722 | 18,033 | 134,005 | |||||||||||||||||
Share-based Compensation | 68 | 49 | 822 | 322 | 196 | 3,817 | 5,274 | |||||||||||||||||
Property Charges and Other | 197 | (270 | ) | 2,586 | 3,207 | - | 154 | 5,874 | ||||||||||||||||
Adjusted EBITDA | (5,607 | ) | 6,521 | 246,371 | 95,637 | 57,250 | (34,005 | ) | 366,167 | |||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | 34,005 | 34,005 | |||||||||||||||||
Adjusted Property EBITDA | $ | (5,607 | ) | $ | 6,521 | $ | 246,371 | $ | 95,637 | $ | 57,250 | $ | - | $ | 400,172 | |||||||||
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, 2018 | |||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Other |
Total | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Operating Income (Loss) | $ | 20,198 | $ | 10,847 | $ | 334,417 | $ | 132,510 | $ | 97,084 | $ | (172,196 | ) | $ | 422,860 | ||||||||||
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 | - | 33,087 | ||||||||||||||||||
Development Costs | - | - | - | - | - | 11,728 | 11,728 | ||||||||||||||||||
Depreciation and Amortization | 14,470 | 6,232 | 146,447 | 134,437 | 56,594 | 56,220 | 414,400 | ||||||||||||||||||
Share-based Compensation | 278 | 111 | 2,599 | 1,154 | (399 | ) | 14,475 | 18,218 | |||||||||||||||||
Property Charges and Other | 440 | (432 | ) | 10,517 | 4,094 | 28 | 6,310 | 20,957 | |||||||||||||||||
Adjusted EBITDA | 35,386 | 16,758 | 526,637 | 272,605 | 201,329 | (83,463 | ) | 969,252 | |||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | 83,463 | 83,463 | ||||||||||||||||||
Adjusted Property EBITDA | $ | 35,386 | $ | 16,758 | $ | 526,637 | $ | 272,605 | $ | 201,329 | $ | - | $ | 1,052,715 | |||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Other |
Total | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Operating Income (Loss) | $ | (13,188 | ) | $ | 13,092 | $ | 492,973 | $ | 97,332 | $ | 72,664 | $ | (184,215 | ) | $ | 478,658 | |||||||||
Payments to the Philippine Parties | - | - | - | - | 42,549 | - | 42,549 | ||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 2,361 | - | 2,361 | ||||||||||||||||||
Pre-opening Costs | - | - | 967 | (15 | ) | 225 | - | 1,177 | |||||||||||||||||
Development Costs | - | - | - | - | - | 18,139 | 18,139 | ||||||||||||||||||
Depreciation and Amortization | 15,998 | 6,222 | 130,434 | 138,375 | 63,158 | 52,923 | 407,110 | ||||||||||||||||||
Share-based Compensation | 150 | 97 | 2,106 | 927 | 269 | 8,546 | 12,095 | ||||||||||||||||||
Property Charges and Other | 254 | (208 | ) | 8,715 | 7,474 | - | 2,166 | 18,401 | |||||||||||||||||
Adjusted EBITDA | 3,214 | 19,203 | 635,195 | 244,093 | 181,226 | (102,441 | ) | 980,490 | |||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | 102,441 | 102,441 | ||||||||||||||||||
Adjusted Property EBITDA | $ | 3,214 | $ | 19,203 | $ | 635,195 | $ | 244,093 | $ | 181,226 | $ | - | $ | 1,082,931 | |||||||||||
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, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net Income Attributable to Melco Resorts & Entertainment Limited | $ | 9,602 | $ | 115,907 | $ | 223,508 | $ | 265,830 | |||||||
Net (Loss) Income Attributable to Noncontrolling Interests | (2,375 | ) | (3,294 | ) | 172 | (21,929 | ) | ||||||||
Net Income | 7,227 | 112,613 | 223,680 | 243,901 | |||||||||||
Income Tax Expense | 1,319 | 1,552 | 5,715 | 935 | |||||||||||
Interest and Other Non-Operating Expenses, Net | 75,096 | 78,552 | 193,465 | 233,822 | |||||||||||
Property Charges and Other | 4,774 | 5,874 | 20,957 | 18,401 | |||||||||||
Share-based Compensation | 7,039 | 5,274 | 18,218 | 12,095 | |||||||||||
Depreciation and Amortization | 152,939 | 134,005 | 414,400 | 407,110 | |||||||||||
Development Costs | 4,821 | 14,054 | 11,728 | 18,139 | |||||||||||
Pre-opening Costs | 1,974 | 177 | 33,087 | 1,177 | |||||||||||
Land Rent to Belle Corporation | 739 | 778 | 2,254 | 2,361 | |||||||||||
Payments to the Philippine Parties | 10,754 | 13,288 | 45,748 | 42,549 | |||||||||||
Adjusted EBITDA | 266,682 | 366,167 | 969,252 | 980,490 | |||||||||||
Corporate and Other Expenses | 28,696 | 34,005 | 83,463 | 102,441 | |||||||||||
Adjusted Property EBITDA | $ | 295,378 | $ | 400,172 | $ | 1,052,715 | $ | 1,082,931 | |||||||
|
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Melco Resorts & Entertainment Limited and Subsidiaries |
||||||||||||||||||||
Supplemental Data Schedule | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Room Statistics: | ||||||||||||||||||||
Altira Macau | ||||||||||||||||||||
Average daily rate (3) | $ | 187 | $ | 201 | $ | 190 | $ | 203 | ||||||||||||
Occupancy per available room | 99 | % | 98 | % | 99 | % | 95 | % | ||||||||||||
Revenue per available room (4) | $ | 186 | $ | 197 | $ | 188 | $ | 193 | ||||||||||||
City of Dreams | ||||||||||||||||||||
Average daily rate (3) | $ | 215 | $ | 201 | $ | 208 | $ | 200 | ||||||||||||
Occupancy per available room | 96 | % | 97 | % | 97 | % | 97 | % | ||||||||||||
Revenue per available room (4) | $ | 208 | $ | 195 | $ | 202 | $ | 194 | ||||||||||||
Studio City | ||||||||||||||||||||
Average daily rate (3) | $ | 141 | $ | 142 | $ | 138 | $ | 139 | ||||||||||||
Occupancy per available room | 100 | % | 98 | % | 100 | % | 98 | % | ||||||||||||
Revenue per available room (4) | $ | 141 | $ | 139 | $ | 138 | $ | 137 | ||||||||||||
City of Dreams Manila | ||||||||||||||||||||
Average daily rate (3) | $ | 158 | $ | 158 | $ | 158 | $ | 156 | ||||||||||||
Occupancy per available room | 98 | % | 96 | % | 98 | % | 96 | % | ||||||||||||
Revenue per available room (4) | $ | 155 | $ | 151 | $ | 155 | $ | 150 | ||||||||||||
Other Information: | ||||||||||||||||||||
Altira Macau | ||||||||||||||||||||
Average number of table games | 106 | 101 | 104 | 108 | ||||||||||||||||
Average number of gaming machines | 128 | 61 | 127 | 58 | ||||||||||||||||
Table games win per unit per day (5) | $ | 15,873 | $ | 13,707 | $ | 19,440 | $ | 14,225 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 160 | $ | 123 | $ | 150 | $ | 103 | ||||||||||||
City of Dreams | ||||||||||||||||||||
Average number of table games | 467 | 476 | 476 | 479 | ||||||||||||||||
Average number of gaming machines | 765 | 673 | 707 | 758 | ||||||||||||||||
Table games win per unit per day (5) | $ | 15,678 | $ | 17,459 | $ | 15,605 | $ | 16,878 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 691 | $ | 506 | $ | 807 | $ | 504 | ||||||||||||
Studio City | ||||||||||||||||||||
Average number of table games | 288 | 291 | 292 | 287 | ||||||||||||||||
Average number of gaming machines | 938 | 970 | 947 | 974 | ||||||||||||||||
Table games win per unit per day (5) | $ | 14,287 | $ | 14,535 | $ | 14,361 | $ | 12,521 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 219 | $ | 214 | $ | 235 | $ | 211 | ||||||||||||
City of Dreams Manila | ||||||||||||||||||||
Average number of table games | 307 | 290 | 300 | 280 | ||||||||||||||||
Average number of gaming machines | 1,920 | 1,792 | 1,885 | 1,781 | ||||||||||||||||
Table games win per unit per day (5) | $ | 5,165 | $ | 4,705 | $ | 5,579 | $ | 5,417 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 280 | $ | 256 | $ | 284 | $ | 272 | ||||||||||||
(3) Average daily rate is calculated by dividing total room revenues including the retail value of complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms | ||||||||||||||||||||
(4) Revenue per available room is calculated by dividing total room revenues including the retail value of complimentary rooms (less service charges, if any) by total rooms available | ||||||||||||||||||||
(5) Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis | ||||||||||||||||||||
(6) Gaming machines win per unit per day is shown before non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis |