Press Release     Print Page  Close Window     





Melco Announces Unaudited First Quarter 2017 Earnings and Declares Quarterly Dividend

MACAU, May 04, 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 first quarter of 2017.

Net revenue for the first quarter of 2017 was US$1,277.2 million, representing an increase of approximately 16% from US$1,103.6 million for the comparable period in 2016. The increase in net revenue was primarily attributable to improved group-wide rolling chip and mass market table games revenues.

On a U.S. GAAP basis, operating income for the first quarter of 2017 was US$158.5 million, compared with operating income of US$65.8 million in the first quarter of 2016, representing an increase of 141%.

Adjusted property EBITDA(1) was US$353.3 million for the first quarter of 2017, as compared to Adjusted property EBITDA of US$248.8 million in the first quarter of 2016, representing an increase of 42%. The year-on-year improvement in Adjusted property EBITDA was mainly attributable to better performance in group-wide rolling chip and mass market table games segments.

On a U.S. GAAP basis, net income attributable to Melco Resorts & Entertainment Limited for the first quarter of 2017 was US$113.4 million, or US$0.23 per ADS, compared with net income attributable to Melco Resorts & Entertainment Limited of US$39.8 million, or US$0.07 per ADS, in the first quarter of 2016. The net loss attributable to noncontrolling interests during the first quarter of 2017 of US$10.6 million was related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, "In the first quarter of 2017, we delivered a strong set of results as highlighted by a 42% year-on-year increase in group-wide Adjusted property EBITDA, driven by expanding revenues across both Macau and the Philippines.

"City of Dreams delivered Adjusted property EBITDA of approximately US$214 million, a sequential increase of over 13% compared to the prior quarter, despite an increase in supply in Macau. We recently announced a range of exciting enhancements to City of Dreams, our flagship integrated resort in Macau, which we believe will help us continue to be one of the leaders of the market in the premium segments in Macau.

"We will replace the Hard Rock hotel brand at City of Dreams with a temporary hotel brand, "The Countdown", beginning in July 2017. The Countdown Hotel will operate until March 31, 2018, at which time we will open Morpheus, an approximately 780 room, luxury hotel that will change the landscape in Macau with what we believe is a truly iconic design. Upon the opening of Morpheus, The Countdown will be rebranded and redeveloped into a new hotel concept which we believe will enhance the integrated resort's premium positioning.

"Studio City generated a year-over-year increase in Adjusted property EBITDA of approximately 207%, driven by a 39% year-over-year increase in mass table games revenue and contribution from the rolling chip operations which continues to ramp up following its introduction in November 2016. 

"City of Dreams Manila delivered a fifth quarter of record Adjusted property EBITDA as a result of improvements across all gaming segments. Our investment in the Philippines gaming market provides our company with ongoing diversification of earnings and has enabled us to participate in, and contribute to, one of the world's fastest growing gaming and tourism markets. Our entry into the Philippine gaming market highlights our dedication to investing in development opportunities that create long term value for our shareholders.

"Early this year, we received shareholder approval to change our company's name to Melco Resorts & Entertainment Limited, reflecting a corporate identity which is more closely aligned to our long term vision of building the world's leading luxury gaming, entertainment and hospitality company."

City of Dreams First Quarter Results

For the quarter ended March 31, 2017, net revenue at City of Dreams was US$693.2 million compared to US$678.6 million in the first quarter of 2016. City of Dreams generated Adjusted EBITDA of US$213.5 million in the first quarter of 2017, representing an increase of 4% compared to US$205.6 million in the comparable period of 2016. The year-on-year improvement in Adjusted EBITDA was primarily a result of greater rolling chip gross gaming revenues and increased non-gaming revenue.

Rolling chip volume totaled US$12.6 billion for the first quarter of 2017 versus US$9.8 billion in the first quarter of 2016. The rolling chip win rate was 2.7% in the first quarter of 2017 versus 3.2% in the first quarter of 2016. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop decreased to US$1,059.8 million compared with US$1,073.5 million in the first quarter of 2016. The mass market table games hold percentage was 36.9% in the first quarter of 2017 compared to 36.7% in the first quarter of 2016.

Gaming machine handle for the first quarter of 2017 was US$1,025.9 million, compared with US$1,044.5 million in the first quarter of 2016. The gaming machine win rate was 3.4% for both quarters ended March 31, 2017 and 2016.

Total non-gaming revenue at City of Dreams in the first quarter of 2017 was US$77.8 million, compared with US$62.0 million in the first quarter of 2016.

Altira Macau First Quarter Results

For the quarter ended March 31, 2017, net revenue at Altira Macau was US$109.1 million compared to US$108.4 million in the first quarter of 2016. Altira Macau generated Adjusted EBITDA of US$3.7 million in the first quarter of 2017 compared with negative Adjusted EBITDA of US$14.0 million in the first quarter of 2016. The year-on-year improvement in Adjusted EBITDA was primarily a result of a lower provision for doubtful debt.  

Rolling chip volume totaled US$4.1 billion in the first quarter of 2017 versus US$4.6 billion in the first quarter of 2016. The rolling chip win rate was 3.1% in the first quarter of 2017 versus 2.8% in the first 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$99.7 million in the first quarter of 2017, a decrease from US$135.2 million generated in the comparable period in 2016. The mass market table games hold percentage was 20.6% in the first quarter of 2017 compared with 17.0% in the first quarter of 2016.

Gaming machine handle for the first quarter of 2017 was US$8.0 million, compared with US$8.7 million in the first quarter of 2016. The gaming machine win rate was 5.8% in the first quarter of 2017 versus 5.9% in the first quarter of 2016.

Total non-gaming revenue at Altira Macau in the first quarter of 2017 was US$6.6 million compared with US$6.9 million in the first quarter of 2016.

Mocha Clubs First Quarter Results

Net revenue from Mocha Clubs totaled US$31.1 million in the first quarter of 2017 as compared to US$31.8 million in the first quarter of 2016. Mocha Clubs generated US$7.1 million of Adjusted EBITDA in the first quarter of 2017 compared with US$6.5 million in the same period in 2016.

Gaming machine handle for the first quarter of 2017 was US$603.1 million, compared with US$670.7 million in the first quarter of 2016. The gaming machine win rate was 5.0% in the first quarter of 2017 versus 4.6% in the first quarter of 2016.

Studio City First Quarter Results

For the quarter ended March 31, 2017, net revenue at Studio City was US$277.9 million compared to US$178.7 million in the first quarter of 2016. Studio City generated Adjusted EBITDA of US$67.8 million in the first quarter of 2017 compared with Adjusted EBITDA of US$22.1 million in the first 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 mass market table games segment.

Rolling chip volume totaled US$3.6 billion for the first quarter of 2017. The rolling chip win rate was 2.4% in the first quarter of 2017. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased to US$656.3 million compared with US$547.0 million in the first quarter of 2016. The mass market table games hold percentage was 26.4% in the first quarter of 2017 compared to 22.8% in the first quarter of 2016.

Gaming machine handle for the first quarter of 2017 was US$497.4 million, compared with US$409.7 million in the first quarter of 2016. The gaming machine win rate was 3.7% in the first quarter of 2017 versus 3.6% in the first quarter of 2016.

Total non-gaming revenue at Studio City in the first quarter of 2017 was US$50.8 million, compared with US$58.2 million in the first quarter of 2016.

City of Dreams Manila First Quarter Results

For the quarter ended March 31, 2017, net revenue at City of Dreams Manila was US$157.4 million compared to US$95.4 million in the first quarter of 2016. City of Dreams Manila generated Adjusted EBITDA of US$61.1 million in the first quarter of 2017 compared to US$28.6 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$2.4 billion for the first quarter of 2017 versus US$1.5 billion in the first quarter of 2016. The rolling chip win rate was 3.4% in the first quarter of 2017 versus 2.8% in the first quarter of 2016. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased to US$153.9 million for the first quarter of 2017, compared with US$120.4 million in the first quarter of 2016. The mass market table games hold percentage was 28.7% in the first quarter of 2017 compared to 27.5% in the first quarter of 2016.

Gaming machine handle for the first quarter of 2017 was US$729.9 million, compared with US$451.4 million in the first quarter of 2016. The gaming machine win rate was 6.2% in the first quarter of 2017 versus 6.1% in the first quarter of 2016.

Total non-gaming revenue at City of Dreams Manila in the first quarter of 2017 was US$27.6 million, compared with US$24.1 million in the first quarter of 2016.
               
Other Factors Affecting Earnings

Total net non-operating expenses for the first quarter of 2017 were US$57.4 million, which mainly included interest expenses, net of capitalized interest, of US$58.6 million, other finance costs of US$8.8 million and a net foreign exchange gain of US$8.7 million. We recorded US$8.9 million of capitalized interest during the first quarter of 2017, primarily relating to the development of Morpheus at City of Dreams.

The year-on-year decrease of US$2.7 million in net non-operating expenses was primarily a result of higher net foreign exchange gain in the current quarter.

Depreciation and amortization costs of US$137.6 million were recorded in the first 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 March 31, 2017 were US$1.5 billion, including US$20.0 million of bank deposits with original maturities over three months and US$78.7 million of restricted cash, primarily related to Studio City. Total debt, net of unamortized deferred financing costs at the end of the first quarter of 2017, was US$3.7 billion.

Capital expenditures for the first quarter of 2017 were US$93.9 million, which predominantly related to various projects at City of Dreams, including Morpheus.

Dividend Declaration

On May 4, 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 first quarter of 2017 (the "Quarterly Dividend"). The Quarterly Dividend will be paid on or about Wednesday, May 31, 2017 to our shareholders whose names appear on the register of members of the Company at the close of business on Tuesday, May 16, 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 first quarter 2017 financial results on Thursday, May 4, 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  11046686
     

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the "Company") may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitations in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

(1) "Adjusted EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, 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 others, share-based compensation, payments to the Philippine Parties, land rent 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 pre-opening costs,  development costs and property charges and others, 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:
Maggie Ma
Chief Corporate Communications and Corporate Affairs Officer
Tel: +853 8868 3767 or +852 3151 3767
Email: maggiema@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
  March 31,
  2017     2016  
    (Unaudited)     (Unaudited)
           
OPERATING REVENUES          
Casino $ 1,189,009     $ 1,022,258  
Rooms   66,437       63,452  
Food and beverage   44,826       40,984  
Entertainment, retail and others   52,882       48,202  
Gross revenues   1,353,154       1,174,896  
Less: promotional allowances   (75,934 )     (71,329 )
Net revenues   1,277,220       1,103,567  
           
OPERATING COSTS AND EXPENSES          
Casino   (802,733 )     (723,583 )
Rooms   (8,190 )     (8,536 )
Food and beverage   (14,620 )     (18,073 )
Entertainment, retail and others   (22,408 )     (29,075 )
General and administrative   (110,795 )     (110,319 )
Payments to the Philippine Parties   (15,439 )     (7,160 )
Pre-opening costs   (475 )     (635 )
Development costs   (1,017 )     (6 )
Amortization of gaming subconcession   (14,309 )     (14,309 )
Amortization of land use rights   (5,704 )     (5,704 )
Depreciation and amortization   (117,569 )     (119,971 )
Property charges and others   (5,464 )     (404 )
Total operating costs and expenses   (1,118,723 )     (1,037,775 )
OPERATING INCOME   158,497       65,792  
NON-OPERATING INCOME (EXPENSES)          
Interest income   557       2,804  
Interest expenses, net of capitalized interest   (58,556 )     (52,490 )
Other finance costs   (8,788 )     (13,838 )
Foreign exchange gains, net   8,709       2,556  
Other income, net   659       842  
Total non-operating expenses, net   (57,419 )     (60,126 )
INCOME BEFORE INCOME TAX   101,078       5,666  
INCOME TAX CREDIT (EXPENSE)   1,753       (938 )
NET INCOME   102,831       4,728  
NET LOSS ATTRIBUTABLE TO          
NONCONTROLLING INTERESTS   10,615       35,068  
NET INCOME ATTRIBUTABLE TO          
MELCO RESORTS & ENTERTAINMENT LIMITED $ 113,446     $ 39,796  
           
NET INCOME ATTRIBUTABLE TO          
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:      
Basic $ 0.077     $ 0.025  
Diluted $ 0.077     $ 0.024  
           
NET INCOME ATTRIBUTABLE TO          
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:      
Basic $ 0.232     $ 0.074  
Diluted $ 0.231     $ 0.073  
           
WEIGHTED AVERAGE SHARES OUTSTANDING USED IN          
NET INCOME ATTRIBUTABLE TO          
MELCO RESORTS & ENTERTAINMENT LIMITED      
PER SHARE CALCULATION:          
Basic   1,465,423,013       1,618,015,902  
Diluted   1,476,279,580       1,626,113,586  
           

 

           
Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
           
           
  March 31,   December 31,
  2017     2016  
    (Unaudited)     (Audited)
           
ASSETS          
           
CURRENT ASSETS          
Cash and cash equivalents $ 1,356,136     $ 1,702,310  
Bank deposits with original maturities over three months   20,000       210,840  
Restricted cash   78,583       39,152  
Accounts receivable, net   179,731       225,438  
Amounts due from affiliated companies   551       1,103  
Inventories   32,392       32,600  
Prepaid expenses and other current assets   81,465       68,111  
Total current assets   1,748,858       2,279,554  
           
PROPERTY AND EQUIPMENT, NET   5,626,651       5,655,823  
GAMING SUBCONCESSION, NET   299,011       313,320  
INTANGIBLE ASSETS   4,220       4,220  
GOODWILL   81,915       81,915  
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS   193,708       194,911  
RESTRICTED CASH   130       130  
DEFERRED TAX ASSETS   187       152  
LAND USE RIGHTS, NET   804,612       810,316  
TOTAL ASSETS $ 8,759,292     $ 9,340,341  
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
           
CURRENT LIABILITIES          
Accounts payable $ 19,039     $ 17,434  
Accrued expenses and other current liabilities   1,385,951       1,369,943  
Income tax payable   3,299       7,422  
Capital lease obligations, due within one year   31,163       30,730  
Current portion of long-term debt, net   50,699       50,583  
Amounts due to affiliated companies   926       3,028  
Total current liabilities   1,491,077       1,479,140  
           
LONG-TERM DEBT, NET   3,660,102       3,669,692  
OTHER LONG-TERM LIABILITIES   50,431       49,287  
DEFERRED TAX LIABILITIES   56,030       56,451  
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR   261,239       262,357  
           
SHAREHOLDERS' EQUITY          
Ordinary shares   14,759       14,759  
Treasury shares   (89 )     (108 )
Additional paid-in capital   2,787,277       2,783,062  
Accumulated other comprehensive losses   (25,232 )     (24,768 )
(Accumulated losses) retained earnings   (4,814 )     570,925  
Total Melco Resorts & Entertainment Limited shareholders' equity   2,771,901       3,343,870  
Noncontrolling interests   468,512       479,544  
Total equity   3,240,413       3,823,414  
TOTAL LIABILITIES AND EQUITY $ 8,759,292     $ 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
  March 31,
  2017     2016  
  (Unaudited)   (Unaudited)
           
Net Income Attributable to          
Melco Resorts & Entertainment Limited $ 113,446     $ 39,796  
Pre-opening Costs   475       635  
Development Costs   1,017       6  
Property Charges and Others   5,464       404  
Income Tax Impact on Adjustments   (259 )     (2 )
Noncontrolling Interests Impact on Adjustments   8       (339 )
Adjusted Net Income Attributable to          
Melco Resorts & Entertainment Limited $ 120,151     $ 40,500  
           
ADJUSTED NET INCOME ATTRIBUTABLE TO          
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:      
Basic $ 0.082     $ 0.025  
Diluted $ 0.081     $ 0.025  
           
ADJUSTED NET INCOME ATTRIBUTABLE TO          
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:          
Basic $ 0.246     $ 0.075  
Diluted $ 0.244     $ 0.075  
           
WEIGHTED AVERAGE SHARES OUTSTANDING USED IN ADJUSTED          
NET INCOME ATTRIBUTABLE TO          
MELCO RESORTS & ENTERTAINMENT LIMITED          
PER SHARE CALCULATION:          
Basic   1,465,423,013       1,618,015,902  
Diluted   1,476,279,580       1,626,113,586  
           

 

                                         
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 March 31, 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 $ (2,073 )   $ 4,863     $ 164,399   $ 21,555     $ 23,497     $ (53,744 )   $ 158,497
                                         
Payments to the Philippine Parties   -       -       -     -       15,439       -       15,439
Land Rent to Belle Corporation   -       -       -     -       791       -       791
Pre-opening Costs   -       -       494     (19 )     -       -       475
Development Costs   -       -       -     -       -       1,017       1,017
Depreciation and Amortization   5,689       2,187       44,779     45,976       21,498       17,453       137,582
Share-based Compensation   42       (6 )     526     286       (87 )     826       1,587
Property Charges and Others   57       62       3,343     -       -       2,002       5,464
Adjusted EBITDA   3,715       7,106       213,541     67,798       61,138       (32,446 )     320,852
Corporate and Others Expenses   -       -       -     -       -       32,446       32,446
Adjusted Property EBITDA $ 3,715     $ 7,106     $ 213,541   $ 67,798     $ 61,138     $ -     $ 353,298
                                         
                                         
  Three Months Ended March 31, 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 $ (19,901 )   $ 3,361     $ 160,562   $ (23,329 )   $ (5,437 )   $ (49,464 )   $ 65,792
                                         
Payments to the Philippine Parties   -       -       -     -       7,160       -       7,160
Land Rent to Belle Corporation   -       -       -     -       840       -       840
Pre-opening Costs   -       -       77     558       -       -       635
Development Costs   -       -       -     -       -       6       6
Depreciation and Amortization   5,826       3,079       44,301     44,707       24,275       17,796       139,984
Share-based Compensation   (82 )     34       473     124       1,775       3,213       5,537
Property Charges and Others   197       -       191     -       -       16       404
Adjusted EBITDA   (13,960 )     6,474       205,604     22,060       28,613       (28,433 )     220,358
Corporate and Others Expenses   -       -       -     -       -       28,433       28,433
Adjusted Property EBITDA $ (13,960 )   $ 6,474     $ 205,604   $ 22,060     $ 28,613     $ -     $ 248,791
                                         

 

                 
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    
    March 31,    
    2017     2016      
    (Unaudited)   (Unaudited)    
                 
Net Income Attributable to Melco Resorts & Entertainment Limited   $ 113,446     $ 39,796      
Net Loss Attributable to Noncontrolling Interests     (10,615 )     (35,068 )    
Net Income     102,831       4,728      
Income Tax (Credit) Expense     (1,753 )     938      
Interest and Other Non-Operating Expenses, Net     57,419       60,126      
Property Charges and Others     5,464       404      
Share-based Compensation     1,587       5,537      
Depreciation and Amortization     137,582       139,984      
Development Costs     1,017       6      
Pre-opening Costs     475       635      
Land Rent to Belle Corporation     791       840      
Payments to the Philippine Parties     15,439       7,160      
Adjusted EBITDA     320,852       220,358      
Corporate and Others Expenses     32,446       28,433      
Adjusted Property EBITDA   $ 353,298     $ 248,791      
                 

 

         
Melco Resorts & Entertainment Limited and Subsidiaries 
Supplemental Data Schedule
         
    Three Months Ended
    March 31,
      2017       2016  
Room Statistics:        
Altira Macau        
Average daily rate (3)   $ 207     $ 208  
Occupancy per available room     92 %     95 %
Revenue per available room (4)   $ 190     $ 197  
         
City of Dreams        
Average daily rate (3)   $ 200     $ 197  
Occupancy per available room     97 %     94 %
Revenue per available room (4)   $ 194     $ 185  
         
Studio City        
Average daily rate (3)   $ 139     $ 137  
Occupancy per available room     99 %     96 %
Revenue per available room (4)   $ 138     $ 131  
         
City of Dreams Manila        
Average daily rate (3)   $ 154     $ 157  
Occupancy per available room     98 %     86 %
Revenue per available room (4)   $ 150     $ 135  
         
Other Information:        
Altira Macau        
Average number of table games     114       127  
Average number of gaming machines     56       62  
Table games win per unit per day (5)   $ 14,304     $ 12,823  
Gaming machines win per unit per day (6)   $ 93     $ 91  
         
City of Dreams        
Average number of table games     480       500  
Average number of gaming machines     839       1,072  
Table games win per unit per day (5)   $ 17,003     $ 15,648  
Gaming machines win per unit per day (6)   $ 467     $ 364  
         
Studio City        
Average number of table games     282       246  
Average number of gaming machines     972       1,113  
Table games win per unit per day (5)   $ 10,179     $ 5,561  
Gaming machines win per unit per day (6)   $ 211     $ 146  
         
City of Dreams Manila        
Average number of table games     270       277  
Average number of gaming machines     1,773       1,656  
Table games win per unit per day (5)   $ 5,193     $ 2,959  
Gaming machines win per unit per day (6)   $ 285     $ 183  
         
         
(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