Melco Announces Unaudited Second Quarter 2024 Earnings


MACAU, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the second quarter of 2024.

Total operating revenues for the second quarter of 2024 were US$1.16 billion, representing an increase of approximately 22% from US$947.9 million for the comparable period in 2023. The increase in total operating revenues was primarily attributable to the improved performance in the mass market segment and non-gaming operations, led by the continued recovery in inbound tourism to Macau during the second quarter of 2024.

Operating income for the second quarter of 2024 was US$123.7 million, compared with operating income of US$64.3 million in the second quarter of 2023.

Melco generated Adjusted Property EBITDA(1) of US$302.8 million in the second quarter of 2024, compared with Adjusted Property EBITDA of US$267.3 million in the second quarter of 2023.

Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2024 was US$21.4 million, or US$0.05 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$23.4 million, or US$0.05 per ADS, in the second quarter of 2023. Net loss attributable to noncontrolling interests was US$22.7 million and US$27.7 million during the second quarters of 2024 and 2023, respectively, all of which were related to Studio City, City of Dreams Manila, and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Our strategic initiatives to expand revenue and profitability, and drive growth continued to evolve in the second quarter of 2024. We are investing in people and incorporating enhancements to our properties to provide the best premium experience available in Macau to our patrons. We’ve seen growth in GGR quarter-to-quarter and year-over-year, and our teams are focused on driving continued expansion of our market position.

“City of Dreams Manila in the Philippines has consistently exhibited solid results. City of Dreams Mediterranean and our satellite casinos in Cyprus built upon the momentum seen in the past quarter, with luck adjusted EBITDA growing more than 30% quarter-to-quarter.”

City of Dreams Second Quarter Results

For the quarter ended June 30, 2024, total operating revenues at City of Dreams were US$576.4 million, compared with US$506.2 million in the second quarter of 2023. City of Dreams generated Adjusted EBITDA of US$165.1 million in the second quarter of 2024, compared with Adjusted EBITDA of US$161.2 million in the second quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market table games segment.

Rolling chip volume was US$4.83 billion for the second quarter of 2024 versus US$5.76 billion in the second quarter of 2023. The rolling chip win rate was 2.99% in the second quarter of 2024 versus 2.88% in the second quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$1.46 billion in the second quarter of 2024, compared with US$1.24 billion in the second quarter of 2023. The mass market table games hold percentage was 32.3% in the second quarter of 2024, compared with 32.0% in the second quarter of 2023.

Gaming machine handle for the second quarter of 2024 was US$902.3 million, compared with US$771.5 million in the second quarter of 2023. The gaming machine win rate was 3.1% in the second quarter of 2024 versus 2.8% in the second quarter of 2023.

Total non-gaming revenue at City of Dreams in the second quarter of 2024 was US$80.4 million, compared with US$68.9 million in the second quarter of 2023.

Altira Macau Second Quarter Results

Total operating revenues at Altira Macau were US$29.3 million in both the second quarters of 2024 and 2023. Altira Macau generated negative Adjusted EBITDA of US$2.0 million in the second quarter of 2024, compared with Adjusted EBITDA of US$4.3 million in the second quarter of 2023.

In the mass market table games segment, drop was US$134.4 million in the second quarter of 2024 versus US$116.6 million in the second quarter of 2023. The mass market table games hold percentage was 20.6% in the second quarter of 2024, compared with 24.2% in the second quarter of 2023.

Gaming machine handle for the second quarter of 2024 was US$132.1 million, compared with US$82.0 million in the second quarter of 2023. The gaming machine win rate was 2.6% in the second quarter of 2024 versus 3.3% in the second quarter of 2023.

Total non-gaming revenue at Altira Macau was US$4.9 million in both the second quarters of 2024 and 2023.

Mocha and Other Second Quarter Results

Total operating revenues from Mocha and Other were US$30.7 million in the second quarter of 2024, compared with US$28.8 million in the second quarter of 2023. Mocha and Other generated Adjusted EBITDA of US$6.8 million in the second quarter of 2024, compared with Adjusted EBITDA of US$6.7 million in the second quarter of 2023.

Mass market table games drop was US$58.0 million in the second quarter of 2024 versus US$41.4 million in the second quarter of 2023. The mass market table games hold percentage was 18.9% in the second quarter of 2024 versus 18.2% in the second quarter of 2023.

Gaming machine handle for the second quarter of 2024 was US$502.7 million, compared with US$502.8 million in the second quarter of 2023. The gaming machine win rate was 4.2% in the second quarter of 2024 versus 4.5% in the second quarter of 2023.

Studio City Second Quarter Results

For the quarter ended June 30, 2024, total operating revenues at Studio City were US$352.3 million, compared with US$236.0 million in the second quarter of 2023. Studio City generated Adjusted EBITDA of US$79.2 million in the second quarter of 2024, compared with Adjusted EBITDA of US$41.1 million in the second quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments and non-gaming operations.

Studio City’s rolling chip volume was US$813.0 million in the second quarter of 2024 versus US$789.5 million in the second quarter of 2023. The rolling chip win rate was 2.97% in the second quarter of 2024 versus 1.43% in the second quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$955.6 million in the second quarter of 2024, compared with US$716.6 million in the second quarter of 2023. The mass market table games hold percentage was 30.1% in the second quarter of 2024, compared with 25.5% in the second quarter of 2023.

Gaming machine handle for the second quarter of 2024 was US$842.4 million, compared with US$595.4 million in the second quarter of 2023. The gaming machine win rate was 3.3% in the second quarter of 2024, compared with 3.4% in the second quarter of 2023.

Total non-gaming revenue at Studio City in the second quarter of 2024 was US$80.4 million, compared with US$74.3 million in the second quarter of 2023.

City of Dreams Manila Second Quarter Results

For the quarter ended June 30, 2024, total operating revenues at City of Dreams Manila were US$109.0 million, compared with US$116.4 million in the second quarter of 2023. City of Dreams Manila generated Adjusted EBITDA of US$40.5 million in the second quarter of 2024, compared with Adjusted EBITDA of US$47.0 million in the comparable period of 2023. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer performance in the mass market table games segment.

City of Dreams Manila’s rolling chip volume was US$572.9 million in the second quarter of 2024 versus US$520.2 million in the second quarter of 2023. The rolling chip win rate was 3.19% in the second quarter of 2024 versus 3.10% in the second quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$174.4 million in the second quarter of 2024, compared with US$194.5 million in the second quarter of 2023. The mass market table games hold percentage was 32.4% in the second quarter of 2024, compared with 31.3% in the second quarter of 2023.

Gaming machine handle for the second quarter of 2024 was US$1.04 billion, compared with US$1.01 billion in the second quarter of 2023. The gaming machine win rate was 4.6% in the second quarter of 2024 versus 4.8% in the second quarter of 2023.

Total non-gaming revenue at City of Dreams Manila in the second quarter of 2024 was US$27.3 million, compared with US$28.7 million in the second quarter of 2023.

City of Dreams Mediterranean and Other Second Quarter Results

The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.

Total operating revenues at City of Dreams Mediterranean and Other for the quarter ended June 30, 2024 were US$58.7 million, compared with US$30.9 million in the second quarter of 2023. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$13.1 million in the second quarter of 2024, compared with Adjusted EBITDA of US$6.9 million in the second quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market segment and non-gaming operations following the opening of City of Dreams Mediterranean in mid-2023.

Rolling chip volume was US$6.9 million for the second quarter of 2024 versus US$0.1 million in the second quarter of 2023. The rolling chip win rate was negative 5.59% in the second quarter of 2024, compared with 2.52% in the second quarter of 2023. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop was US$113.8 million in the second quarter of 2024, compared with US$47.0 million in the second quarter of 2023. The mass market table games hold percentage was 24.0% in the second quarter of 2024, compared with 21.9% in the second quarter of 2023.

Gaming machine handle for the second quarter of 2024 was US$522.4 million, compared with US$391.7 million in the second quarter of 2023. The gaming machine win rate was 5.2% in the second quarter of 2024 versus 5.1% in the second quarter of 2023.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2024 was US$19.2 million, compared with US$1.9 million in the second quarter of 2023.

Other Factors Affecting Earnings

Total net non-operating expenses for the second quarter of 2024 were US$116.9 million, which mainly included interest expense of US$121.3 million, partially offset by interest income of US$4.3 million.

Depreciation and amortization costs of US$134.5 million were recorded in the second quarter of 2024, of which US$5.0 million related to the amortization expense for land use rights.

The Adjusted EBITDA for Studio City for the three months ended June 30, 2024 referred to above was US$25.0 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated August 13, 2024 (the “Studio City Earnings Release”). The Adjusted EBITDA of Studio City contained in the Studio City Earnings Release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in this press release does not reflect certain gaming concession related costs and certain intercompany costs related to the table games operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of June 30, 2024 aggregated to US$1.28 billion, including US$125.2 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.22 billion at the end of the second quarter of 2024, a reduction of approximately US$100 million compared to the total debt balance as of March 31, 2024, primarily as a result of the approximately US$100 million cash tender offer, which was concluded on April 24, 2024, of the 6.000% senior notes due 2025 issued by Studio City Finance Limited and the US$743.7 million repayment of loans drawn under our revolving credit facility with the net proceeds from the issuance of the US$750.0 million in aggregate principal amount of senior notes due 2032 by Melco Resorts Finance Limited, and cash on hand. Available liquidity, including cash and undrawn revolving credit facilities, as of June 30, 2024, was US$3.09 billion.

Capital expenditures for the second quarter of 2024 were US$47.6 million, which included costs related to the enhancement projects at City of Dreams in Macau and Studio City.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2024 financial results on Tuesday, August 13, 2024 at 8:30 a.m. Eastern Time (or 8:30 p.m. Singapore Time).

To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers and a unique Personal PIN which can be used to join the conference.

Online Registration Link:
https://register.vevent.com/register/BIf15a5a35f53e45409e3eed6af964ac22

An audio webcast and replay of the conference call will also be available at http://www.melco-resorts.com.

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 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) the pace of recovery from the impact of COVID-19 on our business, our industry and the global economy, (ii) risks associated with the amended Macau gaming law and its implementation by the Macau government, (iii) changes in the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) our anticipated growth strategies, (vii) gaming authority and other governmental approvals and regulations, and (viii) 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 net income/loss 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”), integrated resort and casino rent and other non-operating income and expenses. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, 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 similar measures as supplements to financial measures in accordance with generally accepted accounting principles, in particular, U.S. GAAP or International Financial Reporting Standards. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/loss 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/loss, 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 recognizes these limitations and uses 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/loss, net income/loss, 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. The use of Adjusted Property EBITDA and Adjusted EBITDA has material limitations as an analytical tool, as Adjusted Property EBITDA and Adjusted EBITDA does not include all items that impact our net income/loss. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. 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/loss” is net income/loss before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss 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/loss 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/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss 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/loss 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 integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau (www.altiramacau.com), an integrated resort located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated 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 resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company operates City of Dreams Mediterranean in Limassol in the Republic of Cyprus (www.cityofdreamsmed.com.cy). The Company also continues to operate three satellite casinos in other cities in Cyprus (the "Cyprus Casinos”). For more information about the Company, please visit www.melco-resorts.com.

The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: jeannykim@melco-resorts.com

For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com

 
Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
            
            
 Three Months Ended Six Months Ended
 June 30, June 30,
  2024   2023   2024   2023 
            
Operating revenues:           
Casino$942,968  $768,450  $1,856,288  $1,367,450 
Rooms 101,386   80,075   202,224   138,663 
Food and beverage 71,574   46,543   137,679   83,298 
Entertainment, retail and other 43,727   52,871   75,871   75,008 
Total operating revenues 1,159,655   947,939   2,272,062   1,664,419 
            
Operating costs and expenses:           
Casino (632,474)  (505,581)  (1,242,225)  (904,450)
Rooms (30,266)  (19,871)  (59,518)  (34,222)
Food and beverage (53,712)  (35,904)  (108,449)  (63,418)
Entertainment, retail and other (23,021)  (36,540)  (39,647)  (42,566)
General and administrative (144,388)  (118,325)  (271,343)  (228,329)
Payments to the Philippine Parties (10,535)  (9,311)  (19,024)  (22,659)
Pre-opening costs (2,883)  (17,148)  (5,172)  (30,260)
Development costs (1,934)  -   (2,072)  - 
Amortization of land use rights (4,979)  (5,660)  (9,955)  (11,318)
Depreciation and amortization (129,535)  (130,869)  (261,357)  (246,670)
Property charges and other (2,192)  (4,445)  (4,214)  (15,887)
Total operating costs and expenses (1,035,919)  (883,654)  (2,022,976)  (1,599,779)
Operating income 123,736   64,285   249,086   64,640 
Non-operating income (expenses):           
Interest income 4,293   4,979   8,831   11,773 
Interest expense, net of amounts capitalized (121,320)  (123,511)  (245,512)  (232,469)
Other financing costs (1,976)  (990)  (3,600)  (1,924)
Foreign exchange gains, net 2,335   2,360   507   1,541 
Other income, net 605   658   2,605   1,318 
Loss on extinguishment of debt (869)  -   (869)  - 
Total non-operating expenses, net (116,932)  (116,504)  (238,038)  (219,761)
Income (loss) before income tax 6,804   (52,219)  11,048   (155,121)
Income tax (expense) benefit (8,091)  1,075   (11,785)  3,316 
Net loss (1,287)  (51,144)  (737)  (151,805)
Net loss attributable to noncontrolling interests 22,677   27,703   37,297   47,076 
Net income (loss) attributable to Melco Resorts & Entertainment Limited$21,390  $(23,441) $36,560  $(104,729)
            
Net income (loss) attributable to Melco Resorts & Entertainment Limited per share:            
Basic$0.016  $(0.018) $0.028  $(0.079)
Diluted$0.016  $(0.018) $0.028  $(0.079)
            
Net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:            
Basic$0.049  $(0.054) $0.083  $(0.238)
Diluted$0.049  $(0.054) $0.083  $(0.238)
            
Weighted average shares outstanding used in net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:           
Basic 1,320,517,938   1,310,358,237   1,315,894,356   1,317,994,836 
Diluted 1,322,235,542   1,310,358,237   1,320,530,024   1,317,994,836 


Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
      
      
 June 30, December 31,
  2024   2023 
 (Unaudited)   
      
ASSETS     
      
Current assets:     
Cash and cash equivalents$1,149,887  $1,310,715 
Restricted cash 379   27 
Accounts receivable, net 95,907   91,638 
Receivables from affiliated companies 1,160   797 
Inventories 31,282   29,427 
Prepaid expenses and other current assets 107,623   111,688 
Total current assets 1,386,238   1,544,292 
      
Property and equipment, net 5,348,702   5,533,994 
Intangible assets, net 287,962   304,652 
Goodwill 81,617   81,582 
Long-term prepayments, deposits and other assets, net 157,738   100,320 
Restricted cash 124,785   125,094 
Operating lease right-of-use assets 54,287   62,356 
Land use rights, net 573,058   582,782 
Total assets$8,014,387  $8,335,072 
      
LIABILITIES AND DEFICIT     
      
Current liabilities:     
Accounts payable$22,538  $11,752 
Accrued expenses and other current liabilities 968,884   1,008,316 
Income tax payable 29,948   28,183 
Operating lease liabilities, current 16,315   19,685 
Finance lease liabilities, current 33,327   35,307 
Payables to affiliated companies 517   377 
Total current liabilities 1,071,529   1,103,620 
      
Long-term debt, net 7,223,046   7,472,620 
Other long-term liabilities 310,988   322,591 
Deferred tax liabilities, net 36,040   34,959 
Operating lease liabilities, non-current 47,822   53,858 
Finance lease liabilities, non-current 170,425   187,474 
Total liabilities 8,859,850   9,175,122 
      
Deficit:     
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized;     
1,404,679,067 and 1,404,679,067 shares issued;     
1,321,266,334 and 1,311,270,775 shares outstanding, respectively 14,047   14,047 
Treasury shares, at cost; 83,412,733 and 93,408,292 shares, respectively (225,886)  (255,068)
Additional paid-in capital 3,092,966   3,109,212 
Accumulated other comprehensive losses (116,722)  (98,599)
Accumulated losses (4,020,312)  (4,056,872)
Total Melco Resorts & Entertainment Limited shareholders’ deficit (1,255,907)  (1,287,280)
Noncontrolling interests 410,444   447,230 
Total deficit (845,463)  (840,050)
Total liabilities and deficit$8,014,387  $8,335,072 


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Income (Loss) Attributable to Melco Resorts & Entertainment Limited to
Adjusted Net Income (Loss) Attributable to Melco Resorts & Entertainment Limited (Unaudited)
(In thousands, except share and per share data)
            
            
 Three Months Ended Six Months Ended
 June 30, June 30,
  2024   2023   2024   2023 
        
Net income (loss) attributable to Melco Resorts & Entertainment Limited$21,390  $(23,441) $36,560  $(104,729)
Pre-opening costs 2,883   17,148   5,172   30,260 
Development costs 1,934   -   2,072   - 
Property charges and other 2,192   4,445   4,214   15,887 
Loss on extinguishment of debt 869   -   869   - 
Income tax impact on adjustments (18)  (276)  (37)  (584)
Noncontrolling interests impact on adjustments (844)  (5,522)  (883)  (10,108)
Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited$28,406  $(7,646) $47,967  $(69,274)
            
Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share:            
Basic$0.022  $(0.006) $0.036  $(0.053)
Diluted$0.021  $(0.006) $0.036  $(0.053)
            
Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:           
Basic$0.065  $(0.018) $0.109  $(0.158)
Diluted$0.064  $(0.018) $0.109  $(0.158)
            
Weighted average shares outstanding used in adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:           
Basic 1,320,517,938   1,310,358,237   1,315,894,356   1,317,994,836 
Diluted 1,322,235,542   1,310,358,237   1,320,530,024   1,317,994,836 


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
                            
                            
 Three Months Ended June 30, 2024
 Altira
Macau
 Mocha
and Other
 City of
Dreams
 Studio
City
 City of Dreams
Manila
 City of Dreams
Mediterranean
and Other
 Corporate
and Other
 Total
                
Operating (loss) income$(3,174) $5,876  $111,105  $23,456  $17,209  $653  $(31,389) $123,736 
                            
Payments to the Philippine Parties -   -   -   -   10,535   -   -   10,535 
Integrated resort and casino rent(3) -   -   -   -   1,045   -   -   1,045 
Pre-opening costs -   -   1,801   747   -   26   309   2,883 
Development costs -   -   -   -   -   -   1,934   1,934 
Depreciation and amortization 557   930   49,750   54,492   11,355   12,218   5,212   134,514 
Share-based compensation 108   43   1,225   337   283   106   4,955   7,057 
Property charges and other 497   -   1,251   208   61   105   70   2,192 
Adjusted EBITDA (2,012)  6,849   165,132   79,240   40,488   13,108   (18,909)  283,896 
Corporate and Other expenses -   -   -   -   -   -   18,909   18,909 
Adjusted Property EBITDA$(2,012) $6,849  $165,132  $79,240  $40,488  $13,108  $-  $302,805 
                            
                            
 Three Months Ended June 30, 2023
 Altira
Macau
 Mocha
and Other
 City of
Dreams
 Studio
City
 City of Dreams
Manila
 City of Dreams
Mediterranean
and Other
 Corporate
and Other
 Total
                
Operating (loss) income$(2,012) $5,552  $95,582  $(10,905) $23,731  $(8,848) $(38,815) $64,285 
                            
Payments to the Philippine Parties -   -   -   -   9,311   -   -   9,311 
Integrated resort and casino rent(3) -   -   -   -   476   -   -   476 
Pre-opening costs -   -   -   4,721   -   12,427   -   17,148 
Depreciation and amortization 5,988   1,083   60,514   46,753   13,156   3,112   5,923   136,529 
Share-based compensation 118   46   1,340   368   285   205   6,499   8,861 
Property charges and other 203   30   3,806   197   3   14   192   4,445 
Adjusted EBITDA 4,297   6,711   161,242   41,134   46,962   6,910   (26,201)  241,055 
Corporate and Other expenses -   -   -   -   -   -   26,201   26,201 
Adjusted Property EBITDA$4,297  $6,711  $161,242  $41,134  $46,962  $6,910  $-  $267,256 
                            
                            
(3) Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation.
                            


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
                          
                          
 Six Months Ended June 30, 2024
 Altira
Macau
 Mocha
and Other
 City of
Dreams
 Studio
City
 City of Dreams
Manila
 City of Dreams
Mediterranean
and Other
 Corporate
and Other
 Total
                
Operating (loss) income$(3,558) $12,388  $209,171  $56,737  $32,701  $(1,782) $(56,571) $249,086 
                          
Payments to the Philippine Parties-   -   -   -   19,024   -   -   19,024 
Integrated resort and casino rent(3)-   -   -   -   2,793   -   -   2,793 
Pre-opening costs 69   -   3,673   806   -   315   309   5,172 
Development costs -   -   -   -   -   -   2,072   2,072 
Depreciation and amortization 1,132   1,851   101,174   108,759   22,981   24,932   10,483   271,312 
Share-based compensation 227   80   2,539   711   583   211   9,609   13,960 
Property charges and other 1,544   (5)  2,178   148   251   (31)  129   4,214 
Adjusted EBITDA (586)  14,314   318,735   167,161   78,333   23,645   (33,969)  567,633 
Corporate and Other expenses -   -   -   -   -   -   33,969   33,969 
Adjusted Property EBITDA$(586) $14,314  $318,735  $167,161  $78,333  $23,645  $-  $601,602 
                          
                          
 Six Months Ended June 30, 2023
 Altira
Macau
 Mocha
and Other
 City of
Dreams
 Studio
City
 City of Dreams Manila City of Dreams Mediterranean
and Other
 Corporate
and Other
 Total
                
Operating (loss) income$(10,230) $12,116  $115,208  $(30,360) $58,450  $(9,428) $(71,116) $64,640 
                          
Payments to the Philippine Parties-   -   -   -   22,659   -   -   22,659 
Integrated resort and casino rent(3)-   -   -   -   962   -   -   962 
Pre-opening costs -   -   -   9,784   -   20,476   -   30,260 
Depreciation and amortization 11,917   2,160   121,886   81,121   25,625   4,296   10,983   257,988 
Share-based compensation 61   83   4,157   691   578   231   13,872   19,673 
Property charges and other 511   30   14,918   487   (400)  17   324   15,887 
Adjusted EBITDA 2,259   14,389   256,169   61,723   107,874   15,592   (45,937)  412,069 
Corporate and Other expenses -   -   -   -   -   -   45,937   45,937 
Adjusted Property EBITDA$2,259  $14,389  $256,169  $61,723  $107,874  $15,592  $-  $458,006 


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Income (Loss) Attributable to Melco Resorts & Entertainment Limited to
Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
            
            
 Three Months Ended Six Months Ended
 June 30, June 30,
  2024   2023   2024   2023 
         
Net income (loss) attributable to Melco Resorts & Entertainment Limited$21,390  $(23,441) $36,560  $(104,729)
Net loss attributable to noncontrolling interests (22,677)  (27,703)  (37,297)  (47,076)
Net loss (1,287)  (51,144)  (737)  (151,805)
Income tax expense (benefit) 8,091   (1,075)  11,785   (3,316)
Interest and other non-operating expenses, net 116,932   116,504   238,038   219,761 
Depreciation and amortization 134,514   136,529   271,312   257,988 
Property charges and other 2,192   4,445   4,214   15,887 
Share-based compensation 7,057   8,861   13,960   19,673 
Development costs 1,934   -   2,072   - 
Pre-opening costs 2,883   17,148   5,172   30,260 
Integrated resort and casino rent(3) 1,045   476   2,793   962 
Payments to the Philippine Parties 10,535   9,311   19,024   22,659 
Adjusted EBITDA 283,896   241,055   567,633   412,069 
Corporate and Other expenses 18,909   26,201   33,969   45,937 
Adjusted Property EBITDA$302,805  $267,256  $601,602  $458,006 


Melco Resorts & Entertainment Limited and Subsidiaries
Supplemental Data Schedule
          
          
   Three Months Ended Six Months Ended
   June 30, June 30,
    2024   2023   2024   2023 
Room Statistics:       
 Altira Macau       
  Average daily rate(4)$129  $145  $131  $135 
  Occupancy per available room 95%   88%   95%   80% 
  Revenue per available room(5)$123  $127  $124  $107 
          
 City of Dreams       
  Average daily rate(4)$209  $205  $207  $208 
  Occupancy per available room 93%   85%   93%   79% 
  Revenue per available room(5)$194  $174  $194  $164 
          
 Studio City       
  Average daily rate(4)$157  $153  $158  $134 
  Occupancy per available room 96%   91%   96%   85% 
  Revenue per available room(5)$150  $140  $151  $114 
          
 City of Dreams Manila       
  Average daily rate(4)$160  $181  $164  $183 
  Occupancy per available room 97%   97%   96%   96% 
  Revenue per available room(5)$155  $175  $158  $176 
          
 City of Dreams Mediterranean and Other       
  Average daily rate(4)$443  $336  $383  $336 
  Occupancy per available room 61%   56%   58%   56% 
  Revenue per available room(5)$272  $188  $221  $188 
          
Other Information:       
 Altira Macau       
  Average number of table games 39   44   41   45 
  Average number of gaming machines 139   148   137   153 
  Table games win per unit per day(6)$7,890  $7,028  $8,330  $5,991 
  Gaming machines win per unit per day(7)$276  $200  $260  $195 
          
 Mocha and Other       
  Average number of table games 16   17   17   16 
  Average number of gaming machines 912   866   905   875 
  Table games win per unit per day(6)$7,629  $4,943  $6,674  $4,823 
  Gaming machines win per unit per day(7)$254  $290  $273  $298 
          
 City of Dreams       
  Average number of table games 430   430   430   430 
  Average number of gaming machines 603   632   624   637 
  Table games win per unit per day(6)$15,714  $14,375  $15,490  $12,018 
  Gaming machines win per unit per day(7)$510  $370  $491  $408 
          
 Studio City       
  Average number of table games 252   246   249   246 
  Average number of gaming machines 641   662   656   670 
  Table games win per unit per day(6)$13,563  $8,683  $13,300  $7,289 
  Gaming machines win per unit per day(7)$476  $333  $456  $302 
          
 City of Dreams Manila       
  Average number of table games 269   266   269   267 
  Average number of gaming machines 2,277   2,299   2,279   2,297 
  Table games win per unit per day(6)$3,049  $3,189  $2,935  $3,476 
  Gaming machines win per unit per day(7)$232  $230  $253  $242 
          
 City of Dreams Mediterranean and Other       
  Average number of table games 102   41   103   38 
  Average number of gaming machines 891   479   890   463 
  Table games win per unit per day(6)$2,908  $2,782  $2,941  $2,865 
  Gaming machines win per unit per day(7)$334  $461  $325  $466 
          
          
(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