Melco Announces Unaudited Third Quarter 2024 Earnings


MACAU, Nov. 05, 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 third quarter of 2024.

Total operating revenues for the third quarter of 2024 were US$1.18 billion, representing an increase of approximately 16% from US$1.02 billion for the comparable period in 2023. The increase in total operating revenues was primarily attributable to the improved performance in all gaming segments and non-gaming operations, led by the continued recovery in inbound tourism to Macau during the third quarter of 2024.

Operating income for the third quarter of 2024 was US$138.6 million, compared with operating income of US$94.7 million in the third quarter of 2023.

Melco generated Adjusted Property EBITDA(1) of US$322.5 million in the third quarter of 2024, compared with Adjusted Property EBITDA of US$280.6 million in the third quarter of 2023.

Net income attributable to Melco Resorts & Entertainment Limited for the third quarter of 2024 was US$27.3 million, or US$0.06 per ADS, compared with the net loss attributable to Melco Resorts & Entertainment Limited of US$16.3 million, or US$0.04 per ADS, in the third quarter of 2023. The net loss attributable to noncontrolling interests was US$14.6 million and US$20.5 million during the third quarters of 2024 and 2023, respectively, the majority of which related to the net loss attributable to Studio City and City of Dreams Mediterranean and Other.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Our initiatives to activate areas throughout our properties and drive visitation are coming together. We launched a revamped loyalty program, opened a new Signature Club premium slot area at City of Dreams, and a highly themed slot area called the Dragon Zone at Studio City, in partnership with Aristocrat Gaming. We are enhancing accessibility into City of Dreams with a new light tunnel entrance which is complemented by live performances. We expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.

“In Manila, despite added competition, City of Dreams’ property EBITDA increased sequentially. City of Dreams Mediterranean and our satellite casinos in Cyprus continue to face challenges due to the conflicts in the region but have had solid increases in property EBITDA quarter-to-quarter.”

City of Dreams Third Quarter Results

For the quarter ended September 30, 2024, total operating revenues at City of Dreams were US$563.9 million, compared with US$506.2 million in the third quarter of 2023. City of Dreams generated Adjusted EBITDA of US$162.8 million in the third quarter of 2024, compared with Adjusted EBITDA of US$153.9 million in the third quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments.

Rolling chip volume was US$3.30 billion for the third quarter of 2024 versus US$4.43 billion in the third quarter of 2023. The rolling chip win rate was 3.97% in the third quarter of 2024 versus 2.48% in the third quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$1.40 billion in the third quarter of 2024, compared with US$1.32 billion in the third quarter of 2023. The mass market table games hold percentage was 32.3% in the third quarter of 2024, compared with 32.1% in the third quarter of 2023.

Gaming machine handle for the third quarter of 2024 was US$944.1 million, compared with US$807.5 million in the third quarter of 2023. The gaming machine win rate was 3.2% in the third quarter of 2024 versus 3.6% in the third quarter of 2023.

Total non-gaming revenue at City of Dreams in the third quarter of 2024 was US$78.7 million, compared with US$73.6 million in the third quarter of 2023.

Altira Macau Third Quarter Results

For the quarter ended September 30, 2024, total operating revenues at Altira Macau were US$30.5 million, compared with US$24.2 million in the third quarter of 2023. Altira Macau generated negative Adjusted EBITDA of US$1.1 million in the third quarter of 2024, compared with negative Adjusted EBITDA of US$3.8 million in the third quarter of 2023.

In the mass market table games segment, drop was US$135.5 million in the third quarter of 2024 versus US$140.0 million in the third quarter of 2023. The mass market table games hold percentage was 21.7% in the third quarter of 2024, compared with 18.9% in the third quarter of 2023.

Gaming machine handle for the third quarter of 2024 was US$148.0 million, compared with US$86.5 million in the third quarter of 2023. The gaming machine win rate was 1.8% in the third quarter of 2024 versus 3.9% in the third quarter of 2023.

Total non-gaming revenue at Altira Macau in the third quarter of 2024 was US$5.4 million, compared with US$5.3 million in the third quarter of 2023.

Mocha and Other Third Quarter Results

Total operating revenues from Mocha and Other were US$30.6 million in the third quarter of 2024, compared with US$30.1 million in the third quarter of 2023. Mocha and Other generated Adjusted EBITDA of US$6.9 million in both the third quarters of 2024 and 2023.

Mass market table games drop was US$57.2 million in the third quarter of 2024 versus US$47.3 million in the third quarter of 2023. The mass market table games hold percentage was 16.6% in the third quarter of 2024 versus 18.6% in the third quarter of 2023.

Gaming machine handle for the third quarter of 2024 was US$519.1 million, compared with US$515.8 million in the third quarter of 2023. The gaming machine win rate was 4.3% in the third quarter of 2024 versus 4.5% in the third quarter of 2023.

Studio City Third Quarter Results

For the quarter ended September 30, 2024, total operating revenues at Studio City were US$364.7 million, compared with US$277.7 million in the third quarter of 2023. Studio City generated Adjusted EBITDA of US$92.8 million in the third quarter of 2024, compared with Adjusted EBITDA of US$67.7 million in the third 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$494.8 million in the third quarter of 2024 versus US$713.6 million in the third quarter of 2023. The rolling chip win rate was 5.57% in the third quarter of 2024 versus 1.78% in the third quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop increased to US$912.9 million in the third quarter of 2024, compared with US$809.1 million in the third quarter of 2023. The mass market table games hold percentage was 30.7% in the third quarter of 2024, compared with 27.5% in the third quarter of 2023.

Gaming machine handle for the third quarter of 2024 was US$853.0 million, compared with US$673.9 million in the third quarter of 2023. The gaming machine win rate was 3.3% in the third quarter of 2024, compared with 3.2% in the third quarter of 2023.

Total non-gaming revenue at Studio City in the third quarter of 2024 was US$89.3 million, compared with US$79.0 million in the third quarter of 2023.

City of Dreams Manila Third Quarter Results

For the quarter ended September 30, 2024, total operating revenues at City of Dreams Manila were US$118.9 million, compared with US$124.9 million in the third quarter of 2023. City of Dreams Manila generated Adjusted EBITDA of US$45.9 million in the third quarter of 2024, compared with Adjusted EBITDA of US$48.7 million in the comparable period of 2023. The year-over-year decrease in Adjusted EBITDA was primarily a result of softer performance in rolling chip and mass market table games segments, partially offset by better performance in the gaming machine segment.

City of Dreams Manila’s rolling chip volume was US$614.3 million in the third quarter of 2024 versus US$374.6 million in the third quarter of 2023. The rolling chip win rate was 3.88% in the third quarter of 2024 versus 6.48% in the third quarter of 2023. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$172.4 million in the third quarter of 2024, compared with US$214.1 million in the third quarter of 2023. The mass market table games hold percentage was 32.8% in the third quarter of 2024, compared with 29.7% in the third quarter of 2023.

Gaming machine handle for the third quarter of 2024 was US$1.11 billion, compared with US$1.03 billion in the third quarter of 2023. The gaming machine win rate was 5.2% in the third quarter of 2024 versus 4.9% in the third quarter of 2023.

Total non-gaming revenue at City of Dreams Manila was US$29.0 million in both the third quarters of 2024 and 2023.

City of Dreams Mediterranean and Other Third 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 September 30, 2024 were US$64.4 million, compared with US$53.4 million in the third quarter of 2023. City of Dreams Mediterranean and Other generated Adjusted EBITDA of US$15.1 million in the third quarter of 2024, compared with Adjusted EBITDA of US$7.2 million in the third quarter of 2023. The year-over-year increase in Adjusted EBITDA was primarily attributable to the ramp up of operations following the opening of City of Dreams Mediterranean in mid-2023, which led to a better performance in the gaming machine segment and non-gaming operations.

Rolling chip volume was US$14.6 million for the third quarter of 2024 versus US$3.9 million in the third quarter of 2023. The rolling chip win rate was negative 0.92% in the third quarter of 2024, compared with negative 7.05% in the third quarter of 2023. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop was US$138.8 million in the third quarter of 2024, compared with US$97.2 million in the third quarter of 2023. The mass market table games hold percentage was 20.7% in the third quarter of 2024, compared with 20.6% in the third quarter of 2023.

Gaming machine handle for the third quarter of 2024 was US$558.9 million, compared with US$466.5 million in the third quarter of 2023. The gaming machine win rate was 5.2% in both the third quarters of 2024 and 2023.

Total non-gaming revenue at City of Dreams Mediterranean and Other in the third quarter of 2024 was US$25.0 million, compared with US$16.8 million in the third quarter of 2023.

Other Factors Affecting Earnings

Total net non-operating expenses for the third quarter of 2024 were US$121.0 million, which mainly included interest expense, net of amounts capitalized of US$121.4 million, partially offset by interest income of US$3.8 million.

Depreciation and amortization costs of US$135.9 million were recorded in the third 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 September 30, 2024 referred to above was US$24.7 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated November 5, 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 September 30, 2024 aggregated to US$1.25 billion, including US$125.7 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$7.17 billion at the end of the third quarter of 2024, a reduction of approximately US$57 million compared to the total debt, net balance as of June 30, 2024, primarily as a result of the repurchases of the 6.00% senior notes due 2025 issued by Studio City Finance Limited. Available liquidity, including cash and undrawn revolving credit facilities as of September 30, 2024 was approximately US$3 billion.

The Company repurchased approximately 20.7 million ADSs for approximately US$112 million during the third quarter using cash on hand. Approximately 17.7 million ADSs and underlying ordinary shares were subsequently cancelled.

Capital expenditures for the third quarter of 2024 were US$64.6 million, which included costs related to enhancement projects at City of Dreams in Macau and Studio City, and the development project in Sri Lanka.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its third quarter 2024 financial results on Tuesday, November 5, 2024 at 8:30 a.m. Eastern Time (or 9:30 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/BI36fd1894ac334b8cacbf6b61fafdc262

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 gain/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 Nine Months Ended
 September 30, September 30,
 2024 2023 2024 2023
            
Operating revenues:           
  Casino$944,352  $812,086  $2,800,640  $2,179,536 
  Rooms 110,993   96,113   313,217   234,776 
  Food and beverage 73,512   60,370   211,191   143,668 
  Entertainment, retail and other 46,276   48,646   122,147   123,654 
Total operating revenues 1,175,133   1,017,215   3,447,195   2,681,634 
            
Operating costs and expenses:           
  Casino (624,121)  (533,311)  (1,866,346)  (1,437,761)
  Rooms (33,528)  (25,345)  (93,046)  (59,567)
  Food and beverage (59,828)  (48,251)  (168,277)  (111,669)
  Entertainment, retail and other (22,868)  (25,770)  (62,515)  (68,336)
  General and administrative (140,506)  (130,447)  (411,849)  (358,776)
  Payments to the Philippine Parties (10,508)  (9,979)  (29,532)  (32,638)
  Pre-opening costs (5,763)  (10,184)  (10,935)  (40,444)
  Development costs (1,469)  -   (3,541)  - 
  Amortization of land use rights (4,993)  (5,672)  (14,948)  (16,990)
  Depreciation and amortization (130,861)  (134,996)  (392,218)  (381,666)
  Property charges and other (2,103)  1,442   (6,317)  (14,445)
Total operating costs and expenses (1,036,548)  (922,513)  (3,059,524)  (2,522,292)
Operating income 138,585   94,702   387,671   159,342 
Non-operating income (expenses):           
  Interest income 3,769   6,064   12,600   17,837 
  Interest expense, net of amounts capitalized (121,438)  (131,128)  (366,950)  (363,597)
  Other financing costs (2,061)  (1,097)  (5,661)  (3,021)
  Foreign exchange losses, net (1,790)  (3,833)  (1,283)  (2,292)
  Other income, net 601   438   3,206   1,756 
  (Loss) gain on extinguishment of debt (114)  80   (983)  80 
Total non-operating expenses, net (121,033)  (129,476)  (359,071)  (349,237)
Income (loss) before income tax 17,552   (34,774)  28,600   (189,895)
Income tax (expense) benefit (4,862)  (2,021)  (16,647)  1,295 
Net income (loss) 12,690   (36,795)  11,953   (188,600)
Net loss attributable to noncontrolling interests 14,567   20,492   51,864   67,568 
Net income (loss) attributable to Melco Resorts & Entertainment Limited$27,257  $(16,303) $63,817  $(121,032)
            
Net income (loss) attributable to Melco Resorts & Entertainment Limited per share:            
   Basic$0.021  $(0.012) $0.049  $(0.092)
   Diluted$0.021  $(0.012) $0.049  $(0.092)
            
Net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:            
   Basic$0.063  $(0.037) $0.146  $(0.276)
   Diluted$0.063  $(0.037) $0.146  $(0.276)
            
Weighted average shares outstanding used in net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:           
   Basic 1,294,946,572   1,311,270,775   1,308,860,794   1,315,728,852 
   Diluted 1,295,758,173   1,311,270,775   1,312,221,773   1,315,728,852 
            


Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
      
      
 September 30, December 31,
 2024 2023
  (Unaudited)   
      
ASSETS     
      
Current assets:     
  Cash and cash equivalents$1,120,850  $1,310,715 
  Restricted cash 395   27 
  Accounts receivable, net 82,884   91,638 
  Receivables from affiliated companies 1,430   797 
  Inventories 31,977   29,427 
  Prepaid expenses and other current assets 120,058   111,688 
Total current assets 1,357,594   1,544,292 
      
Property and equipment, net 5,336,922   5,533,994 
Intangible assets, net 301,292   304,652 
Goodwill 81,979   81,582 
Long-term prepayments, deposits and other assets, net 133,861   100,320 
Restricted cash 125,344   125,094 
Operating lease right-of-use assets 87,243   62,356 
Land use rights, net 570,593   582,782 
Total assets$7,994,828  $8,335,072 
      
LIABILITIES AND DEFICIT     
      
Current liabilities:     
  Accounts payable$22,117  $11,752 
  Accrued expenses and other current liabilities 999,055   1,008,316 
  Income tax payable 33,055   28,183 
  Operating lease liabilities, current 18,561   19,685 
  Finance lease liabilities, current 35,101   35,307 
  Current portion of long-term debt, net 34,248   - 
  Payables to affiliated companies 64   377 
Total current liabilities 1,142,201   1,103,620 
      
Long-term debt, net 7,132,126   7,472,620 
Other long-term liabilities 320,838   322,591 
Deferred tax liabilities, net 36,877   34,959 
Operating lease liabilities, non-current 78,100   53,858 
Finance lease liabilities, non-current 175,917   187,474 
Total liabilities 8,886,059   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;     
    1,259,127,649 and 1,311,270,775 shares outstanding, respectively 14,047   14,047 
  Treasury shares, at cost; 145,551,418 and 93,408,292 shares, respectively (338,177)  (255,068)
  Additional paid-in capital 3,099,944   3,109,212 
  Accumulated other comprehensive losses (78,168)  (98,599)
  Accumulated losses (3,993,055)  (4,056,872)
Total Melco Resorts & Entertainment Limited shareholders’ deficit (1,295,409)  (1,287,280)
Noncontrolling interests 404,178   447,230 
Total deficit (891,231)  (840,050)
Total liabilities and deficit$7,994,828  $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 Nine Months Ended
 September 30, September 30,
 2024 2023 2024 2023
        
Net income (loss) attributable to Melco Resorts & Entertainment Limited$27,257  $(16,303) $63,817  $(121,032)
Pre-opening costs 5,763   10,184   10,935   40,444 
Development costs 1,469   -   3,541   - 
Property charges and other 2,103   (1,442)  6,317   14,445 
Loss (gain) on extinguishment of debt 114   (80)  983   (80)
Income tax impact on adjustments -   584   (37)  - 
Noncontrolling interests impact on adjustments (263)  (4,028)  (1,146)  (14,136)
Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited$36,443  $(11,085) $84,410  $(80,359)
            
Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share:            
Basic$0.028  $(0.008) $0.064  $(0.061)
Diluted$0.028  $(0.008) $0.064  $(0.061)
            
Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:           
Basic$0.084  $(0.025) $0.193  $(0.183)
Diluted$0.084  $(0.025) $0.193  $(0.183)
            
Weighted average shares outstanding used in adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:           
Basic 1,294,946,572   1,311,270,775   1,308,860,794   1,315,728,852 
Diluted 1,295,758,173   1,311,270,775   1,312,221,773   1,315,728,852 
            


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
                            
  Three Months Ended September 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$(2,152) $5,919  $108,290  $36,127  $22,302  $2,111  $(34,012) $138,585 
                            
  Payments to the Philippine Parties -   -   -   -   10,508   -   -   10,508 
  Integrated resort and casino rent (3) -   -   -   -   1,398   -   1,199   2,597 
  Pre-opening costs (4) -   -   3,311   24   -   (2)  1,231   4,564 
  Development costs -   -   -   -   -   -   1,469   1,469 
  Depreciation and amortization 618   962   48,967   56,015   11,469   12,679   5,144   135,854 
  Share-based compensation 107   43   1,241   342   252   103   4,819   6,907 
  Property charges and other 342   -   1,019   325   3   224   190   2,103 
Adjusted EBITDA (1,085)  6,924   162,828   92,833   45,932   15,115   (19,960)  302,587 
  Corporate and Other expenses -   -   -   -   -   -   19,960   19,960 
Adjusted Property EBITDA$(1,085) $6,924  $162,828  $92,833  $45,932  $15,115  $-  $322,547 
                            
                            
  Three Months Ended September 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$(9,784) $5,981  $95,238  $10,074  $25,681  $(7,794) $(24,694) $94,702 
                            
  Payments to the Philippine Parties -   -   -   -   9,979   -   -   9,979 
  Integrated resort and casino rent (3) -   -   -   -   474   -   -   474 
  Pre-opening costs -   -   -   7,564   -   2,620   -   10,184 
  Depreciation and amortization 5,838   884   54,865   49,647   12,297   12,249   4,888   140,668 
  Share-based compensation 119   (33)  1,091   390   303   125   5,560   7,555 
  Property charges and other -   46   2,752   57   3   (28)  (4,272)  (1,442)
Adjusted EBITDA (3,827)  6,878   153,946   67,732   48,737   7,172   (18,518)  262,120 
  Corporate and Other expenses -   -   -   -   -   -   18,518   18,518 
Adjusted Property EBITDA$(3,827) $6,878  $153,946  $67,732  $48,737  $7,172  $-  $280,638 
                            
                            
(3) Integrated resort and casino rent represents land rent and variable lease costs to Belle Corporation and casino rent to John Keells Group.       
(4) Certain amount of pre-opening costs were grouped and reported under the line item Integrated resort and casino rent.
                            


Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)
(In thousands)
                          
                          
 Nine Months Ended September 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$(5,710) $18,307  $317,461  $92,864  $55,003  $329  $(90,583) $387,671 
                          
  Payments to the Philippine Parties -   -   -   -   29,532   -   -   29,532 
  Integrated resort and casino rent (3) -   -   -   -   4,191   -   1,199   5,390 
  Pre-opening costs (4) 69   -   6,984   830   -   313   1,540   9,736 
  Development costs -   -   -   -   -   -   3,541   3,541 
  Depreciation and amortization 1,750   2,813   150,141   164,774   34,450   37,611   15,627   407,166 
  Share-based compensation 334   123   3,780   1,053   835   314   14,428   20,867 
  Property charges and other 1,886   (5)  3,197   473   254   193   319   6,317 
Adjusted EBITDA (1,671)  21,238   481,563   259,994   124,265   38,760   (53,929)  870,220 
  Corporate and Other expenses -   -   -   -   -   -   53,929   53,929 
Adjusted Property EBITDA$(1,671) $21,238  $481,563  $259,994  $124,265  $38,760  $-  $924,149 
                          
                          
 Nine Months Ended September 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$(20,014) $18,097  $210,446  $(20,286) $84,131  $(17,222) $(95,810) $159,342 
                          
  Payments to the Philippine Parties -   -   -   -   32,638   -   -   32,638 
  Integrated resort and casino rent (3) -   -   -   -   1,436   -   -   1,436 
  Pre-opening costs -   -   -   17,348   -   23,096   -   40,444 
  Depreciation and amortization 17,755   3,044   176,751   130,768   37,922   16,545   15,871   398,656 
  Share-based compensation 180   50   5,248   1,081   881   356   19,432   27,228 
  Property charges and other 511   76   17,670   544   (397)  (11)  (3,948)  14,445 
Adjusted EBITDA (1,568)  21,267   410,115   129,455   156,611   22,764   (64,455)  674,189 
  Corporate and Other expenses -   -   -   -   -   -   64,455   64,455 
Adjusted Property EBITDA$(1,568) $21,267  $410,115  $129,455  $156,611  $22,764  $-  $738,644 
                          


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 Nine Months Ended
 September 30, September 30,
 2024 2023 2024 2023
         
Net income (loss) attributable to Melco Resorts & Entertainment Limited$27,257  $(16,303) $63,817  $(121,032)
Net loss attributable to noncontrolling interests (14,567)  (20,492)  (51,864)  (67,568)
Net income (loss) 12,690   (36,795)  11,953   (188,600)
Income tax expense (benefit) 4,862   2,021   16,647   (1,295)
Interest and other non-operating expenses, net 121,033   129,476   359,071   349,237 
Depreciation and amortization 135,854   140,668   407,166   398,656 
Property charges and other 2,103   (1,442)  6,317   14,445 
Share-based compensation 6,907   7,555   20,867   27,228 
Development costs 1,469   -   3,541   - 
Pre-opening costs (4) 4,564   10,184   9,736   40,444 
Integrated resort and casino rent (3) 2,597   474   5,390   1,436 
Payments to the Philippine Parties 10,508   9,979   29,532   32,638 
Adjusted EBITDA 302,587   262,120   870,220   674,189 
Corporate and Other expenses 19,960   18,518   53,929   64,455 
Adjusted Property EBITDA$322,547  $280,638  $924,149  $738,644 
            


Melco Resorts & Entertainment Limited and Subsidiaries
Supplemental Data Schedule
          
          
   Three Months Ended Nine Months Ended
   September 30, September 30,
    2024   2023   2024   2023 
Room Statistics:       
 Altira Macau       
  Average daily rate (5)$134  $138  $132  $136 
  Occupancy per available room 95%  95%  95%  85%
  Revenue per available room (6)$128  $131  $126  $116 
          
 City of Dreams       
  Average daily rate (5)$211  $193  $209  $202 
  Occupancy per available room 91%  91%  92%  83%
  Revenue per available room (6)$192  $176  $193  $168 
          
 Studio City       
  Average daily rate (5)$171  $167  $162  $148 
  Occupancy per available room 96%  92%  96%  88%
  Revenue per available room (6)$164  $155  $155  $129 
          
 City of Dreams Manila       
  Average daily rate (5)$164  $173  $164  $180 
  Occupancy per available room 97%  97%  97%  96%
  Revenue per available room (6)$158  $168  $158  $173 
          
 City of Dreams Mediterranean and Other       
  Average daily rate (5)$526  $375  $438  $371 
  Occupancy per available room 71%  63%  62%  62%
  Revenue per available room (6)$371  $236  $273  $231 
          
Other Information:       
 Altira Macau       
  Average number of table games 37   43   40   44 
  Average number of gaming machines 132   125   136   143 
  Table games win per unit per day (7)$8,658  $6,686  $8,433  $6,218 
  Gaming machines win per unit per day (8)$223  $291  $247  $223 
          
 Mocha and Other       
  Average number of table games 15   18   16   17 
  Average number of gaming machines 873   892   894   880 
  Table games win per unit per day (7)$6,888  $5,306  $6,741  $5,000 
  Gaming machines win per unit per day (8)$276  $282  $274  $292 
          
 City of Dreams       
  Average number of table games 430   430   430   430 
  Average number of gaming machines 600   629   616   635 
  Table games win per unit per day (7)$14,738  $13,437  $15,237  $12,496 
  Gaming machines win per unit per day (8)$545  $505  $509  $441 
          
 Studio City       
  Average number of table games 253   246   250   246 
  Average number of gaming machines 726   661   679   667 
  Table games win per unit per day (7)$13,212  $10,380  $13,270  $8,331 
  Gaming machines win per unit per day (8)$418  $352  $443  $319 
          
 City of Dreams Manila       
  Average number of table games 264   266   267   267 
  Average number of gaming machines 2,276   2,295   2,278   2,297 
  Table games win per unit per day (7)$3,308  $3,585  $3,059  $3,513 
  Gaming machines win per unit per day (8)$272  $238  $259  $241 
          
 City of Dreams Mediterranean and Other       
  Average number of table games 104   103   103   60 
  Average number of gaming machines 897   896   892   616 
  Table games win per unit per day (7)$2,994  $2,080  $2,959  $2,409 
  Gaming machines win per unit per day (8)$352  $294  $334  $376 
          
          
(5)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
(6)Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available
(7)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
(8)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