Melco Announces Unaudited Fourth Quarter 2022 Earnings
Melco Resorts & Entertainment Limited (MLCO) reported its fourth quarter and full year 2022 financial results. The company faced significant challenges, with total operating revenues declining by 30% to US$337.1 million in Q4 2022 compared to Q4 2021, mainly due to COVID-19 travel restrictions. The operating loss for the quarter reached US$199.5 million, up from US$104.4 million a year earlier. The net loss attributable for Q4 was US$251.9 million, or US$0.57 per ADS. Total revenues for 2022 were US$1.35 billion, down from US$2.01 billion in 2021, with a net loss of US$930.5 million. Looking ahead, the company highlighted recovery signs post-restrictions and upcoming project launches.
- Awarded a 10-year gaming concession in Macau.
- Recent increase in visitation and gaming activity since January 8, 2023.
- Expected openings for Studio City Phase 2 and City of Dreams Mediterranean by mid-2023.
- Q4 2022 operating revenues dropped by 30% year-over-year.
- Operating loss for 2022 rose to US$743.1 million from US$577.5 million in 2021.
- 2022 net loss attributable increased to US$930.5 million compared to US$811.8 million in 2021.
MACAU, March 01, 2023 (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 fourth quarter and full year ended December 31, 2022.
Total operating revenues for the fourth quarter of 2022 were US
Operating loss for the fourth quarter of 2022 was US
Melco generated negative Adjusted Property EBITDA(1) of US
Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2022 was US
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Our results for the fourth quarter of 2022 continued to be impacted by the travel restrictions imposed across mainland China and Macau. However, we are encouraged by the increased visitation and volume that we have seen since the travel restrictions between mainland China and Macau were relaxed on January 8, 2023. Our recent performance reinforces our belief in the return of pent-up demand and our view that Macau will continue to develop as a leading international destination for entertainment and leisure.
“We are honored to have been awarded a gaming concession to continue to operate in Macau for the next 10 years. We greatly appreciate the consideration given to our proposal and our investment propositions that we believe will continue to build on our existing strengths in entertainment and non-gaming attractions. We pledge our full support to the sustainable and diversified development of the tourism and leisure industry in Macau, and will continue to work with the Macau government, the community, and stakeholders to contribute to the city’s development as a leading global tourism destination.
“Gaming volumes in the Philippines have reached close to pre-pandemic levels, and volumes in Cyprus have exceeded those we had seen pre-pandemic. We are optimistic about continued growth in the Philippines and Cyprus as international travel normalizes.
“In respect to our development projects, we expect Studio City Phase 2 to open in the second quarter of 2023. The first stage of opening is expected to include one of our hotel towers and the indoor water park, which is expected to be the largest of its kind in Asia. The second phase of opening is expected to be in the third quarter. In Cyprus, we have been informed that the Council of Ministers has approved an extension of the deadline to open City of Dreams Mediterranean under the terms of our gaming license to June 30, 2023 and we continue to work with our contractors with a target to open within that timeframe.
“We remain steadfast on reaching our 2030 goals in environmental sustainability. We are monitoring food waste through the Winnow AI technology installed in the employee kitchens and dining areas and continuously adjust menus accordingly. Food waste has reduced by
City of Dreams Fourth Quarter Results
For the quarter ended December 31, 2022, total operating revenues at City of Dreams were US
Rolling chip volume was US
Mass market table games drop decreased to US
Gaming machine handle for the fourth quarter of 2022 was US
Total non-gaming revenue at City of Dreams in the fourth quarter of 2022 was US
Altira Macau Fourth Quarter Results
For the quarter ended December 31, 2022, total operating revenues at Altira Macau were US
In the mass market table games segment, drop was US
Gaming machine handle for the fourth quarter of 2022 was US
Total non-gaming revenue at Altira Macau in the fourth quarter of 2022 was US
Mocha and Other Fourth Quarter Results
Total operating revenues from Mocha and Other were US
Mass market table games drop was US
Gaming machine handle for the fourth quarter of 2022 was US
Studio City Fourth Quarter Results
For the quarter ended December 31, 2022, total operating revenues at Studio City were US
Studio City’s rolling chip volume was US
Mass market table games drop decreased to US
Gaming machine handle for the fourth quarter of 2022 was US
Total non-gaming revenue at Studio City in the fourth quarter of 2022 was US
City of Dreams Manila Fourth Quarter Results
For the quarter ended December 31, 2022, total operating revenues at City of Dreams Manila were US
City of Dreams Manila’s rolling chip volume was US
Mass market table games drop increased to US
Gaming machine handle for the fourth quarter of 2022 was US
Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2022 was US
Cyprus Operations Fourth Quarter Results
The Company is licensed to operate a temporary casino, which is the first casino in the Republic of Cyprus, and four satellite casinos. Upon the completion and opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease.
Total operating revenues at Cyprus Casinos for the quarter ended December 31, 2022 was US
Rolling chip volume was US
Mass market table games drop was US
Gaming machine handle for the fourth quarter of 2022 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth quarter of 2022 were US
Depreciation and amortization costs of US
The negative Adjusted EBITDA for Studio City for the three months ended December 31, 2022 referred to above is US
Financial Position and Capital Expenditures
Total cash and bank balances as of December 31, 2022 aggregated to US
Available liquidity, including cash and undrawn revolving credit facilities, as of December 31, 2022, was US
Capital expenditures for the fourth quarter of 2022 were US
Full Year Results
For the year ended December 31, 2022, Melco Resorts & Entertainment Limited reported total operating revenues of US
The operating loss for 2022 was US
Melco generated Adjusted Property EBITDA of US
Net loss attributable to Melco Resorts & Entertainment Limited for 2022 was US
Recent Developments
Since January 8, 2023, travelers arriving in Macau from Mainland China, Hong Kong and Taiwan were no longer required to present negative nucleic acid tests which thereby contributed to a
While quarantine-free travel within Greater China has resumed, the pace of recovery remains highly uncertain, and disruptions caused by the COVID-19 outbreak continue to have a material adverse impact on our operations, financial position and future prospects into the first quarter of 2023.
Conference Call Information
Melco Resorts & Entertainment Limited will hold a conference call to discuss its fourth quarter 2022 financial results on Wednesday, March 1, 2023 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/BI4ecb1896c0e54d0780ee6459f8d58fd4
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) COVID-19 outbreaks, and the continued impact of its consequences on our business, our industry and the global economy, (ii) risks associated with the newly adopted gaming law in Macau 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”), land rent to Belle Corporation 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, land rent to Belle Corporation, Corporate and Other expenses and other non- operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA are presented exclusively as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. |
| The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported Adjusted EBITDA and Adjusted Property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income/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. 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 is currently developing City of Dreams Mediterranean (www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first authorized casino in the Republic of Cyprus, and is licensed to operate four satellite casinos (“Cyprus Casinos”). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease. 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 of U.S. dollars, except share and per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| Casino | $ | 267,468 | $ | 390,659 | $ | 1,076,398 | $ | 1,676,263 | ||||||||
| Rooms | 27,275 | 44,666 | 116,552 | 157,501 | ||||||||||||
| Food and beverage | 23,280 | 25,641 | 85,518 | 97,665 | ||||||||||||
| Entertainment, retail and other | 19,065 | 19,642 | 71,509 | 80,927 | ||||||||||||
| Total operating revenues | 337,088 | 480,608 | 1,349,977 | 2,012,356 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Casino | (227,248) | (286,280) | (912,839) | (1,320,882) | ||||||||||||
| Rooms | (11,142) | (12,625) | (46,199) | (49,895) | ||||||||||||
| Food and beverage | (20,909) | (22,758) | (82,000) | (91,533) | ||||||||||||
| Entertainment, retail and other | (5,583) | (6,355) | (22,419) | (29,463) | ||||||||||||
| General and administrative | (120,742) | (100,006) | (423,225) | (426,407) | ||||||||||||
| Payments to the Philippine Parties | (2,016) | (6,102) | (28,894) | (26,371) | ||||||||||||
| Pre-opening costs | (6,670) | (1,383) | (15,585) | (4,157) | ||||||||||||
| Development costs | - | 1,302 | - | (30,677) | ||||||||||||
| Amortization of gaming subconcession | (2,853) | (14,286) | (32,785) | (57,276) | ||||||||||||
| Amortization of land use rights | (5,672) | (5,695) | (22,662) | (22,832) | ||||||||||||
| Depreciation and amortization | (113,350) | (124,147) | (466,492) | (499,739) | ||||||||||||
| Property charges and other | (20,387) | (6,638) | (39,982) | (30,575) | ||||||||||||
| Total operating costs and expenses | (536,572) | (584,973) | (2,093,082) | (2,589,807) | ||||||||||||
| Operating loss | (199,484) | (104,365) | (743,105) | (577,451) | ||||||||||||
| Non-operating income (expenses): | ||||||||||||||||
| Interest income | 9,433 | 1,457 | 26,458 | 6,618 | ||||||||||||
| Interest expenses, net of amounts capitalized | (104,667) | (85,448) | (376,722) | (350,544) | ||||||||||||
| Other financing costs | (957) | (1,080) | (6,396) | (11,033) | ||||||||||||
| Foreign exchange gains, net | 1,047 | 1,516 | 3,904 | 4,566 | ||||||||||||
| Other income, net | 1,217 | 710 | 3,930 | 3,082 | ||||||||||||
| Loss on extinguishment of debt | - | - | - | (28,817) | ||||||||||||
| Total non-operating expenses, net | (93,927) | (82,845) | (348,826) | (376,128) | ||||||||||||
| Loss before income tax | (293,411) | (187,210) | (1,091,931) | (953,579) | ||||||||||||
| Income tax expense | (618) | (2,731) | (5,236) | (2,885) | ||||||||||||
| Net loss | (294,029) | (189,941) | (1,097,167) | (956,464) | ||||||||||||
| Net loss attributable to noncontrolling interests | 42,088 | 30,004 | 166,641 | 144,713 | ||||||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited | $ | (251,941) | $ | (159,937) | $ | (930,526) | $ | (811,751) | ||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited per share: | ||||||||||||||||
| Basic | $ | (0.189) | $ | (0.112) | $ | (0.669) | $ | (0.566) | ||||||||
| Diluted | $ | (0.189) | $ | (0.112) | $ | (0.669) | $ | (0.566) | ||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited per ADS: | ||||||||||||||||
| Basic | $ | (0.566) | $ | (0.336) | $ | (2.007) | $ | (1.698) | ||||||||
| Diluted | $ | (0.566) | $ | (0.336) | $ | (2.008) | $ | (1.698) | ||||||||
| Weighted average shares outstanding used in net loss attributable to Melco Resorts & Entertainment Limited per share calculation: | ||||||||||||||||
| Basic | 1,335,283,346 | 1,428,587,890 | 1,391,154,836 | 1,434,087,641 | ||||||||||||
| Diluted | 1,335,283,346 | 1,428,587,890 | 1,391,154,836 | 1,434,087,641 | ||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (In thousands of U.S. dollars, except share and per share data) | ||||||
| December 31, | December 31, | |||||
| 2022 | 2021 | |||||
| (Unaudited) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 1,812,729 | $ | 1,652,890 | ||
| Restricted cash | 50,992 | 285 | ||||
| Accounts receivable, net | 55,992 | 54,491 | ||||
| Receivables from affiliated companies | 630 | 384 | ||||
| Inventories | 26,416 | 29,589 | ||||
| Prepaid expenses and other current assets | 119,410 | 109,330 | ||||
| Assets held for sale | 8,503 | 21,777 | ||||
| Total current assets | 2,074,672 | 1,868,746 | ||||
| Property and equipment, net | 5,870,905 | 5,910,684 | ||||
| Gaming subconcession, net | - | 27,065 | ||||
| Intangible assets, net | 43,610 | 51,547 | ||||
| Goodwill | 81,606 | 81,721 | ||||
| Long-term prepayments, deposits and other assets | 159,697 | 177,142 | ||||
| Receivables from an affiliated company | 216,333 | - | ||||
| Restricted cash | 124,736 | 140 | ||||
| Deferred tax assets, net | 638 | 4,029 | ||||
| Operating lease right-of-use assets | 58,715 | 68,034 | ||||
| Land use rights, net | 670,872 | 694,582 | ||||
| Total assets | $ | 9,301,784 | $ | 8,883,690 | ||
| LIABILITIES AND (DEFICIT) EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 6,730 | $ | 5,992 | ||
| Accrued expenses and other current liabilities | 809,305 | 935,483 | ||||
| Income tax payable | 11,610 | 11,913 | ||||
| Operating lease liabilities, current | 12,761 | 16,771 | ||||
| Finance lease liabilities, current | 34,959 | 48,551 | ||||
| Current portion of long-term debt, net | 322,500 | 128 | ||||
| Payables to affiliated companies | 761 | 1,548 | ||||
| Liabilities related to assets held for sale | - | 1,497 | ||||
| Total current liabilities | 1,198,626 | 1,021,883 | ||||
| Long-term debt, net | 8,090,008 | 6,559,854 | ||||
| Other long-term liabilities | 33,712 | 30,520 | ||||
| Deferred tax liabilities, net | 39,677 | 41,030 | ||||
| Operating lease liabilities, non-current | 55,832 | 62,889 | ||||
| Finance lease liabilities, non-current | 198,291 | 347,629 | ||||
| Total liabilities | 9,616,146 | 8,063,805 | ||||
| (Deficit) equity: | ||||||
| Ordinary shares, par value | ||||||
| 1,445,052,143 and 1,456,547,942 shares issued; | ||||||
| 1,335,307,327 and 1,423,370,314 shares outstanding, respectively | 14,451 | 14,565 | ||||
| Treasury shares, at cost; 109,744,816 and 33,177,628 shares, respectively | (241,750) | (132,856) | ||||
| Additional paid-in capital | 3,218,895 | 3,238,600 | ||||
| Accumulated other comprehensive losses | (111,969) | (76,008) | ||||
| Accumulated losses | (3,729,952) | (2,799,555) | ||||
| Total Melco Resorts & Entertainment Limited shareholders’ (deficit) equity | (850,325) | 244,746 | ||||
| Noncontrolling interests | 535,963 | 575,139 | ||||
| Total (deficit) equity | (314,362) | 819,885 | ||||
| Total liabilities and (deficit) equity | $ | 9,301,784 | $ | 8,883,690 | ||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||
| Reconciliation of Net Loss Attributable to Melco Resorts & Entertainment Limited to | ||||||||||||||||
| Adjusted Net Loss Attributable to Melco Resorts & Entertainment Limited (Unaudited) | ||||||||||||||||
| (In thousands of U.S. dollars, except share and per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited | $ | (251,941) | $ | (159,937) | $ | (930,526) | $ | (811,751) | ||||||||
| Pre-opening costs | 6,670 | 1,383 | 15,585 | 4,157 | ||||||||||||
| Development costs | - | (1,302) | - | 30,677 | ||||||||||||
| Property charges and other | 20,387 | 6,638 | 39,982 | 30,575 | ||||||||||||
| Loss on extinguishment of debt | - | - | - | 28,817 | ||||||||||||
| Income tax impact on adjustments | (412) | 2,144 | (1,010) | 11 | ||||||||||||
| Noncontrolling interests impact on adjustments | (3,015) | (1,284) | (7,796) | (17,469) | ||||||||||||
| Adjusted net loss attributable to Melco Resorts & Entertainment Limited | $ | (228,311) | $ | (152,358) | $ | (883,765) | $ | (734,983) | ||||||||
| Adjusted net loss attributable to Melco Resorts & Entertainment Limited per share: | ||||||||||||||||
| Basic | $ | (0.171) | $ | (0.107) | $ | (0.635) | $ | (0.513) | ||||||||
| Diluted | $ | (0.171) | $ | (0.107) | $ | (0.636) | $ | (0.513) | ||||||||
| Adjusted net loss attributable to Melco Resorts & Entertainment Limited per ADS: | ||||||||||||||||
| Basic | $ | (0.513) | $ | (0.320) | $ | (1.906) | $ | (1.538) | ||||||||
| Diluted | $ | (0.513) | $ | (0.320) | $ | (1.908) | $ | (1.538) | ||||||||
| Weighted average shares outstanding used in adjusted net loss attributable to Melco Resorts & Entertainment Limited per share calculation: | ||||||||||||||||
| Basic | 1,335,283,346 | 1,428,587,890 | 1,391,154,836 | 1,434,087,641 | ||||||||||||
| Diluted | 1,335,283,346 | 1,428,587,890 | 1,391,154,836 | 1,434,087,641 | ||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||||||||||||||||||
| Reconciliation of Operating Loss to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | ||||||||||||||||||||||||||||||||
| (In thousands of U.S. dollars) | ||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||
| Altira Macau | Mocha and Other(3) | City of Dreams | Studio City | City of Dreams Manila | Cyprus Operations | Corporate and Other | Total | |||||||||||||||||||||||||
| Operating (loss) income | $ | (15,546) | $ | 296 | $ | (87,572) | $ | (63,343) | $ | 7,620 | $ | 3,465 | $ | (44,404) | $ | (199,484) | ||||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 2,016 | - | - | 2,016 | ||||||||||||||||||||||||
| Land rent to Belle Corporation | - | - | - | - | 467 | - | - | 467 | ||||||||||||||||||||||||
| Pre-opening costs | - | - | - | 1,429 | - | 5,241 | - | 6,670 | ||||||||||||||||||||||||
| Depreciation and amortization | 5,153 | 1,317 | 59,266 | 33,585 | 12,657 | 1,394 | 8,503 | 121,875 | ||||||||||||||||||||||||
| Share-based compensation | 437 | 160 | 7,999 | 861 | 912 | 396 | 17,184 | 27,949 | ||||||||||||||||||||||||
| Property charges and other | 456 | 36 | 12,497 | 2,144 | (120) | - | 5,374 | 20,387 | ||||||||||||||||||||||||
| Adjusted EBITDA | (9,500) | 1,809 | (7,810) | (25,324) | 23,552 | 10,496 | (13,343) | - | (20,120) | |||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 13,343 | 13,343 | ||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | (9,500) | $ | 1,809 | $ | (7,810) | $ | (25,324) | $ | 23,552 | $ | 10,496 | $ | - | $ | (6,777) | ||||||||||||||||
| Three Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila | Cyprus Operations | Corporate and Other | Total | |||||||||||||||||||||||||
| Operating (loss) income | $ | (6,310) | $ | 3,264 | $ | (23,644) | $ | (37,990) | $ | 9,495 | $ | 1,980 | $ | (51,160) | $ | (104,365) | ||||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 6,102 | - | - | 6,102 | ||||||||||||||||||||||||
| Land rent to Belle Corporation | - | - | - | - | 669 | - | - | 669 | ||||||||||||||||||||||||
| Pre-opening costs | - | - | - | 245 | - | 1,138 | - | 1,383 | ||||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | (1,302) | (1,302) | ||||||||||||||||||||||||
| Depreciation and amortization | 5,391 | 1,279 | 62,393 | 33,844 | 17,138 | 2,062 | 22,021 | 144,128 | ||||||||||||||||||||||||
| Share-based compensation | 717 | 238 | 8,518 | 1,864 | 683 | 391 | 15,640 | 28,051 | ||||||||||||||||||||||||
| Property charges and other | 70 | 1 | 2,400 | 1,901 | 513 | (379) | 2,132 | 6,638 | ||||||||||||||||||||||||
| Adjusted EBITDA | (132) | 4,782 | 49,667 | (136) | 34,600 | 5,192 | (12,669) | 81,304 | ||||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 12,669 | 12,669 | ||||||||||||||||||||||||
| Adjusted Property EBITDA | $ | (132) | $ | 4,782 | $ | 49,667 | $ | (136) | $ | 34,600 | $ | 5,192 | $ | - | $ | 93,973 | ||||||||||||||||
| (3) Effective from June 27, 2022, the Grand Dragon Casino, which focuses on mass market table games and was previously reported under the Corporate and Other segment, has been included in the Mocha and Other segment | ||||||||||||||||||||||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||||||||||||||||||
| Reconciliation of Operating Loss to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | |||||||||||||||||||||||||||||||
| (In thousands of U.S. dollars) | |||||||||||||||||||||||||||||||
| Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
| Altira Macau | Mocha and Other(3) | City of Dreams | Studio City | City of Dreams Manila | Cyprus Operations | Corporate and Other | Total | ||||||||||||||||||||||||
| Operating (loss) income | $ | (66,692) | $ | 4,772 | $ | (309,543) | $ | (251,946) | $ | 55,365 | $ | 3,867 | $ | (178,928) | $ | (743,105) | |||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 28,894 | - | - | 28,894 | |||||||||||||||||||||||
| Land rent to Belle Corporation | - | - | - | - | 2,318 | - | - | 2,318 | |||||||||||||||||||||||
| Pre-opening costs | - | - | - | 2,941 | - | 12,644 | - | 15,585 | |||||||||||||||||||||||
| Depreciation and amortization | 21,190 | 5,130 | 238,752 | 134,813 | 58,044 | 6,259 | 57,751 | 521,939 | |||||||||||||||||||||||
| Share-based compensation | 1,282 | 313 | 20,074 | 3,090 | 2,168 | 923 | 43,959 | 71,809 | |||||||||||||||||||||||
| Property charges and other | 1,200 | 76 | 18,557 | 5,938 | 137 | 3 | 14,071 | 39,982 | |||||||||||||||||||||||
| Adjusted EBITDA | (43,020) | 10,291 | (32,160) | (105,164) | 146,926 | 23,696 | (63,147) | (62,578) | |||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 63,147 | 63,147 | |||||||||||||||||||||||
| Adjusted Property EBITDA | $ | (43,020) | $ | 10,291 | $ | (32,160) | $ | (105,164) | $ | 146,926 | $ | 23,696 | $ | - | $ | 569 | |||||||||||||||
| Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila | Cyprus Operations | Corporate and Other | Total | ||||||||||||||||||||||||
| Operating (loss) income | $ | (78,918) | $ | 10,505 | $ | (75,668) | $ | (167,162) | $ | (18,808) | $ | (12,395) | $ | (235,005) | $ | (577,451) | |||||||||||||||
| Payments to the Philippine Parties | - | - | - | - | 26,371 | - | - | 26,371 | |||||||||||||||||||||||
| Land rent to Belle Corporation | - | - | - | - | 2,848 | - | - | 2,848 | |||||||||||||||||||||||
| Pre-opening costs | - | - | 195 | 984 | - | 2,978 | - | 4,157 | |||||||||||||||||||||||
| Development costs | - | - | - | - | - | - | 30,677 | 30,677 | |||||||||||||||||||||||
| Depreciation and amortization | 21,909 | 5,920 | 248,523 | 135,737 | 70,325 | 10,648 | 86,785 | 579,847 | |||||||||||||||||||||||
| Share-based compensation | 1,335 | 425 | 15,735 | 3,838 | 1,981 | 741 | 43,902 | 67,957 | |||||||||||||||||||||||
| Property charges and other | 1,700 | 204 | 13,169 | 6,113 | 6,245 | (379) | 3,523 | 30,575 | |||||||||||||||||||||||
| Adjusted EBITDA | (53,974) | 17,054 | 201,954 | (20,490) | 88,962 | 1,593 | (70,118) | 164,981 | |||||||||||||||||||||||
| Corporate and Other expenses | - | - | - | - | - | - | 70,118 | 70,118 | |||||||||||||||||||||||
| Adjusted Property EBITDA | $ | (53,974) | $ | 17,054 | $ | 201,954 | $ | (20,490) | $ | 88,962 | $ | 1,593 | $ | - | $ | 235,099 | |||||||||||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
| Reconciliation of Net Loss Attributable to Melco Resorts & Entertainment Limited to | |||||||||||||||
| Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) | |||||||||||||||
| (In thousands of U.S. dollars) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net loss attributable to Melco Resorts & Entertainment Limited | $ | (251,941) | $ | (159,937) | $ | (930,526) | $ | (811,751) | |||||||
| Net loss attributable to noncontrolling interests | (42,088) | (30,004) | (166,641) | (144,713) | |||||||||||
| Net loss | (294,029) | (189,941) | (1,097,167) | (956,464) | |||||||||||
| Income tax expense | 618 | 2,731 | 5,236 | 2,885 | |||||||||||
| Interest and other non-operating expenses, net | 93,927 | 82,845 | 348,826 | 376,128 | |||||||||||
| Property charges and other | 20,387 | 6,638 | 39,982 | 30,575 | |||||||||||
| Share-based compensation | 27,949 | 28,051 | 71,809 | 67,957 | |||||||||||
| Depreciation and amortization | 121,875 | 144,128 | 521,939 | 579,847 | |||||||||||
| Development costs | - | (1,302) | - | 30,677 | |||||||||||
| Pre-opening costs | 6,670 | 1,383 | 15,585 | 4,157 | |||||||||||
| Land rent to Belle Corporation | 467 | 669 | 2,318 | 2,848 | |||||||||||
| Payments to the Philippine Parties | 2,016 | 6,102 | 28,894 | 26,371 | |||||||||||
| Adjusted EBITDA | (20,120) | 81,304 | (62,578) | 164,981 | |||||||||||
| Corporate and Other expenses | 13,343 | 12,669 | 63,147 | 70,118 | |||||||||||
| Adjusted Property EBITDA | $ | (6,777) | $ | 93,973 | $ | 569 | $ | 235,099 | |||||||
| Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||||
| Supplemental Data Schedule | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||
| Room Statistics(4): | ||||||||||||||||||
| Altira Macau | ||||||||||||||||||
| Average daily rate(5) | $ | 96 | $ | 109 | $ | 97 | $ | 110 | ||||||||||
| Occupancy per available room | ||||||||||||||||||
| Revenue per available room(6) | $ | 47 | $ | 44 | $ | 41 | $ | 53 | ||||||||||
| City of Dreams | ||||||||||||||||||
| Average daily rate(5) | $ | 211 | $ | 210 | $ | 205 | $ | 205 | ||||||||||
| Occupancy per available room | ||||||||||||||||||
| Revenue per available room(6) | $ | 59 | $ | 99 | $ | 56 | $ | 109 | ||||||||||
| Studio City | ||||||||||||||||||
| Average daily rate(5) | $ | 100 | $ | 131 | $ | 111 | $ | 123 | ||||||||||
| Occupancy per available room | ||||||||||||||||||
| Revenue per available room(6) | $ | 32 | $ | 52 | $ | 31 | $ | 62 | ||||||||||
| City of Dreams Manila | ||||||||||||||||||
| Average daily rate(5) | $ | 140 | $ | 262 | $ | 177 | $ | 164 | ||||||||||
| Occupancy per available room | ||||||||||||||||||
| Revenue per available room(6) | $ | 134 | $ | 241 | $ | 167 | $ | 124 | ||||||||||
| Other Information(7): | ||||||||||||||||||
| Altira Macau | ||||||||||||||||||
| Average number of table games | 91 | 100 | 93 | 101 | ||||||||||||||
| Average number of gaming machines | 166 | 128 | 146 | 121 | ||||||||||||||
| Table games win per unit per day(8) | $ | 780 | $ | 1,084 | $ | 737 | $ | 1,912 | ||||||||||
| Gaming machines win per unit per day(9) | $ | 81 | $ | 199 | $ | 116 | $ | 201 | ||||||||||
| Mocha and Other(3) | ||||||||||||||||||
| Average number of table games | 25 | - | 25 | - | ||||||||||||||
| Average number of gaming machines | 897 | 906 | 935 | 813 | ||||||||||||||
| Table games win per unit per day(8) | $ | 1,806 | $ | - | $ | 1,792 | $ | - | ||||||||||
| Gaming machines win per unit per day(9) | $ | 188 | $ | 250 | $ | 209 | $ | 287 | ||||||||||
| City of Dreams | ||||||||||||||||||
| Average number of table games | 442 | 509 | 447 | 511 | ||||||||||||||
| Average number of gaming machines | 675 | 676 | 677 | 572 | ||||||||||||||
| Table games win per unit per day(8) | $ | 3,036 | $ | 5,500 | $ | 3,361 | $ | 6,690 | ||||||||||
| Gaming machines win per unit per day(9) | $ | 141 | $ | 246 | $ | 140 | $ | 282 | ||||||||||
| Studio City | ||||||||||||||||||
| Average number of table games | 277 | 288 | 277 | 290 | ||||||||||||||
| Average number of gaming machines | 671 | 710 | 700 | 645 | ||||||||||||||
| Table games win per unit per day(8) | $ | 1,477 | $ | 3,162 | $ | 1,562 | $ | 3,306 | ||||||||||
| Gaming machines win per unit per day(9) | $ | 54 | $ | 113 | $ | 75 | $ | 129 | ||||||||||
| City of Dreams Manila | ||||||||||||||||||
| Average number of table games | 261 | 309 | 274 | 301 | ||||||||||||||
| Average number of gaming machines | 2,218 | 2,373 | 2,266 | 2,338 | ||||||||||||||
| Table games win per unit per day(8) | $ | 2,687 | $ | 1,504 | $ | 2,496 | $ | 1,789 | ||||||||||
| Gaming machines win per unit per day(9) | $ | 236 | $ | 206 | $ | 232 | $ | 195 | ||||||||||
| Cyprus Operations | ||||||||||||||||||
| Average number of table games | 35 | 32 | 35 | 32 | ||||||||||||||
| Average number of gaming machines | 452 | 440 | 454 | 440 | ||||||||||||||
| Table games win per unit per day(8) | $ | 2,978 | $ | 2,050 | $ | 2,190 | $ | 1,927 | ||||||||||
| Gaming machines win per unit per day(9) | $ | 472 | $ | 411 | $ | 394 | $ | 388 | ||||||||||
| (4) | Room statistics exclude rooms that were temporarily closed or provided to staff members due to the COVID-19 outbreak | |||||||||||||||||
| (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 and gaming machines that were not in operation due to government mandated closures or social distancing measures in relation to the COVID-19 outbreak have been excluded | |||||||||||||||||
| (8) | 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 | |||||||||||||||||
| (9) | 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 | |||||||||||||||||
FAQ
What were Melco's Q4 2022 financial results?
How did Melco perform in full year 2022?
What impact did COVID-19 restrictions have on Melco's financial results?
What are the future prospects for Melco Resorts?
