Melco Announces Unaudited Second Quarter 2024 Earnings
Melco Resorts & Entertainment (Nasdaq: MLCO) reported unaudited Q2 2024 earnings with total operating revenues of $1.16 billion, a 22% increase from Q2 2023 driven by improved mass market and non-gaming operations in Macau. Operating income rose to $123.7 million from $64.3 million. Adjusted Property EBITDA was $302.8 million, up from $267.3 million. The company achieved a net income of $21.4 million, or $0.05 per ADS, compared to a net loss of $23.4 million in Q2 2023.
City of Dreams reported revenues of $576.4 million and Adjusted EBITDA of $165.1 million. Studio City saw a revenue increase to $352.3 million with Adjusted EBITDA of $79.2 million. However, City of Dreams Manila had a revenue decline to $109.0 million and Adjusted EBITDA of $40.5 million.
Total debt was reduced to $7.22 billion, with available liquidity of $3.09 billion. Capital expenditures for Q2 2024 were $47.6 million. Net non-operating expenses were $116.9 million, primarily due to interest expenses.
Melco Resorts & Entertainment (Nasdaq: MLCO) ha riportato utili non verificati per il secondo trimestre del 2024, con entrate operative totali di 1,16 miliardi di dollari, un aumento del 22% rispetto al secondo trimestre del 2023, grazie a miglioramenti nelle operazioni di mercato massiccio e non di gioco a Macao. Il reddito operativo è aumentato a 123,7 milioni di dollari, rispetto ai 64,3 milioni di dollari. L'EBITDA regolato per la proprietà è stato di 302,8 milioni di dollari, in aumento rispetto ai 267,3 milioni di dollari. L'azienda ha registrato un utile netto di 21,4 milioni di dollari, ovvero 0,05 dollari per ADS, rispetto a una perdita netta di 23,4 milioni di dollari nel secondo trimestre del 2023.
City of Dreams ha riportato entrate di 576,4 milioni di dollari e un EBITDA regolato di 165,1 milioni di dollari. Studio City ha visto un aumento delle entrate a 352,3 milioni di dollari con un EBITDA regolato di 79,2 milioni di dollari. Tuttavia, City of Dreams Manila ha registrato un calo delle entrate a 109,0 milioni di dollari e un EBITDA regolato di 40,5 milioni di dollari.
Il debito totale è stato ridotto a 7,22 miliardi di dollari, con una liquidità disponibile di 3,09 miliardi di dollari. Gli investimenti in capitale per il secondo trimestre del 2024 sono stati di 47,6 milioni di dollari. Le spese non operative nette sono state di 116,9 milioni di dollari, principalmente a causa delle spese per interessi.
Melco Resorts & Entertainment (Nasdaq: MLCO) informó ganancias no auditadas para el segundo trimestre de 2024 con ingresos operativos totales de $1.16 mil millones, un aumento del 22% en comparación con el segundo trimestre de 2023, impulsado por la mejora en operaciones del mercado masivo y no relacionadas con juegos en Macao. El ingreso operativo aumentó a $123.7 millones desde $64.3 millones. El EBITDA ajustado por propiedades fue de $302.8 millones, en comparación con $267.3 millones. La compañía logró un ingreso neto de $21.4 millones, o $0.05 por ADS, en comparación con una pérdida neta de $23.4 millones en el segundo trimestre de 2023.
City of Dreams reportó ingresos de $576.4 millones y un EBITDA ajustado de $165.1 millones. Studio City vio un aumento en ingresos a $352.3 millones con un EBITDA ajustado de $79.2 millones. Sin embargo, City of Dreams Manila experimentó una caída en ingresos a $109.0 millones y un EBITDA ajustado de $40.5 millones.
El deuda total se redujo a $7.22 mil millones, con liquidez disponible de $3.09 mil millones. Los gastos de capital para el segundo trimestre de 2024 fueron de $47.6 millones. Los gastos no operativos netos fueron de $116.9 millones, principalmente debido a gastos por intereses.
멜코 리조트 & 엔터테인먼트 (Nasdaq: MLCO)는 2024년 2분기 감사되지 않은 실적을 발표했으며, 총 운영 수익이 11억 6천만 달러로 2023년 2분기 대비 22% 증가했으며, 이는 마카오에서 대중 시장과 비게임 운영의 개선에 힘입은 결과입니다. 운영 수익은 6430만 달러에서 1억 2370만 달러로 증가했습니다. 조정된 부동산 EBITDA는 2억 8280만 달러로, 2억 6730만 달러에서 증가했습니다. 이 회사는 순이익 2140만 달러, 즉 ADS당 0.05달러를 기록했으며, 이는 2023년 2분기에 2340만 달러의 순손실과 비교됩니다.
시티 오브 드림스는 5억 7640만 달러의 수익과 1억 6510만 달러의 조정된 EBITDA를 보고했습니다. 스튜디오 시티는 매출이 3억 5230만 달러로 증가하고 조정된 EBITDA가 7920만 달러입니다. 그러나 시티 오브 드림스 마닐라는 매출이 1억 0900만 달러로 감소하고 조정된 EBITDA가 4050만 달러입니다.
총 부채는 72억 2000만 달러로 줄어들었으며, 이용 가능한 유동성은 30억 9000만 달러입니다. 2024년 2분기 자본 지출은 4760만 달러였습니다. 순 운영 외 비용은 1억 1690만 달러로, 주로 이자 비용 때문입니다.
Melco Resorts & Entertainment (Nasdaq: MLCO) a publié des résultats non audités pour le deuxième trimestre 2024, avec des revenus d'exploitation totaux de 1,16 milliard de dollars, soit une augmentation de 22 % par rapport au deuxième trimestre 2023, due à l'amélioration des opérations de marché de masse et des activités non liées aux jeux à Macao. Le résultat opérationnel a augmenté pour atteindre 123,7 millions de dollars, contre 64,3 millions de dollars auparavant. Le EBITDA ajusté des propriétés s'est élevé à 302,8 millions de dollars, en hausse par rapport à 267,3 millions de dollars. La société a réalisé un bénéfice net de 21,4 millions de dollars, soit 0,05 dollar par ADS, contre une perte nette de 23,4 millions de dollars au deuxième trimestre 2023.
City of Dreams a enregistré des revenus de 576,4 millions de dollars et un EBITDA ajusté de 165,1 millions de dollars. Studio City a vu ses revenus augmenter à 352,3 millions de dollars avec un EBITDA ajusté de 79,2 millions de dollars. Cependant, City of Dreams Manila a connu une baisse de ses revenus à 109,0 millions de dollars et un EBITDA ajusté de 40,5 millions de dollars.
La dette totale a été réduite à 7,22 milliards de dollars, avec une liquidité disponible de 3,09 milliards de dollars. Les dépenses d'investissement pour le deuxième trimestre 2024 se sont élevées à 47,6 millions de dollars. Les charges nettes non opérationnelles étaient de 116,9 millions de dollars, principalement en raison des charges d'intérêts.
Melco Resorts & Entertainment (Nasdaq: MLCO) hat nicht testierte Ergebnisse für das zweite Quartal 2024 veröffentlicht, mit gesamtoperativen Einnahmen von 1,16 Milliarden US-Dollar, was einem Anstieg von 22 % im Vergleich zum zweiten Quartal 2023 entspricht, bedingt durch Verbesserungen im Massengeschäft und den Nicht-Spielbetrieb in Macao. Das Betriebsergebnis stieg auf 123,7 Millionen US-Dollar von 64,3 Millionen US-Dollar. Das angepasste EBITDA der Immobilie betrug 302,8 Millionen US-Dollar, ein Anstieg von 267,3 Millionen US-Dollar. Das Unternehmen erreichte einen Nettoertrag von 21,4 Millionen US-Dollar, oder 0,05 US-Dollar pro ADS, im Vergleich zu einem Nettoverlust von 23,4 Millionen US-Dollar im zweiten Quartal 2023.
City of Dreams berichtete über Einnahmen von 576,4 Millionen US-Dollar und ein angepasstes EBITDA von 165,1 Millionen US-Dollar. Studio City verzeichnete einen Anstieg der Einnahmen auf 352,3 Millionen US-Dollar mit einem angepassten EBITDA von 79,2 Millionen US-Dollar. jedoch City of Dreams Manila verzeichnete einen Rückgang der Einnahmen auf 109,0 Millionen US-Dollar und ein angepasstes EBITDA von 40,5 Millionen US-Dollar.
Die Gesamtverschuldung wurde auf 7,22 Milliarden US-Dollar reduziert, mit verfügbaren liquiden Mitteln von 3,09 Milliarden US-Dollar. Die Investitionen in Kapital für das zweite Quartal 2024 beliefen sich auf 47,6 Millionen US-Dollar. Die Netto-Nichtbetriebsaufwendungen beliefen sich auf 116,9 Millionen US-Dollar, hauptsächlich aufgrund von Zinsaufwendungen.
- Total operating revenues increased by 22% to $1.16 billion.
- Operating income rose to $123.7 million from $64.3 million.
- Adjusted Property EBITDA increased to $302.8 million from $267.3 million.
- Net income of $21.4 million, or $0.05 per ADS, compared to a net loss in Q2 2023.
- Debt reduced to $7.22 billion with available liquidity of $3.09 billion.
- Altira Macau generated negative Adjusted EBITDA of $2.0 million.
- City of Dreams Manila's revenue decreased to $109.0 million from $116.4 million.
- City of Dreams Manila Adjusted EBITDA decreased to $40.5 million from $47.0 million.
Insights
Melco's Q2 2024 results show significant improvement, with total operating revenues up 22% year-over-year to
Key highlights include:
- Adjusted Property EBITDA increased
13.3% to$302.8 million - City of Dreams Macau saw a
13.9% revenue increase - Studio City's revenue surged
49.3% with EBITDA nearly doubling
The results indicate a robust recovery in Macau's gaming sector, with Melco capitalizing on increased tourism. However, investors should note the company's high debt level of
Melco's Q2 performance reflects the broader recovery trend in Macau's gaming market. The
The results from City of Dreams Manila and Cyprus operations show mixed performance, indicating uneven recovery across different markets. The Cyprus operation's growth is particularly noteworthy, potentially offering a new growth avenue for Melco.
Looking ahead, investors should monitor:
- Sustainability of Macau's recovery
- Melco's ability to continue gaining market share
- Performance of international operations, especially Cyprus
- Progress on debt reduction efforts
Melco's Q2 results present a compelling investment case, but with caveats. The return to profitability and strong revenue growth are positive indicators, especially in the context of Macau's ongoing recovery. The company's strategic focus on the premium mass segment is yielding results, as seen in the performance of key properties.
However, investors should consider the following:
- High debt level of
$7.22 billion remains a concern, despite recent reductions - Geopolitical risks and regulatory uncertainties in Macau
- Potential for increased competition as the market recovers
The diversification into Cyprus provides some hedge against Macau-specific risks. Overall, Melco's improved performance and market positioning make it an interesting play on the Asian gaming recovery, but investors should weigh the potential rewards against the inherent risks in the sector.
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
Operating income for the second quarter of 2024 was US
Melco generated Adjusted Property EBITDA(1) of US
Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2024 was US
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
City of Dreams Second Quarter Results
For the quarter ended June 30, 2024, total operating revenues at City of Dreams were US
Rolling chip volume was US
Mass market table games drop increased to US
Gaming machine handle for the second quarter of 2024 was US
Total non-gaming revenue at City of Dreams in the second quarter of 2024 was US
Altira Macau Second Quarter Results
Total operating revenues at Altira Macau were US
In the mass market table games segment, drop was US
Gaming machine handle for the second quarter of 2024 was US
Total non-gaming revenue at Altira Macau was US
Mocha and Other Second Quarter Results
Total operating revenues from Mocha and Other were US
Mass market table games drop was US
Gaming machine handle for the second quarter of 2024 was US
Studio City Second Quarter Results
For the quarter ended June 30, 2024, total operating revenues at Studio City were US
Studio City’s rolling chip volume was US
Mass market table games drop increased to US
Gaming machine handle for the second quarter of 2024 was US
Total non-gaming revenue at Studio City in the second quarter of 2024 was US
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2024, 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 decreased to US
Gaming machine handle for the second quarter of 2024 was US
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2024 was US
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
Rolling chip volume was US
Mass market table games drop was US
Gaming machine handle for the second quarter of 2024 was US
Total non-gaming revenue at City of Dreams Mediterranean and Other in the second quarter of 2024 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2024 were US
Depreciation and amortization costs of US
The Adjusted EBITDA for Studio City for the three months ended June 30, 2024 referred to above was US
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2024 aggregated to US
Capital expenditures for the second quarter of 2024 were US
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 | |||||||
| 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 | |||||||||||||||||
| Revenue per available room(5) | $ | 123 | $ | 127 | $ | 124 | $ | 107 | |||||||||
| City of Dreams | |||||||||||||||||
| Average daily rate(4) | $ | 209 | $ | 205 | $ | 207 | $ | 208 | |||||||||
| Occupancy per available room | |||||||||||||||||
| Revenue per available room(5) | $ | 194 | $ | 174 | $ | 194 | $ | 164 | |||||||||
| Studio City | |||||||||||||||||
| Average daily rate(4) | $ | 157 | $ | 153 | $ | 158 | $ | 134 | |||||||||
| Occupancy per available room | |||||||||||||||||
| 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 | |||||||||||||||||
| 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 | |||||||||||||||||
| 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 | ||||||||||||||||
FAQ
What were Melco Resorts' Q2 2024 total operating revenues?
How did MLCO perform in terms of net income in Q2 2024?
What was the Adjusted Property EBITDA for Melco Resorts in Q2 2024?
How much did Melco Resorts reduce its debt by in Q2 2024?
What were the Q2 2024 revenue results for City of Dreams Manila?
