Melco Announces Unaudited Third Quarter 2024 Earnings
Melco Resorts & Entertainment reported strong Q3 2024 financial results with total operating revenues of US$1.18 billion, up 16% from US$1.02 billion in Q3 2023. Operating income increased to US$138.6 million from US$94.7 million year-over-year. The company achieved net income of US$27.3 million compared to a net loss of US$16.3 million in Q3 2023. Adjusted Property EBITDA rose to US$322.5 million from US$280.6 million. The improved performance was driven by recovery in Macau tourism, better gaming segments, and non-gaming operations. The company repurchased approximately 20.7 million ADSs for US$112 million during the quarter.
Melco Resorts & Entertainment ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con entrate operative totali di 1,18 miliardi di dollari USA, in aumento del 16% rispetto a 1,02 miliardi di dollari USA nel terzo trimestre del 2023. Il reddito operativo è aumentato a 138,6 milioni di dollari USA rispetto a 94,7 milioni di dollari USA nell'anno precedente. L'azienda ha registrato un reddito netto di 27,3 milioni di dollari USA rispetto a una perdita netta di 16,3 milioni di dollari USA nel terzo trimestre del 2023. L'EBITDA rettificato degli immobili è salito a 322,5 milioni di dollari USA rispetto a 280,6 milioni di dollari USA. Il miglioramento delle performance è stato guidato dalla ripresa del turismo a Macao, da segmenti di gioco migliori e da operazioni non di gioco. L'azienda ha riacquistato circa 20,7 milioni di ADS per 112 milioni di dollari USA nel corso del trimestre.
Melco Resorts & Entertainment reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos operativos totales de 1.18 mil millones de dólares EE.UU., un aumento del 16% desde 1.02 mil millones de dólares EE.UU. en el tercer trimestre de 2023. El ingreso operativo aumentó a 138.6 millones de dólares EE.UU. desde 94.7 millones de dólares EE.UU. interanualmente. La compañía logró un ingreso neto de 27.3 millones de dólares EE.UU. en comparación con una pérdida neta de 16.3 millones de dólares EE.UU. en el tercer trimestre de 2023. El EBITDA ajustado de la propiedad subió a 322.5 millones de dólares EE.UU. desde 280.6 millones de dólares EE.UU.. El rendimiento mejorado fue impulsado por la recuperación del turismo en Macao, mejores segmentos de juego y operaciones no relacionadas con el juego. La empresa recompró aproximadamente 20.7 millones de ADS por 112 millones de dólares EE.UU. durante el trimestre.
멜코 리조트 앤 엔터테인먼트는 2024년 3분기 강력한 재무 결과를 보고했으며, 총 운영 수익은 11억 8천만 달러로, 2023년 3분기의 10억 2천만 달러에서 16% 증가했습니다. 운영 수익은 전년 대비 9천 460만 달러에서 1억 3천 860만 달러로 증가했습니다. 회사는 2023년 3분기에 1천 630만 달러의 순손실과 비교하여 2천 730만 달러의 순이익을 달성했습니다. 조정된 자산 EBITDA는 2억 3천 250만 달러로 2억 8천 600만 달러에서 증가했습니다. 향상된 성과는 마카오 관광의 회복, 더 나은 게임 분야 및 비게임 운영에 의해 촉진되었습니다. 회사는 분기 동안 약 2천 70만 ADS를 1억 1천 200만 달러에 재매입했습니다.
Melco Resorts & Entertainment a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus d'exploitation totaux de 1,18 milliard USD, en hausse de 16 % par rapport à 1,02 milliard USD au troisième trimestre 2023. Le résultat d'exploitation a augmenté à 138,6 millions USD, contre 94,7 millions USD l'année précédente. L'entreprise a réalisé un bénéfice net de 27,3 millions USD par rapport à une perte nette de 16,3 millions USD au troisième trimestre 2023. L'EBITDA ajusté des propriétés a augmenté à 322,5 millions USD contre 280,6 millions USD. L'amélioration des performances a été soutenue par la reprise du tourisme à Macao, de meilleurs segments de jeu et des opérations non liées aux jeux. L'entreprise a racheté environ 20,7 millions d'ADS pour 112 millions USD au cours du trimestre.
Melco Resorts & Entertainment hat starke Finanzergebnisse für das dritte Quartal 2024 gemeldet, mit einem gesamten Betriebsumsatz von 1,18 Milliarden US-Dollar, was einem Anstieg von 16% gegenüber 1,02 Milliarden US-Dollar im dritten Quartal 2023 entspricht. Das Betriebsergebnis stieg von 94,7 Millionen US-Dollar im Vorjahr auf 138,6 Millionen US-Dollar. Das Unternehmen erzielte einen Nettogewinn von 27,3 Millionen US-Dollar im Vergleich zu einem Nettoverlust von 16,3 Millionen US-Dollar im dritten Quartal 2023. Das bereinigte EBITDA der Immobilien stieg von 280,6 Millionen US-Dollar auf 322,5 Millionen US-Dollar. Die verbesserte Leistung wurde durch die Erholung des Tourismus in Macao, bessere Gaming-Segmente und nicht-spielbezogene Operationen getrieben. Das Unternehmen hat während des Quartals rund 20,7 Millionen ADS für 112 Millionen US-Dollar zurückgekauft.
- Revenue increased 16% YoY to US$1.18 billion
- Operating income grew 46% to US$138.6 million
- Turned net loss into US$27.3 million profit
- Adjusted Property EBITDA improved 15% to US$322.5 million
- Strong liquidity position with US$3 billion available
- City of Dreams Manila EBITDA decreased to US$45.9 million from US$48.7 million YoY
- Altira Macau still generating negative EBITDA of US$1.1 million
- Cyprus operations facing challenges due to regional conflicts
- Total debt remains high at US$7.17 billion
Insights
The Q3 2024 results show significant improvement in MLCO's financial performance. Total operating revenues increased by
Key performance metrics show strong recovery across properties, particularly in Macau. City of Dreams' Adjusted EBITDA grew to
The company's strategic initiatives, including property enhancements and new gaming areas, are driving growth. However, challenges persist in Cyprus due to regional conflicts.
Gaming metrics reveal robust performance across segments. City of Dreams showed strong mass market performance with
The revamped loyalty program and new premium gaming areas demonstrate MLCO's focus on high-value players. While Macau properties show strong recovery, Manila faces competitive pressures but maintains stable performance. The
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
Operating income for the third quarter of 2024 was US
Melco generated Adjusted Property EBITDA(1) of US
Net income attributable to Melco Resorts & Entertainment Limited for the third quarter of 2024 was US
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
Rolling chip volume was US
Mass market table games drop increased to US
Gaming machine handle for the third quarter of 2024 was US
Total non-gaming revenue at City of Dreams in the third quarter of 2024 was US
Altira Macau Third Quarter Results
For the quarter ended September 30, 2024, total operating revenues at Altira Macau were US
In the mass market table games segment, drop was US
Gaming machine handle for the third quarter of 2024 was US
Total non-gaming revenue at Altira Macau in the third quarter of 2024 was US
Mocha and Other Third Quarter Results
Total operating revenues from Mocha and Other were US
Mass market table games drop was US
Gaming machine handle for the third quarter of 2024 was US
Studio City Third Quarter Results
For the quarter ended September 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 third quarter of 2024 was US
Total non-gaming revenue at Studio City in the third quarter of 2024 was US
City of Dreams Manila Third Quarter Results
For the quarter ended September 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 third quarter of 2024 was US
Total non-gaming revenue at City of Dreams Manila was US
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
Rolling chip volume was US
Mass market table games drop was US
Gaming machine handle for the third quarter of 2024 was US
Total non-gaming revenue at City of Dreams Mediterranean and Other in the third quarter of 2024 was US
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2024 were US
Depreciation and amortization costs of US
The Adjusted EBITDA for Studio City for the three months ended September 30, 2024 referred to above was US
Financial Position and Capital Expenditures
Total cash and bank balances as of September 30, 2024 aggregated to US
The Company repurchased approximately 20.7 million ADSs for approximately US
Capital expenditures for the third quarter of 2024 were US
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 | |||||||
| 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 | ||||||||||||||||
FAQ
What was Melco's (MLCO) revenue in Q3 2024?
Did Melco (MLCO) make a profit in Q3 2024?
What was Melco's (MLCO) Adjusted Property EBITDA in Q3 2024?
How much debt does Melco (MLCO) have as of Q3 2024?
