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Chinasoft International Limited — Earnings Release 2021
Jul 27, 2021
49152_rns_2021-07-27_7aeabc4d-cf58-4ead-ba17-0d1d960584d2.pdf
Earnings Release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
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Melco International Development Limited
(Incorporated in Hong Kong with limited liability)
Website : www.melco-group.com (Stock Code : 200)
OVERSEAS REGULATORY ANNOUNCEMENT
(This overseas regulatory announcement is issued pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.)
Melco Resorts & Entertainment Limited, a listed subsidiary of the Company, whose American depositary shares are listed on the Nasdaq Global Select Market in the United States, has released its unaudited financial results for the second quarter ended 30 June 2021 on 27 July 2021. For details, please refer to the attached earnings release.
Hong Kong, 27 July 2021
As at the date of this announcement, the board of directors of the Company comprises three Executive Directors, namely Mr. Ho, Lawrence Yau Lung (Chairman and Chief Executive Officer), Mr. Evan Andrew Winkler (President and Managing Director) and Mr. Chung Yuk Man, Clarence; one Non-executive Director, namely Mr. Ng Ching Wo; and three Independent Non-executive Directors, namely Mr. John William Crawford, Mr. Tsui Che Yin, Frank and Ms. Karuna Evelyne Shinsho.
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Melco Announces Unaudited Second Quarter 2021 Earnings
“ MACAU, July 27, 2021 (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 2021.
Total operating revenues for the second quarter of 2021 were US$566.4 million, representing an increase of approximately 222% from US$175.9 million for the comparable period in 2020. The increase in total operating revenues was primarily attributable to an improved performance in all gaming segments and non-gaming operations as a result of a year-over-year increase in inbound tourism in Macau.
Operating loss for the second quarter of 2021 was US$128.1 million, compared with operating loss of US$370.8 million in the second
quarter of 2020.
Melco generated Adjusted Property EBITDA[(1)] of US$79.1 million in the second quarter of 2021, compared with negative Adjusted Property EBITDA of US$156.3 million in the second quarter of 2020.
Net loss attributable to Melco Resorts & Entertainment Limited for the second quarter of 2021 was US$185.7 million, or US$0.39 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$368.1 million, or US$0.77 per ADS, in the second quarter of 2020. The net loss attributable to noncontrolling interests was US$34.8 million and US$58.7 million during the second quarters of 2021 and 2020, respectively, all of which were related to Studio City, City of Dreams Manila and the Cyprus Operations.
Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “We are pleased to see a progressive recovery in business - levels during the second quarter of 2021 in our integrated resorts, despite the challenges that we have faced as a result of the COVID 19 pandemic and related travel restrictions. Mass and premium mass market players have proven to be the primary drivers of the recovery this quarter and are expected to be going forward as we continue to dedicate our resources toward these segments of the market. We remain optimistic on our Macau market outlook, especially as Macau explores scenarios for more flexible travel with other cities in the Greater Bay Area.
“We applaud the Macau government’s measured approach to reopening the border and schemes to boost the economy and support local jobs. In this regard, we continue to prioritize epidemic prevention measures to keep our colleagues and customers safe, while working collaboratively with small and medium enterprise partners to contribute to Macau’s sustainable development and economic recovery. Through the efforts of the government, we are fortunate that vaccines are readily available. With colleague immunity established as a key company objective to ensure a safe environment for colleagues, guests and the community, Melco is supporting the government’s efforts towards community-wide vaccination. We have earmarked close to MOP 16 million towards a special “Get the Jab” immunity incentive program to encourage our colleagues to become fully vaccinated. To date, almost 65% of our colleagues in Macau and Hong Kong have been vaccinated.
“Melco remains committed to its investment program in Macau and abroad. In Macau, construction on the expansion of Studio City is progressing. In May, the Macau government granted an extension to the development period for the construction of Studio City Phase 2 to December 27, 2022. Studio City Phase 2 will offer approximately 900 additional luxury hotel rooms and suites, one of the world’s largest indoor/outdoor water parks, a Cineplex, fine-dining restaurants and state-of-the-art MICE space. On May 22, 2021, the Studio City Water Park officially opened, welcoming guests to one of the most exciting water adventures in the region. At City of Dreams Macau, our facility upgrade works are ongoing, where we are adding more suites and guestrooms to Morpheus while the Countdown was closed at the end of March 2021 for a full renovation. The newly renovated Nϋwa tower re-opened at the end of March 2021.
“In June and July 2021, Melco Resorts Finance and Studio City Finance successfully listed US$2.25 billion, in aggregate, of senior notes on the Chongwa (Macao) Financial Asset Exchange Co., Limited (“MOX”). Melco is committed to supporting the Macau SAR’s plans to diversify the economy and hope that the listing of these bonds will contribute to the development of Macau’s bond market and financial - platform. These notes were previously listed on the Singapore exchange and are now dual listed on both the Singapore and Macau exchanges.
“In Europe, the development of City of Dreams Mediterranean continues, with a target opening in summer 2022. The project, upon completion, will be Europe’s largest integrated resort with approximately 500 luxury hotel rooms, approximately 10,000 square meters of - MICE space, an outdoor amphitheater, a family adventure park, and a variety of fine dining outlets and luxury retail.
“ - Turning to Japan, we remain committed to bringing a world leading integrated resort there, and continue to pursue opportunities within the market where we remain actively engaged with our partners. COVID continues to present challenges for the country in terms of process timing and travel, but the development of the integrated resorts industry in Japan has continued to move forward. We remain convinced that Japan represents the best potential new gaming market globally and that the quality of our assets and our focus on the premium segment is a great fit for the country’s tourism development. We remain patient and continue to maintain our disciplined approach with respect to all development activities, including in Japan.
“Our sustainability strategy is a key pillar of our operations. Melco published its 2020 Sustainability Report – Above & Beyond in May. We are proud to highlight our progress made towards carbon neutrality, inspirations to our local community, improvements to supply chain sustainability, and reinforcement of high ethical standards.”
City of Dreams Second Quarter Results
For the quarter ended June 30, 2021, total operating revenues at City of Dreams were US$347.6 million, compared to US$105.4 million in the second quarter of 2020. City of Dreams generated Adjusted EBITDA of US$79.5 million in the second quarter of 2021, compared with
negative Adjusted EBITDA of US$70.3 million in the second quarter of 2020. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market table games segment and non-gaming operations.
Rolling chip volume was US$4.55 billion for the second quarter of 2021 versus US$2.03 billion in the second quarter of 2020. The rolling chip win rate was 2.74% in the second quarter of 2021 versus 6.13% in the second quarter of 2020. The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to US$806.8 million in the second quarter of 2021, compared with US$41.4 million in the second quarter of 2020. The mass market table games hold percentage was 32.4% in the second quarter of 2021, compared to 31.5% in the second quarter of 2020.
Gaming machine handle for the second quarter of 2021 was US$494.9 million, compared with US$82.5 million in the second quarter of 2020. The gaming machine win rate was 3.0% in the second quarter of 2021 versus 1.8% in the second quarter of 2020.
Total non-gaming revenue at City of Dreams in the second quarter of 2021 was US$52.2 million, compared with US$12.8 million in the second quarter of 2020.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2021, total operating revenues at Altira Macau were US$18.3 million, compared to US$17.0 million in the second quarter of 2020. Altira Macau generated negative Adjusted EBITDA of US$17.3 million in the second quarter of 2021, compared with negative Adjusted EBITDA of US$19.4 million in the second quarter of 2020.
Rolling chip volume was US$857.3 million in the second quarter of 2021 versus US$367.4 million in the second quarter of 2020. The rolling chip win rate was 1.62% in the second quarter of 2021 versus 6.19% in the second quarter of 2020. The expected rolling chip win rate range is 2.85% - 3.15%.
In the mass market table games segment, drop was US$43.7 million in the second quarter of 2021 versus US$14.5 million in the second quarter of 2020. The mass market table games hold percentage was 26.9% in the second quarter of 2021, compared with 11.3% in the second quarter of 2020.
Gaming machine handle for the second quarter of 2021 was US$50.2 million, compared with US$43.4 million in the second quarter of 2020. The gaming machine win rate was 4.1% in the second quarter of 2021 versus 3.5% in the second quarter of 2020.
Total non-gaming revenue at Altira Macau in the second quarter of 2021 was US$3.0 million, compared with US$1.4 million in the second quarter of 2020.
Mocha Clubs Second Quarter Results
Total operating revenues from Mocha Clubs were US$24.1 million in the second quarter of 2021, compared to US$23.2 million in the second quarter of 2020. Mocha Clubs generated Adjusted EBITDA of US$5.6 million in the second quarter of 2021, compared with Adjusted EBITDA of US$4.4 million in the same period in 2020.
Gaming machine handle for the second quarter of 2021 was US$551.8 million, compared with US$496.2 million in the second quarter of 2020. The gaming machine win rate was 4.4% in the second quarter of 2021 versus 4.7% in the second quarter of 2020.
Studio City Second Quarter Results
For the quarter ended June 30, 2021, total operating revenues at Studio City were US$104.5 million, compared to US$10.9 million in the second quarter of 2020. Studio City generated negative Adjusted EBITDA of US$1.2 million in the second quarter of 2021, compared with negative Adjusted EBITDA of US$42.3 million in the second quarter of 2020. The year-over-year change in Adjusted EBITDA was primarily a - result of better performance in all gaming segments and non gaming operations.
Studio City’s rolling chip volume was US$386.1 million in the second quarter of 2021 versus US$232.1 million in the second quarter of 2020. The rolling chip win rate was 4.01% in the second quarter of 2021 versus 0.17% in the second quarter of 2020. The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to US$319.7 million in the second quarter of 2021, compared with US$20.1 million in the second quarter of 2020. The mass market table games hold percentage was 25.8% in the second quarter of 2021, compared to 22.2% in the second quarter of 2020.
Gaming machine handle for the second quarter of 2021 was US$299.4 million, compared with US$67.6 million in the second quarter of 2020. The gaming machine win rate was 2.7% in both the second quarters of 2021 and 2020.
Total non-gaming revenue at Studio City in the second quarter of 2021 was US$22.0 million, compared with US$7.6 million in the second quarter of 2020.
City of Dreams Manila Second Quarter Results
For the quarter ended June 30, 2021, total operating revenues at City of Dreams Manila were US$52.7 million, compared to US$7.2 million in the second quarter of 2020. City of Dreams Manila generated Adjusted EBITDA of US$13.3 million in the second quarter of 2021, compared with negative Adjusted EBITDA of US$22.6 million in the comparable period of 2020. The year-over-year increase in Adjusted - EBITDA was primarily due to increased business volumes as a result of the shorter government mandated casino closure period in the second quarter of 2021.
City of Dreams Manila’s rolling chip volume was US$271.7 million in the second quarter of 2021 versus US$147.2 million in the second quarter of 2020. The rolling chip win rate was 5.37% in the second quarter of 2021 versus 3.38% in the second quarter of 2020. The expected rolling chip win rate range is 2.85% - 3.15%.
Mass market table games drop increased to US$69.3 million in the second quarter of 2021, compared with US$7.5 million in the second quarter of 2020. The mass market table games hold percentage was 30.2% in the second quarter of 2021, compared to 24.3% in the second quarter of 2020.
Gaming machine handle for the second quarter of 2021 was US$401.0 million, compared with US$30.4 million in the second quarter of 2020. The gaming machine win rate was 5.5% in the second quarter of 2021 versus 6.6% in the second quarter of 2020.
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2021 was US$6.9 million, compared with US$1.4 million in the
second quarter of 2020.
Cyprus Operations Second Quarter Results
The Company is licensed to operate a temporary casino, the first casino in the Republic of Cyprus, and four satellite casinos. The - temporary casino and three satellite casinos resumed operations in mid May under limited capacities following government restrictions and guidelines. 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.
For the quarter ended June 30, 2021, total operating revenues at Cyprus Casinos were US$10.0 million, compared to US$3.5 million in the second quarter of 2020. Cyprus Casinos generated negative Adjusted EBITDA of US$0.8 million in the second quarter of 2021, compared with negative Adjusted EBITDA of US$6.0 million in the second quarter of 2020.
Rolling chip volume was US$1.5 million and the rolling chip win rate was negative 4.40% in the second quarter of 2021. The expected rolling chip win rate range is 2.85% - 3.15%. No rolling chip gross gaming revenue was generated in the second quarter 2020.
Mass market table games drop was US$14.4 million in the second quarter of 2021, compared with US$4.1 million in the second quarter of 2020. The mass market table games hold percentage was 15.6% in the second quarter of 2021, compared to 11.1% in the second quarter of 2020.
Gaming machine handle for the second quarter of 2021 was US$161.0 million, compared with US$57.2 million in the second quarter of 2020. The gaming machine win rate was 4.9% in the second quarter of 2021 versus 5.2% in the second quarter of 2020.
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2021 were US$92.1 million, which mainly included interest expenses of US$87.1 million, net of amounts capitalized.
Depreciation and amortization costs of US$146.9 million were recorded in the second quarter of 2021, of which US$14.3 million related to the amortization expense for our gaming subconcession and US$5.7 million related to the amortization expense for the land use rights.
The negative Adjusted EBITDA for Studio City for the three months ended June 30, 2021 referred to above was US$8.3 million less than the negative Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated July 27, 2021 (the “Studio City earnings release”). The Adjusted EBITDA of Studio City contained in the Studio City earnings release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in this press release does not reflect certain intercompany costs related to the table games operations at Studio City Casino.
Financial Position and Capital Expenditures
Total cash and bank balances as of June 30, 2021 aggregated to US$1.81 billion, including US$298.7 million of bank deposits with original maturities over three months and US$0.4 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$6.16 billion at the end of the second quarter of 2021.
Capital expenditures for the second quarter of 2021 were US$153.0 million, which primarily related to various construction projects at City of Dreams, Studio City Phase 2 and City of Dreams Mediterranean.
Recent Developments
The COVID-19 outbreak continues to have a material effect on our operations, financial position, and prospects during the third quarter of 2021.
Our operations in Macau continue to be impacted by travel bans, restrictions, and quarantine requirements imposed by the governments in Macau, Hong Kong and China, despite the nationwide resumption of issuance of Individual Visit Scheme visas by China in September 2020. Such bans, restrictions and requirements have been, and may continue to be, modified by the relevant authorities from time to time as COVID-19 developments unfold. Additionally, health-related precautionary measures remain in place at our properties in Macau, which could continue to impact visitation and customer spending. We have experienced improvements in our business in Macau during the second quarter, especially due to strong visitation during the May Golden Week holidays. Notwithstanding the resurgence of COVID-19 cases in the Guangdong province in June, which led to tightened travel restrictions for Chinese visitors, visitation has normalized in July month to date.
In the Philippines, City of Dreams Manila remained closed from March 29 to April 30, 2021, under the government imposed enhanced community quarantine measures over Metro Manila and adjacent provinces. On May 1, 2021, City of Dreams Manila reopened operations with limited gaming capacity at 50% while hotels could take guests only on a complimentary basis. As of July 26, 2021, gaming capacity - has been limited to 40% as part of the government's further quarantine measures while hotels have been allowed to accept Philippine resident paying guests under the government's "staycation" program.
In Cyprus, our casinos were closed from January 1 to May 16, 2021 due to a government mandated lockdown. Our Cyprus casinos resumed operations on May 17, 2021, for the first time in 2021, at limited capacities (which have progressively increased) after the Cyprus government relaxed COVID-19 restrictions.
Construction at both Studio City Phase 2 and City of Dreams Mediterranean has been impacted by the COVID-19 outbreak. The Macau government has granted an extension of the development period from May 31, 2022 to December 27, 2022, and we currently expect to complete construction within the period.
- The pace of recovery from COVID 19 related disruptions continues to depend on various future events, such as the successful production, - distribution and widespread acceptance of safe and effective vaccines, the development of effective treatments for COVID 19, including for new strains of COVID-19, the duration of travel and visa restrictions as well as customer sentiment and behavior, together with the length of - time before customers resume traveling and participating in entertainment and leisure activities at high density venues and the impact of potential higher unemployment rates, declines in income levels and loss of personal wealth resulting from the COVID-19 outbreak on consumer behavior related to discretionary spending and traveling, all of which remain highly uncertain.
Conference Call Information
Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2021 financial results on Tuesday, July 27, 2021 at 8:30 a.m. Eastern Time (or 8:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below:
| US Toll Free | 1 844 760 0770 |
|---|---|
| US Toll / International | 1 347 549 4094 |
| HK Toll | 852 3018 8307 |
| HK Toll Free | 800 906 613 |
| Japan Toll | 81 3 4503 6004 |
| Japan Toll Free | 012 092 5482 |
| UK Toll Free | 080 0051 4241 |
| Australia Toll | 61 290 833 216 |
| Australia Toll Free | 1 800 754 642 |
| Philippines Toll Free | 1 800 1612 0312 |
| Passcode | 3969836 |
An audio webcast will also be available at http://www.melco-resorts.com.
To access the replay, please use the dial-in details below:
| US Toll Free | 1 855 452 5696 |
|---|---|
| US Toll / International | 1 646 254 3697 |
| HK Toll | 852 3051 2780 |
| HK Toll Free | 800 963 117 |
| Japan Toll | 81 3 4580 6717 |
| Japan Toll Free | 012 095 9034 |
| Philippines Toll Free | 1 800 1612 0166 |
| Conference ID | 3969836 |
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 global pandemic of COVID 19, caused by a novel strain of the coronavirus, and the continued impact of its consequences on our business, our industry and the global economy, (ii) growth of the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (iii) capital and credit market volatility, (iv) local and global economic conditions, (v) our anticipated growth strategies, (vi) gaming authority and other governmental approvals and regulations, and (vii) 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 -
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charges and other, share based compensation, payments to the Philippine Parties, land rent to Belle Corporation, Corporate -
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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 compensates for these limitations by using 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, loss on extinguishment of debt and costs associated with debt modification, 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 strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially 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: Robin Yuen Director, Investor Relations Tel: +852 2598 3619 Email: [email protected]
For media enquiries, please contact: Chimmy Leung Executive Director, Corporate Communications Tel: +852 3151 3765 Email: [email protected]
Melco Resorts & Entertainment Limited and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (In thousands of U.S. dollars, except share and per share data)
| Operating revenues: Casino Rooms Food and beverage Entertainment, retail and other Total operating revenues Operating costs and expenses: Casino Rooms Food and beverage Entertainment, retail and other General and administrative Payments to the Philippine Parties Pre-opening costs Development costs Amortization of gaming subconcession Amortization of land use rights Depreciation and amortization Property charges and other Total operating costs and expenses Operating loss Non-operating income (expenses): Interest income Interest expenses, net of amounts capitalized Other financing costs Foreign exchange (losses) gains, net Other income (expenses), net Loss on extinguishment of debt Costs associated with debt modification Total non-operating expenses, net Loss before income tax Income tax (expense) credit Net loss Net loss attributable to noncontrolling interests Net loss attributable to Melco Resorts & Entertainment Limited Net loss attributable to Melco Resorts & Entertainment Limited per share: Basic Diluted Net loss attributable to Melco Resorts & Entertainment Limited per ADS: |
Three Months Ended June 30, 2021 2020 $ 478,638 $ 147,584 39,727 7,223 25,444 5,719 22,631 15,324 566,440 175,850 (369,826) (215,789) (12,839) (8,383) (23,686) (15,430) (8,294) (15,213) (106,230) (113,932) (6,468) 2,771 (1,127) (226) (3,812) (6,372) (14,341) (14,363) (5,717) (5,726) (126,889) (135,085) (15,268) (18,892) (694,497) (546,640) (128,057) (370,790) 1,556 1,153 (87,067) (80,269) (3,993) (1,929) (3,590) (2,907) 958 27,590 - (1,236) - (310) (92,136) (57,908) (220,193) (428,698) (327) 1,886 (220,520) (426,812) 34,835 58,683 $ (185,685) $ (368,129) $ (0.129) $ (0.257) $ (0.129) $ (0.257) |
Three Months Ended June 30, 2021 2020 $ 478,638 $ 147,584 39,727 7,223 25,444 5,719 22,631 15,324 566,440 175,850 (369,826) (215,789) (12,839) (8,383) (23,686) (15,430) (8,294) (15,213) (106,230) (113,932) (6,468) 2,771 (1,127) (226) (3,812) (6,372) (14,341) (14,363) (5,717) (5,726) (126,889) (135,085) (15,268) (18,892) (694,497) (546,640) (128,057) (370,790) 1,556 1,153 (87,067) (80,269) (3,993) (1,929) (3,590) (2,907) 958 27,590 - (1,236) - (310) (92,136) (57,908) (220,193) (428,698) (327) 1,886 (220,520) (426,812) 34,835 58,683 $ (185,685) $ (368,129) $ (0.129) $ (0.257) $ (0.129) $ (0.257) |
Six Months Ended June 30, 2021 2020 $ 912,434 $ 860,139 79,407 52,044 51,495 34,662 42,026 40,180 1,085,362 987,025 (736,755) (779,630) (25,678) (26,324) (47,808) (47,660) (15,998) (35,537) (214,390) (245,229) (17,093) (4,935) (2,124) (621) (7,331) (19,802) (28,683) (28,686) (11,434) (11,435) (247,929) (277,318) (20,992) (30,564) (1,376,215) (1,507,741) (290,853) (520,716) 3,581 2,295 (177,709) (158,424) (6,480) (3,173) 1,609 (6,218) 1,631 (151,807) (28,817) (1,236) - (310) (206,185) (318,873) (497,038) (839,589) (991) 6,726 (498,029) (832,863) 79,436 100,686 $ (418,593) $ (732,177) $ (0.292) $ (0.511) $ (0.292) $ (0.511) |
Six Months Ended June 30, 2021 2020 $ 912,434 $ 860,139 79,407 52,044 51,495 34,662 42,026 40,180 1,085,362 987,025 (736,755) (779,630) (25,678) (26,324) (47,808) (47,660) (15,998) (35,537) (214,390) (245,229) (17,093) (4,935) (2,124) (621) (7,331) (19,802) (28,683) (28,686) (11,434) (11,435) (247,929) (277,318) (20,992) (30,564) (1,376,215) (1,507,741) (290,853) (520,716) 3,581 2,295 (177,709) (158,424) (6,480) (3,173) 1,609 (6,218) 1,631 (151,807) (28,817) (1,236) - (310) (206,185) (318,873) (497,038) (839,589) (991) 6,726 (498,029) (832,863) 79,436 100,686 $ (418,593) $ (732,177) $ (0.292) $ (0.511) $ (0.292) $ (0.511) |
|---|---|---|---|---|
| $ 478,638 39,727 25,444 22,631 |
$ 147,584 7,223 5,719 15,324 |
$ 912,434 79,407 51,495 42,026 |
$ 860,139 52,044 34,662 40,180 |
|
| 566,440 | 175,850 | 1,085,362 | 987,025 | |
| (369,826) (12,839) (23,686) (8,294) (106,230) (6,468) (1,127) (3,812) (14,341) (5,717) (126,889) (15,268) |
(215,789) (8,383) (15,430) (15,213) (113,932) 2,771 (226) (6,372) (14,363) (5,726) (135,085) (18,892) |
(736,755) (25,678) (47,808) (15,998) (214,390) (17,093) (2,124) (7,331) (28,683) (11,434) (247,929) (20,992) |
(779,630) (26,324) (47,660) (35,537) (245,229) (4,935) (621) (19,802) (28,686) (11,435) (277,318) (30,564) |
|
| (694,497) | (546,640) | (1,376,215) | (1,507,741) | |
| (128,057) | (370,790) | (290,853) | (520,716) | |
| 1,556 (87,067) (3,993) (3,590) 958 - - |
1,153 (80,269) (1,929) (2,907) 27,590 (1,236) (310) |
3,581 (177,709) (6,480) 1,609 1,631 (28,817) - |
2,295 (158,424) (3,173) (6,218) (151,807) (1,236) (310) |
|
| (92,136) | (57,908) | (206,185) | (318,873) | |
| (220,193) (327) |
(428,698) 1,886 |
(497,038) (991) |
(839,589) 6,726 |
|
| (220,520) 34,835 |
(426,812) 58,683 |
(498,029) 79,436 |
(832,863) 100,686 |
|
| $ (185,685) | $ (368,129) | $ (418,593) | $ (732,177) | |
| $ (0.129) | $ (0.257) | $ (0.292) | $ (0.511) | |
| $ (0.129) | $ (0.257) | $ (0.292) | $ (0.511) | |
| Basic Diluted Weighted average shares outstanding used in net loss attributable to Melco Resorts & Entertainment Limited per share calculation: Basic Diluted |
$ (0.387) | $ (0.772) | $ (0.875) | $ (1.533) |
|---|---|---|---|---|
| $ (0.387) | $ (0.772) | $ (0.875) | $ (1.533) | |
| 1,437,822,956 | 1,430,748,936 | 1,435,071,657 | 1,433,255,599 | |
| 1,437,822,956 | 1,430,748,936 | 1,435,071,657 | 1,433,255,599 |
Melco Resorts & Entertainment Limited and Subsidiaries Condensed Consolidated Balance Sheets (In thousands of U.S. dollars, except share and per share data)
| ASSETS Current assets: Cash and cash equivalents Bank deposits with original maturities over three months Restricted cash Accounts receivable, net Amounts due from affiliated companies Inventories Prepaid expenses and other current assets Assets held for sales Total current assets Property and equipment, net Gaming subconcession, net Intangible assets, net Goodwill Long-term prepayments, deposits and other assets Restricted cash Deferred tax assets, net Operating lease right-of-use assets Land use rights, net Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other current liabilities Income tax payable Operating lease liabilities, current Finance lease liabilities, current Current portion of long-term debt, net Amounts due to affiliated companies Total current liabilities Long-term debt, net Other long-term liabilities Deferred tax liabilities, net Operating lease liabilities, non-current Finance lease liabilities, non-current Total liabilities |
June 30, 2021 (Unaudited) $ 1,512,385 298,666 274 76,849 287 36,675 108,051 3,373 2,036,560 5,768,686 55,870 55,500 82,095 236,158 131 6,593 81,930 709,190 $ 9,032,713 |
December 31, 2020 |
|---|---|---|
| $ 1,755,351 - 13 129,619 765 37,277 85,798 - |
||
| 2,008,823 | ||
| 5,681,268 84,663 58,833 82,203 284,608 406 6,376 92,213 721,574 |
||
| $ 9,020,967 | ||
| $ 9,671 920,353 12,548 26,779 33,604 129 1,491 1,004,575 6,155,577 37,621 46,044 66,743 374,104 7,684,664 |
$ 9,483 983,865 14,164 27,066 80,004 - 1,668 |
|
| 1,116,250 | ||
| 5,645,391 29,213 45,952 75,867 270,223 |
||
| 7,182,896 |
| Shareholders' equity: Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,456,547,942 and 1,456,547,942 shares issued; 1,437,950,665 and 1,430,965,312 shares outstanding, respectively Treasury shares, at cost; 18,597,277 and 25,582,630 shares, respectively Additional paid-in capital Accumulated other comprehensive losses Accumulated losses Total Melco Resorts & Entertainment Limited shareholders’equity Noncontrolling interests Total shareholders' equity Total liabilities and shareholders' equity |
14,565 (88,106) 3,209,461 (32,610) (2,405,989) 697,321 650,728 1,348,049 $ 9,032,713 |
14,565 (121,028) 3,207,312 (11,332) (1,987,396) |
|---|---|---|
| 1,102,121 735,950 |
||
| 1,838,071 | ||
| $ 9,020,967 |
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)
| Net loss attributable to Melco Resorts & Entertainment Limited Pre-opening costs Development costs Property charges and other Loss on extinguishment of debt Costs associated with debt modification Income tax impact on adjustments Noncontrolling interests impact on adjustments Adjusted net loss attributable to Melco Resorts & Entertainment Limited Adjusted net loss attributable to Melco Resorts & Entertainment Limited per share: Basic Diluted Adjusted net loss attributable to Melco Resorts & Entertainment Limited per ADS: Basic Diluted Weighted average shares outstanding used in adjusted net loss attributable to Melco Resorts & Entertainment Limited per share calculation: Basic Diluted |
Three Months Ended June 30, 2021 2020 $ (185,685) $ (368,129) 1,127 226 3,812 6,372 15,268 18,892 - 1,236 - 310 (688) (1,491) (2,296) (129) $ (168,462) $ (342,713) $ (0.117) $ (0.240) $ (0.117) $ (0.240) $ (0.351) $ (0.719) $ (0.351) $ (0.719) 1,437,822,956 1,430,748,936 1,437,822,956 1,430,748,936 |
Three Months Ended June 30, 2021 2020 $ (185,685) $ (368,129) 1,127 226 3,812 6,372 15,268 18,892 - 1,236 - 310 (688) (1,491) (2,296) (129) $ (168,462) $ (342,713) $ (0.117) $ (0.240) $ (0.117) $ (0.240) $ (0.351) $ (0.719) $ (0.351) $ (0.719) 1,437,822,956 1,430,748,936 1,437,822,956 1,430,748,936 |
Six Months Ended June 30, 2021 2020 $ (418,593) $ (732,177) 2,124 621 7,331 19,802 20,992 30,564 28,817 1,236 - 310 (1,394) (3,823) (15,745) (2,356) $ (376,468) $ (685,823) $ (0.262) $ (0.479) $ (0.262) $ (0.479) $ (0.787) $ (1.436) $ (0.787) $ (1.436) 1,435,071,657 1,433,255,599 1,435,071,657 1,433,255,599 |
Six Months Ended June 30, 2021 2020 $ (418,593) $ (732,177) 2,124 621 7,331 19,802 20,992 30,564 28,817 1,236 - 310 (1,394) (3,823) (15,745) (2,356) $ (376,468) $ (685,823) $ (0.262) $ (0.479) $ (0.262) $ (0.479) $ (0.787) $ (1.436) $ (0.787) $ (1.436) 1,435,071,657 1,433,255,599 1,435,071,657 1,433,255,599 |
|---|---|---|---|---|
| $ (185,685) 1,127 3,812 15,268 - - (688) (2,296) |
$ (368,129) 226 6,372 18,892 1,236 310 (1,491) (129) |
$ (418,593) 2,124 7,331 20,992 28,817 - (1,394) (15,745) |
$ (732,177) 621 19,802 30,564 1,236 310 (3,823) (2,356) |
|
| $ (168,462) | $ (342,713) | $ (376,468) | $ (685,823) | |
| $ (0.117) | $ (0.240) | $ (0.262) | $ (0.479) | |
| $ (0.117) | $ (0.240) | $ (0.262) | $ (0.479) | |
| $ (0.351) | $ (0.719) | $ (0.787) | $ (1.436) | |
| $ (0.351) | $ (0.719) | $ (0.787) | $ (1.436) | |
| 1,437,822,956 | 1,430,748,936 | 1,435,071,657 | 1,433,255,599 | |
| 1,437,822,956 | 1,430,748,936 | 1,435,071,657 | 1,433,255,599 |
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 June 30, 2021
| Operating (loss) income Payments to the Philippine Parties Land rent to Belle Corporation Pre-opening costs Development costs Depreciation and amortization Share-based compensation Property charges and other Adjusted EBITDA Corporate and Other expenses Adjusted Property EBITDA Operating (loss) income Payments to the Philippine Parties Land rent to Belle Corporation Pre-opening costs Development costs Depreciation and amortization Share-based compensation Property charges and other Adjusted EBITDA Corporate and Other expenses Adjusted Property EBITDA |
Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total |
|---|---|---|---|---|---|---|---|---|
| $(24,659) - - - - 5,501 133 1,687 |
$ 3,782 - - - - 1,592 37 171 |
$ 5,097 - - 2 - 64,116 2,052 8,259 |
$(40,021) - - 490 - 33,949 485 3,925 |
$(12,417) 6,468 702 - - 16,953 315 1,229 |
$ (4,649) - - 635 - 3,174 43 - |
$ (55,190) - - - 3,812 21,662 9,305 (3) |
$(128,057) 6,468 702 1,127 3,812 146,947 12,370 15,268 |
|
| (17,338) - |
5,582 - |
79,526 - |
(1,172) - |
13,250 - |
(797) - |
(20,414) 20,414 |
58,637 20,414 |
|
| $(17,338) | $ 5,582 | $ 79,526 | $ (1,172) | $ 13,250 | $ (797) | $ - | $ 79,051 | |
| Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total |
|
| $(25,382) - - - - 5,269 111 564 |
$ 2,543 - - - - 1,833 36 - |
$(141,229) - - (50) - 63,159 1,391 6,387 |
$(86,621) - - 28 - 43,811 539 (99) |
$(37,539) (2,771) 785 - - 16,354 408 203 |
$ (9,213) - - 248 - 2,821 22 132 |
$ (73,349) - - - 6,372 21,927 9,969 11,705 |
$(370,790) (2,771) 785 226 6,372 155,174 12,476 18,892 |
|
| (19,438) - |
4,412 - |
(70,342) - |
(42,342) - |
(22,560) - |
(5,990) - |
(23,376) 23,376 |
(179,636) 23,376 |
|
| $(19,438) | $ 4,412 | $ (70,342) | $(42,342) | $(22,560) | $ (5,990) | $ - | $(156,260) |
Melco Resorts & Entertainment Limited and Subsidiaries Reconciliation of Operating Loss to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited) (In thousands of U.S. dollars)
| Operating (loss) income Payments to the Philippine Parties Land rent to Belle Corporation Pre-opening costs Development costs Depreciation and amortization Share-based compensation Property charges and other Adjusted EBITDA Corporate and Other expenses Adjusted Property EBITDA |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||
|---|---|---|---|---|---|---|---|---|
| Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total |
|
| $(59,883) - - - - 10,976 253 1,758 |
$3,945 - - - - 3,221 72 188 |
$ (16,482) - - 195 - 123,394 2,910 9,557 |
$ (79,362) - - 733 - 67,566 837 3,865 |
$(15,664) 17,093 1,507 - - 33,343 781 5,602 |
$ (14,916) - - 1,196 - 6,381 112 - |
$(108,491) - - - 7,331 43,165 17,422 22 |
$(290,853) 17,093 1,507 2,124 7,331 288,046 22,387 20,992 |
|
| (46,896) - |
7,426 - |
119,574 - |
(6,361) - |
42,662 - |
(7,227) - |
(40,551) 40,551 |
68,627 40,551 |
|
| $(46,896) | $7,426 | $ 119,574 | $ (6,361) | $ 42,662 | $ (7,227) | $ - | $ 109,178 |
Operating (loss) income Payments to the Philippine Parties Land rent to Belle Corporation Pre-opening costs Development costs Depreciation and amortization Share-based compensation Property charges and other Adjusted EBITDA Corporate and Other expenses Adjusted Property EBITDA |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||
|---|---|---|---|---|---|---|---|---|
| Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Cyprus Operations |
Corporate and Other |
Total |
|
| $(40,082) - - 37 - 10,679 226 636 |
$ 852 - - - - 3,609 5 26 |
$(148,106) - - (50) - 126,510 2,448 9,808 |
$(143,731) - - 56 - 86,644 932 4,343 |
$(33,251) 4,935 1,562 - - 32,820 726 203 |
$ (9,255) - - 578 - 5,658 101 132 |
$(147,143) - - - 19,802 51,519 16,646 15,416 |
$(520,716) 4,935 1,562 621 19,802 317,439 21,084 30,564 |
|
| (28,504) - |
4,492 - |
(9,390) - |
(51,756) - |
6,995 - |
(2,786) - |
(43,760) 43,760 |
(124,709) 43,760 |
|
| $(28,504) | $4,492 | $ (9,390) | $ (51,756) | $ 6,995 | $ (2,786) | $ - | $ (80,949) |
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)
| Net loss attributable to Melco Resorts & Entertainment Limited Net loss attributable to noncontrolling interests Net loss Income tax expense (credit) Interest and other non-operating expenses, net Property charges and other Share-based compensation Depreciation and amortization Development costs Pre-opening costs Land rent to Belle Corporation Payments to the Philippine Parties Adjusted EBITDA Corporate and Other expenses Adjusted Property EBITDA |
Three Months Ended June 30, 2021 2020 $ (185,685) $ (368,129) (34,835) (58,683) (220,520) (426,812) 327 (1,886) 92,136 57,908 15,268 18,892 12,370 12,476 146,947 155,174 3,812 6,372 1,127 226 702 785 6,468 (2,771) 58,637 (179,636) 20,414 23,376 $ 79,051 $ (156,260) |
Six Months Ended June 30, 2021 2020 $ (418,593) $ (732,177) (79,436) (100,686) (498,029) (832,863) 991 (6,726) 206,185 318,873 20,992 30,564 22,387 21,084 288,046 317,439 7,331 19,802 2,124 621 1,507 1,562 17,093 4,935 68,627 (124,709) 40,551 43,760 $ 109,178 $ (80,949) |
Six Months Ended June 30, 2021 2020 $ (418,593) $ (732,177) (79,436) (100,686) (498,029) (832,863) 991 (6,726) 206,185 318,873 20,992 30,564 22,387 21,084 288,046 317,439 7,331 19,802 2,124 621 1,507 1,562 17,093 4,935 68,627 (124,709) 40,551 43,760 $ 109,178 $ (80,949) |
|---|---|---|---|
| $ (732,177) (100,686) |
|||
| (832,863) (6,726) 318,873 30,564 21,084 317,439 19,802 621 1,562 4,935 |
|||
| (124,709) 43,760 |
|||
| $ (80,949) |
Melco Resorts & Entertainment Limited and Subsidiaries Supplemental Data Schedule
| Room Statistics(3): Altira Macau Average daily rate(4) Occupancy per available room Revenue per available room(5) |
Three Months Ended June 30, 2021 2020 $ 105 $ 165 60% 21% $ 63 $ 35 |
Six Months Ended June 30, 2021 2020 $ 113 $ 176 53% 39% $ 59 $ 69 |
Six Months Ended June 30, 2021 2020 $ 113 $ 176 53% 39% $ 59 $ 69 |
|---|---|---|---|
| $ 176 39% $ 69 |
City of Dreams |
||||||||
|---|---|---|---|---|---|---|---|---|
| Average daily rate(4) | $ | 206 |
$ | 279 | $ | 201 |
$ | 236 |
| Occupancy per available room | 63% | 6% | 60% | 28% | ||||
| Revenue per available room(5) | $ | 129 |
$ | 18 | $ | 121 |
$ | 66 |
| Studio City | ||||||||
| Average daily rate(4) | $ | 121 |
$ | 160 | $ | 121 |
$ | 139 |
| Occupancy per available room | 61% | 5% | 55% | 24% | ||||
| Revenue per available room(5) | $ | 74 |
$ | 8 | $ | 67 |
$ | 34 |
| City of Dreams Manila | ||||||||
| Average daily rate(4) | $ | 73 |
$ | 314 | $ | 108 |
$ | 204 |
| Occupancy per available room | 63% | 26% | 67% | 85% | ||||
| Revenue per available room(5) | $ | 46 |
$ | 81 | $ | 72 |
$ | 174 |
| Other Information(6): | ||||||||
| Altira Macau | ||||||||
| Average number of table games | 102 | 101 | 102 | 94 | ||||
| Average number of gaming machines | 115 | 91 | 114 | 114 | ||||
| Table games win per unit per day(7) | $ | 2,765 |
$ | 2,654 | $ | 2,878 |
$ | 6,881 |
| Gaming machines win per unit per day(8) | $ | 200 |
$ | 186 | $ | 214 |
$ | 133 |
| City of Dreams | ||||||||
| Average number of table games | 511 | 515 | 510 | 475 | ||||
| Average number of gaming machines | 492 | 398 | 500 | 473 | ||||
| Table games win per unit per day(7) | $ | 8,306 |
$ | 2,936 | $ | 7,761 |
$ | 8,594 |
| Gaming machines win per unit per day(8) | $ | 331 |
$ | 40 | $ | 349 |
$ | 268 |
| Studio City | ||||||||
| Average number of table games | 291 | 291 | 291 | 273 | ||||
| Average number of gaming machines | 609 | 419 | 606 | 570 | ||||
| Table games win per unit per day(7) | $ | 3,709 |
$ | 183 | $ | 3,593 |
$ | 3,086 |
| Gaming machines win per unit per day(8) | $ | 145 |
$ | 48 | $ | 137 |
$ | 124 |
| City of Dreams Manila | ||||||||
| Average number of table games | 298 | 301 | 296 | 299 | ||||
| Average number of gaming machines | 2,248 | 2,273 | 2,197 | 2,289 | ||||
| Table games win per unit per day(7) | $ | 1,954 |
$ | 1,506 | $ | 2,026 |
$ | 3,795 |
| Gaming machines win per unit per day(8) | $ | 161 |
$ | 59 | $ | 168 |
$ | 183 |
| Cyprus Operations | ||||||||
| Average number of table games | 32 | 25 | 32 | 35 | ||||
| Average number of gaming machines | 405 | 281 | 405 | 419 | ||||
| Table games win per unit per day(7) | $ | 1,513 |
$ | 1,008 | $ | 1,513 |
$ | 1,800 |
| Gaming machines win per unit per day(8) | $ | 433 |
$ | 594 | $ | 433 |
$ | 423 |
(3) Room statistics exclude rooms that were temporarily closed or provided to staff members due to the COVID-19 outbreak
-
(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 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
-
(7) Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including our pointloyalty 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