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Net revenue for the fourth quarter of 2017 was
Operating income for the fourth quarter of 2017 was
Adjusted property EBITDA(1) was
Net income attributable to
Mr.
“Mass and Premium Mass gaming should remain the primary drivers of Macau’s future growth, which is consistent with our long-held vision for the evolution of the market. Our first mover advantage and our strong determination to offer the best integrated resort experience have enabled City of Dreams to remain a leader in Macau’s premium mass gaming market, despite multiple new resorts opening. To further solidify our leadership position in this important market segment, we have executed on an extensive upgrade to our flagship property, City of Dreams, which includes the announced launch of the
“At Studio City, we are embarking on a series of property upgrades to refine the entertainment offerings and improve accessibility into the resort, which we believe will facilitate the continuing ramp up that Studio City has experienced over the past several quarters. We will also continue to explore the phase 2 expansion of Studio City which we believe will augment the existing room inventory and entertainment offerings and contribute to the continued growth and development of this property.
“In The Philippines, City of Dreams Manila delivered another strong quarter with all gaming segments continuing to enjoy robust year-on-year growth, despite new supply within Entertainment City.
“Aiming at optimizing our operating excellence, we have announced the redeployment of our senior operating management with
“The board has, after evaluating the company’s current liquidity position and future expected capital needs, decided to increase the quarterly cash dividend by 50% to
“Lastly,
City of Dreams Fourth Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the fourth quarter of 2017 was
Total non-gaming revenue at City of Dreams in the fourth quarter of 2017 was
Altira Macau Fourth Quarter Results
For the quarter ended
Rolling chip volume totaled
In the mass market table games segment, drop totaled
Gaming machine handle for the fourth quarter of 2017 was
Total non-gaming revenue at Altira Macau in the fourth quarter of 2017 was
Mocha Clubs Fourth Quarter Results
Net revenue from
Gaming machine handle for the fourth quarter of 2017 was
Studio City Fourth Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the fourth quarter of 2017 was
Total non-gaming revenue at Studio City in the fourth quarter of 2017 was
City of Dreams Manila Fourth Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the fourth quarter of 2017 was
Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2017 was
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth quarter of 2017 were
The year-on-year decrease of
Depreciation and amortization costs of
Financial Position and Capital Expenditure
Total cash and bank balances as of
Capital expenditures for the fourth quarter of 2017 were
Full Year Results
For the year ended
Operating income for 2017 was
Adjusted property EBITDA for the year ended
Net income attributable to
Amendment of Dividend Policy
To reaffirm Melco’s commitment to returning surplus capital to shareholders, our Board, after evaluating Melco’s current liquidity position and future expected capital needs, has amended our quarterly dividend policy from one targeting a quarterly cash dividend payment of
The new dividend policy will take effect beginning with any dividends declared by our Board for the fourth quarter of 2017 and continue until amended or otherwise determined by our Board. Distribution of dividends under this new dividend policy is subject to the Company’s accumulated and future earnings, cash availability and future commitments.
Our Board will continue to review from time to time our dividend policy as part of our commitment to maximizing shareholder value, taking into consideration our financial performance and market conditions.
Dividend Declaration
On
Conference Call Information
US Toll Free | 1 866 519 4004 |
US Toll / International | 1 845 675 0437 |
HK Toll | 852 3018 6771 |
HK Toll Free | 800 906 601 |
Japan Toll | 81 3 4503 6012 |
Japan Toll Free | 012 092 5376 |
UK Toll Free | 080 8234 6646 |
Australia Toll | 61 290 833 212 |
Australia Toll Free | 1 800 411 623 |
Philippines Toll Free | 1 800 1651 0607 |
Passcode | MLCO |
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 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 | 2589138 |
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.
Non-GAAP Financial Measures
(1) "Adjusted EBITDA" is earnings 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
Such U.S. GAAP measurements include operating income, net income, 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” is net income before net gain on disposal of property and equipment to
About
The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MLCO), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in
The Company is strongly supported by its single largest shareholder,
For investment community, please contact:
Vice President, Development & Investor Relations
Tel: +853 8868 7575 or +852 2598 3689
Email: rossdunwoody@melco-resorts.com
Director, Investor Relations
Tel: +852 2598 3619
Email: richardlshuang@melco-resorts.com
For media enquiries, please contact:
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(In thousands of U.S. dollars, except share and per share data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||
OPERATING REVENUES | |||||||||||||||
Casino | $ | 1,249,513 | $ | 1,099,844 | $ | 4,937,597 | $ | 4,176,667 | |||||||
Rooms | 71,164 | 69,338 | 271,500 | 265,289 | |||||||||||
Food and beverage | 51,273 | 47,904 | 184,979 | 177,515 | |||||||||||
Entertainment, retail and other | 43,924 | 51,893 | 203,763 | 197,011 | |||||||||||
Gross revenues | 1,415,874 | 1,268,979 | 5,597,839 | 4,816,482 | |||||||||||
Less: promotional allowances | (83,318 | ) | (76,101 | ) | (313,016 | ) | (297,086 | ) | |||||||
Net revenues | 1,332,556 | 1,192,878 | 5,284,823 | 4,519,396 | |||||||||||
OPERATING COSTS AND EXPENSES | |||||||||||||||
Casino | (865,064 | ) | (750,898 | ) | (3,374,013 | ) | (2,904,922 | ) | |||||||
Rooms | (8,389 | ) | (8,260 | ) | (32,641 | ) | (33,218 | ) | |||||||
Food and beverage | (16,056 | ) | (18,212 | ) | (57,927 | ) | (65,781 | ) | |||||||
Entertainment, retail and other | (21,612 | ) | (27,326 | ) | (88,268 | ) | (109,817 | ) | |||||||
General and administrative | (122,616 | ) | (120,510 | ) | (467,121 | ) | (446,591 | ) | |||||||
Payments to the Philippine Parties | (9,112 | ) | (9,928 | ) | (51,661 | ) | (34,403 | ) | |||||||
Pre-opening costs | (1,097 | ) | (1,671 | ) | (2,274 | ) | (3,883 | ) | |||||||
Development costs | (12,976 | ) | (88 | ) | (31,115 | ) | (95 | ) | |||||||
Amortization of gaming subconcession | (14,309 | ) | (14,309 | ) | (57,237 | ) | (57,237 | ) | |||||||
Amortization of land use rights | (5,705 | ) | (5,704 | ) | (22,817 | ) | (22,816 | ) | |||||||
Depreciation and amortization | (113,451 | ) | (117,515 | ) | (460,521 | ) | (472,219 | ) | |||||||
Property charges and other | (13,215 | ) | (2,489 | ) | (31,616 | ) | (5,298 | ) | |||||||
Total operating costs and expenses | (1,203,602 | ) | (1,076,910 | ) | (4,677,211 | ) | (4,156,280 | ) | |||||||
OPERATING INCOME | 128,954 | 115,968 | 607,612 | 363,116 | |||||||||||
NON-OPERATING INCOME (EXPENSES) | |||||||||||||||
Interest income | 1,082 | 1,738 | 3,579 | 5,951 | |||||||||||
Interest expenses, net of capitalized interest | (54,733 | ) | (56,170 | ) | (229,582 | ) | (223,567 | ) | |||||||
Other finance costs | (7,533 | ) | (13,344 | ) | (32,261 | ) | (55,796 | ) | |||||||
Foreign exchange gains (losses), net | 592 | (2,919 | ) | 12,783 | 7,356 | ||||||||||
Other income, net | 3,024 | 936 | 5,282 | 3,572 | |||||||||||
Loss on extinguishment of debt | (939 | ) | (17,435 | ) | (49,337 | ) | (17,435 | ) | |||||||
Costs associated with debt modification | - | (8,101 | ) | (2,793 | ) | (8,101 | ) | ||||||||
Total non-operating expenses, net | (58,507 | ) | (95,295 | ) | (292,329 | ) | (288,020 | ) | |||||||
INCOME BEFORE INCOME TAX | 70,447 | 20,673 | 315,283 | 75,096 | |||||||||||
INCOME TAX CREDIT (EXPENSE) | 945 | (4,162 | ) | 10 | (8,178 | ) | |||||||||
NET INCOME | 71,392 | 16,511 | 315,293 | 66,918 | |||||||||||
NET LOSS ATTRIBUTABLE TO | |||||||||||||||
NONCONTROLLING INTERESTS | 9,780 | 26,765 | 31,709 | 108,988 | |||||||||||
NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | $ | 81,172 | $ | 43,276 | $ | 347,002 | $ | 175,906 | |||||||
NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | |||||||||||||||
Basic | $ | 0.055 | $ | 0.030 | $ | 0.236 | $ | 0.116 | |||||||
Diluted | $ | 0.055 | $ | 0.029 | $ | 0.235 | $ | 0.115 | |||||||
NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | |||||||||||||||
Basic | $ | 0.166 | $ | 0.089 | $ | 0.709 | $ | 0.348 | |||||||
Diluted | $ | 0.164 | $ | 0.088 | $ | 0.704 | $ | 0.346 | |||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||
USED IN NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | |||||||||||||||
PER SHARE CALCULATION: | |||||||||||||||
Basic | 1,469,344,163 | 1,463,660,679 | 1,467,653,209 | 1,516,714,277 | |||||||||||
Diluted | 1,482,030,219 | 1,473,600,609 | 1,479,342,209 | 1,525,284,272 | |||||||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In thousands of U.S. dollars) | |||||||
December 31, | December 31, | ||||||
2017 | 2016 | ||||||
(Unaudited) | (Audited) | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 1,408,211 | $ | 1,702,310 | |||
Investment securities | 89,874 | - | |||||
Bank deposits with original maturities over three months | 9,884 | 210,840 | |||||
Restricted cash | 45,412 | 39,152 | |||||
Accounts receivable, net | 176,544 | 225,438 | |||||
Amounts due from affiliated companies | 2,377 | 1,103 | |||||
Inventories | 34,988 | 32,600 | |||||
Prepaid expenses and other current assets | 77,503 | 68,111 | |||||
Total current assets | 1,844,793 | 2,279,554 | |||||
PROPERTY AND EQUIPMENT, NET | 5,730,760 | 5,655,823 | |||||
GAMING SUBCONCESSION, NET | 256,083 | 313,320 | |||||
INTANGIBLE ASSETS | 4,220 | 4,220 | |||||
GOODWILL | 81,915 | 81,915 | |||||
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 189,645 | 194,911 | |||||
RESTRICTED CASH | 130 | 130 | |||||
DEFERRED TAX ASSETS | 11 | 152 | |||||
LAND USE RIGHTS, NET | 787,499 | 810,316 | |||||
TOTAL ASSETS | $ | 8,895,056 | $ | 9,340,341 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 16,041 | $ | 17,434 | |||
Accrued expenses and other current liabilities | 1,563,585 | 1,369,943 | |||||
Income tax payable | 3,179 | 7,422 | |||||
Capital lease obligations, due within one year | 33,387 | 30,730 | |||||
Current portion of long-term debt, net | 51,032 | 50,583 | |||||
Amounts due to affiliated companies | 16,790 | 3,028 | |||||
Total current liabilities | 1,684,014 | 1,479,140 | |||||
LONG-TERM DEBT, NET | 3,506,530 | 3,669,692 | |||||
OTHER LONG-TERM LIABILITIES | 48,087 | 49,287 | |||||
DEFERRED TAX LIABILITIES | 53,994 | 56,451 | |||||
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR | 265,896 | 262,357 | |||||
AMOUNT DUE TO AN AFFILIATED COMPANY | 919 | - | |||||
SHAREHOLDERS' EQUITY | |||||||
Ordinary shares | 14,784 | 14,759 | |||||
Treasury shares | (90 | ) | (108 | ) | |||
Additional paid-in capital | 3,671,805 | 2,783,062 | |||||
Accumulated other comprehensive losses | (26,610 | ) | (24,768 | ) | |||
(Accumulated losses) retained earnings | (772,338 | ) | 570,925 | ||||
Total Melco Resorts & Entertainment Limited shareholders’ equity | 2,887,551 | 3,343,870 | |||||
Noncontrolling interests | 448,065 | 479,544 | |||||
Total equity | 3,335,616 | 3,823,414 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 8,895,056 | $ | 9,340,341 | |||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to | |||||||||||||||
Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited | |||||||||||||||
(In thousands of U.S. dollars, except share and per share data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net Income Attributable to | |||||||||||||||
Melco Resorts & Entertainment Limited | $ | 81,172 | $ | 43,276 | $ | 347,002 | $ | 175,906 | |||||||
Net Gain on Disposal of Property and Equipment | |||||||||||||||
to Belle Corporation | - | - | - | (8,134 | ) | ||||||||||
Pre-opening Costs | 1,097 | 1,671 | 2,274 | 3,883 | |||||||||||
Development Costs | 12,976 | 88 | 31,115 | 95 | |||||||||||
Property Charges and Other | 13,215 | 2,489 | 31,616 | 5,298 | |||||||||||
Loss on Extinguishment of Debt | 939 | 17,435 | 49,337 | 17,435 | |||||||||||
Costs Associated with Debt Modification | - | 8,101 | 2,793 | 8,101 | |||||||||||
Income Tax Impact on Adjustments | (98 | ) | 392 | (360 | ) | 378 | |||||||||
Noncontrolling Interests Impact on Adjustments | (7,932 | ) | (10,291 | ) | (10,606 | ) | (9,947 | ) | |||||||
Adjusted Net Income Attributable to | |||||||||||||||
Melco Resorts & Entertainment Limited | $ | 101,369 | $ | 63,161 | $ | 453,171 | $ | 193,015 | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | |||||||||||||||
Basic | $ | 0.069 | $ | 0.043 | $ | 0.309 | $ | 0.127 | |||||||
Diluted | $ | 0.068 | $ | 0.043 | $ | 0.306 | $ | 0.127 | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | |||||||||||||||
Basic | $ | 0.207 | $ | 0.129 | $ | 0.926 | $ | 0.382 | |||||||
Diluted | $ | 0.205 | $ | 0.129 | $ | 0.919 | $ | 0.380 | |||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO | |||||||||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | |||||||||||||||
PER SHARE CALCULATION: | |||||||||||||||
Basic | 1,469,344,163 | 1,463,660,679 | 1,467,653,209 | 1,516,714,277 | |||||||||||
Diluted | 1,482,030,219 | 1,473,600,609 | 1,479,342,209 | 1,525,284,272 | |||||||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||||||||||||
Reconciliation of Operating Income (Loss) to | |||||||||||||||||||||||||
Adjusted EBITDA and Adjusted Property EBITDA | |||||||||||||||||||||||||
(In thousands of U.S. dollars) | |||||||||||||||||||||||||
Three Months Ended December 31, 2017 | |||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Others |
Total | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Operating Income (Loss) | $ | 13,039 | $ | 5,114 | $ | 132,793 | $ | 28,915 | $ | 19,972 | $ | (70,879 | ) | $ | 128,954 | ||||||||||
Payments to the Philippine Parties | - | - | - | - | 9,112 | - | 9,112 | ||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 782 | - | 782 | ||||||||||||||||||
Pre-opening Costs | - | - | 966 | 131 | - | - | 1,097 | ||||||||||||||||||
Development Costs | - | - | - | - | - | 12,976 | 12,976 | ||||||||||||||||||
Depreciation and Amortization | 4,975 | 2,090 | 40,782 | 46,081 | 21,042 | 18,495 | 133,465 | ||||||||||||||||||
Share-based Compensation | 54 | (73 | ) | 828 | 367 | 247 | 3,787 | 5,210 | |||||||||||||||||
Property Charges and Other | (611 | ) | 305 | (5,692 | ) | 15,981 | 2,638 | 594 | 13,215 | ||||||||||||||||
Adjusted EBITDA | 17,457 | 7,436 | 169,677 | 91,475 | 53,793 | (35,027 | ) | 304,811 | |||||||||||||||||
Corporate and Others Expenses | - | - | - | - | - | 35,027 | 35,027 | ||||||||||||||||||
Adjusted Property EBITDA | $ | 17,457 | $ | 7,436 | $ | 169,677 | $ | 91,475 | $ | 53,793 | $ | - | $ | 339,838 | |||||||||||
Three Months Ended December 31, 2016 | |||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Others |
Total | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Operating (Loss) Income | $ | (2,410 | ) | $ | 2,593 | $ | 139,279 | $ | 9,373 | $ | 19,917 | $ | (52,784 | ) | $ | 115,968 | |||||||||
Payments to the Philippine Parties | - | - | - | - | 9,928 | - | 9,928 | ||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 803 | - | 803 | ||||||||||||||||||
Pre-opening Costs | - | - | 1,047 | 624 | - | - | 1,671 | ||||||||||||||||||
Development Costs | - | - | - | - | - | 88 | 88 | ||||||||||||||||||
Depreciation and Amortization | 5,652 | 2,797 | 44,505 | 45,646 | 21,443 | 17,485 | 137,528 | ||||||||||||||||||
Share-based Compensation | 45 | 45 | 601 | 80 | 117 | 2,851 | 3,739 | ||||||||||||||||||
Property Charges and Other | - | - | 3,245 | 931 | (2,008 | ) | 321 | 2,489 | |||||||||||||||||
Adjusted EBITDA | 3,287 | 5,435 | 188,677 | 56,654 | 50,200 | (32,039 | ) | 272,214 | |||||||||||||||||
Corporate and Others Expenses | - | - | - | - | - | 32,039 | 32,039 | ||||||||||||||||||
Adjusted Property EBITDA | $ | 3,287 | $ | 5,435 | $ | 188,677 | $ | 56,654 | $ | 50,200 | $ | - | $ | 304,253 | |||||||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||||||||||||
Reconciliation of Operating Income (Loss) to | |||||||||||||||||||||||||
Adjusted EBITDA and Adjusted Property EBITDA | |||||||||||||||||||||||||
(In thousands of U.S. dollars) | |||||||||||||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Others |
Total | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Operating (Loss) Income | $ | (149 | ) | $ | 18,206 | $ | 625,766 | $ | 126,247 | $ | 92,636 | $ | (255,094 | ) | $ | 607,612 | |||||||||
Payments to the Philippine Parties | - | - | - | - | 51,661 | - | 51,661 | ||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 3,143 | - | 3,143 | ||||||||||||||||||
Pre-opening Costs | - | - | 1,933 | 116 | 225 | - | 2,274 | ||||||||||||||||||
Development Costs | - | - | - | - | - | 31,115 | 31,115 | ||||||||||||||||||
Depreciation and Amortization | 20,973 | 8,312 | 171,216 | 184,456 | 84,200 | 71,418 | 540,575 | ||||||||||||||||||
Share-based Compensation | 204 | 24 | 2,934 | 1,294 | 516 | 12,333 | 17,305 | ||||||||||||||||||
Property Charges and Other | (357 | ) | 97 | 3,023 | 23,455 | 2,638 | 2,760 | 31,616 | |||||||||||||||||
Adjusted EBITDA | 20,671 | 26,639 | 804,872 | 335,568 | 235,019 | (137,468 | ) | 1,285,301 | |||||||||||||||||
Corporate and Others Expenses | - | - | - | - | - | 137,468 | 137,468 | ||||||||||||||||||
Adjusted Property EBITDA | $ | 20,671 | $ | 26,639 | $ | 804,872 | $ | 335,568 | $ | 235,019 | $ | - | $ | 1,422,769 | |||||||||||
Year Ended December 31, 2016 | |||||||||||||||||||||||||
Altira Macau | Mocha | City of Dreams | Studio City | City of Dreams Manila |
Corporate and Others |
Total | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Operating (Loss) Income | $ | (18,091 | ) | $ | 11,694 | $ | 559,470 | $ | (29,099 | ) | $ | 38,705 | $ | (199,563 | ) | $ | 363,116 | ||||||||
Payments to the Philippine Parties | - | - | - | - | 34,403 | - | 34,403 | ||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 3,327 | - | 3,327 | ||||||||||||||||||
Net Gain on Disposal of Property and Equipment | |||||||||||||||||||||||||
to Belle Corporation | - | - | - | - | (8,134 | ) | - | (8,134 | ) | ||||||||||||||||
Pre-opening Costs | - | - | 1,355 | 2,528 | - | - | 3,883 | ||||||||||||||||||
Development Costs | - | - | - | - | - | 95 | 95 | ||||||||||||||||||
Depreciation and Amortization | 22,950 | 11,921 | 175,676 | 179,905 | 91,389 | 70,431 | 552,272 | ||||||||||||||||||
Share-based Compensation | 60 | 174 | 2,354 | 826 | 2,087 | 12,986 | 18,487 | ||||||||||||||||||
Property Charges and Other | 197 | - | 3,436 | 1,825 | (1,441 | ) | 1,281 | 5,298 | |||||||||||||||||
Adjusted EBITDA | 5,116 | 23,789 | 742,291 | 155,985 | 160,336 | (114,770 | ) | 972,747 | |||||||||||||||||
Corporate and Others Expenses | - | - | - | - | - | 114,770 | 114,770 | ||||||||||||||||||
Adjusted Property EBITDA | $ | 5,116 | $ | 23,789 | $ | 742,291 | $ | 155,985 | $ | 160,336 | $ | - | $ | 1,087,517 | |||||||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||||||||
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to | |||||||||||||||
Adjusted EBITDA and Adjusted Property EBITDA | |||||||||||||||
(In thousands of U.S. dollars) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net Income Attributable to Melco Resorts & Entertainment Limited | $ | 81,172 | $ | 43,276 | $ | 347,002 | $ | 175,906 | |||||||
Net Loss Attributable to Noncontrolling Interests | (9,780 | ) | (26,765 | ) | (31,709 | ) | (108,988 | ) | |||||||
Net Income | 71,392 | 16,511 | 315,293 | 66,918 | |||||||||||
Income Tax (Credit) Expense | (945 | ) | 4,162 | (10 | ) | 8,178 | |||||||||
Interest and Other Non-Operating Expenses, Net | 58,507 | 95,295 | 292,329 | 288,020 | |||||||||||
Property Charges and Other | 13,215 | 2,489 | 31,616 | 5,298 | |||||||||||
Share-based Compensation | 5,210 | 3,739 | 17,305 | 18,487 | |||||||||||
Depreciation and Amortization | 133,465 | 137,528 | 540,575 | 552,272 | |||||||||||
Development Costs | 12,976 | 88 | 31,115 | 95 | |||||||||||
Pre-opening Costs | 1,097 | 1,671 | 2,274 | 3,883 | |||||||||||
Net Gain on Disposal of Property and Equipment | |||||||||||||||
to Belle Corporation | - | - | - | (8,134 | ) | ||||||||||
Land Rent to Belle Corporation | 782 | 803 | 3,143 | 3,327 | |||||||||||
Payments to the Philippine Parties | 9,112 | 9,928 | 51,661 | 34,403 | |||||||||||
Adjusted EBITDA | 304,811 | 272,214 | 1,285,301 | 972,747 | |||||||||||
Corporate and Others Expenses | 35,027 | 32,039 | 137,468 | 114,770 | |||||||||||
Adjusted Property EBITDA | $ | 339,838 | $ | 304,253 | $ | 1,422,769 | $ | 1,087,517 | |||||||
Melco Resorts & Entertainment Limited and Subsidiaries | ||||||||||||||||||||
Supplemental Data Schedule | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Room Statistics: | ||||||||||||||||||||
Altira Macau | ||||||||||||||||||||
Average daily rate (3) | $ | 209 | $ | 210 | $ | 204 | $ | 205 | ||||||||||||
Occupancy per available room | 99 | % | 94 | % | 96 | % | 94 | % | ||||||||||||
Revenue per available room (4) | $ | 207 | $ | 197 | $ | 196 | $ | 193 | ||||||||||||
City of Dreams | ||||||||||||||||||||
Average daily rate (3) | $ | 209 | $ | 205 | $ | 202 | $ | 200 | ||||||||||||
Occupancy per available room | 97 | % | 98 | % | 97 | % | 96 | % | ||||||||||||
Revenue per available room (4) | $ | 202 | $ | 199 | $ | 196 | $ | 192 | ||||||||||||
Studio City | ||||||||||||||||||||
Average daily rate (3) | $ | 145 | $ | 138 | $ | 140 | $ | 136 | ||||||||||||
Occupancy per available room | 99 | % | 99 | % | 99 | % | 98 | % | ||||||||||||
Revenue per available room (4) | $ | 144 | $ | 137 | $ | 138 | $ | 133 | ||||||||||||
City of Dreams Manila | ||||||||||||||||||||
Average daily rate (3) | $ | 163 | $ | 156 | $ | 158 | $ | 159 | ||||||||||||
Occupancy per available room | 97 | % | 96 | % | 96 | % | 91 | % | ||||||||||||
Revenue per available room (4) | $ | 158 | $ | 149 | $ | 152 | $ | 145 | ||||||||||||
Other Information: | ||||||||||||||||||||
Altira Macau | ||||||||||||||||||||
Average number of table games | 103 | 114 | 107 | 121 | ||||||||||||||||
Average number of gaming machines | 120 | 62 | 73 | 62 | ||||||||||||||||
Table games win per unit per day (5) | $ | 19,358 | $ | 13,447 | $ | 15,478 | $ | 13,448 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 112 | $ | 94 | $ | 106 | $ | 93 | ||||||||||||
City of Dreams | ||||||||||||||||||||
Average number of table games | 479 | 488 | 479 | 494 | ||||||||||||||||
Average number of gaming machines | 712 | 956 | 746 | 1,029 | ||||||||||||||||
Table games win per unit per day (5) | $ | 15,013 | $ | 15,319 | $ | 16,408 | $ | 15,027 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 726 | $ | 466 | $ | 557 | $ | 381 | ||||||||||||
Studio City | ||||||||||||||||||||
Average number of table games | 293 | 266 | 288 | 251 | ||||||||||||||||
Average number of gaming machines | 883 | 1,103 | 951 | 1,097 | ||||||||||||||||
Table games win per unit per day (5) | $ | 14,123 | $ | 8,282 | $ | 12,932 | $ | 6,871 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 272 | $ | 200 | $ | 225 | $ | 189 | ||||||||||||
City of Dreams Manila | ||||||||||||||||||||
Average number of table games | 291 | 272 | 283 | 270 | ||||||||||||||||
Average number of gaming machines | 1,800 | 1,686 | 1,786 | 1,656 | ||||||||||||||||
Table games win per unit per day (5) | $ | 5,473 | $ | 4,576 | $ | 5,432 | $ | 3,939 | ||||||||||||
Gaming machines win per unit per day (6) | $ | 265 | $ | 255 | $ | 271 | $ | 217 | ||||||||||||
(3) Average daily rate is calculated by dividing total room revenue including the retail value of promotional allowances by total occupied rooms including complimentary rooms | ||||||||||||||||||||
(4) Revenue per available room is calculated by dividing total room revenue including the retail value of promotional allowances by total rooms available | ||||||||||||||||||||
(5) Table games win per unit per day is shown before discounts and commissions | ||||||||||||||||||||
(6) Gaming machines win per unit per day is shown before deducting cost for slot points |