« Back |
Print Page |
PDF Download 329.8 KB
|
Total operating revenues for the first quarter of 2019 were
Operating income for the first quarter of 2019 was
Adjusted property EBITDA(1) was
Net income attributable to
Mr.
“Melco’s dedication to excellence has been widely recognized, most recently by the 2019 Forbes Travel Guide (FTG) with the Company remaining as Asia’s leading integrated resort operator with the most
“The opening of Morpheus only marks the beginning of the relaunch of City of Dreams. On top of that, we have recently unveiled the significantly upgraded VIP gaming spaces on the second floor of City of Dreams.
“At Studio City, we continue to enhance the entertainment offerings with a series of property upgrades, which include the recent launch of Elēkrŏn. Earlier in January, we also opened the pop-up ‘Legend Heroes Park’, paving way for the opening of the permanent venue later in the year. Lastly, the ‘Flip Out’
“In the Philippines, City of Dreams Manila delivered EBITDA growth of 3% year-over-year. With increased competition in and around Entertainment City, we are more cautious about 2019 and beyond.
“The Board has, after evaluating the Company’s current liquidity position and future expected capital needs, decided to declare another quarterly dividend of
“Being responsible and accountable to all its guests, colleagues and stakeholders has always been central to Melco’s business philosophy.
“Lastly,
City of Dreams First Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the first quarter of 2019 was
Total non-gaming revenue at City of Dreams in the first quarter of 2019 was
Altira Macau First Quarter Results
For the quarter ended
Rolling chip volume totaled
In the mass market table games segment, drop totaled
Gaming machine handle for the first quarter of 2019 was
Total non-gaming revenue at Altira Macau was
Mocha Clubs First Quarter Results
Total operating revenues from
Gaming machine handle for the first quarter of 2019 was
Studio City First Quarter Results
For the quarter ended
Affected by the
Mass market table games drop increased to
Gaming machine handle for the first quarter of 2019 was
Total non-gaming revenue at Studio City in the first quarter of 2019 was
The Company is aware that
City of Dreams Manila First Quarter Results
For the quarter ended
With increased competition in and around Entertainment City, City of Dreams Manila’s rolling chip volume totaled
Mass market table games drop decreased to
Gaming machine handle for the first quarter of 2019 was
Total non-gaming revenue at City of Dreams Manila in the first quarter of 2019 was
Other Factors Affecting Earnings
Total net non-operating expenses for the first quarter of 2019 were
Depreciation and amortization costs of
The Adjusted EBITDA for Studio City for the three months ended
Financial Position and Capital Expenditures
Total cash and bank balances as of
Capital expenditures for the first quarter of 2019 were
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 1612 0306 |
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 | 2695418 |
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 Belle Corporation and other non-operating income and expenses. “Adjusted property 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, land rent to Belle Corporation, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and adjusted property EBITDA are presented exclusively as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses adjusted EBITDA and adjusted property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. The Company also presents adjusted EBITDA and adjusted property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported adjusted EBITDA and adjusted property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, adjusted EBITDA and adjusted property EBITDA should not be considered as alternatives to operating income 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, 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, 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 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 attributable to Melco Resorts & Entertainment Limited and adjusted net income 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 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 attributable to Melco Resorts & Entertainment Limited and adjusted net income 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 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
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:
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 | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
(Unaudited) | (Unaudited) | |||||||
OPERATING REVENUES | ||||||||
Casino | $ | 1,176,649 | $ | 1,153,753 | ||||
Rooms | 84,069 | 67,571 | ||||||
Food and beverage | 56,173 | 48,248 | ||||||
Entertainment, retail and other | 45,155 | 43,576 | ||||||
Total operating revenues | 1,362,046 | 1,313,148 | ||||||
OPERATING COSTS AND EXPENSES | ||||||||
Casino | (771,011 | ) | (754,049 | ) | ||||
Rooms | (22,493 | ) | (15,826 | ) | ||||
Food and beverage | (44,878 | ) | (37,087 | ) | ||||
Entertainment, retail and other | (21,808 | ) | (22,962 | ) | ||||
General and administrative | (127,988 | ) | (108,226 | ) | ||||
Payments to the Philippine Parties | (14,052 | ) | (11,377 | ) | ||||
Pre-opening costs | (2,565 | ) | (2,348 | ) | ||||
Development costs | (5,520 | ) | (3,889 | ) | ||||
Amortization of gaming subconcession | (14,186 | ) | (14,309 | ) | ||||
Amortization of land use rights | (5,655 | ) | (5,704 | ) | ||||
Depreciation and amortization | (136,502 | ) | (109,687 | ) | ||||
Property charges and other | (7,432 | ) | (6,546 | ) | ||||
Total operating costs and expenses | (1,174,090 | ) | (1,092,010 | ) | ||||
OPERATING INCOME | 187,956 | 221,138 | ||||||
NON-OPERATING INCOME (EXPENSES) | ||||||||
Interest income | 2,124 | 1,409 | ||||||
Interest expenses, net of capitalized interest | (69,623 | ) | (58,736 | ) | ||||
Other finance costs | (283 | ) | (1,377 | ) | ||||
Foreign exchange (losses) gains, net | (495 | ) | 4,624 | |||||
Other income (expenses), net | 6,711 | (1,806 | ) | |||||
Loss on extinguishment of debt | (3,721 | ) | - | |||||
Costs associated with debt modification | (579 | ) | - | |||||
Total non-operating expenses, net | (65,866 | ) | (55,886 | ) | ||||
INCOME BEFORE INCOME TAX | 122,090 | 165,252 | ||||||
INCOME TAX EXPENSE | (3,691 | ) | (1,938 | ) | ||||
NET INCOME | 118,399 | 163,314 | ||||||
NET INCOME ATTRIBUTABLE TO | ||||||||
NONCONTROLLING INTERESTS | (1,044 | ) | (6,681 | ) | ||||
NET INCOME ATTRIBUTABLE TO | ||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | $ | 117,355 | $ | 156,633 | ||||
NET INCOME ATTRIBUTABLE TO | ||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | ||||||||
Basic | $ | 0.085 | $ | 0.107 | ||||
Diluted | $ | 0.085 | $ | 0.106 | ||||
NET INCOME ATTRIBUTABLE TO | ||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | ||||||||
Basic | $ | 0.255 | $ | 0.320 | ||||
Diluted | $ | 0.254 | $ | 0.317 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
USED IN NET INCOME ATTRIBUTABLE TO | ||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | ||||||||
PER SHARE CALCULATION: | ||||||||
Basic | 1,380,052,114 | 1,469,739,909 | ||||||
Diluted | 1,386,310,676 | 1,483,754,520 | ||||||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
(In thousands of U.S. dollars) | |||||||||
March 31, | December 31, | ||||||||
2019 | 2018 | ||||||||
(Unaudited) | (Audited) | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and cash equivalents | $ | 1,539,268 | $ | 1,436,558 | |||||
Investment securities | 71,029 | 91,598 | |||||||
Restricted cash | 63,093 | 48,037 | |||||||
Accounts receivable, net | 225,933 | 242,089 | |||||||
Amounts due from affiliated companies | 8,276 | 7,603 | |||||||
Inventories | 44,264 | 40,828 | |||||||
Prepaid expenses and other current assets | 117,669 | 90,749 | |||||||
Total current assets | 2,069,532 | 1,957,462 | |||||||
PROPERTY AND EQUIPMENT, NET | 5,577,418 | 5,661,653 | |||||||
GAMING SUBCONCESSION, NET | 182,887 | 197,533 | |||||||
INTANGIBLE ASSETS, NET | 29,653 | 30,072 | |||||||
GOODWILL | 81,185 | 81,376 | |||||||
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 183,409 | 186,515 | |||||||
RESTRICTED CASH | 129 | 129 | |||||||
DEFERRED TAX ASSETS | 2,806 | 2,992 | |||||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 154,234 | - | |||||||
LAND USE RIGHTS, NET | 752,213 | 759,651 | |||||||
TOTAL ASSETS | $ | 9,033,466 | $ | 8,877,383 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Accounts payable | $ | 27,396 | $ | 24,879 | |||||
Accrued expenses and other current liabilities | 1,463,159 | 1,658,550 | |||||||
Income tax payable | 3,036 | 4,903 | |||||||
Operating lease liabilities, current | 38,011 | - | |||||||
Finance lease liabilities, current | 35,429 | 34,659 | |||||||
Current portion of long-term debt, net | 394,356 | 395,547 | |||||||
Amounts due to affiliated companies | 10,142 | 11,469 | |||||||
Total current liabilities | 1,971,529 | 2,130,007 | |||||||
LONG-TERM DEBT, NET | 3,822,302 | 3,665,370 | |||||||
OTHER LONG-TERM LIABILITIES | 10,234 | 28,866 | |||||||
DEFERRED TAX LIABILITIES | 56,240 | 54,063 | |||||||
OPERATING LEASE LIABILITIES, NON-CURRENT | 132,961 | - | |||||||
FINANCE LEASE LIABILITIES, NON-CURRENT | 252,714 | 253,374 | |||||||
AMOUNT DUE TO AN AFFILIATED COMPANY | 216 | - | |||||||
TOTAL LIABILITIES | 6,246,196 | 6,131,680 | |||||||
SHAREHOLDERS' EQUITY | |||||||||
Ordinary shares | 14,830 | 14,830 | |||||||
Treasury shares | (651,638 | ) | (657,389 | ) | |||||
Additional paid-in capital | 3,524,837 | 3,523,275 | |||||||
Accumulated other comprehensive losses | (59,148 | ) | (49,804 | ) | |||||
Accumulated losses | (657,620 | ) | (703,576 | ) | |||||
Total Melco Resorts & Entertainment Limited shareholders’ equity | 2,171,261 | 2,127,336 | |||||||
Noncontrolling interests | 616,009 | 618,367 | |||||||
Total equity | 2,787,270 | 2,745,703 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 9,033,466 | $ | 8,877,383 | |||||
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 | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
(Unaudited) | (Unaudited) | |||||||
Net Income Attributable to | ||||||||
Melco Resorts & Entertainment Limited | $ | 117,355 | $ | 156,633 | ||||
Pre-opening Costs | 2,565 | 2,348 | ||||||
Development Costs | 5,520 | 3,889 | ||||||
Property Charges and Other | 7,432 | 6,546 | ||||||
Loss on Extinguishment of Debt | 3,721 | - | ||||||
Costs Associated with Debt Modification | 579 | - | ||||||
Income Tax Impact on Adjustments | (1,069 | ) | - | |||||
Noncontrolling Interests Impact on Adjustments | (2,909 | ) | (962 | ) | ||||
Adjusted Net Income Attributable to | ||||||||
Melco Resorts & Entertainment Limited | $ | 133,194 | $ | 168,454 | ||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE: | ||||||||
Basic | $ | 0.097 | $ | 0.115 | ||||
Diluted | $ | 0.096 | $ | 0.113 | ||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS: | ||||||||
Basic | $ | 0.290 | $ | 0.344 | ||||
Diluted | $ | 0.288 | $ | 0.340 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||||
MELCO RESORTS & ENTERTAINMENT LIMITED | ||||||||
PER SHARE CALCULATION: | ||||||||
Basic | 1,380,052,114 | 1,469,739,909 | ||||||
Diluted | 1,386,310,676 | 1,483,754,520 | ||||||
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 March 31, 2019 | ||||||||||||||||||||||||
Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Corporate and Other |
Total | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
Operating Income (Loss) | $ | 9,704 | $ | 3,916 | $ | 158,220 | $ | 48,479 | $ | 23,005 | $ | (55,368 | ) | $ | 187,956 | |||||||||
Payments to the Philippine Parties | - | - | - | - | 14,052 | - | 14,052 | |||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 756 | - | 756 | |||||||||||||||||
Pre-opening Costs | 25 | - | 51 | 2,489 | - | - | 2,565 | |||||||||||||||||
Development Costs | - | - | - | - | - | 5,520 | 5,520 | |||||||||||||||||
Depreciation and Amortization | 5,424 | 2,002 | 65,702 | 45,159 | 19,127 | 18,929 | 156,343 | |||||||||||||||||
Share-based Compensation | 100 | 43 | 646 | 184 | 282 | 5,168 | 6,423 | |||||||||||||||||
Property Charges and Other | 27 | 28 | 3,943 | 129 | 3,305 | - | 7,432 | |||||||||||||||||
Adjusted EBITDA | 15,280 | 5,989 | 228,562 | 96,440 | 60,527 | (25,751 | ) | 381,047 | ||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | 25,751 | 25,751 | |||||||||||||||||
Adjusted Property EBITDA | $ | 15,280 | $ | 5,989 | $ | 228,562 | $ | 96,440 | $ | 60,527 | $ | - | $ | 406,798 | ||||||||||
Three Months Ended March 31, 2018 | ||||||||||||||||||||||||
Altira Macau |
Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Corporate and Other |
Total | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
Operating Income (Loss) | $ | 12,649 | $ | 5,320 | $ | 161,947 | $ | 62,764 | $ | 28,107 | $ | (49,649 | ) | $ | 221,138 | |||||||||
Payments to the Philippine Parties | - | - | - | - | 11,377 | - | 11,377 | |||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 764 | - | 764 | |||||||||||||||||
Pre-opening Costs | - | - | 2,306 | 42 | - | - | 2,348 | |||||||||||||||||
Development Costs | - | - | - | - | - | 3,889 | 3,889 | |||||||||||||||||
Depreciation and Amortization | 4,846 | 2,083 | 40,163 | 44,541 | 19,173 | 18,894 | 129,700 | |||||||||||||||||
Share-based Compensation | 71 | 27 | 858 | 336 | (610 | ) | 3,836 | 4,518 | ||||||||||||||||
Property Charges and Other | 461 | (490 | ) | 2,741 | 2,367 | - | 1,467 | 6,546 | ||||||||||||||||
Adjusted EBITDA | 18,027 | 6,940 | 208,015 | 110,050 | 58,811 | (21,563 | ) | 380,280 | ||||||||||||||||
Corporate and Other Expenses | - | - | - | - | - | 21,563 | 21,563 | |||||||||||||||||
Adjusted Property EBITDA | $ | 18,027 | $ | 6,940 | $ | 208,015 | $ | 110,050 | $ | 58,811 | $ | - | $ | 401,843 | ||||||||||
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 | ||||||
March 31, | ||||||
2019 | 2018 | |||||
(Unaudited) | (Unaudited) | |||||
Net Income Attributable to Melco Resorts & Entertainment Limited | $ | 117,355 | $ | 156,633 | ||
Net Income Attributable to Noncontrolling Interests | 1,044 | 6,681 | ||||
Net Income | 118,399 | 163,314 | ||||
Income Tax Expense | 3,691 | 1,938 | ||||
Interest and Other Non-Operating Expenses, Net | 65,866 | 55,886 | ||||
Property Charges and Other | 7,432 | 6,546 | ||||
Share-based Compensation | 6,423 | 4,518 | ||||
Depreciation and Amortization | 156,343 | 129,700 | ||||
Development Costs | 5,520 | 3,889 | ||||
Pre-opening Costs | 2,565 | 2,348 | ||||
Land Rent to Belle Corporation | 756 | 764 | ||||
Payments to the Philippine Parties | 14,052 | 11,377 | ||||
Adjusted EBITDA | 381,047 | 380,280 | ||||
Corporate and Other Expenses | 25,751 | 21,563 | ||||
Adjusted Property EBITDA | $ | 406,798 | $ | 401,843 | ||
Melco Resorts & Entertainment Limited and Subsidiaries | |||||
Supplemental Data Schedule | |||||
Three Months Ended | |||||
March 31, | |||||
2019 | 2018 | ||||
Room Statistics: | |||||
Altira Macau | |||||
Average daily rate (3) | $ | 179 | $ | 195 | |
Occupancy per available room | 99% | 99% | |||
Revenue per available room (4) | $ | 178 | $ | 194 | |
City of Dreams | |||||
Average daily rate (3) | $ | 206 | $ | 204 | |
Occupancy per available room | 97% | 98% | |||
Revenue per available room (4) | $ | 200 | $ | 201 | |
Studio City | |||||
Average daily rate (3) | $ | 134 | $ | 139 | |
Occupancy per available room | 100% | 100% | |||
Revenue per available room (4) | $ | 133 | $ | 139 | |
City of Dreams Manila | |||||
Average daily rate (3) | $ | 164 | $ | 158 | |
Occupancy per available room | 98% | 98% | |||
Revenue per available room (4) | $ | 161 | $ | 156 | |
Other Information: | |||||
Altira Macau | |||||
Average number of table games | 105 | 104 | |||
Average number of gaming machines | 169 | 122 | |||
Table games win per unit per day (5) | $ | 23,308 | $ | 21,120 | |
Gaming machines win per unit per day (6) | $ | 204 | $ | 129 | |
City of Dreams | |||||
Average number of table games | 518 | 478 | |||
Average number of gaming machines | 820 | 665 | |||
Table games win per unit per day (5) | $ | 16,424 | $ | 16,616 | |
Gaming machines win per unit per day (6) | $ | 529 | $ | 833 | |
Studio City | |||||
Average number of table games | 294 | 294 | |||
Average number of gaming machines | 974 | 943 | |||
Table games win per unit per day (5) | $ | 12,507 | $ | 15,296 | |
Gaming machines win per unit per day (6) | $ | 211 | $ | 250 | |
City of Dreams Manila | |||||
Average number of table games | 302 | 294 | |||
Average number of gaming machines | 2,242 | 1,836 | |||
Table games win per unit per day (5) | $ | 4,752 | $ | 5,419 | |
Gaming machines win per unit per day (6) | $ | 261 | $ | 280 | |
(3) 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 | |||||
(4) Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available | |||||
(5) 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 | |||||
(6) 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 |