Financial Data and Key Metrics Changes - The group-wide adjusted property EBITDA for Q2 2023 was approximately $257 million, a 40% increase compared to Q1 2023 [7] - Luck-adjusted group-wide property EBITDA for Q2 2023 was $277 million, with a favorable win rate positively impacting COD Manila by around $2 million, while unfavorable win rates at COD and Studio City negatively impacted by approximately $12 million [7] - As of June 30, 2023, the company had around $1.6 billion of consolidated cash on hand, with total debt balance remaining stable from Q1 to Q2 2023 and net debt decreasing by approximately $100 million [9] Business Line Data and Key Metrics Changes - The mass segment in Macau showed a 43% increase in GGR in Q2 2023 compared to Q1 2023, with mass drop continuing to outperform 2019 levels [4][5] - In the Philippines, the mass segment also outperformed 2019 levels in Q2 2023 [5] - The opening of City of Dreams Mediterranean in Cyprus in July is expected to enhance operational prospects [5] Market Data and Key Metrics Changes - Daily property reservations in Macau reached their highest point since reopening in July 2023 [4] - Labor supply issues in Macau have largely been resolved, allowing the company to provide a full suite of services and amenities [4] Company Strategy and Development Direction - The company plans to add another 560 hotel rooms with the opening of W Macau at Studio City in September [4] - The focus remains on enhancing entertainment offerings, as evidenced by the successful residency concert series that has increased property awareness and visitation [18][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery in Macau, with expectations for continued growth in mass drop and premium direct VIP segments [4][26] - The company anticipates that improvements in transportation infrastructure will further boost the grind mass segment [26] Other Important Information - The increase in operating expenses in Q2 2023 was largely due to costs associated with the residency concert series at Studio City, with daily OpEx rising to around $2.4 million [7] - Management confirmed that approximately 20% to 25% of cost savings during COVID are expected to translate into permanent savings, equating to about 200 basis points of margin improvement [12][13] Q&A Session Summary Question: Is the guidance on permanent OpEx reductions still valid? - Management confirmed that 20% to 25% of cost savings during COVID are expected to be permanent, translating to approximately 200 basis points of margin improvement [12][13] Question: What was the impact of unfavorable hold at City of Dreams and Studio City? - All hold adjustments were strictly on VIP, with no adjustments made for mass [15][16] Question: How is the residency concert series performing in terms of visitation? - The concert series has significantly increased visitation and spending patterns, with high occupancy rates at Studio City [18][39] Question: What will be the OpEx when W Macau opens? - Expected OpEx for Q3 is around $2.5 million per day, normalizing to approximately $2.3 million to $2.4 million per day when excluding concert series costs [24] Question: Are mass revenues already exceeding 2019 EBITDA levels? - Management indicated that while they have taken market share, they are not yet at the levels of GGR to return to 2019 EBITDA levels [33] Question: What is the status of non-gaming proposals? - All operators have submitted their non-gaming proposals, which are under negotiation with the government for adjustments [28][30][31]

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET Company Participants Jeanny Kim - Senior Vice President, Group Treasurer Lawrence Ho - Chairman & Chief Executive Officer Geoffrey Davis - Executive Vice President & Chief Financial Officer David Sisk - Chief Operating Officer, Macau Resorts Conference Call Participants George Choi - Citi Praveen Choudhary - Morgan Stanley Angus Chan - UBS Simon Cheung - Goldman Sachs Joseph Greff - JPMorgan Operator ...

Exhibit 99.1 Explanatory Note Melco Resorts Finance Limited's Annual Report for the Fiscal Year Ended December 31, 2022 This annual report provides Melco Resorts Finance Limited's ("Melco Resorts Finance") audited financial statements, on a consolidated basis, in respect of the fiscal year ended December 31, 2022, together with related information. 1 Melco Resorts Finance Limited TABLE OF CONTENTS For the Year Ended December 31, 2022 | INTRODUCTION | 3 | | --- | --- | | SPECIAL NOTE REGARDING FORWARD-LOOKIN ...

Capital Expenditures and Development Projects - Total capital expenditures for 2022, 2021, and 2020 were $598.4 million, $782.2 million, and $464.3 million, respectively, with $488.3 million, $653.8 million, and $249.2 million allocated to development and construction projects[647] - The company's total capital expenditures for 2022, 2021, and 2020 were $598.4 million, $782.2 million, and $464.3 million, respectively, with significant portions allocated to development and construction projects[647] Impairment Losses - Impairment losses recognized in 2022 included $3.6 million for a decrease in the market value of an aircraft and $6.8 million for a piece of freehold land[649][652] - An impairment loss of $13.9 million was recognized against the goodwill of the Japan Ski Resort for the year ended December 31, 2020[659] - An impairment loss of $3.6 million was recognized in 2022 for a significant decrease in the market value of an aircraft, and $1.1 million in 2021 for a piece of freehold land[649][650] - The company recognized no impairment losses on goodwill and trademarks for the years ended December 31, 2022 and 2021, but a $13.9 million impairment loss was recognized for the Japan Ski Resort in 2020[659] Casino Revenues and Gaming Promoters - Casino revenues derived from rolling chip gaming promoters accounted for 0.3%, 11.9%, and 15.6% of total casino revenues in 2022, 2021, and 2020, respectively[667] - Casino revenues are measured by the net difference between gaming wins and losses, with commissions and incentives recorded as reductions of casino revenues[661] - Casino revenues derived from rolling chip gaming promoters accounted for 0.3%, 11.9%, and 15.6% of total casino revenues in 2022, 2021, and 2020, respectively[667] - The company ceased all gaming promoter arrangements in Macau in December 2021 but may engage gaming promoters in the future[638] Goodwill and Intangible Assets - Goodwill and purchased intangible assets with indefinite useful lives as of December 31, 2022, were associated with Mocha Clubs, a reporting unit[653] - The fair value of reporting units is determined using discounted cash flow methods, with cash flow projections based on historical experience and future growth assumptions[655] Property and Equipment - The estimated useful lives of property and equipment are periodically reviewed based on factors such as operating plans and economic conditions[644] - Costs of repairs and maintenance are expensed when incurred, while costs of property and equipment retired or disposed of are eliminated from accounts[645] - Software development costs for internal use are capitalized and amortized over the estimated useful life, with periodic reviews of remaining useful lives[646] COVID-19 Impact - The disruptions caused by COVID-19 outbreaks had adverse effects on the financial condition and operations of Mocha Clubs and the Japan Ski Resort[659] - COVID-19 disruptions have adversely affected the company's operations, with recovery remaining highly uncertain due to potential re-imposition of travel restrictions, vaccine efficacy, and economic impacts such as higher unemployment and reduced discretionary spending[636] Credit Loss Allowances and Deferred Tax Assets - Casino credit loss allowances were 80.0% of gross casino accounts receivables as of December 31, 2022, compared to 83.4% in 2021[671] - A 100 basis-point change in the estimated allowance for credit losses would impact the allowance by approximately $2.7 million[671] - Valuation allowances for deferred tax assets were $299.6 million as of December 31, 2022, up from $267.3 million in 2021[672] - As of December 31, 2022, the company's allowance for casino credit losses was 80.0% of gross casino accounts receivable, with a 100 basis-point change impacting the allowance by approximately $2.7 million[671] - Deferred tax assets were reduced by valuation allowances of $299.6 million and $267.3 million as of December 31, 2022, and 2021, respectively, due to management's belief that these assets may not be realized[672] Financing and Investments - The company completed private placements of $500 million in August 2020 and $300 million in March 2022, with net proceeds of $499.2 million and $299.2 million, respectively[622] - The company is required to invest MOP11,823,700,000 (approximately $1.5 billion) in Macau, including MOP10,008,000,000 (approximately $1.2 billion) in non-gaming projects[623] - Total long-term indebtedness and contractual obligations as of December 31, 2022, amounted to $11,786.1 million[626] - Fixed interest payments for 2022 totaled $1,731.9 million, while variable interest payments were $248.8 million[626] - The company committed to an additional non-gaming investment of MOP2,003,000,000 (approximately $249.0 million) if Macau's annual gross gaming revenue reaches MOP180,000,000,000 (approximately $22.4 billion)[629] Licensing Agreements and Corporate Ratings - The company holds licensing agreements with Hyatt, Nobu Hospitality, DreamWorks Animation, and Marriott International for branding and intellectual property rights[633][635] - The company's corporate ratings are "BB-" and "B+" by Standard & Poor's, and "Ba3" and "B1" by Moody's for its subsidiaries[631] Regulatory and Competitive Environment - The amended Macau Gaming Operations Law and other Macau government policies, including travel and visa restrictions, may impact the company's operations and financial conditions[636] - Chinese government policies, including anti-corruption campaigns and restrictions on cross-border currency movements, may limit the recovery and growth of patrons visiting the company's properties[636] - Increased competition in Macau and the Philippines due to new gaming and non-gaming facilities, with the company's Cyprus market expected to be volatile as the City of Dreams Mediterranean project is still under development[636] - The company's compliance costs may increase due to greater regulatory scrutiny on anti-money laundering, anti-bribery, and corruption laws globally[636] Cybersecurity and Operational Risks - Cybersecurity and ransomware attacks have increased globally, necessitating continuous evaluation and enhancement of the company's internal processes and technology infrastructure[638] Revenue Recognition and Loyalty Programs - Complimentary goods or services provided to incentivize future gaming are allocated based on standalone selling prices and recorded as operating expenses if supplied by third parties[662] - Loyalty program points are deferred as a liability, with revenue recognized upon redemption of points for goods or services[664] - The company recognizes revenue on a gross basis for its hotel and Grand Dragon Casino operations, acting as the principal in these arrangements[665]

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q4 2022 Earnings Conference Call March 1, 2023 8:30 AM ET Company Participants Jeanny Kim - Senior Vice President, Group Treasurer Lawrence Ho Yau Lung - Chairman & Chief Executive Officer Geoffrey Davis - Executive Vice President & Chief Financial Officer David Sisk - Chief Operating Officer, Macau Resorts Conference Call Participants George Choi - Citi Joseph Greff - JPMorgan Ricardo Chinchilla - Deutsche Bank Praveen Choudhary - Morgan Stanley Operator ...

AOMELCO Melco Announces Unaudited Fourth Quarter 2022 Earnings MACAU, March 01, 2023 (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 fourth quarter and full year ended December 31, 2022. Total operating revenues for the fourth quarter of 2022 were US$337.1 million, representing a decrease of approximately 30% from US$4 ...

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET Company Participants Jeanny Kim - Senior Vice President, Group Treasurer Lawrence Ho Yau Lung - Chairman and CEO Geoffrey Stuart Davis - Executive Vice President and Chief Financial Officer Evan Winkler - President, Managing Director and Executive Director David Sisk - Chief Operating Officer, Macau Resorts Conference Call Participants George Choi - Citi Ricardo Chinchilla - Deutsche Bank Joseph ...

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q2 2022 Earnings Conference Call August 18, 2022 8:30 AM ET Company Participants Jeanny Kim - Senior Vice President, Group Treasurer Lawrence Ho - Chairman & Chief Executive Officer Geoff Davis - Executive Vice President & Chief Financial Officer David Sisk - Chief Operating Officer-Macau Resorts Conference Call Participants Joe Greff - JPMorgan Praveen Choudhary - Morgan Stanley George Choi - Citi Ricardo Chinchilla - Deutsche Bank Operator Ladies and gen ...