Financial Performance - The company recognized an impairment of long-lived assets related to Altira Macau of US$207.6 million for the year ended December 31, 2023, and a further impairment of US$3.3 million for the year ended December 31, 2024[778]. - The company's allowances for casino credit losses were 48.2% of gross casino accounts receivable as of December 31, 2024, down from 64.4% in 2023[783]. - As of December 31, 2024, valuation allowances for deferred tax assets were recorded at US$477.8 million, compared to US$374.6 million in 2023[785]. - In 2024, the company received dividend payments of US$121.0 million from its Macau operating subsidiary, while no dividends were paid to shareholders[756]. - The company's total long-term debt obligations amount to US$9,778.9 million, with significant payments due in the next 1-3 years totaling US$2,428.5 million[759]. Asset Management - As of December 31, 2024, net property and equipment amounted to US$5.27 billion, representing 66.0% of total assets[772]. - The fair values of long-lived assets for Altira Macau were estimated using a combination of income and cost approaches, with discount rates of 12.6% and 12.3% for 2024 and 2023, respectively[778]. - The discount rates used for the impairment test of Mocha Clubs were 10.5% and 11.7% for the years ended December 31, 2024 and 2023, respectively[776]. - The company evaluates property and equipment for impairment whenever indicators exist, estimating undiscounted future cash flows based on significant assumptions[774]. - No impairment of goodwill was recognized during the years ended December 31, 2024, 2023, and 2022[775]. Corporate Governance - The company’s board consists of seven directors, including four independent directors, complying with Nasdaq's corporate governance rules[832]. - The audit and risk committee is responsible for overseeing the audits of the financial statements and the performance of independent auditors[840]. - The compensation committee evaluates and approves compensation plans for executives and directors[841]. - The nominating and corporate governance committee oversees compliance with legal and regulatory requirements, particularly in the gaming industry[844]. - The compensation committee has the authority to amend or terminate the 2021 Share Incentive Plan with Board approval[887]. Executive Management - Mr. Clarence Yuk Man Chung has been appointed as a director since November 21, 2006, and has extensive experience in the financial industry, including roles as CFO and M&A specialist[798]. - Mr. Evan Andrew Winkler joined Melco International as managing director in August 2016 and became president on September 4, 2019, bringing significant experience from Moelis & Company and UBS Investment Bank[799][800]. - Mr. Alec Yiu Wa Tsui has served as an independent non-executive director since December 18, 2006, and has held key positions in various financial institutions, including the Securities and Futures Commission of Hong Kong[801][802]. - Mr. Thomas Jefferson Wu has been an independent non-executive director since December 18, 2006, and has extensive experience in public service and corporate governance, including roles in Hopewell Holdings Limited[804][806]. - Mr. John William Crawford has been an independent non-executive director since January 12, 2017, and has a strong background in public accounting and education, having founded International Quality Education Limited[811][813]. Employee Compensation and Benefits - The total compensation for all directors and executive officers amounted to approximately US$30.6 million for the year ended December 31, 2024[822]. - A total of 4,621,653 restricted shares were granted to directors and executive officers at a fair value of US$2.52 per share on April 3, 2024[824]. - Approximately US$0.5 million was set aside for pension, retirement, or similar benefits for senior executive officers for the year ended December 31, 2024[830]. - The company has implemented various employee attraction and retention initiatives, including a unique in-house learning academy[855]. - The company is not a party to any collective bargaining agreements, except for the Table Games Division of City of Dreams Manila[853]. Shareholder Information - As of December 31, 2024, a total of 1,276,540,382 ordinary shares were outstanding[897]. - Lawrence Yau Lung Ho holds 710,691,045 ordinary shares, representing 55.67% of the total issued shares[893]. - ARGA Investment Management, LP holds 86,275,437 ordinary shares, representing 6.76% of the total issued shares[893]. - EuroPacific Growth Fund holds 81,804,750 ordinary shares, representing 6.41% of the total issued shares[893]. - The share ownership of directors and executive officers collectively represents 56.40% of the total outstanding shares as of March 15, 2025[858].

MACAU, March 13, 2025 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment continues to lead in Macau in the newly published MICHELIN Guide Hong Kong & Macau 2025, being granted eight MICHELIN Stars across five restaurants located in City of Dreams, Studio City and Altira Macau. This year's result sees Jade Dragon, City of Dreams' Cantonese fine dining restaurant, maintain its superior Three MICHELIN Star status for the seventh consecutive year, while Alain Ducasse at Morpheus is honored with Two MICHELIN Sta ...

MACAU, March 13, 2025 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment continues to lead in Macau in the newly published MICHELIN Guide Hong Kong & Macau 2025, being granted eight MICHELIN Stars across five restaurants located in City of Dreams, Studio City and Altira Macau. This year’s result sees Jade Dragon, City of Dreams’ Cantonese fine dining restaurant, maintain its superior Three MICHELIN Star status for the seventh consecutive year, while Alain Ducasse at Morpheus is honored with Two MICHELIN Sta ...

Financial Data and Key Metrics Changes - The group-wide adjusted property EBITDA for Q4 2024 was approximately $295 million, with an adjusted EBITDA of approximately $312 million, reflecting a 5% increase from Q3 2024 [15][16] - The daily operating expenses (OpEx) in Macau during Q4 2024 increased to $3.2 million, but are expected to decline to approximately $3.1 million in Q1 2025 and further to $3.0 million by the end of Q2 2025 [16][17] - The liquidity position remains strong with available liquidity at $3.3 billion and consolidated cash on hand of approximately $1.3 billion [19][20] Business Line Data and Key Metrics Changes - The market share in Macau grew to approximately 15.6% in December 2024, with property visitation exceeding pre-pandemic levels for the first time since reopening [6][7] - City of Dreams, Manila continued to show solid performance with growth in EBITDA and market share quarter-to-quarter [12] - The casino fit-out in Sri Lanka is progressing well, on track to open in Q3 2025 [12] Market Data and Key Metrics Changes - Total gross gaming revenue (GGR) excluding junkets outpaced both 2024 and 2019 during the Chinese New Year period, with property visitation up 17% compared to the previous year [7][8] - A single day during the Chinese New Year period ranked among the top 10 all-time highs for mass drop and GGR days [8] Company Strategy and Development Direction - The company is focusing on increasing visibility and accessibility to attract and retain high-quality customers, with renovations planned for various properties [10][11] - The asset-light strategy is being explored, particularly in relation to City of Dreams, Manila, to enhance financial flexibility and support long-term growth initiatives [13][14] - The company is committed to investing in properties in Macau while also exploring capital-light investment opportunities in new markets [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the start of 2025, noting strong performance in January and continued momentum into February [30][31] - The management highlighted that the business has spread throughout the month, which is seen as a healthy development for customer experience [31] - The return of the House of Dancing Water in May 2025 is expected to further drive visitation and revenue growth [8][48] Other Important Information - The company has repurchased a total of 132 million American Depositary Shares (ADSs) since the third quarter results [20][21] - Corporate expenses in Q4 2024 were $25 million, primarily due to the payment of trademark license fees [21][22] Q&A Session Summary Question: GGR growth prospects for this year and implications on Studio City - Management noted that while GGR has been choppy, January was strong, and February has shown improved performance compared to the previous year [29][30] Question: Insight into capital allocation strategy with potential proceeds from asset disposition - The primary objective remains paying down debt, but management is also considering capital-light investment opportunities and share buybacks due to undervalued shares [41][45] Question: OpEx comments and sustainability of decline - Management indicated that the decline in OpEx is expected to be sustainable, with efforts to rationalize expenses while maintaining service quality [55][60] Question: Detailed CapEx guidance for different parts of the business - For 2025, total CapEx is anticipated to be about $415 million, with $290 million allocated for Macau, including $70 million for Studio City [50][52] Question: Changes in trademark license fees and their implications - The trademark license fees are now reflected in corporate expenses, instituted at a lower percentage of revenue compared to competitors [82] Question: Future market share and quarterly run rate expectations - Management indicated that with current momentum, a quarterly run rate of around $300 million could be achievable [84]

Financial Performance - Total Operating Revenues increased by 8.9% to $1.191 billion for the three months ended December 2024, and increased by 22.9% to $4.638 billion for the twelve months ended December 2024[26] - Gaming revenue increased by 8.3% to $972 million for the three months ended December 2024, and increased by 22.6% to $3.773 billion for the twelve months ended December 2024[26] - Non-Gaming revenue increased by 11.8% to $219 million for the three months ended December 2024, and increased by 24.0% to $866 million for the twelve months ended December 2024[26] - Net Loss decreased by 82.4% to $40 million for the three months ended December 2024, and decreased by 93.3% to $28 million for the twelve months ended December 2024[26] - Adjusted Property EBITDA decreased by 2.6% to $295 million for the three months ended December 2024, and increased by 17.0% to $1.220 billion for the twelve months ended December 2024[26] Operational Highlights - City of Dreams Macau's Adjusted EBITDA was $140 million in 4Q'24[29] - Studio City's Adjusted EBITDA was $81 million in 4Q'24, with VIP operations ceasing in late October 2024[33, 36] - Altira recorded negative Adjusted EBITDA of $0.3 million in 4Q'24[37] - City of Dreams Manila's Adjusted EBITDA was $57 million in 4Q'24[41] - City of Dreams Mediterranean and Other recorded Adjusted EBITDA of $12 million in 4Q'24[45] Capital Allocation - Approximately $3.908 billion has been returned to shareholders from 2016 to 2024 through special dividends of $1 billion, regular dividends of $883 million and share repurchases of $2.024 billion[54] - For the year ended December 31, 2024, Melco repurchased approximately 20.7 million ADSs at an aggregate purchase price of approximately $112 million[54] - From January 1, 2025 to February 26, 2025, Melco repurchased 3.7 million ADSs at an aggregate purchase price of approximately $20 million[54]

Group 1 - Melco Resorts reported a quarterly loss of $0.01 per share, missing the Zacks Consensus Estimate of $0.08, compared to earnings of $0.13 per share a year ago, representing an earnings surprise of -112.50% [1] - The company posted revenues of $1.19 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.81%, and showing an increase from year-ago revenues of $1.09 billion [2] - Over the last four quarters, Melco has surpassed consensus EPS estimates just once, while topping consensus revenue estimates two times [2] Group 2 - The stock's immediate price movement will depend on management's commentary during the earnings call, with Melco shares losing about 1% since the beginning of the year, compared to the S&P 500's gain of 1.3% [3] - The current consensus EPS estimate for the coming quarter is $0.03 on $1.19 billion in revenues, and $0.49 on $4.82 billion in revenues for the current fiscal year [7] - The Zacks Industry Rank indicates that the Gaming industry is currently in the top 22% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this sector [8]

Core Viewpoint - Studio City International Holdings Limited reported a significant increase in total operating revenues for the fourth quarter and full year of 2024, driven by the recovery in inbound tourism in Macau and the ramp-up of operations following the opening of Studio City Phase 2 [2][17]. Financial Performance - Total operating revenues for Q4 2024 were US$152.9 million, up from US$141.3 million in Q4 2023, marking a year-over-year increase of approximately 11.4% [2]. - For the full year 2024, total operating revenues reached US$639.1 million, compared to US$445.5 million in 2023, reflecting a growth of about 43.4% [17]. - Studio City Casino generated gross gaming revenues of US$321.8 million in Q4 2024, an increase from US$294.8 million in Q4 2023 [3]. Gaming Operations - The mass market table games drop increased to US$891.7 million in Q4 2024, compared to US$864.1 million in Q4 2023, with a hold percentage of 32.1% versus 30.0% in the prior year [5]. - Gaming machine handle for Q4 2024 was US$888.9 million, up from US$778.3 million in Q4 2023, with a win rate of 3.3% compared to 3.2% in the previous year [6]. Cost and Income Analysis - Operating income for Q4 2024 was US$3.1 million, down from US$13.3 million in Q4 2023, while Adjusted EBITDA was US$56.7 million, compared to US$64.8 million in the same quarter of the previous year [9]. - The net loss attributable to Studio City for Q4 2024 was US$27.7 million, compared to a net loss of US$18.6 million in Q4 2023 [10]. Capital Structure and Expenditures - Total cash and bank balances as of December 31, 2024, were US$127.8 million, down from US$228.2 million a year earlier [14]. - Total debt at the end of Q4 2024 was US$2.16 billion, reduced from US$2.34 billion at the end of 2023, primarily due to the repurchase of senior notes [14]. - Capital expenditures for Q4 2024 were US$25.6 million [16]. Market Positioning - Studio City Casino has strategically repositioned to focus on the premium mass and mass segments, with VIP rolling chip operations transferred to City of Dreams in late October 2024 [4].

Core Viewpoint - Melco Resorts & Entertainment Limited reported a significant recovery in its financial performance for the fourth quarter and full year of 2024, driven by improved gaming and non-gaming operations, alongside a strategic focus on enhancing customer experience and market share in Macau [2][5][36]. Financial Performance - Total operating revenues for Q4 2024 were US$1.19 billion, a 9% increase from US$1.09 billion in Q4 2023 [2]. - Operating income for Q4 2024 was US$97.0 million, compared to an operating loss of US$94.4 million in Q4 2023 [2]. - Adjusted Property EBITDA for Q4 2024 was US$295.4 million, slightly down from US$303.4 million in Q4 2023 [3]. - For the full year 2024, total operating revenues reached US$4.64 billion, up from US$3.78 billion in 2023 [36]. - Operating income for 2024 was US$484.6 million, compared to US$65.0 million in 2023 [37]. - Net income attributable to Melco for 2024 was US$43.5 million, or US$0.10 per ADS, a significant recovery from a net loss of US$326.9 million in 2023 [38]. Gaming Operations - Rolling chip volume increased to US$6.24 billion in Q4 2024 from US$5.19 billion in Q4 2023, with a win rate of 2.35% [7]. - Mass market table games drop rose to US$1.53 billion in Q4 2024, compared to US$1.44 billion in Q4 2023, with a hold percentage of 32.0% [8]. - Gaming machine handle for Q4 2024 was US$1.03 billion, up from US$0.96 billion in Q4 2023, maintaining a win rate of 3.1% [8]. Non-Gaming Operations - Total non-gaming revenue at City of Dreams for Q4 2024 was US$85.6 million, an increase from US$80.1 million in Q4 2023 [9]. - Non-gaming revenue at Studio City for Q4 2024 was US$73.2 million, compared to US$65.3 million in Q4 2023 [18]. - City of Dreams Mediterranean and Other reported total operating revenues of US$59.2 million in Q4 2024, up from US$47.3 million in Q4 2023 [24]. Capital Expenditures and Financial Position - Capital expenditures for Q4 2024 were US$94.9 million, focusing on enhancement projects and new developments [33]. - As of December 31, 2024, total cash and bank balances were US$1.27 billion, with total debt at US$7.16 billion, a slight reduction from the previous quarter [30]. - Available liquidity, including cash and undrawn credit facilities, was approximately US$3.35 billion as of December 31, 2024 [30]. Share Repurchase Program - For the year ended December 31, 2024, the company repurchased approximately 20.7 million ADSs for about US$112 million under its US$500 million share repurchase program [34]. - From January 1, 2025, to February 26, 2025, an additional 3.7 million ADSs were repurchased for approximately US$20 million, leaving US$368 million remaining under the program [35].

Core Viewpoint - Melco Resorts & Entertainment Limited is evaluating potential strategic alternatives for City of Dreams Manila, with no decisions made yet regarding any specific alternatives [1][3]. Group 1: Company Overview - Melco Resorts & Entertainment Limited is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with operations including Altira Macau, City of Dreams Macau, and City of Dreams Manila [5]. - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as Chairman, Executive Director, and CEO [6]. Group 2: Strategic Evaluation - Melco has engaged CBRE Capital Advisors, Inc. and Moelis & Company LLC as financial advisors to assist in exploring strategic alternatives for City of Dreams Manila [2]. - The exploration of potential strategic alternatives does not guarantee any transaction will occur, and the company will not provide updates unless further disclosure is deemed appropriate [3].

Core Viewpoint - Melco Resorts & Entertainment Limited is evaluating potential strategic alternatives for City of Dreams Manila, with no decisions made yet regarding any specific alternatives [1][3]. Group 1: Company Overview - Melco Resorts & Entertainment Limited is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with operations including Altira Macau, City of Dreams Macau, and City of Dreams Manila [5]. - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, the Chairman, Executive Director, and CEO of the company [6]. Group 2: Strategic Evaluation - Melco has engaged CBRE Capital Advisors, Inc. and Moelis & Company LLC as financial advisors to assist in exploring potential strategic alternatives for City of Dreams Manila [2]. - The company has stated that there is no assurance that the exploration of potential strategic alternatives will lead to any transaction [3].