Melco Resorts & Entertainment LTD 6-K, filed Aug 19, 2022

Melco Resorts & Entertainment LTD (MLCO)

6-K 2022-08-19 For: 2022-08-19

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Added on April 08, 2026

About this 6-K

Melco Resorts & Entertainment LTD filed this 6-K on August 19, 2022.

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MELCO RESORTS & ENTERTAINMENT
LIMITED

By:		/s/ Geoffrey Davis
Name:		Geoffrey Davis, CFA
Title:		Chief Financial Officer


Exhibit No.		Description

Exhibit 99.1		Unaudited Results for Second Quarter of 2022


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Operating revenues:
Casino	$	231,893		$	478,638		$	626,968		$	912,434
Rooms		26,792			39,727			63,301			79,407
Food and beverage		19,937			25,444			44,265			51,495
Entertainment, retail and other		17,485			22,631			36,518			42,026

Total operating revenues		296,107			566,440			771,052			1,085,362

Operating costs and expenses:
Casino		(204,403	)		(369,826	)		(511,786	)		(736,755	)
Rooms		(11,230	)		(12,839	)		(24,194	)		(25,678	)
Food and beverage		(19,991	)		(23,686	)		(43,812	)		(47,808	)
Entertainment, retail and other		(5,703	)		(8,294	)		(11,691	)		(15,998	)
General and administrative		(102,441	)		(106,230	)		(203,664	)		(214,390	)
Payments to the Philippine Parties		(11,246	)		(6,468	)		(18,461	)		(17,093	)
Pre-opening costs		(3,247	)		(1,127	)		(5,602	)		(2,124	)
Development costs		—			(3,812	)		—			(7,331	)
Amortization of gaming subconcession		(12,834	)		(14,341	)		(27,088	)		(28,683	)
Amortization of land use rights		(5,655	)		(5,717	)		(11,337	)		(11,434	)
Depreciation and amortization		(118,237	)		(126,889	)		(239,593	)		(247,929	)
Property charges and other		(10,298	)		(15,268	)		(18,899	)		(20,992	)

Total operating costs and expenses		(505,285	)		(694,497	)		(1,116,127	)		(1,376,215	)

Operating loss		(209,178	)		(128,057	)		(345,075	)		(290,853	)

Non-operating income (expenses):
Interest income		7,221			1,556			8,211			3,581
Interest expenses, net of amounts capitalized		(91,221	)		(87,067	)		(178,308	)		(177,709	)
Other financing costs		(2,341	)		(3,993	)		(3,684	)		(6,480	)
Foreign exchange gains (losses), net		584			(3,590	)		3,362			1,609
Other income, net		880			958			1,568			1,631
Loss on extinguishment of debt		—			—			—			(28,817	)

Total non-operating expenses, net		(84,877	)		(92,136	)		(168,851	)		(206,185	)

Loss before income tax		(294,055	)		(220,193	)		(513,926	)		(497,038	)
Income tax expense		(617	)		(327	)		(2,590	)		(991	)

Net loss		(294,672	)		(220,520	)		(516,516	)		(498,029	)
Net loss attributable to noncontrolling interests		43,213			34,835			81,773			79,436

Net loss attributable to Melco Resorts & Entertainment Limited	$	(251,459	)	$	(185,685	)	$	(434,743	)	$	(418,593	)

Net loss attributable to Melco Resorts & Entertainment Limited per share:
Basic	$	(0.177	)	$	(0.129	)	$	(0.306	)	$	(0.292	)

Diluted	$	(0.177	)	$	(0.129	)	$	(0.306	)	$	(0.292	)

Net loss attributable to Melco Resorts & Entertainment Limited per ADS:
Basic	$	(0.531	)	$	(0.387	)	$	(0.917	)	$	(0.875	)

Diluted	$	(0.531	)	$	(0.387	)	$	(0.919	)	$	(0.875	)

Weighted average shares outstanding used in net loss attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic		1,421,443,946			1,437,822,956			1,421,807,507			1,435,071,657

Diluted		1,421,443,946			1,437,822,956			1,421,807,507			1,435,071,657


	June 30,			December 31,
	2022			2021
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,646,321		$	1,652,890
Restricted cash		287			285
Accounts receivable, net		49,590			54,491
Receivables from affiliated companies		205,556			384
Inventories		28,283			29,589
Prepaid expenses and other current assets		95,121			109,330
Assets held for sale		26,043			21,777

Total current assets		2,051,201			1,868,746

Property and equipment, net		5,889,382			5,910,684
Gaming subconcession, net		5,688			27,065
Intangible assets, net		46,627			51,547
Goodwill		81,211			81,721
Long-term prepayments, deposits and other assets		179,112			177,142
Restricted cash		141			140
Deferred tax assets, net		2,302			4,029
Operating lease right-of-use assets		67,035			68,034
Land use rights, net		678,933			694,582

Total assets	$	9,001,632		$	8,883,690

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	5,897		$	5,992
Accrued expenses and other current liabilities		789,857			935,483
Income tax payable		10,463			11,913
Operating lease liabilities, current		13,728			16,771
Finance lease liabilities, current		44,751			48,551
Current portion of long-term debt, net		127			128
Payables to affiliated companies		1,685			1,548
Liabilities related to assets held for sale		1,185			1,497

Total current liabilities		867,693			1,021,883

Long-term debt, net		7,325,553			6,559,854
Other long-term liabilities		32,702			30,520
Deferred tax liabilities, net		40,511			41,030
Operating lease liabilities, non-current		62,165			62,889
Finance lease liabilities, non-current		310,839			347,629

Total liabilities		8,639,463			8,063,805

Equity:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,456,547,942 and 1,456,547,942 shares issued; 1,419,465,619 and 1,423,370,314 shares outstanding, respectively		14,565			14,565
Treasury shares, at cost; 37,082,323 and 33,177,628 shares, respectively		(116,628	)		(132,856	)
Additional paid-in capital		3,231,515			3,238,600
Accumulated other comprehensive losses		(144,762	)		(76,008	)
Accumulated losses		(3,234,165	)		(2,799,555	)

Total Melco Resorts & Entertainment Limited shareholders’ (deficit) equity		(249,475	)		244,746
Noncontrolling interests		611,644			575,139

Total equity		362,169			819,885

Total liabilities and equity	$	9,001,632		$	8,883,690


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net loss attributable to Melco Resorts & Entertainment Limited	$	(251,459	)	$	(185,685	)	$	(434,743	)	$	(418,593	)
Pre-opening costs		3,247			1,127			5,602			2,124
Development costs		—			3,812			—			7,331
Property charges and other		10,298			15,268			18,899			20,992
Loss on extinguishment of debt		—			—			—			28,817
Income tax impact on adjustments		(388	)		(688	)		(388	)		(1,394	)
Noncontrolling interests impact on adjustments		(1,340	)		(2,296	)		(3,506	)		(15,745	)

Adjusted net loss attributable to Melco Resorts & Entertainment Limited	$	(239,642	)	$	(168,462	)	$	(414,136	)	$	(376,468	)

Adjusted net loss attributable to Melco Resorts & Entertainment Limited per share:
Basic	$	(0.169	)	$	(0.117	)	$	(0.291	)	$	(0.262	)

Diluted	$	(0.169	)	$	(0.117	)	$	(0.292	)	$	(0.262	)

Adjusted net loss attributable to Melco Resorts & Entertainment Limited per ADS:
Basic	$	(0.506	)	$	(0.351	)	$	(0.874	)	$	(0.787	)

Diluted	$	(0.506	)	$	(0.351	)	$	(0.875	)	$	(0.787	)

Weighted average shares outstanding used in adjusted net loss attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic		1,421,443,946			1,437,822,956			1,421,807,507			1,435,071,657

Diluted		1,421,443,946			1,437,822,956			1,421,807,507			1,435,071,657

Melco Resorts & Entertainment LTD 6-K, filed Aug 19, 2022

About this 6-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents


	Three Months Ended June 30, 2022
	Altira Macau			Mocha and Other ⁽³⁾		City of Dreams			Studio City			City of Dreams Manila			Cyprus Operations			Corporate and Other			Total
Operating (loss) income	$	(17,024	)	$	1,077	$	(92,834	)	$	(66,595	)	$	20,930		$	1,047		$	(55,779	)	$	(209,178	)
Payments to the Philippine Parties		—			—		—			—			11,246			—			—			11,246
Land rent to Belle Corporation		—			—		—			—			638			—			—			638
Pre-opening costs		—			—		—			536			—			2,711			—			3,247
Depreciation and amortization		5,402			1,261		59,917			33,623			15,644			1,557			19,322			136,726
Share-based compensation		346			125		4,492			999			431			258			10,257			16,908
Property charges and other		26			8		(112	)		358			120			4			9,894			10,298

Adjusted EBITDA		(11,250	)		2,471		(28,537	)		(31,079	)		49,009			5,577			(16,306	)		(30,115	)
Corporate and Other expenses		—			—		—			—			—			—			16,306			16,306

Adjusted Property EBITDA	$	(11,250	)	$	2,471	$	(28,537	)	$	(31,079	)	$	49,009		$	5,577		$	—		$	(13,809	)

	Three Months Ended June 30, 2021
	Altira Macau			Mocha		City of Dreams			Studio City			City of Dreams Manila			Cyprus Operations			Corporate and Other			Total
Operating (loss) income	$	(24,659	)	$	3,782	$	5,097		$	(40,021	)	$	(12,417	)	$	(4,649	)	$	(55,190	)	$	(128,057	)
Payments to the Philippine Parties		—			—		—			—			6,468			—			—			6,468
Land rent to Belle Corporation		—			—		—			—			702			—			—			702
Pre-opening costs		—			—		2			490			—			635			—			1,127
Development costs		—			—		—			—			—			—			3,812			3,812
Depreciation and amortization		5,501			1,592		64,116			33,949			16,953			3,174			21,662			146,947
Share-based compensation		133			37		2,052			485			315			43			9,305			12,370
Property charges and other		1,687			171		8,259			3,925			1,229			—			(3	)		15,268

Adjusted EBITDA		(17,338	)		5,582		79,526			(1,172	)		13,250			(797	)		(20,414	)		58,637
Corporate and Other expenses		—			—		—			—			—			—			20,414			20,414

Adjusted Property EBITDA	$	(17,338	)	$	5,582	$	79,526		$	(1,172	)	$	13,250		$	(797	)	$	—		$	79,051


	Six Months Ended June 30, 2022
	Altira Macau			Mocha and Other ⁽³⁾			City of Dreams			Studio City			City of Dreams Manila			Cyprus Operations			Corporate and Other			Total
Operating (loss) income	$	(32,745	)	$	4,117		$	(116,028	)	$	(121,851	)	$	29,096		$	(2,313	)	$	(105,351	)	$	(345,075	)
Payments to the Philippine Parties		—			—			—			—			18,461			—			—			18,461
Land rent to Belle Corporation		—			—			—			—			1,296			—			—			1,296
Pre-opening costs		—			—			—			813			—			4,789			—			5,602
Depreciation and amortization		10,835			2,508			120,124			67,428			31,970			3,486			41,667			278,018
Share-based compensation		709			243			8,288			1,804			968			511			21,356			33,879
Property charges and other		599			(45	)		3,502			3,424			214			4			11,201			18,899

Adjusted EBITDA		(20,602	)		6,823			15,886			(48,382	)		82,005			6,477			(31,127	)		11,080
Corporate and Other expenses		—			—			—			—			—			—			31,127			31,127

Adjusted Property EBITDA	$	(20,602	)	$	6,823		$	15,886		$	(48,382	)	$	82,005		$	6,477		$	—		$	42,207

	Six Months Ended June 30, 2021
	Altira Macau			Mocha			City of Dreams			Studio City			City of Dreams Manila			Cyprus Operations			Corporate and Other			Total
Operating (loss) income	$	(59,883	)	$	3,945		$	(16,482	)	$	(79,362	)	$	(15,664	)	$	(14,916	)	$	(108,491	)	$	(290,853	)
Payments to the Philippine Parties		—			—			—			—			17,093			—			—			17,093
Land rent to Belle Corporation		—			—			—			—			1,507			—			—			1,507
Pre-opening costs		—			—			195			733			—			1,196			—			2,124
Development costs		—			—			—			—			—			—			7,331			7,331
Depreciation and amortization		10,976			3,221			123,394			67,566			33,343			6,381			43,165			288,046
Share-based compensation		253			72			2,910			837			781			112			17,422			22,387
Property charges and other		1,758			188			9,557			3,865			5,602			—			22			20,992

Adjusted EBITDA		(46,896	)		7,426			119,574			(6,361	)		42,662			(7,227	)		(40,551	)		68,627
Corporate and Other expenses		—			—			—			—			—			—			40,551			40,551

Adjusted Property EBITDA	$	(46,896	)	$	7,426		$	119,574		$	(6,361	)	$	42,662		$	(7,227	)	$	—		$	109,178


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Room Statistics⁽⁴⁾:
Altira Macau
Average daily rate ⁽⁵⁾	$	93		$	105		$	100		$	113
Occupancy per available room		36	%		60	%		41	%		53	%
Revenue per available room ⁽⁶⁾	$	33		$	63		$	41		$	59
City of Dreams
Average daily rate ⁽⁵⁾	$	201		$	206		$	207		$	201
Occupancy per available room		20	%		63	%		30	%		60	%
Revenue per available room ⁽⁶⁾	$	41		$	129		$	63		$	121
Studio City
Average daily rate ⁽⁵⁾	$	103		$	121		$	117		$	121
Occupancy per available room		24	%		61	%		28	%		55	%
Revenue per available room ⁽⁶⁾	$	24		$	74		$	33		$	67
City of Dreams Manila
Average daily rate ⁽⁵⁾	$	184		$	73		$	187		$	108
Occupancy per available room		95	%		63	%		93	%		67	%
Revenue per available room ⁽⁶⁾	$	175		$	46		$	175		$	72
Other Information⁽⁷⁾:
Altira Macau
Average number of table games		92			102			95			102
Average number of gaming machines		141			115			136			114
Table games win per unit per day ⁽⁸⁾	$	614		$	2,765		$	980		$	2,878
Gaming machines win per unit per day ⁽⁹⁾	$	134		$	200		$	153		$	214
Mocha and Other⁽³⁾
Average number of table games		25			—			25			—
Average number of gaming machines		965			771			948			761
Table games win per unit per day ⁽⁸⁾	$	1,187		$	—		$	1,187		$	—
Gaming machines win per unit per day ⁽⁹⁾	$	193		$	345		$	222		$	305
City of Dreams
Average number of table games		443			511			451			510
Average number of gaming machines		695			492			690			500
Table games win per unit per day ⁽⁸⁾	$	2,192		$	8,306		$	4,329		$	7,761
Gaming machines win per unit per day ⁽⁹⁾	$	91		$	331		$	151		$	349
Studio City
Average number of table games		277			291			277			291
Average number of gaming machines		717			609			715			606
Table games win per unit per day ⁽⁸⁾	$	1,172		$	3,709		$	1,944		$	3,593