Melco Resorts & Entertainment LTD 6-K, filed Aug 14, 2024

Melco Resorts & Entertainment LTD (MLCO)

6-K 2024-08-14 For: 2024-08-14

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Added on April 08, 2026

About this 6-K

Melco Resorts & Entertainment LTD filed this 6-K on August 14, 2024.

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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 2024


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Operating revenues:
Casino	$	942,968		$	768,450		$	1,856,288		$	1,367,450
Rooms		101,386			80,075			202,224			138,663
Food and beverage		71,574			46,543			137,679			83,298
Entertainment, retail and other		43,727			52,871			75,871			75,008

Total operating revenues		1,159,655			947,939			2,272,062			1,664,419

Operating costs and expenses:
Casino		(632,474	)		(505,581	)		(1,242,225	)		(904,450	)
Rooms		(30,266	)		(19,871	)		(59,518	)		(34,222	)
Food and beverage		(53,712	)		(35,904	)		(108,449	)		(63,418	)
Entertainment, retail and other		(23,021	)		(36,540	)		(39,647	)		(42,566	)
General and administrative		(144,388	)		(118,325	)		(271,343	)		(228,329	)
Payments to the Philippine Parties		(10,535	)		(9,311	)		(19,024	)		(22,659	)
Pre-opening costs		(2,883	)		(17,148	)		(5,172	)		(30,260	)
Development costs		(1,934	)		—			(2,072	)		—
Amortization of land use rights		(4,979	)		(5,660	)		(9,955	)		(11,318	)
Depreciation and amortization		(129,535	)		(130,869	)		(261,357	)		(246,670	)
Property charges and other		(2,192	)		(4,445	)		(4,214	)		(15,887	)

Total operating costs and expenses		(1,035,919	)		(883,654	)		(2,022,976	)		(1,599,779	)

Operating income		123,736			64,285			249,086			64,640

Non-operating income (expenses):
Interest income		4,293			4,979			8,831			11,773
Interest expense, net of amounts capitalized		(121,320	)		(123,511	)		(245,512	)		(232,469	)
Other financing costs		(1,976	)		(990	)		(3,600	)		(1,924	)
Foreign exchange gains, net		2,335			2,360			507			1,541
Other income, net		605			658			2,605			1,318
Loss on extinguishment of debt		(869	)		—			(869	)		—

Total non-operating expenses, net		(116,932	)		(116,504	)		(238,038	)		(219,761	)

Income (loss) before income tax		6,804			(52,219	)		11,048			(155,121	)
Income tax (expense) benefit		(8,091	)		1,075			(11,785	)		3,316

Net loss		(1,287	)		(51,144	)		(737	)		(151,805	)
Net loss attributable to noncontrolling interests		22,677			27,703			37,297			47,076

Net income (loss) attributable to Melco Resorts & Entertainment Limited	$	21,390		$	(23,441	)	$	36,560		$	(104,729	)

Net income (loss) attributable to Melco Resorts & Entertainment Limited per share:
Basic	$	0.016		$	(0.018	)	$	0.028		$	(0.079	)

Diluted	$	0.016		$	(0.018	)	$	0.028		$	(0.079	)

Net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:
Basic	$	0.049		$	(0.054	)	$	0.083		$	(0.238	)

Diluted	$	0.049		$	(0.054	)	$	0.083		$	(0.238	)

Weighted average shares outstanding used in net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic		1,320,517,938			1,310,358,237			1,315,894,356			1,317,994,836

Diluted		1,322,235,542			1,310,358,237			1,320,530,024			1,317,994,836


	June 30, 2024			December 31, 2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,149,887		$	1,310,715
Restricted cash		379			27
Accounts receivable, net		95,907			91,638
Receivables from affiliated companies		1,160			797
Inventories		31,282			29,427
Prepaid expenses and other current assets		107,623			111,688

Total current assets		1,386,238			1,544,292

Property and equipment, net		5,348,702			5,533,994
Intangible assets, net		287,962			304,652
Goodwill		81,617			81,582
Long-term prepayments, deposits and other assets, net		157,738			100,320
Restricted cash		124,785			125,094
Operating lease right-of-use assets		54,287			62,356
Land use rights, net		573,058			582,782

Total assets	$	8,014,387		$	8,335,072

LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable	$	22,538		$	11,752
Accrued expenses and other current liabilities		968,884			1,008,316
Income tax payable		29,948			28,183
Operating lease liabilities, current		16,315			19,685
Finance lease liabilities, current		33,327			35,307
Payables to affiliated companies		517			377

Total current liabilities		1,071,529			1,103,620

Long-term debt, net		7,223,046			7,472,620
Other long-term liabilities		310,988			322,591
Deferred tax liabilities, net		36,040			34,959
Operating lease liabilities, non-current		47,822			53,858
Finance lease liabilities, non-current		170,425			187,474

Total liabilities		8,859,850			9,175,122

Deficit:
Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,404,679,067 and 1,404,679,067 shares issued; 1,321,266,334 and 1,311,270,775 shares outstanding, respectively		14,047			14,047
Treasury shares, at cost; 83,412,733 and 93,408,292 shares, respectively		(225,886	)		(255,068	)
Additional paid-in capital		3,092,966			3,109,212
Accumulated other comprehensive losses		(116,722	)		(98,599	)
Accumulated losses		(4,020,312	)		(4,056,872	)

Total Melco Resorts & Entertainment Limited shareholders’ deficit		(1,255,907	)		(1,287,280	)
Noncontrolling interests		410,444			447,230

Total deficit		(845,463	)		(840,050	)

Total liabilities and deficit	$	8,014,387		$	8,335,072


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Net income (loss) attributable to Melco Resorts & Entertainment Limited	$	21,390		$	(23,441	)	$	36,560		$	(104,729	)
Pre-opening costs		2,883			17,148			5,172			30,260
Development costs		1,934			—			2,072			—
Property charges and other		2,192			4,445			4,214			15,887
Loss on extinguishment of debt		869			—			869			—
Income tax impact on adjustments		(18	)		(276	)		(37	)		(584	)
Noncontrolling interests impact on adjustments		(844	)		(5,522	)		(883	)		(10,108	)

Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited	$	28,406		$	(7,646	)	$	47,967		$	(69,274	)

Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share:
Basic	$	0.022		$	(0.006	)	$	0.036		$	(0.053	)

Diluted	$	0.021		$	(0.006	)	$	0.036		$	(0.053	)

Adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per ADS:
Basic	$	0.065		$	(0.018	)	$	0.109		$	(0.158	)

Diluted	$	0.064		$	(0.018	)	$	0.109		$	(0.158	)

Weighted average shares outstanding used in adjusted net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic		1,320,517,938			1,310,358,237			1,315,894,356			1,317,994,836

Diluted		1,322,235,542			1,310,358,237			1,320,530,024			1,317,994,836

Melco Resorts & Entertainment LTD 6-K, filed Aug 14, 2024

About this 6-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents


	Three Months Ended June 30, 2024
	Altira Macau			Mocha and Other		City of Dreams		Studio City			City of Dreams Manila		City of Dreams Mediterranean and Other			Corporate and Other			Total
Operating (loss) income	$	(3,174	)	$	5,876	$	111,105	$	23,456		$	17,209	$	653		$	(31,389	)	$	123,736
Payments to the Philippine Parties		—			—		—		—			10,535		—			—			10,535
Integrated resort and casino rent⁽³⁾		—			—		—		—			1,045		—			—			1,045
Pre-opening costs		—			—		1,801		747			—		26			309			2,883
Development costs		—			—		—		—			—		—			1,934			1,934
Depreciation and amortization		557			930		49,750		54,492			11,355		12,218			5,212			134,514
Share-based compensation		108			43		1,225		337			283		106			4,955			7,057
Property charges and other		497			—		1,251		208			61		105			70			2,192

Adjusted EBITDA		(2,012	)		6,849		165,132		79,240			40,488		13,108			(18,909	)		283,896
Corporate and Other expenses		—			—		—		—			—		—			18,909			18,909

Adjusted Property EBITDA	$	(2,012	)	$	6,849	$	165,132	$	79,240		$	40,488	$	13,108		$	—		$	302,805


	Three Months Ended June 30, 2023
	Altira Macau			Mocha and Other		City of Dreams		Studio City			City of Dreams Manila		City of Dreams Mediterranean and Other			Corporate and Other			Total
Operating (loss) income	$	(2,012	)	$	5,552	$	95,582	$	(10,905	)	$	23,731	$	(8,848	)	$	(38,815	)	$	64,285
Payments to the Philippine Parties		—			—		—		—			9,311		—			—			9,311
Integrated resort and casino rent⁽³⁾		—			—		—		—			476		—			—			476
Pre-opening costs		—			—		—		4,721			—		12,427			—			17,148
Depreciation and amortization		5,988			1,083		60,514		46,753			13,156		3,112			5,923			136,529
Share-based compensation		118			46		1,340		368			285		205			6,499			8,861
Property charges and other		203			30		3,806		197			3		14			192			4,445

Adjusted EBITDA		4,297			6,711		161,242		41,134			46,962		6,910			(26,201	)		241,055
Corporate and Other expenses		—			—		—		—			—		—			26,201			26,201

Adjusted Property EBITDA	$	4,297		$	6,711	$	161,242	$	41,134		$	46,962	$	6,910		$	—		$	267,256


	Six Months Ended June 30, 2024
	Altira Macau			Mocha and Other			City of Dreams		Studio City			City of Dreams Manila			City of Dreams Mediterranean and Other			Corporate and Other			Total
Operating (loss) income	$	(3,558	)	$	12,388		$	209,171	$	56,737		$	32,701		$	(1,782	)	$	(56,571	)	$	249,086
Payments to the Philippine Parties		—			—			—		—			19,024			—			—			19,024
Integrated resort and casino rent⁽³⁾		—			—			—		—			2,793			—			—			2,793
Pre-opening costs		69			—			3,673		806			—			315			309			5,172
Development costs		—			—			—		—			—			—			2,072			2,072
Depreciation and amortization		1,132			1,851			101,174		108,759			22,981			24,932			10,483			271,312
Share-based compensation		227			80			2,539		711			583			211			9,609			13,960
Property charges and other		1,544			(5	)		2,178		148			251			(31	)		129			4,214

Adjusted EBITDA		(586	)		14,314			318,735		167,161			78,333			23,645			(33,969	)		567,633
Corporate and Other expenses		—			—			—		—			—			—			33,969			33,969

Adjusted Property EBITDA	$	(586	)	$	14,314		$	318,735	$	167,161		$	78,333		$	23,645		$	—		$	601,602


	Six Months Ended June 30, 2023
	Altira Macau			Mocha and Other			City of Dreams		Studio City			City of Dreams Manila			City of Dreams Mediterranean and Other			Corporate and Other			Total
Operating (loss) income	$	(10,230	)	$	12,116		$	115,208	$	(30,360	)	$	58,450		$	(9,428	)	$	(71,116	)	$	64,640
Payments to the Philippine Parties		—			—			—		—			22,659			—			—			22,659
Integrated resort and casino rent⁽³⁾		—			—			—		—			962			—			—			962
Pre-opening costs		—			—			—		9,784			—			20,476			—			30,260
Depreciation and amortization		11,917			2,160			121,886		81,121			25,625			4,296			10,983			257,988
Share-based compensation		61			83			4,157		691			578			231			13,872			19,673
Property charges and other		511			30			14,918		487			(400	)		17			324			15,887

Adjusted EBITDA		2,259			14,389			256,169		61,723			107,874			15,592			(45,937	)		412,069
Corporate and Other expenses		—			—			—		—			—			—			45,937			45,937

Adjusted Property EBITDA	$	2,259		$	14,389		$	256,169	$	61,723		$	107,874		$	15,592		$	—		$	458,006


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Room Statistics:
Altira Macau
Average daily rate ⁽⁴⁾	$	129		$	145		$	131		$	135
Occupancy per available room		95	%		88	%		95	%		80	%
Revenue per available room ⁽⁵⁾	$	123		$	127		$	124		$	107
City of Dreams
Average daily rate ⁽⁴⁾	$	209		$	205		$	207		$	208
Occupancy per available room		93	%		85	%		93	%		79	%
Revenue per available room ⁽⁵⁾	$	194		$	174		$	194		$	164
Studio City
Average daily rate ⁽⁴⁾	$	157		$	153		$	158		$	134
Occupancy per available room		96	%		91	%		96	%		85	%
Revenue per available room ⁽⁵⁾	$	150		$	140		$	151		$	114
City of Dreams Manila
Average daily rate ⁽⁴⁾	$	160		$	181		$	164		$	183
Occupancy per available room		97	%		97	%		96	%		96	%
Revenue per available room ⁽⁵⁾	$	155		$	175		$	158		$	176
City of Dreams Mediterranean and Other
Average daily rate ⁽⁴⁾	$	443		$	336		$	383		$	336
Occupancy per available room		61	%		56	%		58	%		56	%
Revenue per available room ⁽⁵⁾	$	272		$	188		$	221		$	188
Other Information:
Altira Macau
Average number of table games		39			44			41			45
Average number of gaming machines		139			148			137			153
Table games win per unit per day ⁽⁶⁾	$	7,890		$	7,028		$	8,330		$	5,991
Gaming machines win per unit per day ⁽⁷⁾	$	276		$	200		$	260		$	195
Mocha and Other
Average number of table games		16			17			17			16
Average number of gaming machines		912			866			905			875
Table games win per unit per day ⁽⁶⁾	$	7,629		$	4,943		$	6,674		$	4,823
Gaming machines win per unit per day ⁽⁷⁾	$	254		$	290		$	273		$	298
City of Dreams
Average number of table games		430			430			430			430
Average number of gaming machines		603			632			624			637
Table games win per unit per day ⁽⁶⁾	$	15,714		$	14,375		$	15,490		$	12,018