Group 1 - The main investment thesis for Melco Resorts & Entertainment Limited (MLCO) is the anticipated sale of City of Dreams Manila in the Philippines [1] - The company is expected to utilize the proceeds from the sale for strategic purposes [1] Group 2 - The analyst has a beneficial long position in MLCO shares through various financial instruments [2] - The article reflects the author's personal opinions and is not influenced by any compensation from external sources [2]

MACAU, March 21, 2025 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE:MSC) ("Studio City" or the "Company"), a world-class integrated resort located in Cotai, Macau, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024. The annual report can be accessed under the Annual Reports section on the Company's investor relations website at https://ir.studiocity-macau.com/annual-reports. The Company will provide a hard copy of its annual report ...

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 ...

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q4 2024 Earnings Conference Call February 27, 2025 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 Evan Winkler - President Conference Call Participants George Choi - Citi Ricardo Chinchilla - Deutsche Bank John DeCree - CBRE Joe Stauff - Susquehanna Praveen Choudhary - MS Operator Ladies and Gentlemen, thank ...

February 27, 2025 4Q'24 Results Presentation 1 Disclaimer Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by it ...

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].