Financial Data and Key Metrics Changes - The group-wide adjusted property EBITDA for Q1 2025 was approximately $341 million, while adjusted for VIP hold, it was approximately $313 million [9] - Operating expenses (OpEx) were reduced to $3.1 million per day in Q1 2025, down from $3.2 million in Q4 2024, with a target to exit Q2 2025 at $3 million per day [10][12] - Available liquidity stood at $3.3 billion, with consolidated cash on hand of approximately $1.2 billion as of the end of Q1 2025 [11] Business Line Data and Key Metrics Changes - Mass drop in Macau grew each month during the quarter, reaching record highs at both City of Dreams and Studio City, with market share increasing from 14.7% in Q4 2024 to 15.7% in Q1 2025 [4][5] - Studio City property EBITDA increased by 20% quarter-over-quarter, demonstrating the positive impact of recent renovations [6] - City of Dreams Mediterranean and Cypress achieved a 10% year-over-year growth in property EBITDA for Q1 2025 [7] Market Data and Key Metrics Changes - Property visitation in Macau grew by 30% year-over-year during the May Golden Week [4] - Golden Week visitation was up 40% year-over-year, indicating strong demand and market recovery [55] Company Strategy and Development Direction - The company is focused on maintaining high-quality product offerings and strategic marketing to drive business momentum [6] - There is an ongoing strategic review of City of Dreams Manila, with potential buyers currently engaged in the process [22] - The company aims to balance capital allocation between share buybacks and debt reduction, with a focus on maximizing shareholder value [12][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business momentum, citing strong performance in Macau and a stable market share despite new competition [4][18] - The company noted that the competitive environment in the Philippines has impacted performance, prompting adjustments in cost structure and marketing programs [7] - Management highlighted the importance of Chinese policy in supporting domestic consumption and travel, which is crucial for future growth [29] Other Important Information - The House of Dancing Water show was relaunched successfully, expected to drive additional visitation to City of Dreams [5] - The company has repurchased approximately $165 million in MLCO ADSs in 2025, taking advantage of low valuations in the equity markets [12] Q&A Session Summary Question: Impact of London Legrand opening on competition - Management reported no significant impact on market share or business from the opening of London Legrand, maintaining strong performance in Q1 [15][19] Question: Update on City of Dreams Manila strategic review - The strategic review is ongoing, with potential buyers signing NDAs and working through questions [22] Question: Signs of weakness on the gaming floor - Management indicated no signs of weakness post-Golden Week, with continued strong performance observed [27][32] Question: CapEx guidance for the year - Full year CapEx guidance remains unchanged at $415 million, with the completion of Sri Lanka highlighted as a major project [33] Question: OpEx expectations for Q2 - OpEx guidance for Q2 is expected to be around $3 million per day, excluding costs related to House of Dancing Water and residency concerts [36][37] Question: Non-gaming spend insights during Golden Week - Retail and F&B activity was strong during Golden Week, although high-end luxury retail continues to face challenges [57][58]

1Q'25 Results Presentation 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 its officers, directors or employ ...

Core Viewpoint - Melco Resorts & Entertainment Limited reported strong financial results for the first quarter of 2025, with significant increases in operating revenues and net income, driven by improved performance in gaming and non-gaming operations. Financial Performance - Total operating revenues for Q1 2025 were US$1.23 billion, an increase of approximately 11% from US$1.11 billion in Q1 2024 [2] - Operating income for Q1 2025 was US$144.9 million, compared to US$125.4 million in Q1 2024 [2] - Adjusted Property EBITDA was US$341.0 million in Q1 2025, up from US$298.8 million in Q1 2024 [3] Net Income - Net income attributable to Melco for Q1 2025 was US$32.5 million, or US$0.08 per ADS, compared to US$15.2 million, or US$0.03 per ADS, in Q1 2024 [4] Segment Performance - City of Dreams generated total operating revenues of US$658.1 million in Q1 2025, up from US$550.9 million in Q1 2024, with Adjusted EBITDA increasing to US$195.9 million from US$153.6 million [6] - Studio City reported total operating revenues of US$354.5 million in Q1 2025, compared to US$331.4 million in Q1 2024, with Adjusted EBITDA rising to US$97.3 million from US$87.9 million [11] - Altira Macau's total operating revenues were US$27.9 million in Q1 2025, down from US$34.2 million in Q1 2024, with a negative Adjusted EBITDA of US$0.7 million [14] Gaming Operations - Rolling chip volume increased to US$6.05 billion in Q1 2025, compared to US$5.69 billion in Q1 2024, with a win rate of 3.74% [7] - Mass market table games drop increased to US$1.59 billion in Q1 2025, compared to US$1.48 billion in Q1 2024, with a hold percentage of 30.2% [8] Non-Gaming Revenue - Total non-gaming revenue at City of Dreams was US$84.1 million in Q1 2025, compared to US$80.6 million in Q1 2024 [9] - Total non-gaming revenue at Studio City remained stable at US$70.7 million for both Q1 2025 and Q1 2024 [13] Financial Position - Total cash and bank balances as of March 31, 2025, were US$1.23 billion, including US$125.3 million of restricted cash [30] - Total debt at the end of Q1 2025 was US$7.16 billion [30] Share Repurchase Program - From January 1, 2025, to May 7, 2025, Melco repurchased approximately 32.3 million ADSs for about US$165 million under its US$500 million share repurchase program [32]

Core Viewpoint - Melco Resorts & Entertainment (MLCO) shows strong financial performance with significant revenue and profit growth, indicating a positive outlook for the company [1][2]. Financial Performance - As of December 31, 2024, Melco Resorts reported total revenue of $4.638 billion, representing a year-over-year increase of 22.86% [1]. - The net profit attributable to shareholders reached $43.543 million, marking a substantial growth of 113.32% compared to the previous year [1]. Company Overview - Melco Resorts operates integrated resort businesses in Asia and Europe, including Altira Macau and City of Dreams in Macau, and is the largest non-casino gaming machine operator in Macau through Mocha Clubs [2]. - The company is also developing the Mediterranean City of Dreams in Cyprus, which is expected to become the largest integrated resort in Europe, and currently operates a temporary casino in Cyprus [2].

Core Insights - Melco Resorts & Entertainment published its 2024 sustainability report, emphasizing its commitment to environmental restoration, community inspiration, supply chain sustainability, and positive business impact [1][2] Group 1: Sustainability Strategy - The company aims to go "Above & Beyond" in its sustainability efforts, engaging stakeholders for a climate-fit and equitable future [1][9] - The 2024 strategy focuses on strong governance, environmental impact management, community support, and responsible gaming [2] Group 2: Performance Highlights - Melco's sustainability strategy, "RISE to go Above & Beyond," has led to significant achievements, including recognition as 'Responsible Gambling Model Units' for ten facilities, with nine achieving perfect scores [6] - The company scored in the 93rd percentile in the S&P Global Sustainability Yearbook 2025 and received a B score from the Carbon Disclosure Project for both Climate and Water [6] - An average investment of US$582 per full-time-equivalent employee on training resulted in 100% participation in development activities [6] Group 3: Community Engagement - Over US$17.42 million was donated to local community causes, and nearly 3,600 employees participated in 359 volunteering initiatives [6] - The City of Dreams Manila established a circular economy by composting food waste and donating excess compost to local farms [7] Group 4: Environmental Initiatives - Energy efficiency measures since 2018 have saved over 62.5 million kWh annually, a 9% increase from 2023 [6] - More than 25,000 photovoltaic panels across properties generate close to 10,000 MWh annually, and the NORDAQ water filtration system has avoided 13.2 million single-use plastic bottles [6] Group 5: Supply Chain and Sourcing - The company sources 100% cage-free eggs for its food and beverage operations in Manila and Macau, with 74% at City of Dreams Mediterranean [12] - Melco is working on adopting recycled fabric uniforms and strengthening data tracking for certified sourcing and chain-of-custody verification [12]

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]

Core Viewpoint - Studio City International Holdings Limited has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, which is accessible on the company's investor relations website [1] Company Information - Studio City is a world-class integrated resort located in Cotai, Macau, and its American depositary shares are listed on the New York Stock Exchange under the ticker MSC [4] - The company is majority owned by Melco Resorts & Entertainment Limited, which is listed on the Nasdaq Global Select Market under the ticker MLCO [4] Annual Report Availability - The company will provide a hard copy of its annual report containing audited consolidated financial statements free of charge to shareholders and ADS holders upon request [2]

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 ...