MACAU, April 08, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment Limited (NASDAQ:MLCO) ("Melco" or the "Company"), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today announces that the maturity date of its HK$14.85 billion (equivalent to US$1.92 billion) revolving credit facility (the "2020 Credit Facilities") has been extended from April 29, 2025 to April 29, 2027. The 2020 Credit Facilities were originally established pursuant to a senior facilities agreement ...

Financial Performance - Total revenue for the year ended December 31, 2023, was $4.5 billion, representing a 15% increase compared to the previous year[5] - Net income for 2023 reached $650 million, a 20% year-over-year growth[5] - Total operating revenues for 2023 were $3.19 billion, compared to $971.67 million in 2022, representing a significant increase[15] - Net loss for 2023 was $354.2 million, an improvement from the $733.82 million net loss in 2022[15] - Total operating revenues for 2023 were $3.19 billion, a 228.4% increase from $0.97 billion in 2022[29] - Net loss for 2023 was $354.2 million, a 51.7% decrease from a net loss of $733.8 million in 2022[29] - Net loss decreased to $354.2 million in 2023 from $733.8 million in 2022, reflecting improved financial performance[90] Gaming Operations - The company's gaming machine handle for 2023 was $12.8 billion, with a win rate of 4.2%[9] - Mass market table games drop amounted to $8.3 billion, with a hold percentage of 18.5%[9] - Studio City Casino's gaming areas contributed $1.2 billion in revenue, representing 27% of total gaming revenue[4] - The company's Mocha Clubs, the largest non-casino electronic gaming machine operations in Macau, generated $500 million in revenue[4] - The company operates approximately 430 gaming tables and 628 gaming machines at City of Dreams in 2023[24] - Altira Macau's total operating revenues for 2023 were $114.0 million, representing 3.6% of the company's total operating revenues, compared to $32.8 million (3.4%) in 2022[26] - Mocha and Other segment's total operating revenues for 2023 were $119.0 million, representing 3.7% of the company's total operating revenues, compared to $76.4 million (7.9%) in 2022[28] - Altira Macau had an average of 44 gaming tables and 141 gaming machines in 2023, compared to 93 gaming tables and 146 gaming machines in 2022[26] - Mocha Clubs had an average of 874 gaming machines in operation in 2023, compared to 935 gaming machines in 2022[27] - The company's combined expected rolling chip win rate across properties is in the range of 2.85% to 3.15%[39] - Casino revenues for 2023 were $2.71 billion, representing 85.1% of total operating revenues, a 281.8% increase from $0.71 billion in 2022[71] - City of Dreams' rolling chip volume for 2023 was $19.42 billion, a 343.5% increase from $4.38 billion in 2022, with a rolling chip win rate of 2.61%[74] - Altira Macau's mass market table games drop for 2023 was $488.2 million, a 293.6% increase from $124.0 million in 2022, with a hold percentage of 22.7%[73] - Mocha and Other segment's mass market table games drop for 2023 was $176.1 million, an increase from $39.2 million in 2022, with a hold percentage of 17.0%[75] - Average net win per gaming machine per day at City of Dreams was $464 in 2023, a 232.1% increase from $140 in 2022[74] - Grand Dragon Casino operated an average of 17 gaming tables in 2023[145] - Mocha Clubs occupy a total floor area of 68,800 square feet across six locations in Macau[155] - Altira Macau's gaming and gaming support area comprises 16.38% of its total gross floor area of 104,583.39 square meters[152] - The Macau government transferred gaming equipment to the company for use at City of Dreams and Altira Macau under the Concession Contract[151][153] - Mass market table games segment accounted for 69.4% of market-wide gross gaming revenues in 2023, up from 68.5% in 2022[172] Hotel and Non-Gaming Operations - The company's average daily rate (ADR) for hotel rooms in 2023 was $250, reflecting a 10% increase from 2022[9] - Room revenues increased by $112.6 million (262.9%) to $155.4 million in 2023, driven by higher occupancy due to increased inbound tourism to Macau[76] - City of Dreams' average daily rate was $201 with an occupancy rate of 86% and REVPAR of $173 in 2023, compared to $205, 27%, and $56 respectively in 2022[76] - Food and beverage revenues increased by $56.1 million (178.4%) to $87.5 million in 2023, primarily due to increased business activities from inbound tourism[77] - Entertainment, retail, and other revenues increased by $47.3 million (25.3%) to $233.8 million in 2023, driven by higher management fee income[79] - The House of Dancing Water at City of Dreams is expected to re-open in late 2024 after being closed since June 2020[24] - The House of Dancing Water theater at City of Dreams, temporarily closed since June 2020, is expected to re-open in late 2024[138] Debt and Financing - Total debt outstanding as of December 31, 2023, was $6.2 billion, including $1.15 billion in 2029 Senior Notes[3] - The 2020 Credit Facilities were amended, extending the maturity date to April 29, 2027, with a total commitment of $1.92 billion[3] - Total long-term indebtedness as of December 31, 2023 is $5,152.643 million, including $1,000 million for 2025 Senior Notes, $500 million for 2026 Senior Notes, $600 million for 2027 Senior Notes, $850 million for 2028 Senior Notes, and $1,150 million for 2029 Senior Notes[100] - MCO Nominee One repaid $820 million and HK$206 million (equivalent to $29.6 million) under the 2020 Credit Facilities during 2023[102] - The 2020 Credit Facilities were amended on June 29, 2023, with interest rates now based on Term SOFR plus a spread of 0.06% to 0.20% and a margin of 1.00% to 2.00% per annum[103] - MCO Nominee One repaid HK$1.17 billion (equivalent to $149.5 million) under the 2020 Credit Facilities on March 28, 2024, and the maturity date was extended to April 29, 2027[104] - The company repaid US$850 million of credit facilities in 2023 and an additional US$149.5 million in Q1 2024, extending the maturity date of the 2020 Credit Facilities from April 2025 to April 2027[127] Macau Market and Tourism - Visitor arrivals to Macau increased by 395% year-over-year in 2023, while gross gaming revenues rose by 334%[21] - Gross gaming revenues in Macau for Q1 2024 increased by 65.5% compared to Q1 2023 but were still 24.7% lower than Q1 2019[21] - Macau gross gaming revenues increased by approximately 6% from Q4 2023 to Q1 2024, with mass gross gaming revenues during the 2024 Chinese New Year holiday period up 22% compared to 2019[126] - Visitor arrivals to Macau increased by 395% year-over-year in 2023, while gross gaming revenues rose by 334% year-over-year, though still 28% and 37% lower than 2019 levels respectively[131] - Gross gaming revenues in Macau in Q1 2024 rose by 65.5% compared to Q1 2023 but were still 24.7% lower than Q1 2019[131] - Macau's gross gaming revenue in 2023 was $22.8 billion, a 334% increase year-over-year from $5.2 billion in 2022[168] - Visitation to Macau totaled 28.2 million in 2023, a 394.9% increase compared to 2022 but below the 39.4 million visitors in 2019[172] - Visitors from the PRC represented 67.5% of all visitors to Macau in 2023, down from 89.6% in 2022[172] Assets and Liabilities - Cash and cash equivalents decreased to $645.56 million in 2023 from $1.04 billion in 2022[15] - Total assets decreased to $5.97 billion in 2023 from $6.70 billion in 2022[15] - The company recognized an intangible asset and financial liability of MOP1.93 billion (US$239.6 million) related to gaming concessions in Macau[15] - Asset impairments of $207.6 million were recorded for Altira Macau in 2023[29] - Altira Macau recognized an impairment of long-lived assets totaling $207.6 million, including $110.0 million for property and equipment, $30.4 million for finite-lived intangible assets, $65.2 million for land use rights, and $2.0 million for operating lease right-of-use assets[49] - Cash and cash equivalents stood at $645.6 million, with restricted cash at $124.6 million as of December 31, 2023[91] - Deferred tax assets valuation allowances were $127.3 million as of December 31, 2023, compared to $120.3 million in 2022[68] Capital Expenditures and Investments - Total capital expenditures for 2023 were $46.7 million, compared to $31.0 million in 2022[47] - Studio City Phase 2 investment totaled $1.2 billion, including Epic Tower, W Macau, and an indoor waterpark[146] - Capital commitments for City of Dreams property and equipment acquisition totaled $24.8 million as of December 31, 2023[108] - Melco Resorts Macau committed to an overall investment of MOP11,823.7 million (equivalent to $1.47 billion) and an additional MOP2,003.0 million (equivalent to $248.9 million) due to the Incremental Investment Trigger being reached in 2023[114] Operating Costs and Expenses - Total operating costs and expenses rose to $3.22 billion in 2023 from $1.43 billion in 2022, with casino expenses increasing by $1.21 billion (166.8%) to $1.94 billion[80] - The company's allowances for casino credit losses were 63.9% of gross casino accounts receivable as of December 31, 2023, compared to 84.0% in 2022[67] Cash Flow - Net cash provided by operating activities was $332.1 million in 2023, compared to a net cash used in operating activities of $597.4 million in 2022[95] - Net cash provided by investing activities was $75.7 million in 2023, compared to a net cash used in investing activities of $566.5 million in 2022[96] - Net cash used in financing activities was $857.6 million in 2023, primarily due to repayments of the revolving credit facility under the 2020 Credit Facilities[98] Regulatory and Concession Details - The company's gaming concession in Macau is effective until December 31, 2032, under the Concession Contract[4] - The current cap of gaming tables and gaming machines in Macau are 6,000 and 12,000 respectively[176] - The registered share capital of each concessionaire shall be at least MOP5.0 billion (equivalent to approximately US$621.4 million)[178] - The term of the concessions may be up to ten years, subject to extension(s) of up to three years in total[178] - The managing director of each concessionaire must be a Macau permanent resident and hold at least 15% of the concessionaire's registered share capital[178] - Melco Resorts Macau operates Studio City Casino under the Studio City Casino Agreement, managing day-to-day operations, including gaming tables and machines[200] - Melco Resorts Macau is allocated 750 gaming tables by the Macau government, with costs deductible for tables exceeding 198 at Studio City Casino[200] - Studio City Entertainment receives residual gross gaming revenues from Studio City Casino, recognized as revenue under the agreement[200] - The Studio City Casino Agreement allows Melco Resorts Macau to adjust the number of gaming tables and machines as needed[200] - The agreement includes customary events of default, such as payment failures or actions causing Melco Resorts Macau to breach its concession[201] - Termination of the Studio City Casino Agreement is possible due to default or regulatory review, except when Studio City Entertainment is under Melco's control[201] Foreign Exchange and Risk Management - The majority of revenues are denominated in H.K. dollars, while a significant portion of indebtedness and expenses are denominated in U.S. dollars, exposing the company to foreign exchange risk[121] - A 1% change in exchange rates between non-US dollar currencies and the US dollar would cause a maximum foreign transaction gain or loss of approximately US$7.6 million based on cash and bank balances as of December 31, 2023[124] - A 1% change in exchange rates between non-US dollar currencies and the US dollar would cause a foreign transaction gain or loss of approximately US$10.5 million based on indebtedness balances as of December 31, 2023[124] - Approximately 80% of the company's total gross indebtedness is based on fixed rates as of December 31, 2023, with a 100 basis point change in HIBOR estimated to impact annual interest costs by $10.5 million[120] Workforce and Employment - The company had 14,595 employees as of December 31, 2023, up from 12,044 in 2022[184] - City of Dreams accounted for 50.8% of the company's workforce in 2023, down from 54.2% in 2022[185] - Studio City accounted for 36.2% of the company's workforce in 2023, up from 29.6% in 2022[185] Technology and Innovation - The company is implementing new technologies to enhance customer data quality and improve promotions, offers, and events, while targeting increased table yield and productivity across gaming floors[134] Property and Infrastructure - City of Dreams has a total gross floor area of 641,431.70 square meters, with 4.87% dedicated to gaming and gaming support[149] - Total contractual obligations as of December 31, 2023 amount to $6,510.3 million, including $3,001 million due within 1-3 years and $1,754.1 million due within 3-5 years[111]

MACAU, March 22, 2024 (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, 2023. 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI ...

MACAU, March 14, 2024 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment has been honored by MICHELIN Guide Hong Kong & Macau 2024 with a collective total of eight MICHELIN stars across five restaurants located in its properties including City of Dreams, Studio City and Altira Macau. The result establishes Melco as Macau's leader with the highest number of MICHELIN-stars achieved across its properties. City of Dreams' Cantonese fine dining restaurant Jade Dragon maintains its top-tier Three MICHELIN-Star st ...

Melco Resorts (MLCO) reported $1.09 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 224.4%. EPS of $0.13 for the same period compares to -$0.51 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.09 billion, representing a surprise of +0.64%. The company delivered an EPS surprise of +333.33%, with the consensus EPS estimate being $0.03.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET Company Participants Jeanny Kim - SVP, Group Treasurer Lawrence Ho - Chairman & CEO Geoff Davis - EVP & CFO Evan Winkler - President Conference Call Participants George Choi - Citi Ricardo Chinchilla - Deutsche Bank John DeCree - CBRE Karl Choi - Bank of America Joe Greff - JPMorgan Operator Ladies and gentlemen, thank you for participating in the Fourth Quarter 2023 Earnings Conference Call of ...

Melco Resorts (MLCO) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to loss of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 333.33%. A quarter ago, it was expected that this casino company would post earnings of $0.02 per share when it actually produced a loss of $0.03, delivering a surprise of -250%.Over the last four quarters, the company h ...

MACAU, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE:MSC) ("Studio City" or the "Company"), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Total operating revenues for the fourth quarter of 2023 were US$141.3 million, compared with total operating revenues of US$4.2 million in the fourth quarter of 2022. The change was primarily attributable to the relax ...

MACAU, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE:MSC), a world-class integrated resort located in Cotai, Macau, today announces that it will release its unaudited financial results for the fourth quarter and year ended December 31, 2023 on Thursday, February 29, 2024. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. ...