Financial Performance - Total Operating Revenues increased by 8.9% to $1.191 billion for the three months ended December 2024, and increased by 22.9% to $4.638 billion for the twelve months ended December 2024[26] - Gaming revenue increased by 8.3% to $972 million for the three months ended December 2024, and increased by 22.6% to $3.773 billion for the twelve months ended December 2024[26] - Non-Gaming revenue increased by 11.8% to $219 million for the three months ended December 2024, and increased by 24.0% to $866 million for the twelve months ended December 2024[26] - Net Loss decreased by 82.4% to $40 million for the three months ended December 2024, and decreased by 93.3% to $28 million for the twelve months ended December 2024[26] - Adjusted Property EBITDA decreased by 2.6% to $295 million for the three months ended December 2024, and increased by 17.0% to $1.220 billion for the twelve months ended December 2024[26] Operational Highlights - City of Dreams Macau's Adjusted EBITDA was $140 million in 4Q'24[29] - Studio City's Adjusted EBITDA was $81 million in 4Q'24, with VIP operations ceasing in late October 2024[33, 36] - Altira recorded negative Adjusted EBITDA of $0.3 million in 4Q'24[37] - City of Dreams Manila's Adjusted EBITDA was $57 million in 4Q'24[41] - City of Dreams Mediterranean and Other recorded Adjusted EBITDA of $12 million in 4Q'24[45] Capital Allocation - Approximately $3.908 billion has been returned to shareholders from 2016 to 2024 through special dividends of $1 billion, regular dividends of $883 million and share repurchases of $2.024 billion[54] - For the year ended December 31, 2024, Melco repurchased approximately 20.7 million ADSs at an aggregate purchase price of approximately $112 million[54] - From January 1, 2025 to February 26, 2025, Melco repurchased 3.7 million ADSs at an aggregate purchase price of approximately $20 million[54]