Core Viewpoint - Melco Resorts & Entertainment Limited reported significant growth in its financial performance for the fourth quarter and full year of 2025, driven by improved gaming revenues and disciplined cost management. Financial Performance - Total operating revenues for Q4 2025 were US$1.29 billion, a 9% increase from US$1.19 billion in Q4 2024 [2] - Operating income for Q4 2025 was US$146.4 million, up from US$97.0 million in Q4 2024 [2] - Adjusted Property EBITDA for Q4 2025 was US$331.3 million, compared to US$295.2 million in Q4 2024 [3] - Net income attributable to Melco Resorts for Q4 2025 was US$60.6 million, or US$0.16 per ADS, compared to a net loss of US$20.3 million, or US$0.05 per ADS, in Q4 2024 [4] Yearly Overview - For the full year 2025, total operating revenues reached US$5.16 billion, up from US$4.64 billion in 2024 [38] - Operating income for 2025 was US$600.4 million, compared to US$484.6 million in 2024 [39] - Adjusted Property EBITDA for the full year was US$1.43 billion, compared to US$1.22 billion in 2024 [39] - Net income attributable to Melco Resorts for 2025 was US$185.0 million, or US$0.46 per ADS, compared to US$43.5 million, or US$0.10 per ADS, in 2024 [40] Segment Performance - In Macau, Property EBITDA grew by 25% year-over-year to US$1.23 billion for 2025, driven by stronger gaming revenue [5] - City of Dreams in Q4 2025 had total operating revenues of US$695.7 million, up from US$591.1 million in Q4 2024 [6] - Studio City reported total operating revenues of US$360.4 million in Q4 2025, compared to US$342.0 million in Q4 2024 [10] - City of Dreams Manila's total operating revenues decreased to US$100.2 million in Q4 2025 from US$133.8 million in Q4 2024 [22] Gaming Operations - Rolling chip volume increased to US$6.28 billion in Q4 2025, with a win rate of 3.18%, up from 2.35% in Q4 2024 [7] - Mass market table games drop increased to US$1.74 billion in Q4 2025, with a hold percentage of 31.0% [8] - Total non-gaming revenue at City of Dreams in Q4 2025 was US$98.8 million, compared to US$85.6 million in Q4 2024 [9] Financial Position - Total cash and bank balances as of December 31, 2025, were US$1.15 billion, including US$125.2 million of restricted cash [34] - Total debt at the end of Q4 2025 was US$6.75 billion [34] - Available liquidity, including cash and undrawn revolving credit facilities, was approximately US$2.38 billion as of December 31, 2025 [36]

Core Insights - Melco Resorts & Entertainment has achieved a historic leadership position in the 2026 Forbes Travel Guide by receiving 19 Five-Star Awards, making it the world's integrated resort operator with the most FTG Five-Star Awards [1][2] - The company has a total of 107 FTG Stars across its Hotel, Restaurant, and Spa categories, showcasing its commitment to luxury hospitality [1][2] Group 1: Awards and Recognition - Melco's properties, including City of Dreams, Studio City, Altira Macau, and City of Dreams Manila, have been recognized with multiple Five-Star Awards in various categories [1][2] - The specific awards include Five-Star ratings for hotels such as Morpheus and Nüwa, restaurants like Alain Ducasse at Morpheus and Jade Dragon, and spas including Morpheus Spa and Nüwa Spa [2] Group 2: Company Overview - Melco Resorts & Entertainment is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with properties in Macau, the Philippines, and Cyprus [4] - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as Chairman and CEO [5]

Core Insights - Melco Resorts & Entertainment has achieved a historic leadership position in the 2026 Forbes Travel Guide by receiving 19 Five-Star Awards, making it the world's integrated resort operator with the most FTG Five-Star Awards [1][2] - The company has attained a total of 107 FTG Stars across its Hotel, Restaurant, and Spa categories, reinforcing its status as a premier luxury hospitality provider in the region [1][2] Company Overview - Melco Resorts & Entertainment is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with properties including City of Dreams and Altira Macau in Macau, Studio City in Cotai, and City of Dreams Manila in the Philippines [4] - The company also operates City of Dreams Mediterranean in Cyprus and manages the Nüwa hotel at City of Dreams Sri Lanka [4] Awards and Recognition - The 19 Five-Star awards received by Melco properties include accolades for hotels such as Morpheus and Nüwa, restaurants like Alain Ducasse at Morpheus and Jade Dragon, and spas including Morpheus Spa and Altira Spa [2][3] - This recognition highlights the company's commitment to excellence in design and guest experiences [2] Leadership - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as the Chairman, Executive Director, and CEO [5]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, with a significant turnaround of nearly $470 million in EBITDA at BetMGM North America [5][12][14] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines, driven by the completion of the MGM Grand room remodel and a better convention mix [17][24] - Consolidated EBITDA growth was up 20% in the fourth quarter, indicating strong overall performance [83] Business Line Data and Key Metrics Changes - MGM China reported a record high quarterly and full year segment adjusted EBITDA, achieving a 16.5% market share in the fourth quarter [12][19] - BetMGM saw a 24% increase in monthly player volumes and a 14% increase in active player days, with a target of reaching $500 million in Adjusted EBITDA by 2027 [14][21] - MGM Digital experienced a 35% growth in net revenues, driven by strong performance in key international markets [21] Market Data and Key Metrics Changes - The Las Vegas market is showing signs of stabilization, with expectations of increased visitation due to major events like the Super Bowl and the World Cup [11][24] - The company has more group and convention room nights booked for future years than ever before, indicating strong demand [8][16] - MGM China is focused on maintaining high service levels and quality over quantity, which has resulted in stable margins in a competitive environment [19][54] Company Strategy and Development Direction - The company is investing in upgrading experiences across its portfolio, including luxury offerings and technology innovations to enhance customer experience [6][10] - MGM Resorts is pursuing a growth pipeline that includes digital initiatives and the development of MGM Osaka, expected to be the world's largest integrated resort [6][15][24] - The company is focused on operational efficiencies and leveraging technology to drive profitability [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in Las Vegas, citing a favorable outlook for conventions and high-end customer engagement [30][31] - The company is monitoring macroeconomic factors that could benefit its operations, including favorable tax regulations and improvements at the Las Vegas airport [16][24] - Management highlighted the importance of maintaining a strong balance sheet and cash flow to support growth opportunities [24][76] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing its share count by almost 50% over the last five years [22][76] - MGM China announced new branding fee terms that will increase cash flow for MGM Resorts, expected to generate over $50 million in incremental cash flow [20] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including occupancy stabilization and upcoming events like ConAg [28][30] Question: One-off items in Q4 - The hold was above average, contributing approximately $20 million to Las Vegas' bottom line, with some unusual corporate expenses noted [32] Question: Value customer stabilization - Management highlighted initiatives to address value-conscious customers and improve visitation [36][37] Question: Casino resiliency and revenue growth - Management noted strong performance in high-end gaming and effective marketing strategies driving revenue growth [39][40] Question: Regional segment performance - The regional business remains steady, with investments in high-limit table rooms yielding positive results [63] Question: Gaming loss tax deductibility - Management is monitoring the impact of the 90% gaming loss tax deductibility and advocating for a fix [71]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, with a significant turnaround of nearly $470 million in EBITDA at BetMGM North America [6][7][13] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines, driven by the completion of the MGM Grand room remodel and a better convention mix [18][26] - Consolidated EBITDA growth was up 20% in the fourth quarter, indicating strong overall performance [85] Business Line Data and Key Metrics Changes - MGM China reported a 21% increase in net revenues and a 31% increase in segment adjusted EBITDA for the fourth quarter, achieving record performance [20][22] - BetMGM saw a 24% increase in monthly player volumes and a 14% increase in active player days, with a goal of reaching $500 million in Adjusted EBITDA by 2027 [15][23] - The regional operations maintained steady performance, with Borgata seeing positive results from investments in high-limit table rooms [65] Market Data and Key Metrics Changes - MGM China maintained a market share of 16.5% in the fourth quarter, with a focus on premium mass customers [13][22] - The Las Vegas Strip properties experienced higher room rates and increased cash ticket sales, particularly during major events like Formula 1 [10][12] - The company is optimistic about the upcoming events, including the Super Bowl and World Cup, which are expected to drive visitation [11][12] Company Strategy and Development Direction - The company is focused on diversifying its offerings, with significant investments in luxury experiences and digital innovations [6][11] - MGM Osaka is set to become the world's largest integrated resort, with construction on schedule to open in 2030 [16] - The company aims to leverage technology to improve operational efficiencies and enhance customer experiences [11][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in Las Vegas, with expectations for growth driven by conventions and high-end customer engagement [26][30] - The company is closely monitoring macroeconomic factors that could benefit Las Vegas, including tax regulations and airport capacity recovery [17][26] - Management highlighted the importance of maintaining a strong cash flow to support growth opportunities and shareholder value [24][27] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing the share count by almost 50% over the last five years [24] - MGM China announced an increase in branding fees from 1.75% to 3.5%, expected to generate over $50 million in incremental cash flow [21][22] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including improved occupancy and upcoming events like CON/AGG, with a positive outlook for the second half of 2026 [30][32] Question: One-off items in Q4 - The hold was above average, contributing approximately $20 million to Las Vegas's bottom line, with some unusual corporate expenses noted [33] Question: Stabilization efforts for value customers - Management highlighted initiatives to address value-conscious customers, with ongoing efforts to drive visitation to Las Vegas [37][38] Question: Casino resiliency despite lower occupancy - Management noted strong performance in high-end gaming and effective marketing strategies contributing to casino revenue growth [39][41] Question: Operating expense growth and renovation impacts - Overall expense growth is expected to be low single digits, with the MGM Grand renovation impacting EBITDA by about $65 million in 2025 [49] Question: Macau margin environment - MGM China reported stable margins in the mid- to high-20s, with strong demand anticipated for the upcoming Chinese New Year [55] Question: Buyback strategy and MGM China - Management emphasized a balanced approach to share repurchases, considering the value of shares against other investment opportunities [77][79]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, maintaining margins and market share [5][12] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines [17] - Consolidated EBITDA growth was up 20% in the fourth quarter [80] Business Line Data and Key Metrics Changes - BetMGM reported a nearly $470 million EBITDA turnaround, with a $135 million distribution to MGM in Q4 [5][13] - MGM China achieved a record high quarterly and full year segment adjusted EBITDA, with a 16.5% market share in Q4 [12][19] - MGM Digital saw a 35% growth in net revenues, driven by momentum in key international markets [21] Market Data and Key Metrics Changes - The Las Vegas market is experiencing mid-single-digit revenue growth in 2026, with a strong convention calendar [7][8] - MGM China reported a 21% increase in net revenues and a 31% increase in segment adjusted EBITDA in Q4 [19] - The company maintained a strong performance in regional operations, achieving the best-ever fourth quarter slot win [19] Company Strategy and Development Direction - The company is focused on luxury offerings and enhancing customer experiences, particularly in Las Vegas [10][11] - MGM is investing in major projects, including MGM Osaka, which is expected to be the world's largest integrated resort upon opening [5][14] - The company is leveraging technology innovations to improve operational efficiencies and customer service [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in Las Vegas, citing stabilization and positive trends as 2026 begins [24][29] - The company anticipates a constructive backdrop for growth, supported by macroeconomic factors and increased visitation [15][16] - Management highlighted the importance of maintaining high service levels and adapting to evolving customer preferences [19][51] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing the share count by almost 50% over five years [22] - MGM China announced new branding fee terms, increasing from 1.75% to 3.5%, which will enhance cash flow for MGM Resorts [20] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including occupancy stabilization and upcoming events like ConAg [27][28] Question: Fourth quarter one-offs - The hold was above average, contributing approximately $20 million to Las Vegas' bottom line [31] Question: Value customer stabilization - Management noted initiatives to address value-conscious customers and the importance of large-scale events [34][35] Question: Casino revenue resilience - Management highlighted high-end activity and effective marketing as key drivers of casino revenue despite lower occupancy [37][39] Question: Operating expense growth - Management expects to keep overall expense growth to low single digits, with a significant impact from completed renovations [46] Question: Macau margin environment - Management expressed confidence in maintaining mid- to high-20s margins in Macau, with strong demand for the upcoming Lunar New Year [50][51] Question: Buyback strategy - Management emphasized a balanced approach to buybacks, considering the value of shares versus other cash uses [74][76]

4Q25 Earnings Presentation January 28, 2026 Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this presentation, the words "anticipates," "believes ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on December 17, 2025 Registration No. 333-290602 UNITED STATES SECURITIES AND EXCHANGE COMMISSION TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Black Spade Acquisition III Co (Exact Name of Registrant as Specified in Its Charter) Washington, D.C. 20549 AMENDMENT NO. 3 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Cogency Global Inc. 122 Eas ...

Continue Reading During the 10th anniversary ceremony for the Local Small, Medium and Micro Suppliers Support Programme Tuesday, Sands China executives presented certificates of appreciation to 40 SME partners Ц many of whom have worked with the company for over two decades. Sands China awards seven winners in the Sands Supplier Excellence Awards Tuesday, acknowledging the cooperation and services of some of its most noteworthy suppliers. A judging committee composed of Sands China executive management sele ...

Core Insights - NagaCorp has been recognized as one of the Fortune 100 Best Companies to Work For™ in Southeast Asia, ranking 46th, highlighting its exemplary workplace culture [1][2] - The recognition is based on confidential employee feedback and follows NagaWorld's Great Place To Work® Certification™ with a 95% Trust Index™ score [2] Company Achievements - NagaCorp has played a significant role in Cambodia's economic development for over 30 years, focusing on high standards in corporate governance, ethical business practices, and corporate social responsibility [3] - The company has organized over 1,160 community activities since 2014, contributing more than 58,000 volunteer hours to benefit nearly 900,000 Cambodians through its "NagaWorld Kind Hearts" CSR initiative [4] - NagaCorp has supported youth education by reaching over 160 schools and NGOs, distributing over 180,000 school materials and 230 computer sets, benefiting more than 240,000 students [4] Environmental and Cultural Initiatives - The company is committed to environmental sustainability, having planted over 32,000 tree saplings across 11 provinces through its "Green Cambodia: Tree Planting Programme" [5] - NagaWorld celebrated its 30th anniversary with a month-long series of events engaging over 180,000 citizens in community development and promoting Cambodian cultural heritage to over 7,000 guests [6] Corporate Governance - NagaCorp maintains a rigorous Code of Conduct and Anti-Corruption Policy, ensuring high ethical standards and transparency, which has built trust among shareholders and investors [3]