Financial Performance - Total operating revenues increased by 10.8% to $1.232 billion in 1Q'25, compared to $1.112 billion in 1Q'24[17] - Gaming revenue increased by 12.2% to $1.024 billion in 1Q'25, compared to $913 million in 1Q'24[17] - Non-gaming revenue increased by 4.4% to $208 million in 1Q'25, compared to $199 million in 1Q'24[17] - Net income increased significantly by 4944.9% to $28 million in 1Q'25, compared to $1 million in 1Q'24[17] - Adjusted Property EBITDA increased by 14.1% to $341 million in 1Q'25, compared to $299 million in 1Q'24[17] Performance by Property - City of Dreams Macau's Adjusted EBITDA increased by 27.5% to $196 million in 1Q'25, compared to $154 million in 1Q'24[17] - Studio City's Adjusted EBITDA increased by 10.7% to $97 million in 1Q'25, compared to $88 million in 1Q'24[17] - Altira recorded a negative Adjusted EBITDA of $1 million in 1Q'25, compared to a positive $1 million in 1Q'24, a decrease of 148.3%[17] - City of Dreams Manila's Adjusted EBITDA decreased by 20.6% to $30 million in 1Q'25, compared to $38 million in 1Q'24[17] - City of Dreams Mediterranean and Other's Adjusted EBITDA increased by 10.2% to $12 million in 1Q'25, compared to $11 million in 1Q'24[17] Shareholder Returns - Approximately $4.1 billion has been returned to shareholders from 2016 to 2025 YTD in the form of dividends and share repurchases[45, 46, 47] - From January 1, 2025, to May 7, 2025, Melco repurchased 32.3 million ADSs for approximately $165 million[47]

Core Viewpoint - Melco Resorts & Entertainment Limited has appointed Mr. John Peter Ben Wang as an independent non-executive director, effective June 13, 2025, enhancing the board's expertise and governance [1][3]. Company Overview - Melco Resorts & Entertainment Limited is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with operations including City of Dreams and Altira Macau in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in Cyprus [4]. - 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 Chief Executive Officer [5]. Appointment Details - Mr. Wang has been appointed as the chairman of the audit and risk committee and is a member of the compensation committee and nominating and corporate governance committee [1]. - Mr. Wang is recognized as an "audit committee financial expert" as defined in Item 16A of Form 20-F, indicating his qualifications in financial oversight [1]. Mr. Wang's Background - Mr. Wang has extensive experience in finance, accounting, and investment banking, having previously served as a director of Melco from November 2006 to August 2016 and as Deputy Chairman and Executive Director of Summit Ascent Holdings Limited from 2011 to 2019 [2]. - He was the chief financial officer of Melco International Development Limited from 2004 to 2009 and is a chartered accountant with qualifications from the Institute of Chartered Accountants in England and Wales [2].

Group 1 - Melco Resorts & Entertainment Limited will cease operations at Grand Dragon Casino and three Mocha Clubs by the end of 2025, reallocating employees to other properties in Macau [1] - The company plans to apply for authorizations to continue operations at three other Mocha Clubs after December 2025, pending compliance with legal and regulatory requirements [2] - Melco operates integrated resort facilities in Asia and Europe, including City of Dreams and Altira Macau, and is the largest non-casino operator of electronic gaming machines in Macau [4] Group 2 - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, the Chairman and CEO [5] - Melco's business includes operations in the Philippines and Europe, with integrated resorts and licensed satellite casinos [4]

Financial Performance - Total operating revenues increased by 10.8% to $1.232 billion in 1Q'25, compared to $1.112 billion in 1Q'24[17] - Gaming revenue increased by 12.2% to $1.024 billion in 1Q'25, compared to $913 million in 1Q'24[17] - Non-gaming revenue increased by 4.4% to $208 million in 1Q'25, compared to $199 million in 1Q'24[17] - Net income increased significantly to $28 million in 1Q'25, a 4944.9% change from $1 million in 1Q'24[17] - Adjusted Property EBITDA increased by 14.1% to $341 million in 1Q'25, compared to $299 million in 1Q'24[17] - Adjusted EBITDA increased by 10.2% to $313 million in 1Q'25, compared to $284 million in 1Q'24[17] Property-Specific Performance - City of Dreams Macau's Adjusted EBITDA increased by 27.5% to $196 million in 1Q'25, compared to $154 million in 1Q'24[17] - Studio City's Adjusted EBITDA increased by 10.7% to $97 million in 1Q'25, compared to $88 million in 1Q'24[17] - Altira recorded a negative Adjusted EBITDA of $1 million in 1Q'25, compared to a positive $1 million in 1Q'24, a -148.3% change[17] - City of Dreams Manila's Adjusted EBITDA decreased by 20.6% to $30 million in 1Q'25, compared to $38 million in 1Q'24[17] - City of Dreams Mediterranean and Other's Adjusted EBITDA increased by 10.2% to $12 million in 1Q'25, compared to $11 million in 1Q'24[17] Shareholder Returns - Approximately $4.1 billion has been returned to shareholders from 2016 to 2025 YTD through dividends and share repurchases[46] - From January 1, 2025 to May 7, 2025, Melco repurchased 32.3 million ADSs at an aggregate purchase price of approximately $165 million[47] - The company has remaining authority to repurchase up to approximately $223 million of ordinary shares[47]

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]