Panhandle Oil and Gas Inc
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Energy : Oil, Gas & Consumable Fuels | Small Cap Blend
Company profile

Panhandle Oil and Gas Inc. is engaged in the acquisition, management and development of non-operated oil and natural gas properties, including wells located on its mineral and leasehold acreage. The Company's mineral and leasehold properties are located primarily in Arkansas, New Mexico, North Dakota, Oklahoma and Texas, with properties also located in various other states. The Company's oil, natural gas liquids (NGLs) and natural gas production is primarily from wells located in Arkansas, Oklahoma and Texas. As of September 30, 2015, the Company's principal properties consisted of perpetual ownership of 255,411 net mineral acres, held principally in Arkansas, New Mexico, North Dakota, Oklahoma, Texas and six other states; leases on 19,575 net acres primarily in Oklahoma, and working interests, royalty interests, or both, in 6,195 producing oil and natural gas wells, and 65 wells in the process of being drilled or completed.

Closing Price
$8.52
Day's Change
-0.35 (-3.95%)
Bid
--
Ask
--
B/A Size
--
Day's High
8.87
Day's Low
8.44
Volume
(Heavy Day)
Volume:
52,699

10-day average volume:
41,725
52,699

Melco Announces Unaudited Third Quarter 2019 Earnings and Declares Quarterly Dividend

8:03 am ET October 30, 2019 (Globe Newswire) Print

Melco Resorts & Entertainment Limited (Nasdaq: MLCO) ("Melco" or the "Company"), a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia and Europe, today reported its unaudited financial results for the third quarter of 2019.

In connection with the Company's acquisition of a 75% interest in ICR Cyprus Holdings Limited ("ICR Cyprus") from its parent company, Melco International Development Limited, on July 31, 2019, all periods presented in this press release have been restated to include the assets and liabilities and financial results of the ICR Cyprus group in accordance with applicable accounting standards.

Total operating revenues for the third quarter of 2019 were US$1.44 billion, representing an increase of approximately 16% from US$1.24 billion for the comparable period in 2018. The increase in total operating revenues was primarily attributable to better performance in the rolling chip and mass market table games segments.

Operating income for the third quarter of 2019 was US$175.2 million, compared with operating income of US$85.9 million in the third quarter of 2018, representing an increase of 104%.

Adjusted Property EBITDA was US$418.2 million for the third quarter of 2019 compared to Adjusted Property EBITDA of US$301.4 million in the third quarter of 2018, representing an increase of 39%.

Net income attributable to Melco Resorts & Entertainment Limited for the third quarter of 2019 was US$83.2 million, or US$0.17 per ADS, compared with US$11.3 million, or US$0.02 per ADS, in the third quarter of 2018. The net income attributable to noncontrolling interests during the third quarter of 2019 was US$8.9 million and the net loss attributable to noncontrolling interests during the third quarter of 2018 was US$1.8 million, all of which related to Studio City, City of Dreams Manila and the Cyprus Operations.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, "During the third quarter of 2019, all of Melco's Macau integrated resorts continued to deliver strong mass table games revenue growth, which drove group-wide Property EBITDA to expand approximately 39% year-over-year to US$418 million.

"During the third quarter of 2019, Melco's mass market table games drop and gaming machine handle both reached all-time-record-highs. The third quarter of 2019 also marked the 16 consecutive quarter of positive year-over-year growth in mass market table games drop, highlighting the strength in Macau's mass gaming market and Melco's leadership position in the city's mass and premium mass gaming segments.

"Melco's portfolio of award-winning integrated resorts, commitment to excellence, and determination to push boundaries have been widely recognized, most recently by National Geographic Traveller with Morpheus being named as the winner of the Design Den category of the 2019 Big Sleep Awards.

"At Studio City, we continue to enhance our entertainment offerings with a series of property upgrades, which include the opening of the 'Show House' Night Club in February, the 'Flip Out' Trampoline Park in May, and the newly opened 50,000 square foot Legend Heroes VR Park in August.

"The Board has, after evaluating the Company's current liquidity position and future expected capital needs, decided to declare another quarterly dividend of US$0.16512 per ADS.

"Melco remains committed to managing its balance sheet in a prudent manner. As of September 30, 2019, net debt to last twelve months EBITDA remained modest at approximately 2x, enabling us to continue with our regular dividend program, while retaining ample financial flexibility to reinvest in our existing properties and to pursue new development opportunities.

"Lastly, Japan continues to be a core focus for us. Melco has been a long-time supporter of Yokohama's suitability to host one of Japan's first integrated resorts. We have demonstrated our commitment and support to Yokohama through a series of local events across the city throughout 2019 and signed a lease on our Yokohama office late last year.

"In July, we announced our partnership with the Yokohama F. Marinos and the Manchester City Football Club. In September, we announced our 'Yokohama First' policy as we focus our Japan team on bringing to Yokohama the best IR the world has ever seen. We believe our focus on the Asian premium segment, a portfolio of high-quality assets, devotion to craftsmanship, dedication to world-class entertainment offerings, market-leading social safeguard systems, established track record of successful partnerships, culture of exceptional guest service, and commitment to employee development puts Melco in a strong position to help Yokohama realize the vision of developing a world-leading IR with a unique, Japanese touch."

City of Dreams Third Quarter Results

For the quarter ended September 30, 2019, total operating revenues at City of Dreams were US$787.3 million compared to US$600.9 million in the third quarter of 2018. City of Dreams generated Adjusted EBITDA of US$233.0 million in the third quarter of 2019 compared with Adjusted EBITDA of US$147.1 million in the third quarter of 2018. The year-over-year increase in Adjusted EBITDA was primarily a result of better performances in the rolling chip and mass market table games segments.

Rolling chip volume aggregated US$17.2 billion for the third quarter of 2019 versus US$12.3 billion in the third quarter of 2018. The rolling chip win rate was 2.69% in the third quarter of 2019 versus 2.45% in the third quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$1.41 billion in the third quarter of 2019 compared with US$1.34 billion in the third quarter of 2018. The mass market table games hold percentage was 33.2% in the third quarter of 2019 compared to 27.8% in the third quarter of 2018.

Gaming machine handle for the third quarter of 2019 was US$1.21 billion, compared with US$1.12 billion in the third quarter of 2018. The gaming machine win rate was 3.1% in the third quarter of 2019 versus 4.3% in the third quarter of 2018.

Total non-gaming revenue at City of Dreams in the third quarter of 2019 was US$104.2 million, compared with US$98.9 million in the third quarter of 2018.

Altira Macau Third Quarter Results

For the quarter ended September 30, 2019, total operating revenues at Altira Macau were US$113.9 million compared to US$90.2 million in the third quarter of 2018. Altira Macau generated Adjusted EBITDA of US$14.1 million in the third quarter of 2019 compared with negative Adjusted EBITDA of US$1.0 million in the third quarter of 2018. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in all gaming segments.

Rolling chip volume totaled US$4.05 billion in the third quarter of 2019 versus US$5.48 billion in the third quarter of 2018. The rolling chip win rate was 3.62% in the third quarter of 2019 versus 2.39% in the third quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

In the mass market table games segment, drop aggregated US$154.2 million in the third quarter of 2019 versus US$130.8 million in the third quarter of 2018. The mass market table games hold percentage was 21.6% in the third quarter of 2019 compared with 18.2% in the third quarter of 2018.

Gaming machine handle for the third quarter of 2019 was US$79.4 million, compared with US$33.7 million in the third quarter of 2018. The increase was primarily due to an increase in the average number of gaming machines to 178 in the third quarter of 2019, compared to 128 in the third quarter of 2018. The gaming machine win rate was 4.2% in the third quarter of 2019 versus 5.6% in the third quarter of 2018.

Total non-gaming revenue at Altira Macau in the third quarter of 2019 was US$6.8 million, compared with US$6.9 million in the third quarter of 2018.

Mocha Clubs Third Quarter Results

Total operating revenues from Mocha Clubs totaled US$29.5 million in the third quarter of 2019 compared to US$28.5 million in the third quarter of 2018. Mocha Clubs generated US$6.3 million of Adjusted EBITDA in the third quarter of 2019 compared with US$4.6 million in the same period in 2018.

Gaming machine handle for the third quarter of 2019 was US$633.6 million, compared with US$616.9 million in the third quarter of 2018. The gaming machine win rate was 4.7% for both quarters ended September 30, 2019 and 2018.

Studio City Third Quarter Results

For the quarter ended September 30, 2019, total operating revenues at Studio City were US$337.7 million compared to US$345.2 million in the third quarter of 2018. Studio City generated Adjusted EBITDA of US$106.4 million in the third quarter of 2019 compared with Adjusted EBITDA of US$89.4 million in the third quarter of 2018. The year-over-year increase in Adjusted EBITDA was primarily a result of better performance in the mass market table games segment, partially offset by a softer performance in the rolling chip segment.

Studio City's rolling chip volume aggregated US$2.77 billion in the third quarter of 2019 versus US$5.09 billion in the third quarter of 2018. The rolling chip win rate was 2.71% in the third quarter of 2019 versus 3.12% in the third quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$880.6 million in the third quarter of 2019 compared with US$807.9 million in the third quarter of 2018. The mass market table games hold percentage was 28.4% in the third quarter of 2019 compared to 27.2% in the third quarter of 2018.

Gaming machine handle for the third quarter of 2019 was US$711.2 million, compared with US$641.6 million in the third quarter of 2018. The gaming machine win rate was 2.8% in the third quarter of 2019 versus 2.9% in the third quarter of 2018.

Total non-gaming revenue at Studio City in the third quarter of 2019 was US$49.4 million, compared with US$50.1 million in the third quarter of 2018.

City of Dreams Manila Third Quarter Results

For the quarter ended September 30, 2019, total operating revenues at City of Dreams Manila were US$130.5 million compared to US$141.7 million in the third quarter of 2018. City of Dreams Manila generated Adjusted EBITDA of US$49.9 million in the third quarter of 2019 compared to US$55.2 million in the comparable period of 2018.

With increased competition in the market, City of Dreams Manila's rolling chip volume aggregated US$2.44 billion in the third quarter of 2019 versus US$2.98 billion in the third quarter of 2018. The rolling chip win rate was 0.89% in the third quarter of 2019 versus 2.67% in the third quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop decreased to US$202.1 million for the third quarter of 2019, compared with US$204.9 million in the third quarter of 2018. The mass market table games hold percentage was 31.3% in the third quarter of 2019 compared to 32.4% in the third quarter of 2018.

Gaming machine handle for the third quarter of 2019 was US$1.02 billion, compared with US$0.93 billion in the third quarter of 2018. The gaming machine win rate was 5.3% for both quarters ended September 30, 2019 and 2018.

Total non-gaming revenue at City of Dreams Manila in the third quarter of 2019 was US$32.3 million, compared with US$28.9 million in the third quarter of 2018.

Cyprus Operations Third Quarter Results

The Company is currently operating a temporary casino, the first casino in the Republic of Cyprus, and three satellite casinos with a fourth satellite casino scheduled to open in the coming months ("Cyprus Casinos"). Upon the opening of City of Dreams Mediterranean in 2021, the Company will also continue to operate the four satellite casinos while operation of the temporary casino will cease.

For the quarter ended September 30, 2019, total operating revenues at Cyprus Casinos were US$26.7 million compared to US$16.9 million in the third quarter of 2018. Cyprus Casinos generated Adjusted EBITDA of US$8.5 million in the third quarter of 2019 compared with Adjusted EBITDA of US$6.0 million in the third quarter of 2018.

Rolling chip volume totaled US$38.9 million for the third quarter of 2019. The rolling chip win rate was 8.66% in the third quarter of 2019. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop aggregated US$36.2 million in the third quarter of 2019 versus US$37.9 million in the third quarter of 2018. The mass market table games hold percentage was 21.9% in the third quarter of 2019 compared to 21.2% in the third quarter of 2018.

Gaming machine handle for the third quarter of 2019 was US$311.5 million, compared with US$158.8 million in the third quarter of 2018. The gaming machine win rate was 5.0% in the third quarter of 2019 versus 5.6% in the third quarter of 2018.

Other Factors Affecting Earnings

Total net non-operating expenses for the third quarter of 2019 were US$81.3 million, which mainly included interest expenses of US$80.1 million.

Depreciation and amortization costs of US$160.5 million were recorded in the third quarter of 2019 of which US$14.2 million was related to the amortization expense for our gaming subconcession and US$5.7 million was related to the amortization expense for the land use rights.

The Adjusted EBITDA for Studio City for the three months ended September 30, 2019 referred to in this press release is US$15.5 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited ("SCIHL") dated October 30, 2019 (the "Studio City earnings release"). The Adjusted EBITDA of Studio City contained in the Studio City earnings release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in this press release. Such intercompany charges include, among other items, fees and shared service charges billed between SCIHL and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in this press release does not reflect certain costs related to the VIP operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of September 30, 2019 aggregated US$1.74 billion, including US$66.2 million of restricted cash, which was primarily related to Studio City. Total debt, net of unamortized deferred financing costs at the end of the third quarter of 2019 was US$4.74 billion.

Capital expenditures for the third quarter of 2019 were US$79.3 million, which primarily related to various projects at City of Dreams, City of Dreams Manila and Studio City as well as developments at City of Dreams Mediterranean.

Dividend Declaration

On October 30, 2019, our Board considered and approved the declaration and payment of a quarterly dividend of US$0.05504 per ordinary share (equivalent to US$0.16512 per ADS) for the third quarter of 2019 (the "Quarterly Dividend"). The Quarterly Dividend will be paid on or about November 22, 2019 to our shareholders whose names appear on the register of members of the Company at the close of business on November 12, 2019, being the record date for determination of entitlements to the Quarterly Dividend.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its third quarter 2019 financial results on Wednesday, October 30, 2019 at 8:30 a.m. Eastern Time (8:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below:

US Toll Free            1 866 519 4004
US Toll / International 1 845 675 0437
HK Toll                 852 3018 6771
HK Toll Free            800 906 601
Japan Toll              81 3 4503 6012
Japan Toll Free         012 092 5376
UK Toll Free            080 8234 6646
Australia Toll          61 290 833 212
Australia Toll Free     1 800 411 623
Philippines Toll Free   1 800 1612 0306
Passcode                MLCO

An audio webcast will also be available at http://www.melco-resorts.com.

To access the replay, please use the dial-in details below:

US Toll Free            1 855 452 5696
US Toll / International 1 646 254 3697
HK Toll Free            800 963 117
Japan Toll              81 3 4580 6717
Japan Toll Free         012 095 9034
Philippines Toll Free   1 800 1612 0166
Conference ID           3988122

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. Melco Resorts & Entertainment Limited (the "Company") may also make written or oral 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 employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

(1) "Adjusted EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the "Philippine Parties"), land rent to Belle Corporation and other non-operating income and expenses. "Adjusted Property EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, land rent to Belle Corporation, Corporate and Other expenses and other non-operating income and expenses. Adjusted EBITDA and Adjusted Property EBITDA are presented exclusively as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted EBITDA and Adjusted Property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. The Company also presents Adjusted EBITDA and Adjusted Property EBITDA because they are used by some investors as ways to measure a company's ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported Adjusted EBITDA and Adjusted Property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, Adjusted EBITDA and Adjusted Property EBITDA should not be considered as alternatives to operating income as indicators of the Company's performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income, Adjusted EBITDA and Adjusted Property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using Adjusted EBITDA and Adjusted Property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

Such U.S. GAAP measurements include operating income, net income, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, the Company's calculation of Adjusted EBITDA and Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted EBITDA and Adjusted Property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

(2) "Adjusted net income" is net income before pre-opening costs, development costs, property charges and other, loss on extinguishment of debt and costs associated with debt modification, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Melco Resorts & Entertainment Limited and adjusted net income attributable to Melco Resorts & Entertainment Limited per share ("EPS") are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Melco Resorts & Entertainment Limited and adjusted net income attributable to Melco Resorts & Entertainment Limited per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income attributable to Melco Resorts & Entertainment Limited with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

About Melco Resorts & Entertainment Limited

The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia and Europe. The Company currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. In Europe, the Company is currently developing City of Dreams Mediterranean (www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is scheduled to open in 2021 and expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first casino in the Republic of Cyprus, and three satellite casinos with a fourth satellite casino scheduled to open in the coming months ("Cyprus Casinos"). Upon the opening of City of Dreams Mediterranean, the Company will also continue to operate the four satellite casinos while operation of the temporary casino will cease. The Company also holds equity interests in Crown Resorts Limited ("Crown"), a company listed on the Australian Securities Exchange and which operates two of Australia's leading integrated resorts, Crown Melbourne Entertainment Complex and Crown Perth Entertainment Complex. In the United Kingdom, Crown operates Crown Aspinalls, a high-end licensed casino in London. Crown's development projects include the Crown Sydney Hotel Resort at Barangaroo on Sydney Harbour. Crown also holds equity interests in the Aspers Group and Nobu and has interests in various digital businesses. For more information about the Company, please visit www.melco-resorts.com.

The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

For investment community, please contact:

Richard Huang

Director, Investor Relations

Tel: +852 2598 3619

Email: richardlshuang@melco-resorts.com

For media enquiries, please contact:

Chimmy Leung

Executive Director, Corporate Communications

Tel: +852 3151 3765

Email: chimmyleung@melco-resorts.com

Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars, except share and per share data)
                                               Three Months Ended                                                                                    Nine Months Ended
                                               September 30,                                                                                         September 30,
                                               2019                                               2018                                               2019                                               2018
                                               (Unaudited)                                        (Restated)                                         (Unaudited)                                        (Restated)
OPERATING REVENUES
Casino                                         $                       1,242,192                  $                       1,046,723                  $                       3,727,770                  $                       3,270,432
Rooms                                                                  88,438                                             86,149                                             258,918                                            221,515
Food and beverage                                                      59,081                                             53,284                                             172,745                                            148,114
Entertainment, retail and other                                        48,945                                             50,181                                             126,727                                            136,895
Total operating revenues                                               1,438,656                                          1,236,337                                          4,286,160                                          3,776,956
OPERATING COSTS AND EXPENSES
Casino                                                                 (823,115                )                          (731,600                )                          (2,423,186              )                          (2,196,464              )
Rooms                                                                  (22,887                 )                          (22,819                 )                          (67,225                 )                          (55,787                 )
Food and beverage                                                      (44,966                 )                          (42,938                 )                          (133,452                )                          (116,994                )
Entertainment, retail and other                                        (24,792                 )                          (25,470                 )                          (73,039                 )                          (70,836                 )
General and administrative                                             (145,123                )                          (148,589                )                          (423,000                )                          (381,898                )
Payments to the Philippine Parties                                     (8,740                  )                          (10,754                 )                          (45,995                 )                          (45,748                 )
Pre-opening costs                                                      (525                    )                          (4,078                  )                          (4,638                  )                          (50,392                 )
Development costs                                                      (30,433                 )                          (4,821                  )                          (39,873                 )                          (11,728                 )
Amortization of gaming subconcession                                   (14,206                 )                          (14,309                 )                          (42,601                 )                          (42,928                 )
Amortization of land use rights                                        (5,663                  )                          (5,704                  )                          (16,982                 )                          (17,112                 )
Depreciation and amortization                                          (140,640                )                          (134,559                )                          (422,362                )                          (355,993                )
Property charges and other                                             (2,372                  )                          (4,774                  )                          (19,578                 )                          (20,957                 )
Total operating costs and expenses                                     (1,263,462              )                          (1,150,415              )                          (3,711,931              )                          (3,366,837              )
OPERATING INCOME                                                       175,194                                            85,922                                             574,229                                            410,119
NON-OPERATING INCOME (EXPENSES)
Interest income                                                        3,597                                              1,354                                              7,169                                              4,049
Interest expenses, net of capitalized interest                         (80,123                 )                          (70,769                 )                          (225,668                )                          (190,888                )
Other finance costs                                                    (883                    )                          (1,299                  )                          (1,673                  )                          (4,066                  )
Foreign exchange losses, net                                           (79                     )                          (5,736                  )                          (9,409                  )                          (5,674                  )
Other (expenses) income, net                                           (3,815                  )                          1,561                                              (20,166                 )                          3,012
Loss on extinguishment of debt                                         -                                                  (213                    )                          (3,721                  )                          (213                    )
Costs associated with debt modification                                -                                                  -                                                  (579                    )                          -
Total non-operating expenses, net                                      (81,303                 )                          (75,102                 )                          (254,047                )                          (193,780                )
INCOME BEFORE INCOME TAX                                               93,891                                             10,820                                             320,182                                            216,339
INCOME TAX EXPENSE                                                     (1,788                  )                          (1,319                  )                          (6,777                  )                          (5,715                  )
NET INCOME                                                             92,103                                             9,501                                              313,405                                            210,624
NET (INCOME) LOSS ATTRIBUTABLE TO
NONCONTROLLING INTERESTS                                               (8,913                  )                          1,806                                              (8,371                  )                          3,092
NET INCOME ATTRIBUTABLE TO
MELCO RESORTS & ENTERTAINMENT LIMITED          $                       83,190                     $                       11,307                     $                       305,034                    $                       213,716
NET INCOME ATTRIBUTABLE TO
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:
Basic                                          $                       0.058                      $                       0.007                      $                       0.212                      $                       0.140
Diluted                                        $                       0.058                      $                       0.007                      $                       0.211                      $                       0.139
NET INCOME ATTRIBUTABLE TO
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:
Basic                                          $                       0.174                      $                       0.022                      $                       0.637                      $                       0.421
Diluted                                        $                       0.173                      $                       0.022                      $                       0.634                      $                       0.417
WEIGHTED AVERAGE SHARES OUTSTANDING
USED IN NET INCOME ATTRIBUTABLE TO
MELCO RESORTS & ENTERTAINMENT LIMITED
PER SHARE CALCULATION:
Basic                                                                  1,436,810,952                                      1,514,412,109                                      1,436,357,772                                      1,524,031,084
Diluted                                                                1,443,031,676                                      1,521,685,031                                      1,443,251,443                                      1,535,501,155
In connection with the Company's acquisition of a 75% interest in ICR Cyprus Holdings Limited ("ICR Cyprus") from its parent company, Melco International Development Limited, on July 31, 2019, all periods presented in these financial statements have been restated to include the assets and liabilities and financial results of the ICR Cyprus group in accordance with applicable accounting standards.
Melco Resorts & Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
                                                                 September 30,        December 31,
                                                                 2019                 2018
                                                                 (Unaudited)          (Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents                                        $         1,669,309  $         1,472,423
Investment securities                                                      74,107               91,598
Restricted cash                                                            66,037               48,037
Accounts receivable, net                                                   319,935              242,089
Amounts due from affiliated companies                                      409                  87,394
Inventories                                                                42,239               41,093
Prepaid expenses and other current assets                                  89,273               95,176
Total current assets                                                       2,261,309            2,077,810
PROPERTY AND EQUIPMENT, NET                                                5,695,451            5,784,343
GAMING SUBCONCESSION, NET                                                  154,701              197,533
INTANGIBLE ASSETS, NET                                                     32,380               31,454
GOODWILL                                                                   81,278               81,376
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS                           180,303              186,708
INVESTMENT SECURITIES                                                      551,551              -
RESTRICTED CASH                                                            129                  129
DEFERRED TAX ASSETS                                                        4,580                2,992
OPERATING LEASE RIGHT-OF-USE ASSETS                                        145,500              -
LAND USE RIGHTS, NET                                                       741,756              759,651
TOTAL ASSETS                                                     $         9,848,938  $         9,121,996
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable                                                 $         25,161     $         25,003
Accrued expenses and other current liabilities                             1,485,735            1,671,630
Income tax payable                                                         7,552                4,903
Operating lease liabilities, current                                       36,812               -
Finance lease liabilities, current                                         37,706               34,659
Current portion of long-term debt, net                                     933,756              395,547
Amounts due to affiliated companies                                        6,368                15,186
Total current liabilities                                                  2,533,090            2,146,928
LONG-TERM DEBT, NET                                                        3,804,089            3,665,370
OTHER LONG-TERM LIABILITIES                                                17,068               29,286
DEFERRED TAX LIABILITIES                                                   57,266               54,746
OPERATING LEASE LIABILITIES, NON-CURRENT                                   125,308              -
FINANCE LEASE LIABILITIES, NON-CURRENT                                     255,494              253,374
TOTAL LIABILITIES                                                          6,792,315            6,149,704
SHAREHOLDERS' EQUITY
Ordinary shares                                                            14,565               15,385
Treasury shares                                                            (91,413)             (657,389)
Additional paid-in capital                                                 3,169,623            3,715,579
Accumulated other comprehensive losses                                     (81,557)             (59,332)
Accumulated losses                                                         (633,825)            (716,966)
Total Melco Resorts & Entertainment Limited shareholders' equity           2,377,393            2,297,277
Noncontrolling interests                                                   679,230              675,015
Total equity                                                               3,056,623            2,972,292
TOTAL LIABILITIES AND EQUITY                                     $         9,848,938  $         9,121,996
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to
Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited
(In thousands of U.S. dollars, except share and per share data)
                                               Three Months Ended                                   Nine Months Ended
                                               September 30,                                        September 30,
                                               2019                          2018                   2019                   2018
                                               (Unaudited)                   (Restated)             (Unaudited)            (Restated)
Net Income Attributable to
Melco Resorts & Entertainment Limited          $            83,190           $     11,307           $     305,034          $     213,716
Pre-opening Costs                                           525                    4,078                  4,638                  50,392
Development Costs                                           30,433                 4,821                  39,873                 11,728
Property Charges and Other                                  2,372                  4,774                  19,578                 20,957
Loss on Extinguishment of Debt                              -                      213                    3,721                  213
Costs Associated with Debt Modification                     -                      -                      579                    -
Income Tax Impact on Adjustments                            (1,934        )        -                      (4,216        )        (179          )
Noncontrolling Interests Impact on Adjustments              (99           )        (956          )        (7,183        )        (6,196        )
Adjusted Net Income Attributable to
Melco Resorts & Entertainment Limited          $            114,487          $     24,237           $     362,024          $     290,631
ADJUSTED NET INCOME ATTRIBUTABLE TO
MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:
Basic                                          $            0.080            $     0.016            $     0.252            $     0.191
Diluted                                        $            0.079            $     0.016            $     0.251            $     0.189
ADJUSTED NET INCOME ATTRIBUTABLE TO
MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:
Basic                                          $            0.239            $     0.048            $     0.756            $     0.572
Diluted                                        $            0.238            $     0.048            $     0.752            $     0.567
WEIGHTED AVERAGE SHARES OUTSTANDING
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO
MELCO RESORTS & ENTERTAINMENT LIMITED
PER SHARE CALCULATION:
Basic                                                       1,436,810,952          1,514,412,109          1,436,357,772          1,524,031,084
Diluted                                                     1,443,031,676          1,521,685,031          1,443,251,443          1,535,501,155
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
                                   Three Months Ended September 30, 2019
                                   Altira          Mocha        City of        Studio           City of Dreams Manila  Cyprus       Corporate and      Total
                                   Macau                        Dreams         City                                    Operations   Other
                                   (Unaudited)     (Unaudited)  (Unaudited)    (Unaudited)      (Unaudited)            (Unaudited)  (Unaudited)        (Unaudited)
Operating Income (Loss)            $   7,797       $     4,584  $     167,828  $   60,424       $          19,788      $     5,452  $    (90,679 )     $     175,194
Payments to the Philippine Parties     -                 -            -            -                       8,740             -           -                   8,740
Land Rent to Belle Corporation         -                 -            -            -                       765               -           -                   765
Pre-opening Costs                      -                 -            24           6                       -                 495         -                   525
Development Costs                      -                 -            -            -                       -                 -           30,433              30,433
Depreciation and Amortization          6,173             1,618        63,135       45,592                  19,381            2,541       22,069              160,509
Share-based Compensation               54                39           1,124        421                     371               52          5,774               7,835
Property Charges and Other             31                33           889          (7      )               826               -           600                 2,372
Adjusted EBITDA                        14,055            6,274        233,000      106,436                 49,871            8,540       (31,803 )           386,373
Corporate and Other Expenses           -                 -            -            -                       -                 -           31,803              31,803
Adjusted Property EBITDA           $   14,055      $     6,274  $     233,000  $   106,436      $          49,871      $     8,540  $    -             $     418,176
                                   Three Months Ended September 30, 2018
                                   Altira          Mocha        City of        Studio           City of Dreams Manila  Cyprus       Corporate and      Total
                                   Macau                        Dreams         City                                    Operations   Other
                                   (Unaudited)     (Unaudited)  (Unaudited)    (Unaudited)      (Unaudited)            (Restated)   (Restated)         (Restated)
Operating Income (Loss)            $   (5,993 )    $     2,445  $     76,044   $   43,153       $          24,760      $     2,254  $    (56,741 )     $     85,922
Payments to the Philippine Parties     -                 -            -            -                       10,754            -           -                   10,754
Land Rent to Belle Corporation         -                 -            -            -                       739               -           -                   739
Pre-opening Costs                      -                 -            1,597        357                     20                2,104       -                   4,078
Development Costs                      -                 -            -            -                       -                 -           4,821               4,821
Depreciation and Amortization          4,951             2,124        63,624       44,892                  18,618            1,633       18,730              154,572
Share-based Compensation               107               36           903          388                     342               26          5,237               7,039
Property Charges and Other             (21    )          -            4,975        563                     -                 -           (743    )           4,774
Adjusted EBITDA                        (956   )          4,605        147,143      89,353                  55,233            6,017       (28,696 )           272,699
Corporate and Other Expenses           -                 -            -            -                       -                 -           28,696              28,696
Adjusted Property EBITDA           $   (956   )    $     4,605  $     147,143  $   89,353       $          55,233      $     6,017  $    -             $     301,395
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
                                   Nine Months Ended September 30, 2019
                                   Altira        Mocha           City of        Studio         City of Dreams     Cyprus           Corporate and       Total
                                   Macau                         Dreams         City           Manila             Operations       Other
                                   (Unaudited)   (Unaudited)     (Unaudited)    (Unaudited)    (Unaudited)        (Unaudited)      (Unaudited)         (Unaudited)
Operating Income (Loss)            $     19,985  $   12,150      $     509,575  $     148,088  $    82,244        $   11,145       $    (208,958 )     $     574,229
Payments to the Philippine Parties       -           -                 -              -             45,995            -                 -                    45,995
Land Rent to Belle Corporation           -           -                 -              -             2,283             -                 -                    2,283
Pre-opening Costs                        25          -                 29             2,555         (7      )         2,036             -                    4,638
Development Costs                        -           -                 -              -             -                 -                 39,873               39,873
Depreciation and Amortization            17,480      5,609             195,130        137,361       57,531            7,806             61,028               481,945
Share-based Compensation                 258         120               2,835          1,113         1,001             128               17,059               22,514
Property Charges and Other               73          (328   )          4,766          8,535         4,182             -                 2,350                19,578
Adjusted EBITDA                          37,821      17,551            712,335        297,652       193,229           21,115            (88,648  )           1,191,055
Corporate and Other Expenses             -           -                 -              -             -                 -                 88,648               88,648
Adjusted Property EBITDA           $     37,821  $   17,551      $     712,335  $     297,652  $    193,229       $   21,115       $    -              $     1,279,703
                                   Nine Months Ended September 30, 2018
                                   Altira        Mocha           City of        Studio         City of Dreams     Cyprus           Corporate and       Total
                                   Macau                         Dreams         City           Manila             Operations       Other
                                   (Unaudited)   (Unaudited)     (Restated)     (Unaudited)    (Unaudited)        (Restated)       (Restated)          (Restated)
Operating Income (Loss)            $     20,198  $   10,847      $     334,414  $     132,510  $    97,084        $   (12,791 )    $    (172,143 )     $     410,119
Payments to the Philippine Parties       -           -                 -              -             45,748            -                 -                    45,748
Land Rent to Belle Corporation           -           -                 -              -             2,254             -                 -                    2,254
Pre-opening Costs                        -           -                 32,657         410           20                17,305            -                    50,392
Development Costs                        -           -                 -              -             -                 -                 11,728               11,728
Depreciation and Amortization            14,470      6,232             146,447        134,437       56,594            1,633             56,220               416,033
Share-based Compensation                 278         111               2,599          1,154         (399    )         53                14,422               18,218
Property Charges and Other               440         (432   )          10,517         4,094         28                -                 6,310                20,957
Adjusted EBITDA                          35,386      16,758            526,634        272,605       201,329           6,200             (83,463  )           975,449
Corporate and Other Expenses             -           -                 -              -             -                 -                 83,463               83,463
Adjusted Property EBITDA           $     35,386  $   16,758      $     526,634  $     272,605  $    201,329       $   6,200        $    -              $     1,058,912
Melco Resorts & Entertainment Limited and Subsidiaries
Reconciliation of Net Income Attributable to Melco Resorts & Entertainment Limited to
Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
                                                                 Three Months Ended                Nine Months Ended
                                                                 September 30,                     September 30,
                                                                 2019            2018              2019              2018
                                                                 (Unaudited)     (Restated)        (Unaudited)       (Restated)
Net Income Attributable to Melco Resorts & Entertainment Limited $      83,190   $      11,307     $      305,034    $      213,716
Net Income (Loss) Attributable to Noncontrolling Interests              8,913           (1,806  )         8,371             (3,092    )
Net Income                                                              92,103          9,501             313,405           210,624
Income Tax Expense                                                      1,788           1,319             6,777             5,715
Interest and Other Non-Operating Expenses, Net                          81,303          75,102            254,047           193,780
Property Charges and Other                                              2,372           4,774             19,578            20,957
Share-based Compensation                                                7,835           7,039             22,514            18,218
Depreciation and Amortization                                           160,509         154,572           481,945           416,033
Development Costs                                                       30,433          4,821             39,873            11,728
Pre-opening Costs                                                       525             4,078             4,638             50,392
Land Rent to Belle Corporation                                          765             739               2,283             2,254
Payments to the Philippine Parties                                      8,740           10,754            45,995            45,748
Adjusted EBITDA                                                         386,373         272,699           1,191,055         975,449
Corporate and Other Expenses                                            31,803          28,696            88,648            83,463
Adjusted Property EBITDA                                         $      418,176  $      301,395    $      1,279,703  $      1,058,912
Melco Resorts & Entertainment Limited and Subsidiaries
Supplemental Data Schedule
                                                               Three Months Ended                             Nine Months Ended
                                                               September 30,                                  September 30,
                                                                            2019              2018                         2019              2018
Room Statistics:
             Altira Macau
                          Average daily rate                   $            175             $ 187             $            177             $ 190
                          Occupancy per available room                      99           %    99           %               99           %    99           %
                          Revenue per available room           $            173             $ 186             $            175             $ 188
             City of Dreams
                          Average daily rate                   $            208             $ 215             $            207             $ 208
                          Occupancy per available room                      98           %    96           %               98           %    97           %
                          Revenue per available room           $            204             $ 208             $            202             $ 202
             Studio City
                          Average daily rate                   $            135             $ 141             $            134             $ 138
                          Occupancy per available room                      100          %    100          %               100          %    100          %
                          Revenue per available room           $            135             $ 141             $            134             $ 138
             City of Dreams Manila
                          Average daily rate                   $            179             $ 158             $            175             $ 158
                          Occupancy per available room                      98           %    98           %               98           %    98           %
                          Revenue per available room           $            176             $ 155             $            172             $ 155
Other Information:
             Altira Macau
                          Average number of table games                     102               106                          104               104
                          Average number of gaming machines                 178               128                          173               127
                          Table games win per unit per day     $            19,152          $ 15,873          $            19,858          $ 19,440
                          Gaming machines win per unit per day $            202             $ 160             $            214             $ 150
             City of Dreams
                          Average number of table games                     517               467                          517               476
                          Average number of gaming machines                 863               765                          836               707
                          Table games win per unit per day     $            19,520          $ 15,678          $            18,387          $ 15,605
                          Gaming machines win per unit per day $            478             $ 691             $            511             $ 807
             Studio City
                          Average number of table games                     292               288                          293               292
                          Average number of gaming machines                 896               938                          952               947
                          Table games win per unit per day     $            12,126          $ 14,287          $            12,481          $ 14,361
                          Gaming machines win per unit per day $            243             $ 219             $            226             $ 235
             City of Dreams Manila
                          Average number of table games                     311               307                          306               300
                          Average number of gaming machines                 2,267             1,920                        2,260             1,885
                          Table games win per unit per day     $            2,975           $ 5,165           $            4,451           $ 5,579
                          Gaming machines win per unit per day $            259             $ 280             $            256             $ 284
             Cyprus Operations
                          Average number of table games                     38                33                           38                33
                          Average number of gaming machines                 409               254                          372               254
                          Table games win per unit per day     $            3,256           $ 2,649           $            2,562           $ 2,626
                          Gaming machines win per unit per day $            416             $ 380             $            432             $ 379
Average daily rate is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total occupied rooms including complimentary rooms
Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available
Table games win per unit per day is shown before discounts, commissions, non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis
Gaming machines win per unit per day is shown before non-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

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