Melco Resorts & Entertainment Ltd. · NASDAQ:MLCO

Melco Resorts & Entertainment — Q3 2017 Earnings Presentation

16 slides from Melco Resorts & Entertainment's earnings presentation, November 2017

  1. Slide 1: 3Q'17 Results Presentation

    3Q’17 RESULTS PRESENTATION November 2017

  2. Slide 2: Disclaimer

    Disclaimer Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic repo

  3. Slide 3: 3Q 2017 Earnings Summary

    3Q 2017 Earnings Summary Group-wide Adjusted Property EBITDA strength underpinned by City of Dreams Macau Total Adjusted Property EBITDA & Adjusted Property EBITDA Margin (1) (2) • 3Q Net Revenue of US$1,377 million, up 19% y-y. 500 29.3% 30.0% • 3Q Adjusted Property EBITDA of US$400 million, up 38%

  4. Slide 4: Adjusted EBITDA grew 25% q-q and 40% y-y

    Melco Adjusted EBITDA 3Q 2017 Adjusted EBITDA grew 25% q-q and 40% y-y Melco Adjusted EBITDA Breakdown (US$ million)(1) Melco Adjusted EBITDA Growth Breakdown(1) 450 Vs. 2Q 2017 Vs. 3Q 2016 366 400 321 57 350 293 Altira + Mocha -91% -96% 272 61 262 300 63 96 45 50 City of Dreams +41% +45% 250 68 53

  5. Slide 5: EBITDA grew 41% q-q and 45% y-y

    City of Dreams 3Q 2017 EBITDA grew 41% q-q and 45% y-y City of Dreams Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Key Operating Metrics 300 35.0% (US$m, unless 3Q 2017 Vs. 2Q 2017 Vs. 3Q 2016 34.4% otherwise stated) 30.8% 250 30.0% VIP Rolling Chip 11,184 -8% +5% 28.5% 27.4% 27.

  6. Slide 6: Studio City: Adj. EBITDA grew 19% q-q and 81% y-y

    Studio City 3Q 2017 Adj. EBITDA grew 19% q-q and 81% y-y Studio City Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Studio City Key Operating Metrics 120 24.4% 25.0% (US$m, unless 3Q 2017 Vs. 2Q 2017 Vs. 3Q 2016 24.9% otherwise stated) 24.3% 23.0% 23.0% 100 VIP Rolling Chip 5,072 +9% n.a. 20.0% V

  7. Slide 7: Altira: Adj. EBITDA decline from decreased casino revenues

    Altira 3Q 2017 Adj. EBITDA decline was primarily a result of decreased casino revenues Altira Macau Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Altira Key Operating Metrics 15 10.9% 12.0% (US$m, unless 3Q 2017 Vs. 2Q 2017 Vs. 3Q 2016 otherwise stated) 10.0% VIP Rolling Chip 4,244 +6% -5% 10 8.

  8. Slide 8: Manila: Adj. EBITDA declined 9% q/q and grew 27% y/y

    City of Dreams Manila 3Q 2017 Adj. EBITDA declined 9% q/q and grew 27% y/y; VIP win rate fluctuated in 3Q 2017 City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Manila Key Operating Metrics 70 38.8% 40.0% (US$m, unless 3Q 2017 Vs. 2Q 2017 Vs. 3Q 2016 35.7% 38.6%

  9. Slide 9: Growing Adjusted EBITDA from Manila

    City of Dreams Manila – Adjusted EBITDA breakdown Growing Adjusted EBITDA from City of Dreams Manila Share of Adjusted EBITDA (Trailing 12 Months, US$ million) (1) 250.0 231.4 219.2 35.4 192.9 35.2 200.0 160.3 35.0 52.5 48.3 150.0 34.9 125.6 42.7 105.0 34.5 34.4 100.0 81.1 33.0 29.0 55.4 135.7 143.5

  10. Slide 10: Appendix

    APPENDIX MELCO RESORTS & ENTERTAINMENT

  11. Slide 11: Hold Adj. EBITDA grew 21% q-q and 31% y-y

    Melco Adjusted EBITDA (assuming normalized VIP win rate) 3Q 2017 Hold Adj. EBITDA grew 21% q-q and 31% y-y Melco Hold-Adjusted EBITDA Breakdown (US$ million)(1)(2) Melco Hold-Adjusted EBITDA Growth Breakdown(1) 400 339 Vs. 2Q 2017 Vs. 3Q 2016 313 350 287 55 280 54 Altira + Mocha +57% -6% 259 300 44

  12. Slide 12: Melco: Table Yield Analysis

    Melco: Table Yield Analysis Continue to optimize table allocation across our portfolio of Integrated Resorts Average number of VIP Gaming Tables Average number of Mass Gaming Tables 3Q16 4Q16 1Q17 2Q17 3Q17 3Q16 4Q16 1Q17 2Q17 3Q17 Altira 78 76 75 69 62 Altira 39 39 39 39 39 City of Dreams 156 156 1

  13. Slide 13: Daily GGR Per Table

    City of Dreams Daily GGR Per Table City of Dreams: Daily Average GGR per VIP Table (US$ ‘000) 45.0 39.8 40.6 42.7 40.0 36.0 35.3 34.5 33.9 35.0 31.6 31.1 32.7 31.7 33.4 31.7 29.2 28.4 30.0 28.3 27.4 30.0 26.0 26.9 23.8 22.4 25.0 21.2 21.2 19.0 19.0 19.9 20.0 15.0 10.0 5.0 - 1Q'11 2Q'11 3Q'11 4Q'11 1

  14. Slide 14: Melco: Historic Revenue and Adjusted EBITDA

    Melco: Historic Revenue and Adjusted EBITDA Melco’s Macau Mass GGR has already surpassed the previous peak level in 3Q’14 Melco: Last 12 months Total Net Revenue (US$ million) Melco: Last 12 months Total Adjusted Property EBITDA (US$ million) 6,000 Net Revenue YoY% (Right-axis) 50% 1,600 Adjusted Pr

  15. Slide 15: Countdown to Morpheus

    City of Dreams Macau Phase 3 Countdown to Morpheus Morpheus – City of Dreams’ Newest Flagship Hotel The Count:Down Clock A new vision for design, architecture and luxury within City of Dreams, Macau Approximately 780 luxury guestrooms, suites & villas The Countdown brand will be in place until the o

  16. Slide 16: Thank you

    sais ft Cio at ee da Thank you

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