# EDGAR Filing Document

**Accession Number:** 0001381640
**File Stem:** 0001193125-23-057163
**Filing Date:** 2023-3
**Character Count:** 59701
**Document Hash:** 80aea92f1f66bbea251c388dbaae9d44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-057163.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-057163

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230302

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Melco Resorts & Entertainment LTD
- **CENTRAL INDEX KEY:** 0001381640
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33178
- **FILM NUMBER:** 23696280

**BUSINESS ADDRESS:**
- **STREET 1:** 38TH FLOOR, THE CENTRIUM.
- **STREET 2:** 60 WYNDHAM STREET, CENTRAL
- **CITY:** HONG KONG.
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** (852) 2598 3600

**MAIL ADDRESS:**
- **STREET 1:** 38TH FLOOR, THE CENTRIUM.
- **STREET 2:** 60 WYNDHAM STREET, CENTRAL
- **CITY:** HONG KONG.
- **STATE:** K3
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Melco Crown Entertainment LTD
- **DATE OF NAME CHANGE:** 20080723

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Melco PBL Entertainment (Macau) LTD
- **DATE OF NAME CHANGE:** 20061120

##### [**Table of Contents**](#toc)

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**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 6-K** 

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**REPORT OF FOREIGN ISSUER** 

**PURSUANT TO RULE 13a–16 OR 15d–16** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of March 2023** 

**Commission File Number: 001-33178** 

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## MELCO RESORTS & ENTERTAINMENT LIMITED

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**71 Robinson Road** 

**#04-03** 

**Singapore (068895)**

**and** 

**38<sup>th</sup> Floor, The Centrium** 

**60 Wyndham Street** 

**Central** 

**Hong Kong** 

**(Address of principal executive offices)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20–F or Form 40–F. Form 20-F ☒ Form 40-F ☐

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##### [**Table of Contents**](#toc)
**MELCO RESORTS & ENTERTAINMENT LIMITED** 

**Form 6–K** 

**TABLE OF CONTENTS** 

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| |
|:---|
| [Signature](#tx438462_1)<sub>3</sub> |
| [Exhibit 99.1](d438462dex991.htm) |

---

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##### [**Table of Contents**](#toc)
**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **MELCO RESORTS & ENTERTAINMENT LIMITED** | **MELCO RESORTS & ENTERTAINMENT LIMITED** |
| By: | /s/ Geoffrey Davis |
| Name: | Geoffrey Davis, CFA |
| Title: | Chief Financial Officer |

---

Date: March 2, 2023

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##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Exhibit 99.1 | Unaudited Results for Fourth Quarter of 2022 |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g438462g0301204000557.jpg)

**Melco Announces Unaudited Fourth Quarter 2022 Earnings** 

MACAU, March 01, 2023 (GLOBE NEWSWIRE) — Melco Resorts & Entertainment Limited (Nasdaq: MLCO) ("Melco" or the "Company"), a developer, owner, and operator of integrated resort facilities in Asia and Europe, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2022.

Total operating revenues for the fourth quarter of 2022 were US$337.1 million, representing a decrease of approximately 30% from US$480.6 million for the comparable period in 2021. The decrease in total operating revenues was primarily attributable to the heightened travel restrictions in Macau and mainland China related to COVID-19 during the quarter which led to softer performance in the rolling chip and mass market table games segments.

Operating loss for the fourth quarter of 2022 was US$199.5 million, compared with operating loss of US$104.4 million in the fourth quarter of 2021.

Melco generated negative Adjusted Property EBITDA(1) of US$6.8 million in the fourth quarter of 2022, compared with Adjusted Property EBITDA of US$94.0 million in the fourth quarter of 2021.

Net loss attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2022 was US$251.9 million, or US$0.57 per ADS, compared with US$159.9 million, or US$0.34 per ADS, in the fourth quarter of 2021. The net loss attributable to noncontrolling interests was US$42.1 million and US$30.0 million during the fourth quarters of 2022 and 2021, respectively, all of which were related to Studio City, City of Dreams Manila, and the Cyprus Operations.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, "Our results for the fourth quarter of 2022 continued to be impacted by the travel restrictions imposed across mainland China and Macau. However, we are encouraged by the increased visitation and volume that we have seen since the travel restrictions between mainland China and Macau were relaxed on January 8, 2023. Our recent performance reinforces our belief in the return of pent-up demand and our view that Macau will continue to develop as a leading international destination for entertainment and leisure.

"We are honored to have been awarded a gaming concession to continue to operate in Macau for the next 10 years. We greatly appreciate the consideration given to our proposal and our investment propositions that we believe will continue to build on our existing strengths in entertainment and non-gaming attractions. We pledge our full support to the sustainable and diversified development of the tourism and leisure industry in Macau, and will continue to work with the Macau government, the community, and stakeholders to contribute to the city's development as a leading global tourism destination.

"Gaming volumes in the Philippines have reached close to pre-pandemic levels, and volumes in Cyprus have exceeded those we had seen pre-pandemic. We are optimistic about continued growth in the Philippines and Cyprus as international travel normalizes.

"In respect to our development projects, we expect Studio City Phase 2 to open in the second quarter of 2023. The first stage of opening is expected to include one of our hotel towers and the indoor water park, which is expected to be the largest of its kind in Asia. The second phase of opening is expected to be in the third quarter. In Cyprus, we have been informed that the Council of Ministers has approved an extension of the deadline to open City of Dreams Mediterranean under the terms of our gaming license to June 30, 2023 and we continue to work with our contractors with a target to open within that timeframe.

"We remain steadfast on reaching our 2030 goals in environmental sustainability. We are monitoring food waste through the Winnow AI technology installed in the employee kitchens and dining areas and continuously adjust menus accordingly. Food waste has reduced by 50% at our employee dining room at City of Dreams Manila due to continued efforts in internal engagement initiatives. Food waste composted on site in both Macau and Manila increased by 30% overall compared to 2021 and usage of the compost for our properties green areas has continued to improve as a result of ongoing adjustments with our landscaping teams. We are also working towards achieving BREEAM certification for the completed construction of Studio City Phase 2 and City of Dreams Mediterranean, following the 'Excellent' ratings that we obtained for the design stage of both properties."

------

**City of Dreams Fourth Quarter Results** 

For the quarter ended December 31, 2022, total operating revenues at City of Dreams were US$139.2 million, compared with US$244.8 million in the fourth quarter of 2021. City of Dreams generated negative Adjusted EBITDA of US$7.8 million in the fourth quarter of 2022, compared with Adjusted EBITDA of US$49.7 million in the fourth quarter of 2021. The year-over-year decline in Adjusted EBITDA was primarily a result of softer performance in the mass market table games segments, as well as non-gaming operations.

Rolling chip volume was US$850.4 million for the fourth quarter of 2022 versus US$3.12 billion in the fourth quarter of 2021. The rolling chip win rate was 4.47% in the fourth quarter of 2022 versus 1.68% in the fourth quarter of 2021. The expected rolling chip win rate range is 2.85%-3.15%.

Mass market table games drop decreased to US$292.2 million in the fourth quarter of 2022, compared with US$690.9 million in the fourth quarter of 2021. The mass market table games hold percentage was 29.2% in the fourth quarter of 2022, compared with 29.7% in the fourth quarter of 2021.

Gaming machine handle for the fourth quarter of 2022 was US$194.7 million, compared with US$421.6 million in the fourth quarter of 2021. The gaming machine win rate was 4.5% in the fourth quarter of 2022 versus 3.6% in the fourth quarter of 2021.

Total non-gaming revenue at City of Dreams in the fourth quarter of 2022 was US$30.5 million, compared with US$41.6 million in the fourth quarter of 2021.

**Altira Macau Fourth Quarter Results** 

For the quarter ended December 31, 2022, total operating revenues at Altira Macau were US$9.0 million, compared with US$13.3 million in the fourth quarter of 2021. Altira Macau generated negative Adjusted EBITDA of US$9.5 million in the fourth quarter of 2022, compared with negative Adjusted EBITDA of US$0.1 million in the fourth quarter of 2021.

In the mass market table games segment, drop was US$31.9 million in the fourth quarter of 2022 versus US$35.4 million in the fourth quarter of 2021. The mass market table games hold percentage was 20.6% in the fourth quarter of 2022, compared with 28.1% in the fourth quarter of 2021.

Gaming machine handle for the fourth quarter of 2022 was US$40.8 million, compared with US$65.8 million in the fourth quarter of 2021. The gaming machine win rate was 3.0% in the fourth quarter of 2022 versus 3.6% in the fourth quarter of 2021.

Total non-gaming revenue at Altira Macau in the fourth quarter of 2022 was US$2.1 million, compared with US$2.3 million in the fourth quarter of 2021.

**Mocha and Other Fourth Quarter Results** 

Total operating revenues from Mocha and Other were US$19.5 million in the fourth quarter of 2022, compared with US$20.8 million in the fourth quarter of 2021. Mocha and Other generated Adjusted EBITDA of US$1.8 million in the fourth quarter of 2022, compared with Adjusted EBITDA of US$4.8 million in the fourth quarter of 2021.

Mass market table games drop was US$21.0 million in the fourth quarter of 2022 and the mass market table games hold percentage was 19.7% for the fourth quarter of 2022.

Gaming machine handle for the fourth quarter of 2022 was US$372.7 million, compared with US$474.6 million in the fourth quarter of 2021. The gaming machine win rate was 4.2% in the fourth quarter of 2022 versus 4.4% in the fourth quarter of 2021.

**Studio City Fourth Quarter Results** 

For the quarter ended December 31, 2022, total operating revenues at Studio City were US$43.4 million, compared with US$88.2 million in the fourth quarter of 2021. Studio City generated negative Adjusted EBITDA of US$25.3 million in the fourth quarter of 2022, compared with negative Adjusted EBITDA of US$0.1 million in the fourth quarter of 2021. The year-over-year decline in Adjusted EBITDA was primarily a result of softer performance across all gaming segments and non-gaming operations.

Studio City's rolling chip volume was US$251.4 million in the fourth quarter of 2022 versus US$474.4 million in the fourth quarter of 2021. The rolling chip win rate was 2.70% in the fourth quarter of 2022 versus 1.84% in the fourth quarter of 2021. The expected rolling chip win rate range is 2.85%-3.15%.

------

Mass market table games drop decreased to US$113.5 million in the fourth quarter of 2022, compared with US$253.5 million in the fourth quarter of 2021. The mass market table games hold percentage was 27.1% in the fourth quarter of 2022, compared with 29.6% in the fourth quarter of 2021.

Gaming machine handle for the fourth quarter of 2022 was US$124.5 million, compared with US$262.4 million in the fourth quarter of 2021. The gaming machine win rate was 2.7% in the fourth quarter of 2022, compared with 2.8% in the fourth quarter of 2021.

Total non-gaming revenue at Studio City in the fourth quarter of 2022 was US$9.6 million, compared with US$17.7 million in the fourth quarter of 2021.

**City of Dreams Manila Fourth Quarter Results** 

For the quarter ended December 31, 2022, total operating revenues at City of Dreams Manila were US$95.2 million, compared with US$83.9 million in the fourth quarter of 2021. City of Dreams Manila generated Adjusted EBITDA of US$23.6 million in the fourth quarter of 2022, compared with Adjusted EBITDA of US$34.6 million in the comparable period of 2021.

City of Dreams Manila's rolling chip volume was US$940.7 million in the fourth quarter of 2022 versus US$206.3 million in the fourth quarter of 2021. The rolling chip win rate was 1.84% in the fourth quarter of 2022 versus 1.20% in the fourth quarter of 2021. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$148.2 million in the fourth quarter of 2022, compared with US$113.2 million in the fourth quarter of 2021. The mass market table games hold percentage was 31.9% in the fourth quarter of 2022, compared with 35.6% in the fourth quarter of 2021.

Gaming machine handle for the fourth quarter of 2022 was US$1.02 billion, compared with US$815.1 million in the fourth quarter of 2021. The gaming machine win rate was 4.7% in the fourth quarter of 2022 versus 5.4% in the fourth quarter of 2021.

Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2022 was US$24.5 million, compared with US$26.5 million in the fourth quarter of 2021.

**Cyprus Operations Fourth Quarter Results** 

The Company is licensed to operate a temporary casino, which is the first casino in the Republic of Cyprus, and four satellite casinos. Upon the completion and opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease.

Total operating revenues at Cyprus Casinos for the quarter ended December 31, 2022 was US$28.7 million, compared with US$22.4 million in the fourth quarter of 2021. Cyprus Casinos generated Adjusted EBITDA of US$10.5 million in the fourth quarter of 2022, compared with Adjusted EBITDA of US$5.2 million in the fourth quarter of 2021.

Rolling chip volume was US$1.1 million in the fourth quarter of 2022, compared with US$1.3 million in the fourth quarter of 2021. The rolling chip win rate was 16.43% in the fourth quarter of 2022, compared with negative 1.92% in the fourth quarter of 2021. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop was US$38.0 million in the fourth quarter of 2022, compared with US$30.5 million in the fourth quarter of 2021. The mass market table games hold percentage was 24.9% in the fourth quarter of 2022, compared with 20.1% in the fourth quarter of 2021.

Gaming machine handle for the fourth quarter of 2022 was US$392.4 million, compared with US$328.6 million in the fourth quarter of 2021. The gaming machine win rate was 5.0% in the fourth quarter of 2022 versus 5.1% in the fourth quarter of 2021.

**Other Factors Affecting Earnings** 

Total net non-operating expenses for the fourth quarter of 2022 were US$93.9 million, which mainly included interest expenses of US$104.7 million, net of amounts capitalized, partially offset by interest income of US$9.4 million.

Depreciation and amortization costs of US$121.9 million were recorded in the fourth quarter of 2022 of which US$2.9 million related to the amortization expense for our gaming subconcession and US$5.7 million related to the amortization expense for the land use rights.

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The negative Adjusted EBITDA for Studio City for the three months ended December 31, 2022 referred to above is US$9.1 million less than the negative Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited ("SCIHL") dated March 1, 2023 (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 intercompany costs related to the table games operations at Studio City Casino.

**Financial Position and Capital Expenditures** 

Total cash and bank balances as of December 31, 2022 aggregated to US$1.99 billion, including US$175.7 million of restricted cash. Total debt, net of unamortized deferred financing costs and original issue premiums, was US$8.41 billion at the end of the fourth quarter of 2022.

Available liquidity, including cash and undrawn revolving credit facilities, as of December 31, 2022, was US$2.06 billion.

Capital expenditures for the fourth quarter of 2022 were US$112.0 million, which primarily related to the construction projects at Studio City Phase 2 and City of Dreams Mediterranean.

**Full Year Results** 

For the year ended December 31, 2022, Melco Resorts & Entertainment Limited reported total operating revenues of US$1.35 billion versus US$2.01 billion in the prior year. The decrease in total operating revenues was primarily attributable to travel restrictions in Macau and mainland China related to COVID-19 during the year as well as the government mandated temporary closure of our casinos in Macau in July which led to softer performance in the rolling chip and mass market table games segments as well as lower non-gaming revenues.

The operating loss for 2022 was US$743.1 million, compared with an operating loss of US$577.5 million for 2021.

Melco generated Adjusted Property EBITDA of US$0.6 million for the year ended December 31, 2022, compared with Adjusted Property EBITDA of US$235.1 million in 2021.

Net loss attributable to Melco Resorts & Entertainment Limited for 2022 was US$930.5 million, or US$2.01 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$811.8 million, or US$1.70 per ADS, for 2021. The net loss attributable to noncontrolling interests was US$166.6 million and US$144.7 million for 2022 and 2021, respectively, all of which were related to Studio City, City of Dreams Manila and the Cyprus Operations.

**Recent Developments** 

Since January 8, 2023, travelers arriving in Macau from Mainland China, Hong Kong and Taiwan were no longer required to present negative nucleic acid tests which thereby contributed to a 233% increase in Macau's gross gaming revenue from MOP3.5 billion in December 2022 to MOP11.6 billion in January 2023 according to data reported by the Gaming Inspection and Coordination Bureau of Macau. In addition, in Macau, from February 27, 2023, masks are not required in outdoor places. However, masks are still required on public transportation (except taxis) and in certain indoor areas, such as medical facilities and elderly homes. Requirement to wear masks has been waived in most private indoor areas by their operators or supervisory entities.

While quarantine-free travel within Greater China has resumed, the pace of recovery remains highly uncertain, and disruptions caused by the COVID-19 outbreak continue to have a material adverse impact on our operations, financial position and future prospects into the first quarter of 2023.

**Conference Call Information** 

Melco Resorts & Entertainment Limited will hold a conference call to discuss its fourth quarter 2022 financial results on Wednesday, March 1, 2023 at 8:30 a.m. Eastern Time (or 9:30 p.m. Singapore Time).

To join the conference call, please register in advance using the below Online Registration Link. Upon registering, each participant will receive the dial-in numbers and a unique Personal PIN which can be used to join the conference.

Online Registration Link:

<u>https://register.vevent.com/register/BI4ecb1896c0e54d0780ee6459f8d58fd4</u>

An audio webcast and replay of the conference call will also be available at <u>http://www.melco-resorts.com</u>.

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**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 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) COVID-19 outbreaks, and the continued impact of its consequences on our business, our industry and the global economy, (ii) risks associated with the newly adopted gaming law in Macau and its implementation by the Macau government, (iii) changes in the gaming market and visitations in Macau, the Philippines and the Republic of Cyprus, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) our anticipated growth strategies, (vii) gaming authority and other governmental approvals and regulations, and (viii) 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 net income/loss 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 net income/loss 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/loss 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/loss, 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 recognizes these limitations and uses 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/loss, net income/loss, 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.

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(2) "Adjusted net income/loss" is net income/loss before pre-opening costs, development costs, property charges and other and loss on extinguishment of debt, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the
adjustments based on their respective jurisdictions. Adjusted net income/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss 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/loss 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/loss attributable to Melco Resorts & Entertainment Limited and adjusted net income/loss 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/loss 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 integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau (<u>www.altiramacau.com</u>), an integrated resort located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated resort located in Cotai, Macau. Its business also includes the Mocha Clubs (<u>www.mochaclubs.com</u>), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (<u>www.studiocity-macau.com</u>), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (<u>www.cityofdreamsmanila.com</u>), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company is currently developing City of Dreams Mediterranean (<u>www.cityofdreamsmed.com.cy</u>) in the Republic of Cyprus, which is expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first authorized casino in the Republic of Cyprus, and is licensed to operate four satellite casinos ("Cyprus Casinos"). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease. For more information about the Company, please visit <u>www.melco-resorts.com</u>.

The Company is majority owned by Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, which is in turn majority owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

**For the investment community, please contact:** 

Jeanny Kim

Senior Vice President, Group Treasurer

Tel: +852 2598 3698

Email: <u>jeannykim@melco-resorts.com</u>

**For media enquiries, please contact:** 

Chimmy Leung

Executive Director, Corporate Communications

Tel: +852 3151 3765

Email: <u>chimmyleung@melco-resorts.com</u>

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**Melco Resorts & Entertainment Limited and Subsidiaries** 

**Condensed Consolidated Statements of Operations (Unaudited)** 

**(In thousands of U.S. dollars, except share and per share data)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Operating revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casino | $267468 | $390659 | $1076398 | $1676263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rooms | 27275 | 44666 | 116552 | 157501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverage | 23280 | 25641 | 85518 | 97665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment, retail and other | 19065 | 19642 | 71509 | 80927 |
|  Total operating revenues | 337088 | 480608 | 1349977 | 2012356 |
|  Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casino | (227248) | (286280) | (912839) | (1320882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rooms | (11142) | (12625) | (46199) | (49895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverage | (20909) | (22758) | (82000) | (91533) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment, retail and other | (5583) | (6355) | (22419) | (29463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | (120742) | (100006) | (423225) | (426407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to the Philippine Parties | (2016) | (6102) | (28894) | (26371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-opening costs | (6670) | (1383) | (15585) | (4157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development costs |  | 1302 |  | (30677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of gaming subconcession | (2853) | (14286) | (32785) | (57276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of land use rights | (5672) | (5695) | (22662) | (22832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | (113350) | (124147) | (466492) | (499739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property charges and other | (20387) | (6638) | (39982) | (30575) |
|  Total operating costs and expenses | (536572) | (584973) | (2093082) | (2589807) |
|  Operating loss | (199484) | (104365) | (743105) | (577451) |
|  Non-operating income (expenses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 9433 | 1457 | 26458 | 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses, net of amounts capitalized | (104667) | (85448) | (376722) | (350544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financing costs | (957) | (1080) | (6396) | (11033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange gains, net | 1047 | 1516 | 3904 | 4566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 1217 | 710 | 3930 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  |  |  | (28817) |
|  Total non-operating expenses, net | (93927) | (82845) | (348826) | (376128) |
|  Loss before income tax | (293411) | (187210) | (1091931) | (953579) |
|  Income tax expense | (618) | (2731) | (5236) | (2885) |
|  Net loss | (294029) | (189941) | (1097167) | (956464) |
|  Net loss attributable to noncontrolling interests | 42088 | 30004 | 166641 | 144713 |
|  Net loss attributable to Melco Resorts & Entertainment Limited | $(251941) | $(159937) | $(930526) | $(811751) |
|  Net loss attributable to Melco Resorts & Entertainment Limited per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.189) | $(0.112) | $(0.669) | $(0.566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.189) | $(0.112) | $(0.669) | $(0.566) |
|  Net loss attributable to Melco Resorts & Entertainment Limited per ADS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.566) | $(0.336) | $(2.007) | $(1.698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.566) | $(0.336) | $(2.008) | $(1.698) |
|  Weighted average shares outstanding used in net loss attributable to Melco Resorts & Entertainment Limited per share calculation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 1335283346 | 1428587890 | 1391154836 | 1434087641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 1335283346 | 1428587890 | 1391154836 | 1434087641 |

---

------

**Melco Resorts & Entertainment Limited and Subsidiaries** 

**Condensed Consolidated Balance Sheets** 

**(In thousands of U.S. dollars, except share and per share data)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  | **(Unaudited)** | |
|  **ASSETS** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1812729 | $1652890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 50992 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 55992 | 54491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from affiliated companies | 630 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 26416 | 29589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 119410 | 109330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale | 8503 | 21777 |
|  Total current assets | 2074672 | 1868746 |
|  Property and equipment, net | 5870905 | 5910684 |
|  Gaming subconcession, net |  | 27065 |
|  Intangible assets, net | 43610 | 51547 |
|  Goodwill | 81606 | 81721 |
|  Long-term prepayments, deposits and other assets | 159697 | 177142 |
|  Receivables from an affiliated company | 216333 |  |
|  Restricted cash | 124736 | 140 |
|  Deferred tax assets, net | 638 | 4029 |
|  Operating lease right-of-use assets | 58715 | 68034 |
|  Land use rights, net | 670872 | 694582 |
|  Total assets | $9301784 | $8883690 |
|  **LIABILITIES AND (DEFICIT) EQUITY** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $6730 | $5992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 809305 | 935483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | 11610 | 11913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 12761 | 16771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease liabilities, current | 34959 | 48551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt, net | 322500 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables to affiliated companies | 761 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities related to assets held for sale |  | 1497 |
|  Total current liabilities | 1198626 | 1021883 |
|  Long-term debt, net | 8090008 | 6559854 |
|  Other long-term liabilities | 33712 | 30520 |
|  Deferred tax liabilities, net | 39677 | 41030 |
|  Operating lease liabilities, non-current | 55832 | 62889 |
|  Finance lease liabilities, non-current | 198291 | 347629 |
|  Total liabilities | 9616146 | 8063805 |
| (Deficit) equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,445,052,143 and 1,456,547,942 shares issued; 1,335,307,327 and 1,423,370,314 shares outstanding, respectively | 14451 | 14565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury shares, at cost; 109,744,816 and 33,177,628 shares, respectively | (241750) | (132856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 3218895 | 3238600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive losses | (111969) | (76008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated losses | (3729952) | (2799555) |
|  Total Melco Resorts & Entertainment Limited shareholders' (deficit) equity | (850325) | 244746 |
|  Noncontrolling interests | 535963 | 575139 |
|  Total (deficit) equity | (314362) | 819885 |
|  Total liabilities and (deficit) equity | $9301784 | $8883690 |

---

------

**Melco Resorts & Entertainment Limited and Subsidiaries** 

**Reconciliation of Net Loss Attributable to Melco Resorts & Entertainment Limited to** 

**Adjusted Net Loss Attributable to Melco Resorts & Entertainment Limited (Unaudited)** 

**(In thousands of U.S. dollars, except share and per share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Net loss attributable to Melco Resorts & Entertainment Limited | $(251941) | $(159937) | $(930526) | $(811751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-opening costs | 6670 | 1383 | 15585 | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development costs |  | (1302) |  | 30677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property charges and other | 20387 | 6638 | 39982 | 30575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  |  |  | 28817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax impact on adjustments | (412) | 2144 | (1010) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests impact on adjustments | (3015) | (1284) | (7796) | (17469) |
|  Adjusted net loss attributable to Melco Resorts & Entertainment Limited | $(228311) | $(152358) | $(883765) | $(734983) |
|  Adjusted net loss attributable to Melco Resorts & Entertainment Limited per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.171) | $(0.107) | $(0.635) | $(0.513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.171) | $(0.107) | $(0.636) | $(0.513) |
|  Adjusted net loss attributable to Melco Resorts & Entertainment Limited per ADS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.513) | $(0.320) | $(1.906) | $(1.538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.513) | $(0.320) | $(1.908) | $(1.538) |
|  Weighted average shares outstanding used in adjusted net loss attributable to Melco Resorts & Entertainment Limited per share calculation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 1335283346 | 1428587890 | 1391154836 | 1434087641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 1335283346 | 1428587890 | 1391154836 | 1434087641 |

---

------

**Melco Resorts & Entertainment Limited and Subsidiaries** 

**Reconciliation of Operating Loss to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)** 

**(In thousands of U.S. dollars)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  | **Altira**<br>**Macau** | **Mocha**<br>**and Other <sup>(3)</sup>** | **City of**<br>**Dreams** | **Studio**<br>**City** | **City of<br>Dreams<br>Manila** | **Cyprus<br>Operations** | **Corporate**<br>**and Other** | **Total** |
|  Operating (loss) income | $(15546) | $296 | $(87572) | $(63343) | $7620 | $3465 | $(44404) | $(199484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to the Philippine Parties |  |  |  |  | 2016 |  |  | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land rent to Belle Corporation |  |  |  |  | 467 |  |  | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-opening costs |  |  |  | 1429 |  | 5241 |  | 6670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5153 | 1317 | 59266 | 33585 | 12657 | 1394 | 8503 | 121875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 437 | 160 | 7999 | 861 | 912 | 396 | 17184 | 27949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property charges and other | 456 | 36 | 12497 | 2144 | (120) |  | 5374 | 20387 |
|  Adjusted EBITDA | (9500) | 1809 | (7810) | (25324) | 23552 | 10496 | (13343) | (20120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and Other expenses |  |  |  |  |  |  | 13343 | 13343 |
|  Adjusted Property EBITDA | $(9500) | $1809 | $(7810) | $(25324) | $23552 | $10496 | $— | $(6777) |
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Altira**<br>**Macau** | **Mocha** | **City of**<br>**Dreams** | **Studio**<br>**City** | **City of<br>Dreams<br>Manila** | **Cyprus<br>Operations** | **Corporate<br>and Other** | **Total** |
|  Operating (loss) income | $(6310) | $3264 | $(23644) | $(37990) | $9495 | $1980 | $(51160) | $(104365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to the Philippine Parties |  |  |  |  | 6102 |  |  | 6102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land rent to Belle Corporation |  |  |  |  | 669 |  |  | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-opening costs |  |  |  | 245 |  | 1138 |  | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development costs |  |  |  |  |  |  | (1302) | (1302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5391 | 1279 | 62393 | 33844 | 17138 | 2062 | 22021 | 144128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 717 | 238 | 8518 | 1864 | 683 | 391 | 15640 | 28051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property charges and other | 70 | 1 | 2400 | 1901 | 513 | (379) | 2132 | 6638 |
|  Adjusted EBITDA | (132) | 4782 | 49667 | (136) | 34600 | 5192 | (12669) | 81304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and Other expenses |  |  |  |  |  |  | 12669 | 12669 |
|  Adjusted Property EBITDA | $(132) | $4782 | $49667 | $(136) | $34600 | $5192 | $— | $93973 |

---

<sup>(3)</sup> Effective from June 27, 2022, the Grand Dragon Casino, which focuses on mass market table games and was previously reported under the Corporate and Other segment, has been included in the Mocha and Other segment

------

**Melco Resorts & Entertainment Limited and Subsidiaries** 

**Reconciliation of Operating Loss to Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)** 

**(In thousands of U.S. dollars)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Altira**<br>**Macau** | **Mocha**<br>**and Other <sup>(3)</sup>** | **City of**<br>**Dreams** | **Studio**<br>**City** | **City of<br>Dreams<br>Manila** | **Cyprus<br>Operations** | **Corporate**<br>**and Other** | **Total** |
|  Operating (loss) income | $(66692) | $4772 | $(309543) | $(251946) | $55365 | $3867 | $(178928) | $(743105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to the Philippine Parties |  |  |  |  | 28894 |  |  | 28894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land rent to Belle Corporation |  |  |  |  | 2318 |  |  | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-opening costs |  |  |  | 2941 |  | 12644 |  | 15585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 21190 | 5130 | 238752 | 134813 | 58044 | 6259 | 57751 | 521939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 1282 | 313 | 20074 | 3090 | 2168 | 923 | 43959 | 71809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property charges and other | 1200 | 76 | 18557 | 5938 | 137 | 3 | 14071 | 39982 |
|  Adjusted EBITDA | (43020) | 10291 | (32160) | (105164) | 146926 | 23696 | (63147) | (62578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and Other expenses |  |  |  |  |  |  | 63147 | 63147 |
|  Adjusted Property EBITDA | $(43020) | $10291 | $(32160) | $(105164) | $146926 | $23696 | $— | $569 |
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Altira**<br>**Macau** | **Mocha** | **City of**<br>**Dreams** | **Studio**<br>**City** | **City of<br>Dreams<br>Manila** | **Cyprus<br>Operations** | **Corporate**<br>**and Other** | **Total** |
|  Operating (loss) income | $(78918) | $10505 | $(75668) | $(167162) | $(18808) | $(12395) | $(235005) | $(577451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to the Philippine Parties |  |  |  |  | 26371 |  |  | 26371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land rent to Belle Corporation |  |  |  |  | 2848 |  |  | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-opening costs |  |  | 195 | 984 |  | 2978 |  | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development costs |  |  |  |  |  |  | 30677 | 30677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 21909 | 5920 | 248523 | 135737 | 70325 | 10648 | 86785 | 579847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 1335 | 425 | 15735 | 3838 | 1981 | 741 | 43902 | 67957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property charges and other | 1700 | 204 | 13169 | 6113 | 6245 | (379) | 3523 | 30575 |
|  Adjusted EBITDA | (53974) | 17054 | 201954 | (20490) | 88962 | 1593 | (70118) | 164981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and Other expenses |  |  |  |  |  |  | 70118 | 70118 |
|  Adjusted Property EBITDA | $(53974) | $17054 | $201954 | $(20490) | $88962 | $1593 | $— | $235099 |

---

------

**Melco Resorts & Entertainment Limited and Subsidiaries** 

**Reconciliation of Net Loss Attributable to Melco Resorts & Entertainment Limited to** 

**Adjusted EBITDA and Adjusted Property EBITDA (Unaudited)** 

**(In thousands of U.S. dollars)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Net loss attributable to Melco Resorts & Entertainment Limited | $(251941) | $(159937) | $(930526) | $(811751) |
|  Net loss attributable to noncontrolling interests | (42088) | (30004) | (166641) | (144713) |
|  Net loss | (294029) | (189941) | (1097167) | (956464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 618 | 2731 | 5236 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other non-operating expenses, net | 93927 | 82845 | 348826 | 376128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property charges and other | 20387 | 6638 | 39982 | 30575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 27949 | 28051 | 71809 | 67957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 121875 | 144128 | 521939 | 579847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development costs |  | (1302) |  | 30677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-opening costs | 6670 | 1383 | 15585 | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land rent to Belle Corporation | 467 | 669 | 2318 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to the Philippine Parties | 2016 | 6102 | 28894 | 26371 |
|  Adjusted EBITDA | (20120) | 81304 | (62578) | 164981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate and Other expenses | 13343 | 12669 | 63147 | 70118 |
|  Adjusted Property EBITDA | $(6777) | $93973 | $569 | $235099 |

---

------

**Melco Resorts & Entertainment Limited and Subsidiaries** 

**Supplemental Data Schedule** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Room Statistics<sup>(4)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Altira Macau** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average daily rate <sup>(5)</sup> | $96 | $109 | $97 | $110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupancy per available room | 49% | 40% | 42% | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue per available room <sup>(6)</sup> | $47 | $44 | $41 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **City of Dreams** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average daily rate <sup>(5)</sup> | $211 | $210 | $205 | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupancy per available room | 28% | 47% | 27% | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue per available room <sup>(6)</sup> | $59 | $99 | $56 | $109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Studio City** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average daily rate <sup>(5)</sup> | $100 | $131 | $111 | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupancy per available room | 32% | 39% | 28% | 51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue per available room <sup>(6)</sup> | $32 | $52 | $31 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **City of Dreams Manila** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average daily rate <sup>(5)</sup> | $140 | $262 | $177 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupancy per available room | 96% | 92% | 95% | 76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue per available room <sup>(6)</sup> | $134 | $241 | $167 | $124 |
|  **Other Information<sup>(7)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Altira Macau** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of table games | 91 | 100 | 93 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of gaming machines | 166 | 128 | 146 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Table games win per unit per day <sup>(8)</sup> | $780 | $1084 | $737 | $1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming machines win per unit per day <sup>(9)</sup> | $81 | $199 | $116 | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Mocha and Other<sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of table games | 25 |  | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of gaming machines | 897 | 906 | 935 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Table games win per unit per day <sup>(8)</sup> | $1806 | $— | $1792 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming machines win per unit per day <sup>(9)</sup> | $188 | $250 | $209 | $287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **City of Dreams** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of table games | 442 | 509 | 447 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of gaming machines | 675 | 676 | 677 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Table games win per unit per day <sup>(8)</sup> | $3036 | $5500 | $3361 | $6690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming machines win per unit per day <sup>(9)</sup> | $141 | $246 | $140 | $282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Studio City** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of table games | 277 | 288 | 277 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of gaming machines | 671 | 710 | 700 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Table games win per unit per day <sup>(8)</sup> | $1477 | $3162 | $1562 | $3306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming machines win per unit per day <sup>(9)</sup> | $54 | $113 | $75 | $129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **City of Dreams Manila** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of table games | 261 | 309 | 274 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of gaming machines | 2218 | 2373 | 2266 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Table games win per unit per day <sup>(8)</sup> | $2687 | $1504 | $2496 | $1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming machines win per unit per day <sup>(9)</sup> | $236 | $206 | $232 | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cyprus Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of table games | 35 | 32 | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of gaming machines | 452 | 440 | 454 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Table games win per unit per day <sup>(8)</sup> | $2978 | $2050 | $2190 | $1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming machines win per unit per day <sup>(9)</sup> | $472 | $411 | $394 | $388 |

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<sup>(4)</sup> Room statistics exclude rooms that were temporarily closed or provided to staff members due to the COVID-19 outbreak

<sup>(5)</sup> 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 

<sup>(6)</sup> Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available 

<sup>(7)</sup> Table games and gaming machines that were not in operation due to government mandated closures or social distancing measures in relation to the COVID-19 outbreak have been excluded

<sup>(8)</sup> 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

<sup>(9)</sup> 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