Melco Resorts & Entertainment Limited (MLCO) 6-K Melco Announces Record Adjusted Property EBITDA in Second Quarter 2019

Exhibit 99.1

FOR IMMEDIATE RELEASE

Melco Announces Record Adjusted Property EBITDA in Second Quarter 2019

and Increase in Quarterly Dividend to US$0.16512 per ADS

Macau, Wednesday, July 24, 2019 – 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, today reported its unaudited financial results for the second quarter of 2019.

Total operating revenues for the second quarter of 2019 were US$1,442.7 million, representing an increase of approximately 17% from US$1,228.6 million 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 and highernon-gaming revenue as a result of the opening of Morpheus in June 2018.

Operating income for the second quarter of 2019 was US$205.3 million, compared with operating income of US$118.1 million in the second quarter of 2018, representing an increase of 74%.

Adjusted property EBITDA⁽¹⁾ was US$442.2 million for the second quarter of 2019 compared to Adjusted property EBITDA of US$355.5 million in the second quarter of 2018, representing an increase of 24%.

Net income attributable to Melco Resorts & Entertainment Limited for the second quarter of 2019 was US$100.3 million, or US$0.22 per ADS, compared with US$57.3 million, or US$0.12 per ADS, in the second quarter of 2018. The net loss attributable to noncontrolling interests during the second quarter of 2019 and 2018 were US$3.0 million and US$4.1 million, respectively, which were related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “During the second quarter of 2019, all of Melco’s Macau Integrated Resorts delivered strong mass table games revenue growth, which drove Group-wide Property EBITDA to expand approximately 24% year-over-year to anall-time-high of US$442 million.

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“The further ramp up of the award-winning Morpheus and opening of the new VIP area on the second floor helped City of Dreams deliver a strong set of results in the second quarter of 2019, with VIP volumes, mass table gaming revenue and Property EBITDA all experiencing significant growth.

“During the second quarter, Studio City and Altira also delivered strong mass table gaming revenue growth, highlighting strength in Macau’s mass gaming market and Melco’s dominant foothold in the city’s mass and premium mass gaming segments.

“Melco’s dedication to excellence has been widely recognized, most recently by the 2019 Asia Pacific Property Awards with Morpheus being awarded as the winner of Best Hotel Architecture Macau and Best New Hotel Construction & Design Macau. ‘The House of Dancing Water’, Melco’s award-winning show, has also been recognized by Global Gaming Expo (G2E) Asia Awards 2019 as the Best Integrated ResortsNon-Gaming Attraction. These recognitions have positioned Melco as a leading integrated resort operator in Asia.

“At Studio City, we continue to enhance our entertainment offerings with a series of property upgrades, which include the opening of thepop-up ‘Legend Heroes Park’ in January, the ‘Show House’ Night Club in February and the ‘Flip Out’ Trampoline Park in May. Soon, we will open the permanent, 50,000 square feet Legend Heroes VR Park, which should be Asia’s largest Virtual Reality Zone.

“The Board has, after evaluating the Company’s current liquidity position and future expected capital needs, decided to increase the quarterly cash dividend by 6% to US$0.05504 per ordinary share, which is equivalent to US$0.16512 per ADS, from the previous quarterly dividend of US$0.0517 per ordinary share.

“In May 2019, the Company announced its agreement to acquire a 19.99% stake in Crown Resorts Limited (“Crown”) from CPH Crown Holdings Pty Limited. We believe Melco’s investment in Crown is an incredible opportunity to purchase a strategic stake in what we believe to be Australia’s premier provider of true integrated resort experiences.

“In June 2019, the Company announced its agreement to acquire from Melco International Development Limited (“Melco International”) all of Melco International’s holdings of ordinary shares of ICR Cyprus Holdings Limited (“ICR Cyprus”), which represents a 75% equity interest in ICR Cyprus. ICR Cyprus and its subsidiaries are developing the City of Dreams Mediterranean integrated destination resort project in Cyprus. The City of Dreams Mediterranean project is currently under development and scheduled to open in 2021, upon which it is expected to be the largest and premier integrated destination resort in Europe.

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“Lastly, Japan continues to be a core focus for us. In May, we released designs of our proposed Osaka Integrated Resort – City of the Future. We have also participated in the Yokohama RFI and will participate in the Osaka RFC. With our focus on the Asian premium segment, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture, and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realize a vision for an integrated resort development with unique Japanese touch.”

City of Dreams Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at City of Dreams were US$790.8 million compared to US$577.8 million in the second quarter of 2018. City of Dreams generated Adjusted EBITDA of US$250.8 million in the second quarter of 2019 compared with Adjusted EBITDA of US$171.5 million in the second quarter of 2018. Theyear-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 volumes totaled US$14.9 billion for the second quarter of 2019 versus US$10.5 billion in the second quarter of 2018. The rolling chip win rate was 3.16% in the second quarter of 2019 versus 2.88% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$1,372.2 million in the second quarter of 2019 compared with US$1,182.4 million in the second quarter of 2018. The mass market table games hold percentage was 31.6% in the second quarter of 2019 compared to 28.4% in the second quarter of 2018.

Gaming machine handle for the second quarter of 2019 was US$1,037.8 million, compared with US$1,116.9 million in the second quarter of 2018. The gaming machine win rate was 3.8% in the second quarter of 2019 versus 5.1% in the second quarter of 2018.

Totalnon-gaming revenue at City of Dreams in the second quarter of 2019 was US$98.4 million, compared with US$77.0 million in the second quarter of 2018.

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Altira Macau Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at Altira Macau were US$104.3 million compared to US$123.1 million in the second quarter of 2018. Altira Macau generated Adjusted EBITDA of US$8.5 million in the second quarter of 2019 compared with Adjusted EBITDA of US$18.3 million in the second quarter of 2018. The decline in Adjusted EBITDA was primarily a result of softer performance in the rolling chip segment.

Rolling chip volumes totaled US$4.4 billion in the second quarter of 2019 versus US$4.8 billion in the second quarter of 2018. The rolling chip win rate was 2.95% in the second quarter of 2019 versus 3.65% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

In the mass market table games segment, drop totaled US$150.0 million in the second quarter of 2019 versus US$131.9 million in the second quarter of 2018. The mass market table games hold percentage was 22.5% in the second quarter of 2019 compared with 19.7% in the second quarter of 2018.

Gaming machine handle for the second quarter of 2019 was US$83.5 million, compared with US$30.0 million in the second quarter of 2018. The increase was primarily due to an increase in average number of gaming machines to 171 in the second quarter of 2019, compared to 129 in the second quarter of 2018. The gaming machine win rate was 4.4% in the second quarter of 2019 versus 6.3% in the second quarter of 2018.

Totalnon-gaming revenue at Altira Macau in the second quarter of 2019 was US$6.6 million, compared with US$6.7 million in the second quarter of 2018.

Mocha Clubs Second Quarter Results

Total operating revenues from Mocha Clubs totaled US$28.9 million in the second quarter of 2019 as compared to US$28.0 million in the second quarter of 2018. Mocha Clubs generated US$5.3 million of Adjusted EBITDA in the second quarter of 2019 compared with US$5.2 million in the same period in 2018.

Gaming machine handle for the second quarter of 2019 was US$609.4 million, compared with US$618.5 million in the second quarter of 2018. The gaming machine win rate was 4.8% in the second quarter of 2019 versus 4.5% in the second quarter of 2018.

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Studio City Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at Studio City were US$328.9 million compared to US$314.1 million in the second quarter of 2018. Studio City generated Adjusted EBITDA of US$94.8 million in the second quarter of 2019 compared with Adjusted EBITDA of US$73.2 million in the second quarter of 2018. The 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 and lowernon-gaming revenue.

Affected by the Macau market-wide VIP weakness, and by increasing competition in and around Cotai, Studio City’s rolling chip volumes totaled US$3.1 billion in the second quarter of 2019 versus US$6.1 billion in the second quarter of 2018. The rolling chip win rate was 2.76% in the second quarter of 2019 versus 2.66% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop increased to US$877.0 million in the second quarter of 2019 compared with US$814.3 million in the second quarter of 2018. The mass market table games hold percentage was 29.2% in the second quarter of 2019 compared to 24.5% in the second quarter of 2018.

Gaming machine handle for the second quarter of 2019 was US$630.9 million, compared with US$614.9 million in the second quarter of 2018. The gaming machine win rate was 3.2% in the second quarter of 2019 versus 3.4% in the second quarter of 2018.

Totalnon-gaming revenue at Studio City in the second quarter of 2019 was US$36.9 million, compared with US$44.3 million in the second quarter of 2018.

City of Dreams Manila Second Quarter Results

For the quarter ended June 30, 2019, total operating revenues at City of Dreams Manila were US$176.1 million compared to US$173.9 million in the second quarter of 2018. City of Dreams Manila generated Adjusted EBITDA of US$82.8 million in the second quarter of 2019 compared to US$87.3 million in the comparable period of 2018.

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With increased competition in the market, City of Dreams Manila’s rolling chip volumes totaled US$1.9 billion in the second quarter of 2019 versus US$3.0 billion in the second quarter of 2018. The rolling chip win rate was 5.21% in the second quarter of 2019 versus 3.70% in the second quarter of 2018. The expected rolling chip win rate range is 2.85% - 3.15%.

Mass market table games drop decreased to US$192.8 million for the second quarter of 2019, compared with US$196.9 million in the second quarter of 2018. The mass market table games hold percentage was 30.4% in the second quarter of 2019 compared to 29.4% in the second quarter of 2018.

Gaming machine handle for the second quarter of 2019 was US$945.1 million, compared with US$855.9 million in the second quarter of 2018. The gaming machine win rate was 5.4% in the second quarter of 2019 versus 5.9% in the second quarter of 2018.

Totalnon-gaming revenue at City of Dreams Manila in the second quarter of 2019 was US$31.8 million, compared with US$29.2 million in the second quarter of 2018.

Other Factors Affecting Earnings

Total netnon-operating expenses for the second quarter of 2019 were US$107.4 million, which mainly included interest expenses of US$75.9 million and other netnon-operating expenses of US$23.1 million.

Depreciation and amortization costs of US$159.8 million were recorded in the second 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 June 30, 2019 referred to in this report is US$12.3 million more than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited (“SCIHL”) dated July 24, 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 report. 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 report does not reflect certain costs related to the VIP operations at Studio City Casino.

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Financial Position and Capital Expenditures

Total cash and bank balances as of June 30, 2019 aggregated US$1.6 billion, including US$60.2 million of a bank deposit with original maturity over three months and US$44.4 million of restricted cash, which was primarily related to Studio City. Total debt, net of unamortized deferred financing costs at the end of the second quarter of 2019 was US$4.7 billion.

Capital expenditures for the second quarter of 2019 were US$173.7 million, which predominantly related to an addition to our air transport fleet and various projects at City of Dreams.

Amendment of Dividend Policy

To reaffirm Melco’s commitment to returning surplus capital to shareholders, our Board, after evaluating Melco’s current liquidity position and future expected capital needs, has amended its quarterly dividend policy from one targeting a quarterly cash dividend payment of US$0.0517 per ordinary share (equivalent to US$0.1551 per ADS, each representing three ordinary shares) of the Company to one targeting a quarterly cash dividend payment of US$0.05504 per ordinary share (equivalent to US$0.16512 per ADS) of the Company.

The new dividend policy will take effect beginning with any dividends declared by our Board for the second quarter of 2019 and continue until amended or otherwise determined by our Board. Distribution of dividends under this new dividend policy is subject to the Company’s accumulated and future earnings, cash availability, future commitments and other factors the Board may deem relevant.

Our Board will continue to review our dividend policy from time to time as part of our commitment to maximizing shareholder value, taking into consideration our financial performance and market conditions.

Dividend Declaration

On July 24, 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 second quarter of 2019 (the “Quarterly Dividend”). The Quarterly Dividend will be paid on or about August 15, 2019 to our shareholders whose names appear on the register of members of the Company at the close of business on August 5, 2019, being the record date for determination of entitlements to the Quarterly Dividend.

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Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its second quarter 2019 financial results on Wednesday, July 24, 2019 at 8:30 a.m. Eastern Time (8:30 p.m. Hong Kong Time). To join the conference call, please use thedial-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 athttp://www.melco-resorts.com.

To access the replay, please use thedial-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	6765429

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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 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 and the Philippines, (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 othernon-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 othernon-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.

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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 beforepre-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 assessingperiod-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. 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 largestnon-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. The Company 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, ahigh-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.

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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

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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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
OPERATING REVENUES
Casino	$	1,265,649		$	1,069,525		$	2,442,298		$	2,223,278
Rooms		86,411			67,795			170,480			135,366
Food and beverage		57,421			46,582			113,594			94,830
Entertainment, retail and other		33,172			44,728			78,327			88,304
Total operating revenues		1,442,653			1,228,630			2,804,699			2,541,778
OPERATING COSTS AND EXPENSES
Casino		(806,968	)		(710,665	)		(1,577,979	)		(1,464,714	)
Rooms		(21,845	)		(17,142	)		(44,338	)		(32,968	)
Food and beverage		(43,564	)		(36,950	)		(88,442	)		(74,037	)
Entertainment, retail and other		(26,423	)		(22,404	)		(48,231	)		(45,366	)
General and administrative		(141,783	)		(126,591	)		(269,771	)		(234,817	)
Payments to the Philippine Parties		(23,203	)		(23,617	)		(37,255	)		(34,994	)
Pre-opening costs		(7	)		(28,765	)		(2,572	)		(31,113	)
Development costs		(3,920	)		(3,018	)		(9,440	)		(6,907	)
Amortization of gaming subconcession		(14,209	)		(14,310	)		(28,395	)		(28,619	)
Amortization of land use rights		(5,664	)		(5,704	)		(11,319	)		(11,408	)
Depreciation and amortization		(139,955	)		(111,747	)		(276,457	)		(221,434	)
Property charges and other		(9,774	)		(9,637	)		(17,206	)		(16,183	)
Total operating costs and expenses		(1,237,315	)		(1,110,550	)		(2,411,405	)		(2,202,560	)
OPERATING INCOME		205,338			118,080			393,294			339,218
NON-OPERATING INCOME (EXPENSES)
Interest income		1,448			1,286			3,572			2,695
Interest expenses, net of capitalized interest		(75,922	)		(61,383	)		(145,545	)		(120,119	)
Other finance costs		(507	)		(1,390	)		(790	)		(2,767	)
Foreign exchange (losses) gain, net		(9,373	)		(4,253	)		(9,868	)		371
Other (expenses) income, net		(23,071	)		3,257			(16,360	)		1,451
Loss on extinguishment of debt		—			—			(3,721	)		—
Costs associated with debt modification		—			—			(579	)		—
Totalnon-operating expenses, net		(107,425	)		(62,483	)		(173,291	)		(118,369	)
INCOME BEFORE INCOME TAX		97,913			55,597			220,003			220,849
INCOME TAX EXPENSE		(579	)		(2,458	)		(4,270	)		(4,396	)
NET INCOME		97,334			53,139			215,733			216,453
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		2,978			4,134			1,934			(2,547	)
NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED	$	100,312		$	57,273		$	217,667		$	213,906
NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:
Basic	$	0.073		$	0.039		$	0.158		$	0.145
Diluted	$	0.072		$	0.038		$	0.157		$	0.144
NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:
Basic	$	0.218		$	0.117		$	0.473		$	0.436
Diluted	$	0.216		$	0.115		$	0.470		$	0.432
WEIGHTED AVERAGE SHARES OUTSTANDING USED IN NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE CALCULATION:
Basic		1,381,194,779			1,472,695,529			1,380,626,688			1,471,225,884
Diluted		1,389,396,505			1,485,815,747			1,387,856,833			1,484,794,529

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Melco Resorts & Entertainment Limited and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

	June 30,			December 31,
	2019			2018
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,449,819		$	1,436,558
Investment securities		73,098			91,598
Bank deposit with original maturity over three months		60,152			—
Restricted cash		44,272			48,037
Accounts receivable, net		283,841			242,089
Amounts due from affiliated companies		5,317			7,603
Inventories		42,357			40,828
Prepaid expenses and other current assets		91,846			90,749
Total current assets		2,050,702			1,957,462
PROPERTY AND EQUIPMENT, NET		5,646,973			5,661,653
GAMING SUBCONCESSION, NET		169,493			197,533
INTANGIBLE ASSETS, NET		31,004			30,072
GOODWILL		81,564			81,376
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS		158,875			186,515
INVESTMENT SECURITIES		591,708			—
RESTRICTED CASH		130			129
DEFERRED TAX ASSETS		3,169			2,992
OPERATING LEASERIGHT-OF-USE ASSETS		148,108			—
LAND USE RIGHTS, NET		750,047			759,651
TOTAL ASSETS	$	9,631,773		$	8,877,383
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	20,502		$	24,879
Accrued expenses and other current liabilities		1,513,145			1,658,550
Income tax payable		4,739			4,903
Operating lease liabilities, current		36,651			—
Finance lease liabilities, current		37,278			34,659
Current portion of long-term debt, net		884,536			395,547
Amounts due to affiliated companies		6,002			11,469
Total current liabilities		2,502,853			2,130,007
LONG-TERM DEBT, NET		3,815,519			3,665,370
OTHER LONG-TERM LIABILITIES		12,117			28,866
DEFERRED TAX LIABILITIES		56,266			54,063
OPERATING LEASE LIABILITIES,NON-CURRENT		127,260			—
FINANCE LEASE LIABILITIES,NON-CURRENT		259,341			253,374
AMOUNT DUE TO AN AFFILIATED COMPANY		282			—
TOTAL LIABILITIES		6,773,638			6,131,680
SHAREHOLDERS’ EQUITY
Ordinary shares		14,010			14,830
Treasury shares		(93,345	)		(657,389	)
Additionalpaid-in capital		2,971,373			3,523,275
Accumulated other comprehensive losses		(25,513	)		(49,804	)
Accumulated losses		(628,715	)		(703,576	)
Total Melco Resorts & Entertainment Limited shareholders’ equity		2,237,810			2,127,336
Noncontrolling interests		620,325			618,367
Total equity		2,858,135			2,745,703
TOTAL LIABILITIES AND EQUITY	$	9,631,773		$	8,877,383

13

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						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net Income Attributable to Melco Resorts & Entertainment Limited	$	100,312		$	57,273		$	217,667		$	213,906
Pre-opening Costs		7			28,765			2,572			31,113
Development Costs		3,920			3,018			9,440			6,907
Property Charges and Other		9,774			9,637			17,206			16,183
Loss on Extinguishment of Debt		—			—			3,721			—
Costs Associated with Debt Modification		—			—			579			—
Income Tax Impact on Adjustments		(1,020	)		(179	)		(2,089	)		(179	)
Noncontrolling Interests Impact on Adjustments		(3,790	)		(478	)		(6,699	)		(1,440	)
Adjusted Net Income Attributable to Melco Resorts & Entertainment Limited	$	109,203		$	98,036		$	242,397		$	266,490
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE:
Basic	$	0.079		$	0.067		$	0.176		$	0.181
Diluted	$	0.079		$	0.066		$	0.175		$	0.179
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER ADS:
Basic	$	0.237		$	0.200		$	0.527		$	0.543
Diluted	$	0.236		$	0.198		$	0.524		$	0.538
WEIGHTED AVERAGE SHARES OUTSTANDING USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO RESORTS & ENTERTAINMENT LIMITED PER SHARE CALCULATION:
Basic		1,381,194,779			1,472,695,529			1,380,626,688			1,471,225,884
Diluted		1,389,396,505			1,485,815,747			1,387,856,833			1,484,794,529

14

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 June 30, 2019
	Altira Macau		Mocha			City of Dreams			Studio City		City of Dreams Manila			Corporate and Other			Total
	(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)
Operating Income (Loss)	$	2,484	$	3,650		$	183,527		$	39,185	$	39,451		$	(62,959	)	$	205,338
Payments to the Philippine Parties		—		—			—			—		23,203			—			23,203
Land Rent to Belle Corporation		—		—			—			—		762			—			762
Pre-opening Costs		—		—			(46	)		60		(7	)		—			7
Development Costs		—		—			—			—		—			3,920			3,920
Depreciation and Amortization		5,883		1,989			66,293			46,610		19,023			20,030			159,828
Share-based Compensation		104		38			1,065			508		348			6,193			8,256
Property Charges and Other		15		(389	)		(66	)		8,413		51			1,750			9,774
Adjusted EBITDA		8,486		5,288			250,773			94,776		82,831			(31,066	)		411,088
Corporate and Other Expenses		—		—			—			—		—			31,066			31,066
Adjusted Property EBITDA	$	8,486	$	5,288		$	250,773		$	94,776	$	82,831		$	—		$	442,154
	Three Months Ended June 30, 2018
	Altira Macau		Mocha			City of Dreams			Studio City		City of Dreams Manila			Corporate and Other			Total
	(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)
Operating Income (Loss)	$	13,542	$	3,082		$	96,426		$	26,593	$	44,217		$	(65,780	)	$	118,080
Payments to the Philippine Parties		—		—			—			—		23,617			—			23,617
Land Rent to Belle Corporation		—		—			—			—		751			—			751
Pre-opening Costs		—		—			28,754			11		—			—			28,765
Development Costs		—		—			—			—		—			3,018			3,018
Depreciation and Amortization		4,673		2,025			42,660			45,004		18,803			18,596			131,761
Share-based Compensation		100		48			838			430		(131	)		5,376			6,661
Property Charges and Other		—		58			2,801			1,164		28			5,586			9,637
Adjusted EBITDA		18,315		5,213			171,479			73,202		87,285			(33,204	)		322,290
Corporate and Other Expenses		—		—			—			—		—			33,204			33,204
Adjusted Property EBITDA	$	18,315	$	5,213		$	171,479		$	73,202	$	87,285		$	—		$	355,494

15

Melco Resorts & Entertainment Limited and Subsidiaries

Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA

(In thousands of U.S. dollars)

	Six Months Ended June 30, 2019
	Altira Macau		Mocha			City of Dreams		Studio City		City of Dreams Manila			Corporate and Other			Total
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)
Operating Income (Loss)	$	12,188	$	7,566		$	341,747	$	87,664	$	62,456		$	(118,327	)	$	393,294
Payments to the Philippine Parties		—		—			—		—		37,255			—			37,255
Land Rent to Belle Corporation		—		—			—		—		1,518			—			1,518
Pre-opening Costs		25		—			5		2,549		(7	)		—			2,572
Development Costs		—		—			—		—		—			9,440			9,440
Depreciation and Amortization		11,307		3,991			131,995		91,769		38,150			38,959			316,171
Share-based Compensation		204		81			1,711		692		630			11,361			14,679
Property Charges and Other		42		(361	)		3,877		8,542		3,356			1,750			17,206
Adjusted EBITDA		23,766		11,277			479,335		191,216		143,358			(56,817	)		792,135
Corporate and Other Expenses		—		—			—		—		—			56,817			56,817
Adjusted Property EBITDA	$	23,766	$	11,277		$	479,335	$	191,216	$	143,358		$	—		$	848,952
	Six Months Ended June 30, 2018
	Altira Macau		Mocha			City of Dreams		Studio City		City of Dreams Manila			Corporate and Other			Total
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)
Operating Income (Loss)	$	26,191	$	8,402		$	258,373	$	89,357	$	72,324		$	(115,429	)	$	339,218
Payments to the Philippine Parties		—		—			—		—		34,994			—			34,994
Land Rent to Belle Corporation		—		—			—		—		1,515			—			1,515
Pre-opening Costs		—		—			31,060		53		—			—			31,113
Development Costs		—		—			—		—		—			6,907			6,907
Depreciation and Amortization		9,519		4,108			82,823		89,545		37,976			37,490			261,461
Share-based Compensation		171		75			1,696		766		(741	)		9,212			11,179
Property Charges and Other		461		(432	)		5,542		3,531		28			7,053			16,183
Adjusted EBITDA		36,342		12,153			379,494		183,252		146,096			(54,767	)		702,570
Corporate and Other Expenses		—		—			—		—		—			54,767			54,767
Adjusted Property EBITDA	$	36,342	$	12,153		$	379,494	$	183,252	$	146,096		$	—		$	757,337

16

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						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net Income Attributable to Melco Resorts & Entertainment Limited	$	100,312		$	57,273		$	217,667		$	213,906
Net (Loss) Income Attributable to Noncontrolling Interests		(2,978	)		(4,134	)		(1,934	)		2,547
Net Income		97,334			53,139			215,733			216,453
Income Tax Expense		579			2,458			4,270			4,396
Interest and OtherNon-Operating Expenses, Net		107,425			62,483			173,291			118,369
Property Charges and Other		9,774			9,637			17,206			16,183
Share-based Compensation		8,256			6,661			14,679			11,179
Depreciation and Amortization		159,828			131,761			316,171			261,461
Development Costs		3,920			3,018			9,440			6,907
Pre-opening Costs		7			28,765			2,572			31,113
Land Rent to Belle Corporation		762			751			1,518			1,515
Payments to the Philippine Parties		23,203			23,617			37,255			34,994
Adjusted EBITDA		411,088			322,290			792,135			702,570
Corporate and Other Expenses		31,066			33,204			56,817			54,767
Adjusted Property EBITDA	$	442,154		$	355,494		$	848,952		$	757,337

17

Melco Resorts & Entertainment Limited and Subsidiaries

Supplemental Data Schedule

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Room Statistics:
Altira Macau
Average daily rate(3)	$	177		$	187		$	178		$	191
Occupancy per available room		99	%		99	%		99	%		99	%
Revenue per available room (4)	$	176		$	185		$	177		$	189
City of Dreams
Average daily rate(3)	$	206		$	201		$	206		$	203
Occupancy per available room		98	%		97	%		98	%		98	%
Revenue per available room (4)	$	202		$	196		$	201		$	198
Studio City
Average daily rate(3)	$	132		$	135		$	133		$	137
Occupancy per available room		100	%		100	%		100	%		100	%
Revenue per available room (4)	$	132		$	135		$	133		$	137
City of Dreams Manila
Average daily rate(3)	$	182		$	157		$	173		$	158
Occupancy per available room		98	%		98	%		98	%		98	%
Revenue per available room (4)	$	178		$	154		$	170		$	155
Other Information:
Altira Macau
Average number of table games		104			103			104			103
Average number of gaming machines		171			129			170			126
Table games win per unit per day (5)	$	17,125		$	21,491		$	20,209		$	21,306
Gaming machines win per unit per day (6)	$	235		$	160		$	220		$	145
City of Dreams
Average number of table games		518			483			518			481
Average number of gaming machines		823			690			822			678
Table games win per unit per day (5)	$	19,184		$	14,542		$	17,812		$	15,568
Gaming machines win per unit per day (6)	$	528		$	912		$	528		$	873
Studio City
Average number of table games		293			293			293			293
Average number of gaming machines		985			959			980			951
Table games win per unit per day (5)	$	12,812		$	13,509		$	12,660		$	14,399
Gaming machines win per unit per day (6)	$	225		$	237		$	218		$	244
City of Dreams Manila
Average number of table games		306			299			304			297
Average number of gaming machines		2,271			1,900			2,256			1,868
Table games win per unit per day (5)	$	5,672		$	6,165		$	5,218		$	5,797
Gaming machines win per unit per day (6)	$	248		$	291		$	255		$	286

⁽³⁾ 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

⁽⁴⁾ Revenue per available room is calculated by dividing total room revenues including complimentary rooms (less service charges, if any) by total rooms available

⁽⁵⁾ 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

⁽⁶⁾ Gaming machines win per unit per day is shown beforenon-discretionary incentives (including our point-loyalty programs) and allocating casino revenues related to goods and services provided to gaming patrons on a complimentary basis

18