Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the second quarter 2022 earnings conference call of Melco Resorts and Entertainment Limited. At this time, all participants are in a listen-only mode. After the call, we will conduct a question and answer session. Today's conference is being recorded. I would now like to turn the call over to Ms. Jeannie Kim, Senior Vice President, Group Treasurer of Melco Resorts and Entertainment Limited.

Thank you, Operator. And thank you, everybody, for joining us today for our second quarter 2022 earnings call. On the call are Lawrence Ho, Jeff Davis, Evan Winkler, and our property presidents in Macau, Manila, and Cyprus. Before we get started, please note that today's discussion may contain forward-looking statements made under the safe harbor provisions of federal securities laws. Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures. A definition and reconciliation of these measures to the most comparable GAAP financial measures are included in the earnings release. Finally, please note that our supplementary earnings slides are posted on our investor relations website. With that, I'll now turn the call over to Mr. Lawrence Ho.

Thank you, Jeannie. It goes without saying that our results for the second quarter of 2022 were heavily impacted by the COVID pandemic and the restrictions imposed across mainland China and Macau. Throughout the pandemic, ensuring the health and safety of our colleagues have been very important, and they continue to be our highest priority through the recent outbreak. We very much appreciate the Macau government's quick handling and publication of the new gaming law in June, and the publication of the requirements for the new casino tender. The new gaming law and the tender requirements provide clear direction for the remainder of the year and set a foundation for a smooth transition once the concessions are awarded. We are committed to Macau and we are aligned with the Macau government's vision to further develop Macau and its economy. In contrast to the challenges we have been facing in Macau, our businesses in the Philippines and Cyprus have been improving with volumes gradually recovering towards pre-COVID levels. City of Dreams Manila has been operating at 100% capacity since March 1st. Our domestic business recovered fairly quickly while international visitation continues to ramp up. We expect to see further growth as travel restrictions around Asia are lifted and travel returns to normal. Cyprus also saw a pickup in volumes and profitability with a relaxation in COVID-related restrictions. In terms of the construction of City of Dreams Mediterranean, as I had mentioned in our first quarter earnings call, we have experienced delays due to some difficulties that we've encountered with our contractor who has struggled to resource the project and was not able to achieve some of the pre-agreed completion dates for various aspects of the project. At this point in time, Based on recent progress, we expect to open in early 2Q 2023, subject to regulatory approvals. However, this remains a fluid situation and we continue to look at ways to expedite the process. The construction of Studio City Phase 2 is progressing well. We'll be monitoring the markets closely to determine the appropriate time to open and currently anticipate phasing the opening beginning in the second quarter of 2023. With that, I turn the call over to Jeff to go through some of the numbers.