Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the fourth quarter 2022 earnings conference call of Merco Research and Entertainment Limited. At this time, all participants are in a listed holding 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. Jenny Kim, Senior Vice President, Group Teaser of Merco Research and Entertainment Limited. Please go ahead.

Thank you, Operator, and thank you for joining us today for our fourth 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 provision of federal securities law. Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures. A definition and reconciliation of each 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 turn the call over to Mr. Lawrence Ho.

Thank you, Jeannie. The performance of our Macau properties in 2023 has been, so far, highly encouraging. During the peak days of Chinese New Year this year, we saw EBITDA reach $6 million a day, and COGGR exceeded what we recorded during Chinese New Year in 2019. Volume post-Chinese New Year is holding up well, and our daily average mass volume in February has been in line with January. This recent performance supports our continued 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. I would like to express my appreciation to the Macau government for the award of 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 are excited to execute on our investment commitments to continue to bring best-in-class attractions and facilities to the Macau market. Construction of Studio City Phase 2 is complete. The first stage opening is targeted for the second quarter, which will include one of the hotel towers along with the indoor water park, which is expected to be the largest of its kind in Asia. The remainder of Phase 2 is currently expected to open in the third quarter. In the Philippines, gaming volumes are very close to pre-pandemic levels, and we expect continued growth with more international travel into the Philippines and increased junket activity. Cyprus has exceeded pre-pandemic volume and GGR, and we are excited for the future as we target opening of City of Dreams Mediterranean in the second quarter of 2023. With that, I turn the call over to Jeff to go through some of the numbers.