Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the first quarter 2023 earnings conference call of Milka Resorts and Entertainment Limited. At this time, all participants are on 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 Milka Resorts and Entertainment Limited. Please go ahead.

Thank you, operator, and thank you, everybody, for joining us today for our first quarter 2023 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. 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 now turn the call over to Mr. Lawrence Ho.

Thank you, Jeannie. We have seen a very encouraging start to the recovery in Macau during the first quarter of 2023, following the relaxation of border restrictions in early January and the recovery has progressed faster than we had anticipated. We continue to see improving momentum into April and solid performance during the May golden week. Mass drop and mass GGR during this golden week period exceeded the same period in 2019. And the turnover in our premium direct segment more than doubled. We launched some exciting new initiatives in April. We started Macau's first ever series of residency concerts at Studio City and opened Studio City phase two, starting with the opening of Epic Hotel Tower and the indoor water park. We also plan to open the W Hotel Tower in September, which will round out our hotel portfolio in Macau. These initiatives reinforced our longstanding commitment to bringing unique, world-class entertainment and hotel offerings to Macau. We have a diverse range of events that are being planned for the future that we believe will continue to drive international tourism and position Macau as a leading destination for leisure and entertainment. We've seen strength in the Philippines with a solid recovery underway. Adjusted property EBITDA at City of Dreams Manila for the first quarter of 2023 surpassed the first quarter of 2019. Performance in Cyprus has also been strong with both GGR and adjusted property EBITDA exceeding 2019 levels. The operational results of our temporary and satellite casinos have proven that there is strong demand in Cyprus. We're excited to open City of Dreams Mediterranean in mid-June and showcase our expertise with the first integrated resort of its kind in the region. With that, I turn the call over to Jeff to go through some of the numbers.