Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the second quarter 2023 earnings conference calls Melco Resorts and Entertainment Limited. At this time, all participants are in listen-only mode. After the call, we will conduct a question and answer session. Today's conference is being recorded. I'd 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 all for joining us today for our second 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 the 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 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 it over to Mr. Lawrence Ho.

Thank you, Jeannie. The strength in our Macau recovery is evident in the 43% increase in GGR in the second quarter of 2023. compared to the first quarter. Mass drop increased month to month, and turnover in our premium direct VIP segment continued to exceed 2019 levels during the second quarter. Mass drop further expanded into July, surpassing 2019 levels, and daily property visitation in July reached its highest point since Macau's reopening. Labor supply issues in Macau have been largely resolved, We have been able to provide our customers with Melco's full suite of services and amenities. We expect to add another 560 hotel rooms to our portfolio with the opening of the W Macau at Studio City in September and are well-positioned to support the continuing increase of customers in Macau. The mass segment is also leading the recovery in the Philippines. continuing to outperform 2019 levels in the second quarter of 2023. In Cyprus, we opened the City of Dreams Mediterranean to the public in July after a successful soft opening in June, and we are excited for its prospects as we ramp up our operations there. With that, I turn the call over to Jeff to go through some of the numbers.