Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the fourth quarter 2024 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 Miss Jeannie Kim, Senior Vice President, Group Treasurer of Melco Resorts and Entertainment Limited.

Thank you, Operator, and thank you, everyone, for joining us today for our fourth quarter 2024 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 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 gap 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 Hill.

Thank you, Jeannie, and thank you all for joining us today. 2024 was a year of transition for us in McHouse. We invested in our business with a focus on enhancing the customer experience and to build a stronger foundation for growth. The contributions from these initiatives are now evident, with our market share in the fourth quarter of 2024 growing month to month. We ended the year with a market share of approximately 15.6% in December, and property visitation exceeded pre-pandemic levels for the first time since reopening of the borders. 2025 is off to a great start. Our market share year-to-date continues to grow from 4Q 2024 levels. We had a solid Chinese New Year. Total GGR, excluding junkets, outpaced both 2024 and 2019. And property visitation was up 17% compared to last year. A single day within this year's Chinese New Year period placed within our top 10 all-time high mass drop and GGR days. With House of Dancing Waters scheduled to reopen in May 2025 and other projects that we have in the pipeline, we expect visitation to grow further, driving revenue and EBITDA, which will enhance our margins as we see the benefits of the operating leverage that we built through 2024. We will continue to invest in our properties in Macau. This year, our focus will be on increasing visibility and accessibility. with our primary objective to attract and retain high-quality, high-value customers. For example, at Studio City, we're nearing completion of the revamp of the high-limit area. At City of Dreams, we will renovate the area outside the main casino entrance and activate spaces around this entrance to enhance the visual appeal and drive incremental traffic. All of our Baccarat tables in Macau will be smart tables by the end of March. Full deployment of this technology across our properties in Macau will enable us to further refine our approach to marketing and player reinvestment. In Cyprus, City of Dreams Mediterranean and our satellite casinos achieved solid results for the fourth quarter of 2024, despite the ongoing challenges that we faced in the region. In Sri Lanka, the fit-out of the casino at City of Dreams Sri Lanka is progressing well, and we are on track to open in 3Q 2025. Turning to the Philippines, City of Dreams Manila continued its strong, solid performance with growth in EBITDA and market share quarter-to-quarter. We announced today that we will be exploring strategic alternatives in relation to COD Manila. We are very proud of the business that we have built together with our partners over the last 10 years. Our decision to explore strategic alternatives is part of our strategy to be asset-light where we can and capitalize on our investments and reallocate our resources. This will allow us to enhance financial flexibility, strengthen the balance sheet, and support our long-term growth initiatives. With that, I turn the call over to Jeff.