Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the first quarter 2025 earnings conference call of 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 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 all for joining us today for our first quarter 2025 earnings call. On the call are Lauren Tote, 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 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 Hill.

Thank you, Jeannie, and thank you all for joining us today. We have achieved a solid set of results for the first quarter of 2025 that demonstrates our strength and our growth prospects in Macau. Mass drop grew each month during the quarter and reached record highs at both City of Dreams and Studio City. Our market share grew from 14.7% in 4Q 2024 to 15.7% in 1Q 2025 and remained stable at this level in April, despite new supply in the market. Property visitation grew by 30% year-on-year during May Golden Week. Mass drop was stronger than 2024, with City of Dreams growing by more than 20%. Rated CO win was also strong across our properties in Macau and across a broad range of customers, increasing by 12% year on year. House of Dancing Water premiered last night, and the event was a resounding success. We're excited to have relaunched this one-of-a-kind show which will help drive visitation to City of Dreams. We're continuing work on a number of other initiatives to drive the traffic, including a revamp of our retail area and renovation of the main entrance to City of Dreams. Studio City property EBITDA increased 20% quarter to quarter. Studio City experienced some disruption in 4Q 2024 because of the renovations of the hotel lobbies, as well as the high limit areas. Most of these renovations were completed in January. And Studio City's main entrance area has seen a transformation with new lobbies for the Star and Celebrity Towers, as well as the completion of the renovations at the high-limit areas on the main casino floor and Epic Tower. The sequential growth in Studio City's property EBITDA demonstrates the impact of these initiatives. We're firing on all cylinders in Macau. The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts and contributions of our teams. We're focused on continuing to drive this momentum forward with the highest quality product offerings and a strategic marketing and sales framework. In the Philippines, the heightened competitive environment has had an impact on performances in 1Q2025. We're adjusting our cost structure and reviewing our marketing programs to enhance EBITDA contribution from the business. City of Dreams Mediterranean in Cyprus achieved 10% year-over-year growth in property EBITDA for 1Q 2025, despite the continued noise in the region. The property is starting to ramp up and with forward bookings for the upcoming summer period materially higher than where than what we had this time last year. We are optimistic about the results that Cypress can deliver over the rest of the year. With that, I turn the call over to Jeff.