Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the third quarter 2025 earnings conference call of Melco Resorts and Entertainment Limited. At this time, all participants are in a listen-only mode. After the presentation, 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 Melco Resorts and Entertainment Limited. Please go ahead.

Thank you, Operator, and thank you all for joining us today for our third quarter 2025 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 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 Hope.

Thank you, Jeannie, and thank you all for joining us today. Our properties in Macau delivered solid growth in the third quarter of 2025. with property EBITDA growing by 21% year-over-year, despite the negative impact of approximately 12 million due to the typhoon in September. Our momentum in Macau is continuing, and we did not see a slowdown in October following the holidays. In fact, our Macau GGR grew over 30% year-over-year post-Golden Week. and COD recorded its highest monthly mass tables GGR ever in October. We continue to introduce new initiatives to enhance the quality of engagement with our customers across all segments of our customer base. In July, we opened the signature clubhouse at City of Dreams for our premium mass customers, which includes private gaming salons, hair services, a Formula One simulator, and other exclusive amenities to provide a differentiated experience. In September, we reopened a gaming area featuring 15 gaming tables at City of Dreams near the Grand Hyatt, across from MGM Kotai and Wind Palace, and just steps away from the Macau Light Rail Station. This new area has been designed to appeal to walk-in crowd with lower table minimums and we have seen this area well utilized with a steady flow of new patrons. As we had announced previously, we closed Grand Dragon Casino and one of our MOCAs in September. The 15 tables from Grand Dragon were allocated to the new gaming space at COD, and 90 gaming machines from the MOCA closure were shifted to Studio City. We will close two more MOCAs before end of the year and the gaming machines will be reallocated across our three properties in Macau. We have started the renovation of the Countdown Hotel, which we currently expect to open in the third quarter of 2026. After completion, this hotel will bring a one-of-a-kind experience to Macau and the region. We plan to simultaneously upgrade retail and food and beverage in this precinct of COD and continue to elevate the quality of our product offerings. At Studio City, we unveiled a newly expanded high-limit gaming area along with four new private gaming salons at Epic Tower to provide an even more refined experience for our premium mass customers. In October, we relaunched the new iRad Hospital at Studio City. designed to further enhance Macau's tourism infrastructure with top-tier healthcare and wellness services. In the Philippines, property EBITDA grew 45% quarter over quarter, and we have seen good momentum in October. City of Dreams Mediterranean and the satellite casinos in Cyprus had their best quarter yet, with property EBITDA growing 53% year-over-year to $23 million. Despite the escalation of hostilities in the region at the beginning of the quarter, we're now in the shoulder season, but the property is coming into its own and showing solid year-over-year growth so far. In Sri Lanka, we opened City of Dreams Sri Lanka on August 1st as the first integrated resort in Sri Lanka and in South Asia. It is early days as we solidify our footing and continue to ramp up our operations there. With that, I turn the call over to Jeff.