Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the fourth quarter 2025 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 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 fourth 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 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 House.

Thank you, Jeannie, and thank you all for joining us today. 2025 was a year of growth and recovery, supported by disciplined cost management and margin expansion. We recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024. In Macau, our dedicated efforts to enhance the customer experience have proven to be a successful strategic focus, with fourth quarter Macau property EBITDA growing 24% year-over-year and full-year Macau property EBITDA growing 25% compared to 2024. We've had a strong start to 2026 with Macau market GGR up by 24% year over year and our market share increasing so far in the first quarter of 2026. Chinese New Year looks strong with higher yielding cash ADRs compared to 2025. We have a pipeline of new initiatives that we're planning to implement in 2026 to further differentiate our offerings. with the largest project being the opening of the renovated Countdown Hotel. We are on track to progressively start opening in the third quarter of 2026. The completed hotel is expected to introduce a truly distinctive experience and set a new benchmark in the cap. We have also started on a revamp of the retail area at COD and have planned to upgrade our F&B offerings, continuing to further enhance our product quality. In the Philippines, competitive pressures and industry headwinds continue to impact our performance in the fourth quarter of 2025. However, we're encouraged by the positive developments in that market, including visa-free travel for Chinese nationals, upgrades to the Manila airport to facilitate increasing international tourism and rationalization of the online gaming market. We've also concluded our evaluation of the strategic alternatives for COD Manila. Although we considered various alternatives, we did not feel that any of those options would allow the value and potential of the property to be fully realized. We're confident that business will rebound and we may re-evaluate the situation in the future. Moving on to Cypress. City of Dreams Mediterranean and the satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for the fourth quarter of 2025, despite seasonality typically being slower in these months. And finally, in Sri Lanka, we continue to focus our efforts to progressively ramp up operations and have seen promising green shoots so far in 2026. With that, I turn the call over to Jeff.