Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the first quarter 2026 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 Ms. Jeannie Kim, Senior Vice President, Group Treasurer of Melco Resorts and Entertainment Limited.

Thank you, Operator, and thank you, everybody, for joining us today for our first quarter 2026 earnings call. We apologize for the earnings release materials being later than usual. We had a bit of an IT issue, and we wanted to give all of you a little bit more time to review the materials that were released. As usual 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 provisions of federal securities law. 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-Hulme.

Thank you, Jeannie, and thank you all for joining us today. We delivered a strong first quarter with both group property EBITDA and Macau property EBITDA growing by 12% year-over-year. Our GGR in Macau increased by approximately 10% year-over-year with solid growth across all segments. In March, we officially announced the upcoming launch of REM, our new luxury hotel at COD. We remain on track to begin a phased opening early in the third quarter of 2026. We expect REM to represent a meaningful enhancement to the COD product portfolio and to redefine contemporary luxury across Macau. At the same time, we have commenced a refresh of the retail areas at COD and have plans underway to enhance our food and beverage offerings, further elevating the guest experience and product quality. Moving on to the Philippines, despite competitive pressures and broader industry headwinds that continued into 2026, property EBITDA for the first quarter of 2026 grew 24% year-over-year, while GGR increased 9%. We continue to punch above our weight in the market and are expanding our marketing initiatives across Southeast Asia to drive additional growth. City of Dreams Mediterranean and the satellite casinos in Cyprus were impacted by the conflicts in the Middle East that escalated in late February. With the recent developments in the region, we've seen significant improvements in occupancy, visitation, and play levels in April. We remain operationally flexible in preparation for a further recovery in travel demand. Our casino operations in Sri Lanka recorded positive EBITDA in 1Q2026. We remain focused on the progressive ramp of operations throughout the year. And finally, we announced today that we purchased the subsidiary of Melco International that owns the trademarks that were subject to the Trademarks License Agreement. These trademarks are integral to Melco's business. This purchase gives us full control of the IP and allows us flexibility to expand our brand without any incremental costs. With that, I turn the call over to Jeff.