Melco Resorts & Entertainment Limited

Ladies and gentlemen, thank you for participating in the second quarter 2026 earnings conference call of Melco Resorts & 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. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited.

Thank you, Operator. Thank you, everybody, for joining us today for our second quarter 2026 earnings call. On the call are Lawrence Ho, Geoff 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 laws. Our actual results could differ from our anticipated results. In addition, we may discuss non-GAAP measures. Definitions and reconciliations 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 Hull.

Thank you, Jeanny, and thank you all for joining us today. We're confident in the long-term strengths of our business and our outlook for the remainder of 2026 in Macau. Despite near-term headwinds that are reflected in our second quarter results, our priorities remain unchanged to deepen customer engagement, attract high-quality visitation, and continue investing in our properties to anticipate the changing needs and preferences of our guests. The opening of REM marks an important milestone in the continued evolution of City of Dreams. Delivering a distinctive new experience for our guests, We continue to enhance the gaming experience across our portfolio. We opened a new gaming area with 18 tables at City of Dreams near the Southwest entrance at the end of July. Its convenient location along the main Kōtai Strip with easy accessibility is expected to attract incremental visitation, particularly from walk-in patrons. The benefits of the convenient access to games has been a proven success with our 15-table gaming area near the Grand Hyatt entrance, which we opened in October 2025. We're also commencing a revamp of the retail area at the City of Dreams in Macau. The redesigned area will create a seamless loop across the property, introducing a more carefully curated mix of luxury offerings with differentiated elements. The completion of this retail event will allow us to deliver the full integrated resort experience at City of Dreams that will be uniquely Melco. Competition remains elevated, resulting in a demanding cost environment. We're focused on being disciplined as we align our resources with the highest return opportunities and protect the guest experience. Outside of Macau, a diversified portfolio continues to demonstrate resilience and Growth Potential. In the Philippines, City of Dreams Manila delivered property EBITDA of $31 million in the second quarter of 2026, representing a 9% year-over-year growth. In Cyprus, despite the disruption associated with the conflicts in the Middle East, property EBITDA at City of Dreams Mediterranean and our satellite casinos rose 60% year-over-year in the second quarter of 2026. In Sri Lanka, casino operations continue to ramp, recording positive EBITDA of $3.5 million in the second quarter of 2026. We remain focused on executing a disciplined ramp-up strategy and driving further operational progress throughout the remainder of the year. With that, I turn the call over to Geoff.