$MLCO

Melco Crown Entertainment LTD

CIK:0001381640|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating revenues:
Operating revenues	$ 5,163,299	$ 4,638,213	$ 3,775,247
Operating costs and expenses:
General and administrative	(657,358)	(568,701)	(488,127)
Payments to the Philippine Parties	(37,181)	(41,939)	(42,451)
Pre-opening costs	(50,562)	(20,852)	(43,994)
Development costs	(7,619)	(5,433)	(1,202)
Amortization of land use rights	(19,970)	(19,956)	(22,670)
Depreciation and amortization	(523,592)	(521,582)	(520,726)
Property charges and other	(39,481)	(13,221)	(228,437)
Total operating costs and expenses	(4,562,873)	(4,153,586)	(3,710,288)
Operating income	600,426	484,627	64,959
Non-operating income (expenses):
Interest income	8,482	15,766	23,305
Interest expense, net of amounts capitalized	(464,904)	(486,721)	(492,391)
Other financing costs	(6,701)	(7,362)	(4,372)
Foreign exchange gains (losses), net	8,739	(15,492)	2,232
Other income, net	2,999	3,833	2,748
(Loss) gain on extinguishment of debt	(756)	(1,000)	1,611
Total non-operating expenses, net	(452,141)	(490,976)	(466,867)
Income (loss) before income tax	148,285	(6,349)	(401,908)
Income tax expense	(2,829)	(21,610)	(13,422)
Net income (loss)	145,456	(27,959)	(415,330)
Net loss attributable to noncontrolling interests	39,589	71,502	88,410
Net income (loss) attributable to Melco Resorts & Entertainment Limited	$ 185,045	$ 43,543	$ (326,920)
Net income (loss) attributable to Melco Resorts & Entertainment Limited per share:
Basic	$ 0.155	$ 0.034	$ (0.249)
Diluted	$ 0.154	$ 0.034	$ (0.249)
Weighted average shares outstanding used in net income (loss) attributable to Melco Resorts & Entertainment Limited per share calculation:
Basic	1,193,982,891	1,296,361,341	1,314,605,173
Diluted	1,201,885,223	1,299,430,914	1,314,605,173
Casino [Member]
Operating revenues:
Operating revenues	$ 4,247,025	$ 3,772,655	$ 3,077,312
Operating costs and expenses:
Cost of revenue	(2,736,452)	(2,524,565)	(2,034,848)
Rooms [Member]
Operating revenues:
Operating revenues	443,985	422,565	338,224
Operating costs and expenses:
Cost of revenue	(148,421)	(127,884)	(87,637)
Food and Beverage [Member]
Operating revenues:
Operating revenues	290,718	285,933	208,885
Operating costs and expenses:
Cost of revenue	(245,649)	(230,284)	(163,492)
Entertainment, Retail and Other [Member]
Operating revenues:
Operating revenues	181,571	157,060	150,826
Operating costs and expenses:
Cost of revenue	$ (96,588)	$ (79,169)	$ (76,704)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 145,456	$ (27,959)	$ (415,330)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	543,562	541,538	543,396
Amortization of deferred financing costs and original issue premiums	20,252	20,769	19,461
Net reversal of interest accretion on lease and other financial liabilities	(13,511)	(11,784)	(8,133)
Net loss on disposal of property and equipment	2,304	1,590	443
Impairment of long-lived assets	4,145	3,316	207,608
Impairment of goodwill	57,924	0	0
Net gain on disposal of assets held for sale	0	0	(4,468)
Provision for (reversal of) credit losses	12,497	2,931	(3,351)
Provision for input value-added tax	5,799	5,865	6,665
Loss (gain) on extinguishment of debt	756	1,000	(1,611)
Share-based compensation	29,270	27,368	35,473
Change in fair value of derivative asset/liability	2,902	0	0
Other	414	(3,103)	0
Changes in operating assets and liabilities:
Accounts receivable	4,954	(53,941)	(31,526)
Inventories, prepaid expenses and other	20,499	5,123	20,176
Long-term prepayments, deposits and other	(6,588)	28,346	16,573
Accounts payable, accrued expenses and other	(16,853)	82,009	212,377
Other long-term liabilities	4,333	3,588	24,937
Net cash provided by operating activities	818,115	626,656	622,690
Cash flows from investing activities:
Acquisition of property and equipment	(307,218)	(227,760)	(124,101)
Acquisition of intangible and other assets	(18,882)	(39,240)	(6,864)
Payments for capitalized construction costs	(15,880)	(34,181)	(132,923)
Proceeds from sale of property and equipment	205	374	530
Proceeds from sale of assets held for sale	0	0	14,845
Proceeds from loan repayment from an affiliated company	0	0	200,000
Net cash used in investing activities	(341,775)	(300,807)	(48,513)
Cash flows from financing activities:
Repayments of long-term debt	(2,093,985)	(1,169,579)	(2,201,562)
Repurchase of shares	(166,010)	(112,292)	(169,836)
Payments of intangible assets liabilities	(9,519)	(8,723)	(7,981)
Payments of financing costs	(4,994)	(36,950)	(530)
Dividends paid	(78)	(344)	(314)
Proceeds from exercise of share options	682	0	226
Proceeds from long-term debt	1,670,787	850,282	1,251,544
Purchase of shares of a subsidiary	0	(743)	(671)
Net cash used in financing activities	(603,117)	(478,349)	(1,129,124)
Effect of exchange rate on cash, cash equivalents and restricted cash	2,139	(10,264)	2,326
Decrease in cash, cash equivalents and restricted cash	(124,638)	(162,764)	(552,621)
Cash, cash equivalents and restricted cash at beginning of year	1,273,072	1,435,836	1,988,457
Cash, cash equivalents and restricted cash at end of year	1,148,434	1,273,072	1,435,836
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized	(460,626)	(473,233)	(490,910)
Cash paid for income taxes, net of refunds	(13,746)	(10,145)	(1,001)
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases	(18,641)	(20,769)	(17,135)
Repayments of long-term debt to related parties	(2,586)	(30,705)	(886)
Non-cash disclosures:
Change in operating lease liabilities arising from obtaining operating lease right-of-use assets and lease modifications	5,445	37,587	22,365
Change in accrued expenses and other current liabilities and other long-term liabilities related to acquisition of property and equipment	40,047	47,144	28,543
Change in accrued expenses and other current liabilities and other long-term liabilities related to construction costs	152	5,990	4,429
Change in accrued expenses and other current liabilities related to acquisition of intangible assets	4,402	0	6,280
Change in other current and other long-term liabilities arising from recognition of intangible assets	30	881	312,647
Transfer of property and equipment to assets under sales-type lease and included in prepaid expenses and other current assets and long-term prepayments, deposits and other assets	$ 1,783	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 1,023,199

$ 1,147,193

Restricted cash

368

Accounts receivable, net of allowances for credit losses of $118,938 and $128,010

$ 126,405

$ 144,211

Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

Receivables from affiliated companies

$ 887

$ 2,422

Inventories

36,919

32,452

Prepaid expenses and other current assets

81,790

102,521

Total current assets

1,269,200

1,429,167

Property and equipment, net

5,157,443

5,272,500

Intangible assets, net

270,903

288,710

Goodwill

23,490

82,090

Long-term prepayments, deposits and other assets, net of allowances for credit losses of nil and $2,391

129,428

131,850

Restricted cash

^[1]

125,235

125,511

Operating lease right-of-use assets

76,935

89,164

Land use rights, net

545,054

566,351

Total assets

7,597,688

7,985,343

Current liabilities:

Accounts payable

25,910

24,794

Accrued expenses and other current liabilities

1,076,150

1,054,018

Income tax payable

29,208

38,009

Operating lease liabilities, current

18,998

18,590

Finance lease liabilities, current

33,327

33,817

Current portion of long-term debt, net

$ 0

$ 21,597

Other Liability, Current, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

Payables to affiliated companies

$ 719

$ 39

Total current liabilities

1,184,312

1,190,864

Long-term debt, net

6,747,918

7,135,825

Other long-term liabilities

309,799

315,299

Deferred tax liabilities, net

34,590

36,708

Operating lease liabilities, non-current

76,108

80,673

Finance lease liabilities, non-current

148,590

165,938

Total liabilities

8,501,317

8,925,307

Commitments and contingencies (Note 20)

Deficit:

Ordinary shares, par value $0.01; 7,300,000,000 shares authorized; 1,351,540,382 and 1,351,540,382 shares issued; 1,172,055,466 and 1,259,138,299 shares outstanding, respectively

13,515

Treasury shares, at cost; 179,484,916 and 92,402,083 shares, respectively

(356,835)

(216,626)

Additional paid-in capital

2,988,714

2,985,730

Accumulated other comprehensive losses

(63,712)

(95,750)

Accumulated losses

(3,828,284)

(4,013,329)

Total Melco Resorts & Entertainment Limited shareholders' deficit

(1,246,602)

(1,326,460)

Noncontrolling interests

342,973

386,496

Total deficit

(903,629)

(939,964)

Total liabilities and deficit

$ 7,597,688

$ 7,985,343

[1]

As of December 31, 2025 and 2024, the non-current portion of restricted cash included bank time deposits of $125,046 and $125,331, respectively. On December 9, 2022, as required under the Concession, MRM provided a bank guarantee in favor of the Macau government of Macau Patacas (“MOP”) 1,000,000 (equivalent to $124,319) to secure the fulfillment of performance of certain of its legal and contractual obligations, including labor obligations. As stipulated in the bank guarantee contract, the amount of MOP1,000,000 (equivalent to $124,319), or an equivalent amount in other currencies, is required to be held in a cash deposit account as collateral in order to secure the bank guarantee. The bank guarantee will remain in effect until 180 days after the earlier of the expiration or termination of the Concession. As of December 31, 2025 and 2024, Hong Kong dollars (“HK$”) 970,874 (equivalent to MOP1,000,000) held in the cash collateral bank account was translated to $124,772 and $125,056, respectively, and included in the non-current portion of restricted cash in the accompanying consolidated balance sheets.