Melco Resorts & Entertainment Limited (MLCO) Q3 2022 Earnings Call Transcript

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET

Company Participants

Jeanny Kim - Senior Vice President, Group Treasurer

Lawrence Ho Yau Lung - Chairman and CEO

Geoffrey Stuart Davis - Executive Vice President and Chief Financial Officer

Evan Winkler - President, Managing Director and Executive Director

David Sisk - Chief Operating Officer, Macau Resorts

Conference Call Participants

George Choi - Citi

Ricardo Chinchilla - Deutsche Bank

Joseph Greff - JPMorgan

Billy Ng - Bank of America

Dennis Carson - Barclays

Praveen Choudhary - Morgan Stanley

Operator

Ladies and gentlemen, thank you for participating in the Third Quarter 2022 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 the question-and-answer session. Today's conference is being recorded.

I'd now turn the call over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited.

Jeanny Kim

Thank you, operator, and thank you everyone for joining us today for our third quarter 2022 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. 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 now turn the call over to Mr. Lawrence Ho.

Lawrence Ho Yau Lung

Thank you, Jeanny. Our results for the third quarter of 2022 continued to be impacted by the challenging operating environment resulting from low levels of visitation due to COVID related travel restrictions, and the government mandated closure of our casinos in Macau in July. We are however, encouraged by the recent reopening of Macau to international tourists and the increase in visitation over October Golden Week. E-visas for individuals and tour groups are now being processed by the Chinese immigration authority. And we are cautiously optimistic that this will lead to a gradual increase in visitation.

We submitted our proposal to the public tender for the award of new gaming concessions on September 14, and it has been a smooth and transparent process. We are fully supportive of Macau government's initiatives to further develop Macau as Asia's premium destination for international tourism. Our integrated resorts offer a wide range of unique non-gaming amenities, and we plan to leverage our experience to provide additional tourist attractions in Macau. Our proposal reinforces our commitment to Macau, and we look forward to playing a leadership role in partnering with the Macau government to execute on its vision.