Melco Resorts & Entertainment Limited (MLCO) 30 Apr 242024 Q1 Earnings call transcript

Ladies and gentlemen, thank you for participating in the First Quarter 2024 Earnings Conference Call of Melco Resorts & Entertainment Limited. [Operator Instructions]. 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. ahead. go Please

and our operator, for us joining Thank quarter thank XXXX for first earnings today you, you call.

Macau, On the and and in Winkler; Davis, Geoff Cyprus. Manila call are our Lawrence Property Ho, Evan Presidents

note please under made harbor started, get safe we that discussion forward-looking the securities may federal of today's provision statements contain laws. Before

could differ results results. actual our anticipated Our from

earnings most In release. included of these each addition, reconciliation and of are may we measures to discuss comparable the definition in financial non-GAAP the measures. A GAAP measures

that Finally, slides posted note earnings please our are on supplementary website. Relations our Investor

I'll With Mr. turn that, Ho. now to the call Lawrence over

Thank you, thank for all today. joining us Jeanny, and you

We have a reconfiguring few areas Studio and force far. sales has name had had been retail City, opened restructured, to several our a gaming new down so outlets started We've shift we've at highlights. in and our eventful an management, knocked year walls

maturity $XXX revolving debt, On bonds risk and the million our reducing $XXX financing in the in our another refinancing side, XXXX. paid in million facility down significantly of $X.X raised we extended credit billion

recovered had we Macau's in in that increases And market and new growth the City ever. Various in recorded optimistic IVS Studio the continue in such tour to Melco January the ] China's regaining property leadership Chinese about mass In Macau multi-entry the and accessibility residents in in bridge performance slow as COD, games February recording between EBITDA Hengqin, we initiatives March, [ drop Macau's in share, of Chinese recently mass. the the start cities first proposed highest Macau's connection premium Shenzhen CO Year We process January, largest position XXXX. reopening the by improvement to the our XXXX. added and the quarter daily XX but customer remain Macau due gaming both reached XX% government visas March, group as of enlarges April, announced table gain highest we've and and online since the reflects taken as a visa extremely steps April our March of application New part towards We in Macau-Zhuhai to to our base. easier potential. continued revenue to cities, Macau program for in well

in confident City slots, are based our market-leading and We and of results in games generate of the quarter. continued properties luck our this Dreams we past to continues will efforts services had showed our casinos of first positive bad satellite enhance table to mass that In Dreams maintain offerings. position our quarter. solid our and the flow Philippines, and on City Manila through the Mediterranean some VIP Cyprus cash and EBITDA but we in quality

well cautiously our been the conflicts Middle we're as and that as throughout working to East, in have we on Europe optimistic region. efforts We profitability can despite continued the continue marketing expanding the expand

Dreams new Sri integrated of of announced Sri will kind Asia. Today, South in The be are Group first Lanka Lanka with Keells' the and John and resort in the we we its development. as rebranded will relation their to resort working that Lanka integrated Sri be City in

the We mid-XXXX. casino, which in we for the and to will of operations open fit-out be responsible expect

we're landmark quarter this in Lanka Sri to Dreams third While the This and the itself, XXXX. in Sri City thrilled of development of Lanka, participate in to Resort is a expected open Integrated is opportunity.

them Macau. as and City Kerzner City Property And at capital-light success most has have allowing next chapter in for in Dubai Dreams skills attractive Global this him International has President customer a of lead blend in and to Dreams, with like a Dreams experience of since hired unique great expand profile, Tim excited the of to Melco welcome positions I'm we joining achieved announce family. that Atlantis XXXX. reach. to recently perfectly Tim our of that the He believe brand brand is broaden City of to based and us an and investment him we This was building President finally, to of return the would Atlantis Kelly I

to I go that, the Geoff With turn through of call the over some to numbers.

Thank Lawrence. you,

a $XXX $XXX refinancing transactions In of include us our facility slight XXXX win XXXX, impacted of series April, first reduced Dreams XXXX. the adjusted we bonds down Macau for results The group-wide in million. $X Relations City and the City to the of that website. significantly XXXX be at a the $XXX at our first $X.X bonds at supplementary Dreams Whereas $XXX issuance Details a quarter City in bond Studio our in credit offer to on XXXX for billion on again approximately million positive came found million extension EBITDA Luck-adjusted by Unfavorable with extension Studio a to loans these and the group-wide from and Manila to due draw approximately risk City of XXXX revolving $XXX posted Investor Our in proceeds rate can billion under property the due the rates the of tender of earnings the $XX of repay $X bond quarter of negatively million. was a EBITDA property had refinance at our used of win impact been approximately issue have slides favorable in RCF Melco. million million. RCF million. adjustments allows

exposure We in refinance well reviewing alternatives. always actions reduce have managing and have XXXX, opportunistic we and market now actively Studio are to maturities financing prudent our that We to volatility. the been $XXX as structure believe future and July City by million in as to our taken we

operations and billion As million. of XXXX, Studio around March XX, accounted on for City, around the hand. $XXX cash Philippines $X.X at had we its of Cyprus Melco, excluding consolidated

forma credit for government. the liquidity bond Of approximately increased undrawn available billion. Macau for collateral required $X.X issue, was million recent to to Pro this, for $XXX issued additional guarantees lines our concession-related the as restricted the and

approximately approximately normally to to expense Macau be Total in amortization to to at is we'll and for nonoperating Cyprus quarter expense expected some $XXX interest Corporate payable license fees This relating we to $XXX million the you City finance the be interest $X to is million do, $XXX As guidance includes of million and relation and million. second approximately of Dreams million $XX expected come of items consolidated to net $XXX is and expense lease relating gaming interest liability to depreciation expected upcoming of $X line finance million Manila. around gaming give Concession in on the million. XXXX. approximately

prepared you the for to Operator, concludes remarks. Q&A. back our That

we're take And question of George now Instructions]. your Citi. [Operator line from and the going from to first it comes Choi

have a if few may. I questions, I

multi-entry us an And please arrangement. in Would know Melco secondly, tables? Hengquin-Macau let of is cash terms will update announced you of recently the on particular what us given with you of you there your doing guess, would smart any your specifically deployment, be would And chance specifically, priorities Studio in us gaming finally, this, Visa I a adoption assumption? please please give remind on City? dividend to Firstly, capitalize

George, it's Lawrence.

Studio the let City Evan in to a take me focus continues I'll cash broader the Kevin then standpoint, and about terms all, talk and -- let be of think, debt question, our deployment from reduction. first we're part. maybe But I #X So

maybe can took way, to #X later year, Last in $X by our our far, goal. and Geoff focus, billion glad on remarks, is, be I'm our supplement that the that on. more down of continue debt, So prepared and than that we will

as unique balance very be is why is a one I opportunity The development allowing Sri sheet Lankan to that's think light. view And still a ourselves company. asset we

there traveler so let increasing recent continue to we'll the Evan the multiple IVS that and and details and and balance whether China look I'll what other naturally, to been news, the has far numerous other strategy And so to But fits extending on and Visa allow Macau I Hengqin-Macau entry, most so-called and multiple cities Kevin people talk developments sheet. Macau positive Xian for of to our Hengqin the announcement, Qingdao Kong-Zhuhai-Macau think Bridge there. that visas the cities, come And about the to now with individual times. Hong -- then year-to-date, the

basis, on all a think directional it's I So excellent news. long-term

off I Kevin to Evan so it and to hand talk about. And maybe

start, supplement. can can Kevin and I

we've I the that some particular, initial issue, think in of done work. on

going City, I Studio positioned think that bus some evaluated some to positioned drop-off we we -- have through take into facilitate greater obviously, a allow think We've And into of advantage. we physically have we're if volume you at well look in I of tour point Macau. where at hard that the opportunities we're entry things infrastructure and terms there. that to a of would us

of early terms I on sort are in of discussions. plans, concrete would we exploratory in say

the sure that go. if an be may time there that the we're groups right believe to property think on positive. make long-term we as there, we think I bringing spend direction the to going I indicated, it's So a opportunity Lawrence but we're But that's

We with Evan park. particularly think the current it water of with I a have already summarized agent our attractions, very strong well. a lot business

a of the group So we have lot operators. strong really a relationship with tour

have lot continues from Light station So see we next of so the side other as great Macau a Rail, we that's built of train a scheme the connectivity just right opportunities. being to the upside on to lot evolve and positive Visa also current the

tables. smart of terms In

table prioritizing obviously smart are We the adoption of technology.

this of quarter. first a or our delivery We tables are set of small set getting

year Although a continue enough learnings tables. be really basis to small full be on our force do pacing adoption a trial as the out more of next will it or have we full-scale really will pilot our it number, over we until with

how be our In use to and at specific technology a might them the on going the areas to them basis. short approximately around on we're full enhance But this how implementation. to property, deploy looking roll-forward also within learnings then at time year, strategically should we this term, we're next within use we both

the of we the Deutsche And question from Ricardo Now question. next Chinchilla our Bank. comes from line take

the Deutsche. Have material keep quarter? from a between I difference intense? on And a is bit bit if competitive you this little the particularly being hearing We pretty a little if could and environment. you flow-through you and first quarter comment competitors environment promotional fourth that promotional was also seen the the Ricardo your environment. in keeps This from could on promotional environment hoping comment

competitive into environment a intense quarter the again, Why don't do quarter. over last are I and Sure. that? this seeing take think, I fairly we

you our on probably If in mass for premium of on us around, been of in and that little a terms happening services. areas it product see people floors doing. you think programs go and that of terms do Macau of improving what's some player are people's you that you it's bit mass accelerating that has players. on of of a of in think the freebies competing terms are terms beyond premium of the obviously going number all you is continuing to at if just if don't mass into player of and their what look the there that in look we're evidence And see floor, I a where I walk I taking gaming in to think even peak reinvestment out was, where game

getting probably And go mass the expect in probably But we'd to them stabilize as after like back for over looking probably frenzy high to recovered, feeding to and down. to peak market that's them and taken go. eventually and so it value time a as bit trying levels premium I taper and as players, in up the of think And to a the think now. come short I we've would investment little been to term, the I come we're have back highest

And Studio up please Growth, for I figures CapEx very of City If the provide and that split own, City the it. you would may as helpful. [ some Got between the for Dreams, Mocha with you ] Clubs. the a Melco Manila item. Could follow city year be meaning housekeeping then

for Sri of Sri including be Lanka. approximately million total project, is which So million, XXXX recently the announced estimated our $XXX $XX Lanka would be CapEx to

a you So think were asking breakdown. for I property-by-property

is project Studio and is is remaining City Phase million million about million round COD Macau, approximately $XX to in at expenditures tail respect $XX Phase to about and for million. that in $XXX up, And Cyprus. just of constitutes to and in Mediterranean some Manila that, the ICR $XX that's COD $XX million. around in Cyprus the Studio the that -- relating with So X approximately addition project, range million, City for $XX some X to spending

ahead question. please Operator, go the for next

And of the comes next CBRE. line John from question from DeCree

roll quarter. your changes you Maybe three moving their prepared about some up new management two in some updating Obviously, since walls, you've on started the made of think some to in retail. or sleeves, maybe questions spoke remarks, the I that Lawrence,

bit you've that City you're I of bit done the could at a you of on there And feedback of kind on little kind those if of and a Studio property little elaborate curious maybe specifically. COD, seeing some So then early some or from level, more developments. the what success guess,

mentioned in would there's think strong else great. I you be that mass anything pretty drop a add, March, could if but market you

Sure, John.

we when also was think a the bit I made change, there change. management of culture a

think Melco of services had product providing that that. was for the was the the quite the years, hardware important I and built over of the best always terms because and in best DNA we

helped us. think And so I changing dynamics team the up really

City Evan Dreams both the in terms let in maybe and of it. about City at think Kevin terms I the work Studio and I'll of talk details, of good

I the was it months best month pandemic. But April seasonality March the be of it. had we've tends City, the COD for terms the and market. a another great I ever to was pretty itself, what we've month the best one numbers, of shaping I'll great a month. month us, Studio the for But it's us. to But in us, out think at though be been -- done slow for Even a for and of In of since Evan well March about the market was think plays April terms was factor, details let Kevin talk and nitty-gritty for

in and let start, on Kevin I City. Studio chime I'll don't Why Sure.

So we leadership our directed management our to through shift, has Lawrence regain position within the really premium went when mass. team

make product been and that business look our every we've so offerings to of gaming sure a commensurate position. from service leadership is taking aspect And that at really with customer-centric our and our experience a perspective

of already, floor the where We've a floor moved tables We've going that go carded opened to to of was. of area. that consolidated previous specifically electronic Dreams, allow on better end product the on you City the premium by to that Hyatt. you're we've If at see and into the our up flow added customers pit

beverage. food We've added free-flowing of sort and

of you area. XX/X So carded single as the to free flowing there's an is play enhanced and that scotch going we floor, themselves multi go offering we've actually join now and go had players on back staying there's enhanced including and limit would they're staying they into out the then after typically our premium play mass snacks drink, a and more where eat malt have getting And property have into which instead environment, offering and and of beverages highly higher that left then where hours player. then areas within finishing we're and

is to which So expand results. gaming we're for for and obviously able drop helping day, our out patrons

staffing that, area across to our almost of business. been addition In the we've looking in every

within floor we're butler servicing high-value service our to down beverage people at on So from and villa the areas. food a this standpoint, goes the number the have looking we of guests and

of we're business where And invest to we we the that in looking all of pieces going a and experience. that really, looking think little the at is way improve can so

I'm March those every for and what in business board. what let Studio very comment little aspect, made looking playing we're initiatives, seeing a to And declare at would into for you that's So City. going to either April indications property. investments. It's gamer means tell the better we're going the very, it of terms investing gamer Kevin that longer or we're after our better any positive we've cash or across a to but getting guest probably been the a been on victory too us we I of in on early be has

think which the refocused City, comment lot becoming there, the come ages, for the both cinema creating I is DNA a customer-centric our And it's on into fun on service the non-gaming getting through a fun been and Studio theme journey we're they all the side. for City and properties Studio has summarizes of property. lean on to when guests casino activity on experience continuing Evan's of and

On everything. reviewed the casino, we've really

we're approach a where in traction, casino seeing kind our floor. We're F&B revamped We to particularly doing the around the to their -- our plan same floor, how with City, Studio they layout. our We COD nice of rearrange the we're and of going offerings. similar have process with master

seeing seen go highest become has popular. the actually casino. the since into of property We've fantastic. the We've -- the on that extremely to opened last City numbers we're visitation day And which been in Studio start March,

around there hang environment on want then the nice starting go before always really City converts is property it's as the So activated. people and how traffic our been we're create to is continue Studio of where to And concern much to the and inside. nongaming

I opening hard Donki over opening with retail increase we of particularly with a Don the all together in just continuing our saw of to the think you're alone last be from work X come seeing fine-tuned, that. visitation Phase years couple XX% the Don with

our of a is I main focus So but customer-centric things, think where the is. variety approach

who get as wrap really especially all to a question we'd That's helpful don't up, property as Maybe for Geoff. color, someone much like. it the

number later operations I maybe changes about all quarter, or little given that moving the so, a think with a right of still in you're OpEx making, an are about? for about? the year that bit Or us guys reopening. some thinking that the is But you to that investment target day a right show still increase, of that the the might last the we be think is bit in -- little a the given of $XXX,XXX talked

Yes.

probably target describe to it. good I think moving way a is

the Water year, day, another still that per approximately the were end guidance is the Dancing for So X.X add towards of million the valid. will first we quarter, of at $X.X House

enhancements business. business the making we're the assessments revenue-generating Although that and the to in with

directionally, increase might -- year. the that think it see the to hand for remainder additional Evan some for of don't why the we I color. I in But some over

this want Lawrence and operating or I contextualize an gone it our of we again, market-leading business. as through to way from EBITDA leadership this improve regain how do where a continue we've direction the look, and position to And is, from perspective the profitability we shift. And because the do in our position

have And to we're business I we what through looking were so our that, the is as way saving not we at think going realized EBITDA.

COVID we opportunities during we have we where against guests some of deploy especially, and in by positive back expenses, EBITDA against spend that. good about, where our recovered So on operating areas environment, our the these in felt an outcome the can and pulling have guests doing

that And spending. in aspects in able that applies to all where across food across beverage, terms different of the areas of service business a lot through and we're drive

and not you to did XXXX before we were occurred. I in If look be range would the back profitable that we would year, of level. million City we got way $X in Studio we the in to terrifically between where a business Phase back now and creep could that end the into reinvest X, we before back surprised expenses of up OpEx the historically about the determine that if felt in ZIP that code

believe and don't, deploying, If and looking ways doing different continuing we're guests. is if invest What to that we results generating we're EBITDA, positive we now we're we're we're off cutting our in right at we're the evaluating on.

news were. in The positive EBITDA going think, doing believe driving are reinvesting. so, from be creep we that to I going we the where we definitely they is, that by again, going but it, how to expenses to be prudent So believe do we're we're in up

line Morgan from Choudhary comes Stanley. And from the the next of question Praveen

from questions of couple A me.

Sri go obviously on to idea it's great asset all, light. of First Lanka, a

great? great the Could some give out little John player, players And that's tell know million $XXX of cetera? first return a you expecting license, obviously, size, they us So and Keells question. market. you about market So et that's the many bit a that the investment, how the if great. is would sense that be you're of can

able not for housekeeping you be you EBITDA Manila. question the was April second Or and hold March and benefit, negative was of to either would The can any rough but And idea or about March market benefit, April, million that me, specifically? question City share give and that talk please? COD split $XX anything mentioned share? Could you about of for third you Dream

it's Praveen, Lawrence.

Lanka Sri about talk first. me let So

think closest Indian next Indian a Lanka So I so been anything don't by not economy think don't to Macau be we've is with rising we a just and that looked my I region, think, I China. the much to Sri And India. in gaming so. or And is view of creation, is going decade. And think the come India, Sri market, the at the gaming country, looking the is to way decade wealth can having to over the what for really jurisdiction it for -- the Lanka far at

one XXX And -- in history. they've And of list the truly Sri biggest is is built John it of years magnificent. conglomerates over is Keells Lanka that the of with building the

I building, Sri building. over trying think a going But it. when that done they've It's actually to about Lanka first visited I $X heard build happen. it wasn't billion XX ago, thought I to years I them and

So opportunity. I huge bet is for for think $XXX a a potentially million small us,

lot gaming so think but market attached only I X terms of -- In data think not so -- are think, those operators local any all We've I maybe hotels. in I think is -- far, a X there's bottom-up of very on an I the is size there casino to done resort work don't can... I with, not and But integrated know, published local, market. casinos, X Geoff the even very -- of and the don't

Sure.

excited very we're the yes, market. about So

will will too in to anticipating very while returns, returns, attain along provide little most John with standard the raising world-class I we're bar drive shareholder are, probably I essentially mature resort, it's few that think value we're a markets. establishments. out the to significantly specific But think and a casino with be Keells to standard with the shareholder-friendly, been and sort it attractive, it's currently integrated untapped returns that fitting difficult with early a local of very are we world-class

very we're with So the opportunity there. pleased

happy I a way, be way a They're tap in tremendous think Keells we're and it's a great potential into very partner. to business John into with great with market the to going a capital-light company.

couple a on the numbers. more sorry, questions, had I

to whole So you I there I Relations the the Investor adjusted adjustments all gives out think guess, to numbers think was direct of just that's there or. deck the numbers, And the market trajectory different probably way if a March, very easiest then it April question was there. the sort on specific that for I of, not sure share

which like be third mass looks not COD a and probably and will soft, fairly just the some at us, And mass surprisingly, it give month historically you for history mass finished and SC for context for at company of Maybe side. the started SC, if in highest on we bit COD was of April, little has the at any business the month drop our company. to off the look March strong drop best the

a market came strong here we a pleased bit we're but else. again, specifically won't obviously But suspicion everybody we how out so don't that We're know did we well, fairly is we very both have with March, And had my seeing I very share months. yet have basis but now. market our versus right on share been for April, what in recovery little

Congratulations.

And of the next Partners. Seaport line the Vitaly comes Research Umansky from question from

I had X questions.

comes peak premium trying and has question of we elevated down. really happen? And be XXXX, junket competitive commissions what reinvestment I very coming think operators rewards in to starts be have in Evan the back commission led XXXX, potentially call, and fits in is, that number might think then The player see often the that of first this comment reinvestment actually when gives highlight came to kind it to related mass more to often and seeing kind that market, levels that I earlier about all I made guys running down. always environment. the confidence is been guess that a junket in player to player in the related is rational you the to Macau to the going reinvestment

worth. second months, development the these these time. about couple last has smart And related tables digital heavily then of been improved of tables. kind years of and shown to, they've of And their question I MGM around past for some the Obviously, couple has talked guess, been is the the have quite over tables the over and

If about can it you these year say, more these of there's operators let's Or everyone the board? that if of evolve kind these in, to playing optimize near-term the they field how like a little does tables talk has implementing then which kind next arising year, do of think just will, across tables that and looks you that about a ways really not think level get you other tables? may the be doing? see bit when the you does tables, these the implementation full And you you benefit over where from

don't market. And a is a the right, which reinvestment. on I crystal ball. of We take peaking none first of view So why have the player obviously you're on have us

other have places. We general discussions at peers with

is behavior. think I and in irrational the general there's of competitors terms group among what a rational and feeling

now on there's But I we feel where that, not act are we think money irrationally, ourselves are, right we people are. occur. People that's but what's is a seeing, are. we're I what doing, where think based so understand we what going tone back can that And guarantee where the to we actually that's

I where do that that's where that's and cautiously here are so we view going. think have we it's And optimistic a that

are near-term from early now, betting value more which can based where the of it's to behavior, type Right by give going benefit player and dollars to actual not to is that after. betting a your volumes, fully decide invest but going to able does player, players where go it just tables. adopters terms what standpoint, you betting In the you're on a you so and insight into

competitive Longer near-term advantage. insight you get term, is think a better there's everyone what So I players. your has into

can that and reinvestment player the across we So board, fine-tune our actually processes.

there we and how even actions labor do a industry interface some be floor. guest how them and done in free to terms should will improving up benefit being ambassadors that up how right because player supervisors are table have playing us interaction of the it overall for the conditions get for of involvement lot better supervise better operations, guest an better within and the run table technology we leveled has service better we when hopefully interaction, us operations, and the will more player are on monitored just that So efficiencies the now by field by to experience to player free

that will long-term be to speak, think benefits patents. race, I the for there you having so so the industry level sort everyone by after across And the arms of adopted even board the

Can I follow-up. more just sales cost of force. think ask It's but I helpful. to it's clearly on kind side the related That's one investment, of

I what a an I competitive to think know certain getting back everyone a sales trying of that saw to escalation think force a hosts a schemes? for over year expenditure in we're maintain risk Or and seen compensation we as operators costs, try continues of there that operators market? before And to gain but next in start of kind kind are we've relative is sales COVID. into we the stabilized war with bidding market to in forth the advantage and for premium share you force do

I you're of again, a valuable industry, Again, premium everywhere. our you're players, optimistic of I a mass point. hit say book on a that stasis high-quality am, own Look, we've sort who that where salesperson my I if has think would I view within is sit

back there'll the and across future. always some be past, we'll so systems, the of forth seen And which we've hosts see in in movement

somewhere where participating seeing in to movement we In speak. terms We're force right getting of not costs. deal sort now. so We're to sales else where and go merry-go-round rapidly from mass have degree, another we that through escalating everyone's that that of that not

I a So don't on environment, if see obviously hyperpromotional got ever that But hypercompetitive, horizon. would it to negative. a again, the you be

and else overall do watching that And don't so something irrational to make we everyone I sure are business perspective. an us that from think

And Vitaly, it's Lawrence.

junkets, giving of advantage tables pretty and for out market. terms driver, I competitive days domestic turning of think in of healthy rebates into doing are much the think smart the in with smart everybody has not so-called the unlicensed hawker -- what are and once prostitute you I terms those players some any taxi table, the

it's everybody smart the the industry everybody can being start and it more that and has hoping tables, once that healthy do so not industry. I'm the whole whole will for realize And rational

I think adopted, of do when some crazy behavior. are smart neutralize tables So it will this

Ronald And Bank from the of question line comes Leung next America. the from of

also, how of tell Could that just you you gain questions and have question. market most April? I a follow-up to help March asked. sales bit you been force? please share in have how does So more, your restructured have And us one the

think so Lawrence Look, I in the the call, articulated, everything around restructuring had last customer. we're

had our Studio on focused COD we what focused a team and was have our a management entire So of really And City. to prior sales reshuffle, weren't we we doing on players. to the latest all system team sales and everything delivering that

we're picture, to there's sure at having trip. a experience And something different doing right to type entire so or of the Tang better going right it's offer who's which irrespective the the we a centralizing of coming by who's looking if making for that it Scott sales for a person guest, we get under property can job one and guest

example, we're time, a to for to and children in a to sure it's where at to and player make over going guest. that the premium we're and your way you're seamless with like come providing trying Morpheus. COD water flipping But the we're because So park, for Epic you're doing and you experience, you typically and come a to you stay a it's you'd if go this switch

days, from indications early had be we everyone getting team little where push a tend started it property they are once But getting together It's oriented by still that them of we're having people the early the out So seeing sort standpoint. crossover. in more to a we're this and bit direction, of are effectively. and push work sales

advantage think to properties, little more of to results. drive starting I forward, which we're continue to as both guests bit going that's think take I get we where and going to and of see a roll we're more

to helped that focused able just think continue system, forward. been in from a changed as we benefits right customer the around same I substantially the to everyone being will that's I centralization more pushing. see getting move the dictated, in whole starting it's And getting on of some all So point, deliver mindset by with think sort focused direction, the everyone we're

Greff JPMorgan. comes question next the And of line Joe from from the

properties to performance. April maybe revenue terms on two quick just at per I level have presently? bit day commentary EBITDA little in express in terms on performance, nicely EBITDA City does per at 'XX? performance could levels? performance. I of Are your at Or EBITDA day X questions those April, it are compare framed 'XX you in here. XXX% of respect April and a an maybe With you was hoping what you that to How of of COD you mass Studio

I an this improved forum, don't or EBITDA XXXX those but for think commented day continue basis point. would I in We're this at EBITDA per not months say has improve. at we that on to levels,

whatever what per -- is day per of in to March on call? comments totality commentary But your this was. the fair was excess Is April of that EBITDA that day interpret so that far in a

we're April there's some a Well, period I of bit trends you're mix between as are you've there But you little two the than holiday a the trend, match stronger you because we a -- through in of where April out some were bit would a have -- going got March. in and have heading and softness. they say little remember, as general

is a of way, not May? there unfortunately, I to getting know measures, respect with recent Golden measures? less then the which go because after And new seeing of so they bookings below you're travel increased into China's effect Great. benefit easing put for the May of you levels easing maybe Are or Week, group travel holiday. Week is than these post-Golden Or another in normal individual X,

sell at looked people how bookings, year. our they they're our and bookings we -- has I our actually, actually, to and know when read weak far, rooms we've more last I bookings is compared think But XXXX SC and so talked are. XXXX. about side -- the And more May Joe, from all up

are the is than seeing Week New Year the So we Chinese board. to for -- players across going the Golden and quality also better that be of

in we're from terms think So May of it the I whether again, the with or starts X it's think what because Golden China, direction And care I a that's X, all pleased May matter about. we long-term quite all, long-term it support in May Week. doesn't really

question the of Mansfield the Institutional And CBRE from line comes from Research. Colin next

on notes, than you quite which follow-up entity evolving great to Maybe there, me The the think, you medium guys term, City. delevering a further? thinking down on little 'XX guys from go see have how little bit Studio and paying secured Just just been structure proactively nicely, a has more think been right now. is one debt they callable are I bit there capital do to left the There's the I see.

So just the how about that composition? guys balance are of medium-term you sheet sort on trajectory thinking

the Thanks for Yes. question.

good I think we've to XXX. to down put the ourselves 'XX shape in address maturities

alternatives, bank variety are that's secured, think very facility as we having a said unsecured, manageable; at different place. we I the of remarks, potentially looking a prepared in in

flow incremental a I ability some the cash maturity. number and alternatives an of good to think have into we drive

think and capital moving property into comfortable very will of include some secured feeling our unsecured normalized in and sort towards more eventually facility about So that a that we to addition the structure of are lending that notes.

of feeling the and issuance. loan, sides, and the will a you've table. So capital very both the that balance high-yield completed bank tender good offer particularly we recently holistically, X the the extension the at completed City But in Studio very about after at think sheet we're both the transactions with recently do everything and I seen Melco us And continue Studio to City. over address is on the that opportunistic we markets way, on

I one follow-up, And actually, quick may. Great. if

guys other other Sri to feeder or India. do to that whether proximity understand to amount I back guess there, in guys' markets given relative other markets decent importance inbound I tourism. of But your the are local jurisdictions proximity to Lanka. those rationale, markets I think, just or feeder what a the going it's you the guess, are how of and Just about India? the I seeing think important thesis source

market. definitely the is potential think think India most there. interesting And feeder very I Well, there's I significant

is market. level to of domestic the we the in we there spending exceeds But India the are broadly region. markets those of in operators Of goal some and as our market potential today address feeder think where more the But will well. be significantly existing course, in with course, there

think growth domestic the towards going combination where heavily about and can we but forward. come of very local when So a skewed international

international Phase $XXX Phase $XXX of Lanka in of something in basis the of comfortably like $XXX a of market So to the million GGR X to million be the our of development casino ties we GGR rate ballpark be for million in to with view, out. on our can from run that casino CapEx fit to the there. the Sri X And perspective, could a City X/X international probably and X/X that domestic Dreams that think anticipated

George of Now the we're Choi comes our and Citi. line it next from going question to take from

So your and in now the or that you change interest does Thailand? in have it level set your opportunity Sri Lanka, foot

it's Lawrence. George,

we're these the lifetime. once a opportunities are think in -- local always I on So for

So we're looking at it.

past like I years, the the are X with for of Thailand the opportunities greatest XX said always rest think Japan. industry, and together I've the

see and happens. So we're what at looking it, we'll

just to way though, obviously, track address the in Maybe we to terms where balance the sheet supplement, are Thailand we of market would repair.

address balance having We we the like a towards So we're for market, think do a robust we sheet time, over outlook near be we a pursuing aggressively. Thailand, repair, can that it's think more but development fantastic about in and the capital still sheet very manner at will light well, focus can balance market but still progress interested. balance think and make a but as involvement on term as least a while we healthy just sheet, we the in then opportunity

I further any for today. no questions Jeanny to conference to are would over like Kim remarks. for now closing There the hand

and to thank participating you Thank today. We with operator, speaking look forward the Thank you, for call you. in again you, next quarter. everybody,

concludes our you today. for for participation. That conference Thank

may day. You now disconnect. nice all Have a