INVESTOR INFORMATION PACK - Melco Resorts

1

March 2018

INVESTOR INFORMATION PACK

2

Disclaimer Safe Harbor Statement

This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation

Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange

Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors

or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking

statements. Forward-looking statements involve inherent risks and uncertainties and a number of factors could cause actual results to differ materially from

those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation in Macau and the

Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and

other governmental approvals and regulations and (vi) our future business development, results of operations and financial condition. In some cases, forward-

looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe",

"potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in

the Company's filings with the SEC. All information provided in this presentation is as of the date of this presentation and the Company undertakes no duty to

update such information, except as required under applicable law.

This presentation contains non-GAAP financial measures and ratios that are not required by, or presented in accordance with, U.S. GAAP, including Adjusted

property EBITDA and Adjusted EBITDA. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies since they

are not uniformly defined and have limitations as analytical tools and should not be considered in isolation or as a substitute for U.S. GAAP measures. Non-GAAP

financial measures and ratios are not measurements of our performance under U.S. GAAP and should not be considered as alternatives to any performance

measures derived in accordance with U.S. GAAP or any other generally accepted accounting principles. Reconciliations of such non-GAAP financial measures and

ratios to their most directly comparable financial measures and ratios are included in our earnings releases that have been furnished with the SEC and are also

available on our Investor Relations website at

http://ir.melco-resorts.com

http://ir.melco-resorts.com/









3

Section I

MELCO HIGHLIGHTS

4

Melco Resorts Highlights

Leading Premium Integrated Resort Operator Five Michelin-Starred dining establishments and 15 Forbes Awards in Asia(1)

Strong Balance Sheet Net Debt to Adjusted EBITDA(2) at 1.8x; Minimal debt maturity before 2019

Leveraged to fast-growing, under-penetrated Asian leisure & tourism market Both Macau and Manila experienced GGR growth in 2016 and 2017

Pipeline of Potential Regional Development opportunities City of Dreams Phase 3, Studio City Macau’s Remaining Project, Japan

Improving Cashflow; Committed to shareholder returns Returned over US$2.7bn in dividends and share repurchases since 2014,

which includes a 50% increase in regular dividend in Q4’17

Notes:

1. Macau and Philippines

2. Adjusted EBITDA after Payments to the Philippine Parties, and building and land rent to Belle Corp.

5

7,523

10,615

11,832

6,947

8,418

9,548

10,118

10,731

11,985

4,000 6,000 8,000 10,000 12,000 14,000

Sands Macao

MGM Macau

Wynn Macau

Parisian Macao

Studio City

Sands Cotai Central

Galaxy Macau

Wynn Palace

City of Dreams

Cotai IR

Macau Peninsula Casinos

4

-2

4 3

5

1 1

8 9

15 15

-

5

10

15

20

SJMHoldings

MGMChina

SandsChina

GalaxyMacau

WynnMacau

MelcoResorts

Number of Michelin-starred dining establishmentsNumber of Forbes Travel Guide awards

Leading Premium Integrated Resort Operator

Owner of a portfolio of Star-Studded Resorts

• Awarded the largest number

of Michelin-Starred Dining

Establishments in all of

Macau

• Holder of 15 Forbes Awards(1)

across properties in Macau

and Manila

• City of Dreams generated the

highest mass table yield

among all of the major

integrated resorts in Macau

in 2017

FY17 Daily GGR Per Mass Table (US$)

Number of Michelin-Starred Dining

Establishments and Forbes Awards in Asia(1)

Source: Company filings, public company filings of Las Vegas

Sands, Wynn Resorts, MGM Resorts, Galaxy Entertainment

and SJM, Michelin Guide, Forbes Travel Guide

Note: 1) Forbes Four- and Five-Star Awards

https://www.google.com.ph/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjgnbKFl9XZAhXKgbwKHcpiAcQQjRx6BAgAEAY&url=https://www.theranchatrockcreek.com/the-ranch/accolades/&psig=AOvVaw2hQ0KneKKg9J52zsDmUoFV&ust=1520339205358833

6

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM, Bloomberry Resorts and Travellers International

Note:

1. Mass Gross Gaming Revenue (GGR) includes GGR generated by mass tables and electronic gaming machines

2. Philippines Quarterly Gross Gaming Revenue (GGR) only takes into account GGR generated by Integrated Resorts in the city of Manila

3. 4Q’17 data from Bloomberry Resorts and Travellers International not yet available

Macau Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1) Macau Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1)

Philippines Quarterly GGR (breakdown by VIP & Mass, US$ billion)(1)(2) Philippines Quarterly GGR growth (breakdown by VIP & Mass, Y/Y Change)(1)(2)(3)

Leveraged to fast-growing, under-penetrated Asian leisure & tourism market

Both Macau and Manila are experiencing GGR growth

4.3 3.6 3.2 3.2 3.3 2.9 3.0 3.5 3.7 3.7 4.1 4.3

3.8 3.5 3.6 3.6 3.7

3.6 3.9 4.0 4.3 4.1

4.3 4.8

-

1

2

3

4

5

6

7

8

9

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Mass GGR VIP GGR

(50)%

(40)%

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

VIP GGR Mass GGR Total GGR

0.15 0.13 0.16 0.16 0.14 0.22 0.21 0.21 0.21

0.27 0.23

0.23 0.24

0.25 0.22 0.24

0.27 0.27 0.27 0.31

0.30 0.30

-

0.1

0.2

0.3

0.4

0.5

0.6

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

Mass GGR VIP GGR

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

60%

70%

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

VIP GGR Mass GGR Total GGR

7

Potential development opportunities in Macau and Japan

Pipeline of Potential Regional Development Opportunities

Source: Company filings

Note:

1. Sourced from Google Maps

Morpheus (City of Dreams Phase 3) Studio City Macau Remaining Project Potential Integrated Resort in Japan

• Final Phase of development of

City of Dreams

• World’s first free-form

exoskeleton high rise

• To add ~780 luxury hotel rooms

and villas

• Expected to open in 2Q’18

• Studio City Macau’s Remaining

Project can have 2.5m square

feet of GFA (as compared to

~5.1m square feet of GFA

currently at Studio City).

• Still in the early stages of

planning, hence timing and

budget for the project is yet to be

finalized

• Focuses heavily on identifying

value-accretive expansion

opportunities, with a particular

focus on Japan.

Other Asian Gaming Markets(1)

• Will continue to search for

potential growth opportunities in

other Asian gaming markets.

8

Long dated maturity profile and healthy gearing Strong Balance Sheet

Maturity Profile as of December 31, 2017 (US$ million)(1)(2) Net Debt Position as of end of respective quarter (US$ billion)

Liquidity and Capital Resources

Notes:

1. The analysis excludes the aircraft loan

2. On October 9, 2017, Melco Resorts Leisure (Philippines) redeemed Php7.5 billion of the Php15 billion 5.0% Notes

3. Adjusted EBITDA after Payments to the Philippine Parties, and building and land rent to Belle Corp.


Debt Instrument 2018 2019 2020 2021 >2021

Melco Resorts Macau Facility 45 45 45 299

Melco Resorts Finance 4.875% Notes 1,000

Studio City Company 5.875% Notes 350

Studio City Company 7.250% Notes 850

Studio City Finance 8.500% Notes 825

Studio City Company Facility 0

Melco Resorts Leisure (Phils) 5.0% Notes 150

Total 45 545 870 1,149 1,000

(0.7)

(0.5)

(0.2)

0.4

0.7

1.0

1.2 1.3

1.7

2.4

2.0 1.9

2.4 2.3

2.1 2.2

(1.0)

-

1.0

2.0

3.0

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

Melco Group as of December 31, 2017 (US$ million)

Cash 1,464

Debt 3,619

Last 12 Months Adjusted EBITDA 1,198(3)

Net Debt to Adjusted EBITDA 1.8x

9

81 233

323 148 179 230

134

543

1,399 1,129

291 380 314

119

623

1,632

1,451

439

559 544

253

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2013 2014 2015 2016 2017 2018E 2019E

Maintenance Growth

Annual CAPEX requirements have declined since opening of Studio City in 2015

Capital Expenditures Projection

CAPEX Schedule (US$ million) (1)

Source: Company filings, Melco Resorts

Note:

1. Historical and estimated CAPEX do not include the Studio City Remaining Project

10

819 843

1,100

850

-

200

400

600

800

1,000

1,200

Aggregate FreeCashflow (FY11-16)

Recurring and SpecialDividends (FY11-16)

Share Repurchases(FY14 & FY16)

Recurring and SpecialDividends (YTD-17)

Returned all FCF generated back to shareholders in the form of dividends.

Returned US$300 million to shareholders via our

share repurchase program and repurchased another

US$800 million from Crown

Paid over US$800m of dividends in FY11-16

Improving Cashflow

Melco: Free Cashflow (US$ million)(1)(2)


Note:

1. Cash flow figures are based on financials reported in the company’s cash flow statement

2. Free Cashflow is defined as Operating Cashflow less Capex

Melco: Free Cashflow vs Dividends and Buybacks (FY11-16, US$m)(1)(2)

635 667

301

(578)

(854)

647

(1,200)

(800)

(400)

-

400

800

1,200

1,600

2011 2012 2013 2014 2015 2016

Free Cashflow

Operating Cashflow

Capex

11

191 350

650739 783 100

200

800

72 43

40

28

18 7 10

12

9 19 44

4444

44 67

674

35

1,234

850

-

200

400

600

800

1,000

1,200

1,400

1Q'14 2Q'14 3Q'14 4Q'14 FY14 1Q'15 2Q'15 3Q'15 4Q'15 FY15 1Q'16 2Q'16 3Q'16 4Q'16 FY16 1Q'17 2Q'17 3Q'17 4Q'17 FY17

US$m

Special Repurchase Regular Total

Returned over US$2.7bn through dividends and share repurchases since 2014

Committed to shareholder return

Total Capital Returned to Melco Shareholders US$ m

FY14 Special Dividends 191

FY14 Regular Dividends 183

FY14 Share Repurchase 300




FY16 Share Repurchase from Crown 800



Total Capital Returned since 2014 2,793

Melco Capital Return Schedule (US$ million)

Stable regular dividends supplemented by other measures

to return surplus capital to shareholders

• On February 8, 2018, Melco announced the amendment of

its quarterly dividend policy to one that targets a fixed

quarterly cash dividend payment of US$0.135 per ADS which

is 50% higher than the previous policy

• The amended dividend policy results in approximately

US$270m per year in regular dividends based on current

shares issued

• Special dividends & other forms of capital management will

be considered when appropriate


12

Section II

4Q’17 FINANCIALS SUMMARY

13

4Q 2017 Earnings Summary Group-wide Adjusted Property EBITDA strength underpinned by Studio City and

Altira Macau


Notes:

1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties under

the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation, Corporate and Others expenses and other non-operating income and

expenses

2. Adjusted Property EBITDA margin is adjusted Property EBITDA divided by net revenue

Total Adjusted Property EBITDA & Adjusted Property EBITDA Margin(1) (2) • 4Q Net Revenue of US$1,333 million, up 12% y-y

• 4Q Adjusted Property EBITDA of US$340 million, up 12% y-y,

mainly attributable to higher contribution from Studio City and

Altira Macau, partially offset by lower contribution from City of

Dreams in Macau

• City of Dreams’ adjusted EBITDA declined 10% y-y to US$170

million, which was primarily a result of lower mass market table

games revenue

• Studio City delivered 61% y-y increase in adjusted EBITDA which

was primarily a result of the commencement of rolling chips

operations in November 2016 and better performance in the mass

market table games segment

• Morpheus (with ~780 hotel rooms) is expected to open in 2Q

2018, with the intention to solidify City of Dreams’ leadership

position in Macau’s premium segment

189

246

170

9

1

25

57

96

91

50

57

54

25.7%

29.3%

25.7%

-

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-

50

100

150

200

250

300

350

400

450

500

4Q'16 3Q'17 4Q'17

City of Dreams Manila (US$m)Studio City (US$m)Altira + Mocha (US$m)City of Dreams (US$m)Adj. Property EBITDA Margin (%, Right-axis)

304

400

340

14

13.2

%

13.2

%

14.1

%

15.4

%

13.3

%

14.7

%

14.3

%

14.8

%

14.7

%

14.7

%

14.8

%

15.5

%

14.9

%

17.3

%

12.9

%

-

2%

4%

6%

8%

10%

12%

14%

16%

18%

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Resilient market share Helped by further ramp up of Studio City and City of Dreams Manila

Source: DICJ, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM, Bloomberry Resorts and Travellers International

Note:

1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine

Parties under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation, Corporate and Other expenses and other non-

operating income and expenses

2. Adjusted Property EBITDA used in the calculation are figures reported by the company, Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM in their regular quarterly and annual filings

3. Philippines Quarterly Gross Gaming Revenue (GGR) only take into account GGR generated by Integrated Resorts in the city of Manila; 4Q’17 data not yet available

Melco: Macau Gross Gaming Revenue market share

Melco: Macau Adjusted Property EBITDA market share (1),(2) Melco: Philippines Gross Gaming Revenue market share(3)

• Melco’s Macau GGR market share declined by 30 basis points

year-on-year to 14.7% in 4Q 2017

• Melco’s Macau Adjusted Property EBITDA market share was

13.1% in 4Q’17 compared to 14.8% in 4Q’16

• City of Dreams Manila share of Total Philippines Integrated

Resorts GGR expanded by 340 basis points year-on-year to

32.7% in 3Q 2017

12.5

%

19.5

%

24.6

%

22.1

%

27.1

%

26.7

%

29.3

%

32.5

%

34.2

%

36.7

%

32.7

%

-

5%

10%

15%

20%

25%

30%

35%

40%

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

12.7

%

12.8

%

14.2

%

14.5

%

13.7

%

14.1

%

15.5

%

15.5

%

16.0

%

15.8

%

15.0

%

15.7

%

16.4

%

16.4

%

14.7

%

-

2%

4%

6%

8%

10%

12%

14%

16%

18%

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

13.2

%

13.2

%

14.1

%

15.4

%

13.3

%

14.7

%

14.3

%

14.8

%

14.7

%

14.7

%

14.8

%

15.5

%

14.9

%

17.3

%

13.1

%

-

2%

4%

6%

8%

10%

12%

14%

16%

18%

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

15

9 11 11 1 25

189 214

175

246 170

57

68

81

96

91

50

61

63

57

54

(32) (32) (36) (34) (35)

(50)

-

50

100

150

200

250

300

350

400

450

4Q'16 1Q'17 2Q'17 3Q17 4Q17

Corporate and Others Expenses City of Dreams Manila

Studio City City of Dreams

Altira + Mocha

272

321

293

366

305

Melco Adjusted EBITDA 4Q 2017 Adjusted EBITDA grew 12% y-y Melco Adjusted EBITDA Breakdown (US$ million)(1) Melco Adjusted EBITDA Growth Breakdown(1)


Note:

1. “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine parties

under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation and other non-operating income and expenses

Vs. 3Q 2017 Vs. 4Q 2016

Altira + Mocha +2624% +185%

City of Dreams -31% -10%

Studio City -4% +61%

Total Macau Property EBITDA -17% +13%

City of Dreams Manila -6% +7%

Corporate and Other Expenses +3% +9%

Total Adjusted EBITDA -17% +12%

16

City of Dreams 4Q 2017 Adjusted EBITDA declined 10% y-y City of Dreams Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Key Operating Metrics

(US$m, unless

otherwise stated) 4Q 2017 Vs. 3Q 2017 Vs. 4Q 2016

VIP Rolling Chip 11,428 +2% +3%

VIP win rate (%) 2.72% -82bps +16bps

Mass Table Drop 1,226 +7% +10%

Mass Table Hold % 28.6% -362bps -769bps

VIP GGR 310 -22% +9%

Mass GGR 351 -5% -13%

Slots GGR 48 +52% +16%

Total GGR 709 -11% -3%

Total Net Revenue 613 -14% -7%

Adjusted EBITDA 170 -31% -10%


Note:


under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation and other non-operating income and expenses.

2. “Adjusted EBITDA margin” is adjusted EBITDA divided by net revenue

189

214

175

246

170

28.5%

30.8%

27.2%

34.4%

27.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

50

100

150

200

250

300

4Q16 1Q17 2Q17 3Q17 4Q17

Adjusted EBITDA (US$m) Adjusted EBITDA margin (%, right-axis)

17

57

68

81

9691

23.0%

24.4%

24.3%

24.9% 24.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

20

40

60

80

100

120

4Q16 1Q17 2Q17 3Q17 4Q17


Studio City 4Q 2017 Adjusted EBITDA grew 61% y-y Studio City Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Studio City Key Operating Metrics

(US$m, unless



VIP win rate (%) 2.78% -122bps +139bps

Mass Table Drop 848 +14% +24%

Mass Table Hold % 26.1% +108bps -83bps

VIP GGR 159 -22% +754%

Mass GGR 221 +18% +20%

Slots GGR 22 +16% +9%

Total GGR 402 -1% +80%

Total Net Revenue 369 -4% +50%

Adjusted EBITDA 91 -4% +61%


Note:




18

3 4 5

-6

17

3.2% 3.4%

4.7%

-6.3%

12.4%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(10)

(5)

-

5

10

15

20

4Q16 1Q17 2Q17 3Q17 4Q17


Altira 4Q 2017 Adjusted EBITDA grew 431% y-y

Altira Macau Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Altira Key Operating Metrics

(US$m, unless



VIP win rate (%) 3.31% +72bps +57bps


Mass Table Hold % 18.4% +269bps -78bps

VIP GGR 161 +46% +34%

Mass GGR 23 +30% +6%

Slots GGR 1 +80% +133%

Total GGR 185 +44% +30%

Total Net Revenue 140 +57% +36%

Adjusted EBITDA 17 n.a. +431%


Note:




19

City of Dreams Manila 4Q 2017 Adjusted EBITDA grew 7% y-y City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Manila Key Operating Metrics

(US$m, unless


VIP Rolling Chip 2,877 -3% +40%

VIP win rate (%) 3.07% +59bps -48bps


Mass Table Hold % 30.9% +102ps +310bps

VIP GGR 88 +19% +20%

Mass GGR 59 +12% +41%

Slots GGR 44 +4% +11%

Total GGR 190 +13% +24%

Total Net Revenue 167 +13% +16%

Adjusted EBITDA 54 -6% +7%


Note:




50

61 63 57

54

34.7%

38.8%35.7%

38.6%

32.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

-

10

20

30

40

50

60

70

4Q16 1Q17 2Q17 3Q17 4Q17


20

8.8 28.9

47.3 62.1

91.1 115.2

135.7 143.5 147.3

16.5

20.6

24.7

29.0

34.4

42.7

48.3 52.5 51.7

30.0

31.6

33.0

34.5

34.9

35.0

35.2 35.4 36.0

55.4

81.1

105.0

125.6

160.3

192.9

219.2

231.4 235.0

-

50.0

100.0

150.0

200.0

250.0

4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

Belle Corp. PLC Melco

City of Dreams Manila – Adjusted EBITDA breakdown

Growing Adjusted EBITDA from City of Dreams Manila Share of Adjusted EBITDA (Trailing 12 Months, US$ million)(1)

Source: Melco Resorts

Notes:

1. Based on company filings; Premium Leisure Corporation’s (PLC) share represents payments made to the Philippine Parties while Belle Corporation’s share represents cash payments made to Belle Corporation for building

and land rent

21

Section III

MACAU MARKET UPDATE

22

Source: DICJ, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment, and SJM, Genting Singapore, Philippine Amusement and Gaming Corporation, Nevada Gaming

Board, Korea Casino Association

Note:

1. Philippines Quarterly Gross Gaming Revenue (GGR) only take into account GGR generated by Integrated Resorts in the city of Manila

2. Last 12 Months refer to 4Q 2016 to 3Q 2017

Macau still the largest gaming market in the world Generating US$30bn GGR in the last 12 months Gross Gaming Revenue (Last 12 months, US$ billion)(1)(2) Gross Gaming Revenue (Last 12 months, Y/Y Change)(1)(2)

31.7

6.5

4.6

2.11.1

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Macau Las Vegas Strip Singapore Philippines(IR-only)

Korea(foreigners-only)

29.7%

16.8%

3.3%

7.0%

-4.3%

(10)%

(5)%

-

5%

10%

15%

20%

25%

30%

35%

Philippines(IR-only)

Macau Las Vegas Strip Singapore Korea(foreigners-only)

23

22.0%

16.6%17.4%

(60)%

(50)%

(40)%

(30)%

(20)%

(10)%

0%

10%

20%

30%

40%

50%

1Q

'13

2Q

'13

3Q

'13

4Q

'13

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

VIP

Mass Table

Electronic Gaming

41.0%

32.8%

15.1%

-9.2%

-19.1%

-24.0%-20.9%

-8.7%

-2.0%

4.4%

10.4%

12.2%

15.3%

14.5%

9.0%

17.4%

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

Mass Table GGR Y/Y Change

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM

Note:

1. GGR are based on reported financials from the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China,, Galaxy Entertainment, SJM and Melco Resorts)

Positive GGR trends extending into 2017 Macau continues to grow; 4Q’17 mass table GGR highest since 1Q’14 Macau GGR (Quarterly, Y/Y Change)(1) Macau Mass Tables GGR (Quarterly, Y/Y Change)(1)

24

(1)%

15%

(5)%

-

5%

10%

15%

VIP Gross Gaming Revenue Mass Gross Gaming Revenue

Source: Company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM China, Galaxy Entertainment and SJM

Note:

1. GGR is based on reported financials from the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM and Melco Resorts)


GGR shifting more towards mass gaming 2017 mass GGR nearing 2014 level in a healthier gaming environment Macau GGR Breakdown by Segment (US$ billion)(1)(2) Macau Mass Gross Gaming Revenue as % of Total(1)(2)

Macau GGR Growth by Segment (2010-2017 CAGR)(1)(2)

28.1% 26.6%30.8%

34.8%40.3%

50.0%54.6% 52.7%

-

10%

20%

30%

40%

50%

60%

2010

2011

2012

2013

2014

2015

2016

2017

28.1% 26.6%30.8%

34.8%40.3%

50.0%54.6% 52.5%

-

10%

20%

30%

40%

50%

60%

2010

2011

2012

2013

2014

2015

2016

2017

6.68.9

11.7

15.717.7

14.4 15.217.4

16.9

24.5

26.3

29.4 26.2

14.4 12.7

15.8

-

5

10

15

20

25

30

35

40

45

50

2010

2011

2012

2013

2014

2015

2016

2017

VIP Gross Gaming Revenue Mass Gross Gaming Revenue

25 45.5

%

44.9

%

45.9

%

46.9

%

46.4

%

47.7

%

49.0

%

51.3

%

51.9

%

50.3

%

55.3

%

57.8

%

57.7

%

56.6

%

60.4

%

61.4

%

-

10%

20%

30%

40%

50%

60%

70%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

47.0

%

47.0

%

46.9

%

46.9

%

46.7

%

47.0

%

47.3

%

49.8

%

52.5

%

52.5

%

53.9

%

59.7

%

59.5

%

59.3

%

59.0

%

58.3

%

-

10%

20%

30%

40%

50%

60%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

12.8

12.8

12.8

12.8

12.8

13.4

13.8

15.6

16.5

16.5

17.8 21.2

21.2

21.2

21.2

21.2

-

5

10

15

20

25

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

Cotai continues to take market share Cotai accountable for majority of hotel room supply and GGR in Macau

Total 4 & 5-star guestrooms in Cotai (‘000) Cotai Share of market-wide Total GGR(1)

Cotai 4 & 5-star guestrooms as % of market-wide rooms Cotai Share of market-wide Mass Market GGR(1) (2)

Source: DSEC, company filings, public company filings of Las Vegas Sands, Wynn Resorts, MGM Resorts, Galaxy Entertainment and SJM

Note:

1. GGR is based on figures reported by the six Macau casino concessionaires (including Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM and Melco Resorts)


51.3

%

49.3

%

51.0

%

52.0

%

51.3

%

52.0

%

53.5

%

54.4

%

55.6

%

55.9

%

57.6

%

62.0

%

60.9

%

61.4

%

62.4

%

64.2

%

-

10%

20%

30%

40%

50%

60%

70%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

26

Quality of visitation is improving Growing overnight (O/N) visitation bodes well for Mass GGR

Source: DSEC

Note:

1. 3mma represents 3 Months Moving Average

2. R2 (also known as Coefficient of Determination) is used to assess the statistical relevance of two data series. It ranges from 0 to 1 with 0 indicating zero correlation and 1 indicating perfect correlation.

Growth in Chinese O/N and Same-day visitation (3mma Y/Y % Change)(1) Breakdown of inbound Chinese visitation to Macau: O/N vs. Same-day

Macau: Mass Tables GGR (3mma Y/Y % Change)(1) Macau: Mass Tables GGR vs. O/N Visitation (3mma Y/Y % Change)(1)

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

60%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

O/N visitation Same-day visitation

2009 2010 2011 2012 2013 2014 2015 2016 2017

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

60%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Mass Tables GGR O/N visitation

2009 2010 2011 2012 2013 2014 2015 2016 2017

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-172009 2010 2011 2012 2013 2014 2015 2016 2017

Mass GGR and O/N visitation has historically

exhibited strong correlation with R2 of 0.77 and

correlation coefficient of 0.88 over the past 10 years

45.0

%

47.0

%

47.7

%

45.4

%

47.8

%

47.9

%

45.8

%

45.2

%

50.1

%

50.0

%

55.0

%

56.1

%

53.7

%

55.0

%

53.0

%

52.3

%

54.6

%

52.2

%

52.1

%

54.2

%

54.8

%

49.9

%

50.0

%

45.0

%

43.9

%

46.3

%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q'17 2Q'17 3Q'17 4Q'17

% Same Day % O/N

27

Penetration into China remains low • Given the proximity to China, coupled with a low market penetration rate of only 1.5%(1), Melco foresees significant long-term growth potential for the Macau Market

• There is potential visitation growth from various regions in China over the coming years

Hong Kong(4)

Macau

Fujian

2.2%

Guangxi

1.3%

Hainan

Zhejiang

1.2%

Shanghai

2.5%

Jiangsu

0.7%

Anhui

0.4%

Jiangxi

1.1% Hunan

1.5%

Hubei

Henan

0.5%

Guizhou

Chongqing

0.9%

Sichuan

0.5%

Yunnan

Qinghai

Xinjiang

Xizhang

Ningxia

Hebei

0.4%

Beijing

1.6%

Tianjin

0.9%

Liaoning

0.8%

Jilin

0.8%

Heilongjiang

0.8%

Gansu Shaanxi

0.5%

Shanxi

0.6%

Shandong

0.3%

Taiwan

1.3%

Inner Mongolia 0.5%

Guangdong(3)

8.5%

As of December 2017

Macau visitation penetration by province(2)

Greater than 5%

2% – 5%

1% – 2%

0% – 1%

No Data Available

Penetration:

Source: DSEC, National Bureau of Statistics of China

Notes:

1. Market penetration rate is calculated by taking the number of visitors over the last 12 months as a percentage of total population. The calculation assumes each

visitor going to Macau from Mainland China is unique

2. Provincial penetration rates are calculated by taking the number of visitors over the last 12 months as a percentage of the provincial population. Calculations assume

each visitor going to Macau from Mainland China is unique

3. Over 9mn Guangdong residents visited Macau in the last 12 months

4. Over 6mn visited from Hong Kong in the last 12 months

Hong Kong

Macau

Fujian

+8.2%

Guangxi

+11.5%

Hainan

Zhejiang

+15.2%

Shanghai

+18.5%

Jiangsu

+25.5%

Anhui

+10.2%

Jiangxi

+18.9% Hunan

+15.5%

Hubei

Henan

+11.6%

Guizhou

Chongqing

+16.4%

Sichuan

+15.7%

Yunnan

Qinghai

Xinjiang

Xizhang

Ningxia

Hebei

+33.1%

Beijing

+8.8%

Tianjin

+22.9%

Liaoning

+12.0%

Jilin

+2.9%

Heilongjiang

+22.9%

Gansu Shaanxi

+16.4%

Shanxi

+5.3%

Shandong

+26.3%

Taiwan

+18.8%

Inner Mongolia +14.2%

Guangdong

+2.3 %

As of December 2017

Greater than 5%

2% – 5%

0% – 2%

< 0%

No Data Available

LTM Growth:

Macau LTM visitation growth by province

28

Source: National Bureau of Statistics of China

Benefitting from Economic growth in China Consumption growth in China a boon to Macau Urban Disposable Income per Capita, US$ Consumption's Share in Normal GDP

Annual Growth of Total Private Consumption (2007-2016) Retail Sales in China (US$ billion)

2,276 2,696

3,088 3,498

3,916 4,334

4,786

-

1,000

2,000

3,000

4,000

5,000

2010 2011 2012 2013 2014 2015 2016

48%

52%

46%

48%

50%

52%

54%

2010 2015

2,813

8,222

1,704

5,765

1,255

4,482

-

2,000

4,000

6,000

8,000

10,000

2006 2016

Tier-1 Cities Tier-2 Cities Lower-tier Cities

Income Gap: 55%

Income Gap: 45%

10.7%12.7%

14.5% 14.3%

0.00%

5.00%

10.00%

15.00%

20.00%

Rural Tier 1 Tier 2 Lower-tier Cities

29

Further Improvement of Transportation Infrastructure

Map not drawn to scale

Source: DSEC

Notes:

1. Refers to visitations through the Lotus Checkpoint

2. Includes visitations through Taipa Ferry terminal, Macau International Airport, and Lotus Checkpoint

Taipa Ferry Terminal

Macau

Peninsula

Hengqin

Island

Zhuhai

Cotai

Taipa

Lotus Bridge

to Hong Kong

Pearl

River

Delta

Amizade

Bridge

Governor

Nobre de

Carvalho

Bridge Sai Van

Bridge

Macau

International

Airport

Railway

Station

Macau-Taipa light rail

transit line

Percentage of In-Bound Visitations Through Lotus Bridge and Cotai as % of Total Visitations

c

Expected total length of approximately 30 kilometers connecting Hong Kong, Zhuhai and Macau

Hong Kong-Zhuhai-Macau Bridge

Opened on June 1, 2017 and able to accommodate 30 million passengers annually

b New Taipa Ferry Terminal

d

Expected to open in mid-2018

Anticipated travel time from Gongbei to Zhuhai Airport would be shortened from approximately 1 hour currently to

30 minutes

Gongbei-Zhuhai Airport Railroad Transit

e

Expected to be completed in 2018 and include direct connection facilities to the Macau Light Rail Transit line

Guangzhou-Zhuhai Intercity Mass Rapid Transit (Hengqin extension)

f

Expected to be equipped to receive 9 to 10 million passengers per year (compared to 6 million currently)

Airport Capacity Upgrade

Expected to be fully completed in 2019 and will have stations at major checkpoints, enabling ease of travel to Macau

from Zhuhai, as well as within Macau

g Macau Light Rail Transit Line

a

a

b

f

d

e

g

c

A series of infrastructure projects to complete in the next few years

25.5

%

26.6

%

28.7

%

29.5

%

-5%

10%15%20%25%30%35%

2014 2015 2016 2017

% of In-bound visitations through Cotai

5.6

%

6.5

%

7.3

%

7.8

%

-

2%

4%

6%

8%

10%

2014 2015 2016 2017

%of In-bound visitations through Lotus Bridge(1)

2014-2017 CAGR of in-bound visitations through Lotus Bridge: 11.7%

(2)

30

Strategically located in Cotai


Map of Cotai

Melco Operating

Assets

Third Party

Operating Assets

Third Party

Gaming

Development

Future Non-

Gaming

Development

Macau Light

Rail Transit

Lotus

Checkpoint Lotus

Bridge

to

Hengqin

Island

The planned Cotai

East Light Rail

Station is expected

to be located in

front of the Grand

Hyatt Macau at City

of Dreams. The planned

Lotus Checkpoint

Light Rail Station

is expected to

offer direct

access to Studio

City.

31

Source: Zhuhai Government website, Hengqin New Area website, University of Macau

website, China Daily, Global Attractions Attendance Report prepared by AECOM and

Themed Entertainment Association

Hengqin Island Development

Initiatives

Map of Hengqin Island,

Taipa, Cotai and Coloane

Chimelong International

Ocean Resort

University of

Macau – Hengqin campus

Shizimen Central Business District

• 106.5 square kilometer piece of land connected to Cotai via Lotus Bridge

• Designated as a special economic zone under China’s 12th “Five Year Plan”

• Hengqin Island’s development is focused on the following industries:

business services, financial services, cultural innovation, tourism,

scientific research, hi-tech industries, traditional Chinese medicine and

healthcare.

• Approximately US$6 billion of planned investments announced in 2016,

focusing on medicine, technology, financial services

• Multiple large scale development projects under way

• Shizimen Central Business District – a new urban center and

commercial hub comprised of office, hotel, residential and exhibition

space. The first phase opened in October 2014

• Chimelong International Ocean Resort – expected to generate 50

million visits per year upon completion of all phases, with total

investment of RMB50 billion signed. According to the Global

Attractions Attendance Report, Chimelong International Ocean

Resort is the 4th largest theme park in Asia with 8.5m attendance in

2016

• University of Macau – opened in 2014, the 1.09 sq. km campus aims

at promoting exchange and cooperation with other universities in

Macau and the rest of China in the R&D of new technologies

• Continued developments are expected to increase entry into Macau via the

Lotus Bridge

32

Section IV

PHILIPPINES MARKET UPDATE

33

Philippines Market-Wide Casino GGR Revenues have steadily grown since City of Dreams Manila opened in 1Q’15 Total Casino Gaming Revenue (US$ million) Non-Junket GGR (US$ million)(1)

Junket table GGR (US$ million)(2)

Source: PAGCOR

Notes:

1) Mass market consists of both non-junket table games and gaming machines played by mass market patrons for cash stakes that are typically lower than those in the rolling chip segment

2) Junket tables GGR consists of revenues generated by junket players sourced from overseas by gaming promoters

3) PAGCOR 3Q’17 and 4Q’17 GGR data not yet available

482.4

434.3

474.6

514.0

532.6

524.5

608.2

577.8

628.4

683.6

683.3

685.7

735.4

782.9

-

100

200

300

400

500

600

700

800

900

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

409.6 416.5 442.1 413.3 467.5 474.3 481.7 511.1 537.8 544.8

-

200

400

600

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

123.0 107.9

166.1 164.5 161.0

209.3 201.7 174.6

197.6 238.1

-

100

200

300

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

34

Integrated Resorts GGR Integrated Resorts taking share in a fast-growing market

Total Integrated Resorts GGR as % of market-wide casino GGR Historical Integrated Resorts GGR (US$ million)

Source: PAGCOR

Notes:

1) PAGCOR 3Q’17 and 4Q’17 GGR data not yet available

283.8

261.9

296.4

342.7

339.0

328.0

377.6

358.6

361.4

452.5

452.2

476.0

512.6

569.6

-

75

150

225

300

375

450

525

600

675

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

59% 60% 62% 67% 64% 63% 62% 62% 58%66% 66% 69% 70% 73%

41% 40% 38% 33% 36% 37% 38% 38% 42%34% 34% 31% 30% 27%

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

Integrated Resorts Non-IR

35

City of Dreams Manila - Revenues

City of Dreams Manila Gross Revenue Breakdown (US$ million)

Source:

Diversified revenue growth with strong non-VIP base

Source: Company Filings, Melco Resorts

VIP:

+20.2% Y/Y

Mass

Tables:

+41.1% Y/Y

Slots:

+11.2% Y/Y

Non-gaming:

+11.9% Y/Y

Total Rev.

+21.7% Y/Y

4Q’17 Y/Y

% Change

-0.8% 2.4% 2.9% 2.1% 2.8% 3.4% 4.0% 3.5% 3.4% 3.5% 2.5% VIP

Win

Rate

3.1%

20.2 28.6 26.4 25.0 24.1 26.2 26.3 28.1 27.6 28.1 29.2 31.4

22.8 28.5 29.1 25.9 27.5 30.0 34.4 39.5 45.4 44.8 42.2 43.9 25.6

29.6 31.5 29.2 33.1

40.1 39.4 41.5

44.2 48.5 52.1 58.6

(1.5)

12.0 35.7

28.5 41.6

57.4 62.6

73.1 82.0

113.2

73.6

87.8

67.1

98.7

122.6 108.5

126.3

153.8 162.7

182.2

199.2

234.6

197.1

221.7

(10.0)

40

90

140

190

240

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17

Non-gaming Slot Mass Tables VIP

36

Inbound Visitation & Accessibility Supportive Government policies fueling improved visitation and accessibility

Source: Department of Tourism, Skyscanner.com, China National Bureau of Statistics, DSEC, Hong Kong Census and

Statistics Department, World Bank

Notes:

1) Skyscanner (http://www.skyscanner.com.hk) as of December 11, 2017

2) China National Bureau of Statistics (2015), Hong Kong Census and Statistics Department (2016), World Bank (2016),

World Population Review (2017)

Total Inbound Visitation (in millions)

Top Markets – FY2017

Philippines

South

Korea

Vietnam Burma

Laos

Thailand

India

Malaysia

Singapore

Indonesia

Beijing

(15)

~21.7 million

Guangzhou

(29)

~108.5 million

Xiamen

(38)

Jinjiang

(20)

~38.4 million Shanghai

(20)

~24.2 million

City

# of direct flights to the

Philippines per week (1)

Province population (2)

1-hr Flight

3-hr Flight

5-hr Flight

Macau

(17)

~0.6 million

Macau / HK

China

Hong Kong

(137)

~7.4 million

Taiwan

(60)

~23.6 million

S. Korea

(65)

~51.2 million

Exposure to multiple jurisdictions within a 5-hr

direct flight radius. Roughly 93 direct flights

from China per week

3.3 3.7 4.1 4.5 4.6 5.15.8

6.5

-

2.0

4.0

6.0

8.0

2010 2011 2012 2013 2014 2015 2016 2017

+8.8% CAGR

24.9%

4.0%7.5% 9.0%

14.8% 14.9%

24.8%

Others Australia ASEAN Japan China USA Korea

http://www.skyscanner.com.hk/

37

Infrastructure Improvements – NAIA Expressway Opened in September 2016; improved access to Entertainment City

Terminal 3

Makati City

Casino Filipino

Heritage (1)

Ninoy Aquino

International Airport

LRT-1

MRT-3

Bus

Terminals

Terminal 1

Terminal 2

NAIA

Expressway

Phase II

(Elevated

Highway)

Resorts

World

Manila

Note: Map not to scale

NAIA Expressway

• Connects the Ninoy Aquino International Airport terminals directly to

Entertainment City, dramatically cutting travel time from the airport to

Entertainment City casinos

• Alleviates traffic congestion in the southern portion of Metro Manila

• Link to the Skyway and Cavite Expressway allows for the seamless connectivity

of Entertainment City to the rest of Metro Manila and Cavite

http://www.google.com.ph/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjp2Ib45OTSAhXIXLwKHf1IDO0QjRwIBw&url=http://www.philstar.com/psn-metro/2016/09/23/1626412/naia-expressway-bukas-na&psig=AFQjCNHctacPoCaCI7_V89gEeVBhQYKrxg&ust=1490089158918167

http://www.qatarscoop.com/world-news/naia-expressway-to-open-with-free-toll-fees-for-1-month/

http://www.google.com/imgres?imgurl=http://upload.wikimedia.org/wikipedia/en/4/4b/SM_Mall_Of_Asia_logo.png&imgrefurl=http://en.wikipedia.org/wiki/File:SM_Mall_Of_Asia_logo.png&usg=__0oKycMsPY1KxR0ZZdzkbatMcWZc=&h=352&w=560&sz=74&hl=en&start=1&zoom=1&tbnid=ug5NNk9RTN71tM:&tbnh=84&tbnw=133&ei=6VpPT7LEM-mwiQeNldjQCw&prev=/search?q=SM+Mall+of+asia+logo&um=1&hl=en&sa=N&rls=com.microsoft:en-US&tbm=isch&um=1&itbs=1

http://www.google.com/imgres?imgurl=http://www.theasianpokertour.com/wp-content/uploads/2010/11/Resorts-World-Manila-Logo1.jpg&imgrefurl=http://www.theasianpokertour.com/blogs/this-weekend-rwm%E2%80%99s-mega-satellite-1-to-the-apt-asian-series-%E2%80%93-cebu.html&usg=__9xPKIgyo77oVEDw_dZ1ClpqV3PQ=&h=501&w=2366&sz=260&hl=en&start=1&zoom=1&tbnid=ShUe55IZwGsHgM:&tbnh=32&tbnw=150&ei=xFpPT42uOqyziQfkqtXlCw&prev=/search?q=resorts+world+manila+logo&um=1&hl=en&sa=N&rls=com.microsoft:en-US&tbm=isch&um=1&itbs=1

38

Section V

APPENDIX

39

7 10 9 14 19

204 209 177

219 195

65 72

75

85106

44 54

56

55 58

(32) (32) (36) (34) (35)

(50)

-

50

100

150

200

250

300

350

400

4Q16 1Q17 2Q17 3Q17 4Q17

Corporate and Others Expenses City of Dreams Manila

Studio City City of Dreams

Altira + Mocha

287

313

280

339 343

Melco Adj. EBITDA (assuming normalized VIP win rate) 4Q 2017 Adjusted EBITDA (Normalized for Hold) grew 19% y-y Melco Adjusted EBITDA (Normalized for Hold) Breakdown (US$ million)(1)(2) Melco Adjusted EBITDA (Normalized for Hold) Growth Breakdown(1)

Vs. 3Q 2017 Vs. 4Q 2016

Altira + Mocha +39% +173%

City of Dreams -11% -4%

Studio City +24% +64%

Total Macau Property EBITDA 0% +16%

City of Dreams Manila +6% +32%

Corporate and Other Expenses +3% +9%

Total Hold-Adjusted EBITDA +1% +19%


Note:



2. Normalized VIP win rate is assumed to be 2.85%, which represents the midpoint of our expected rolling chip win rate. Melco Adjusted EBITDA (Normalized for Hold) is an estimate and is for illustrative purpose only

40

Melco: Table Yield Analysis Continue to optimize table allocation across our portfolio of Integrated Resorts Average number of VIP Gaming Tables


Daily Average Win Per VIP Table (US$)

Average number of Mass Gaming Tables

Daily Average Win Per Mass Table (US$)

4Q16 1Q17 2Q17 3Q17 4Q17

Altira 75 75 69 62 64

City of Dreams 156 147 147 143 145

Studio City 20 35 39 45 46

City of Dreams Manila 95 105 109 116 115

4Q16 1Q17 2Q17 3Q17 4Q17

Altira 17,210 18,690 20,647 19,206 27,280

City of Dreams 19,866 26,024 26,907 30,033 23,287

Studio City 9,895 27,309 43,591 48,841 37,953

City of Dreams Manila 8,390 8,700 11,395 6,921 8,298

4Q16 1Q17 2Q17 3Q17 4Q17

Altira 39 39 39 39 39

City of Dreams 332 333 334 333 334

Studio City 246 247 248 246 247

City of Dreams Manila 177 165 169 174 176

4Q16 1Q17 2Q17 3Q17 4Q17

Altira 6,086 5,857 3,925 4,924 6,397

City of Dreams 13,189 13,024 11,455 12,054 11,425

Studio City 8,147 7,788 7,875 8,255 9,736

City of Dreams Manila 2,542 2,971 3,148 3,240 3,623

41

City of Dreams Daily GGR Per Table City of Dreams: Daily Average GGR per VIP Table (US$ ‘000)


City of Dreams: Daily Average GGR per Mass Table (US$ ‘000)

28.3 31.6

34.5 33.9 31.1

29.2 32.7 31.7

33.4

39.8 36.0

40.6 42.7

35.3

27.4

31.7 28.4

21.2 19.0

21.2 23.8 22.4

19.0 19.9

26.0 26.9 30.0

23.3

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

1Q

'11

2Q

'11

3Q

'11

4Q

'11

1Q

'12

2Q

'12

3Q

'12

4Q

'12

1Q

'13

2Q

'13

3Q

'13

4Q

'13

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

7.1 8.5 9.0

9.9 11.9 11.2 11.0

13.8 15.5

16.4 18.2

20.5 18.5 18.1 18.3

16.0 14.2

12.5 13.3 13.0 12.3 11.5 12.3 13.2 13.0 11.5 12.1 11.4

-

5.0

10.0

15.0

20.0

25.0

1Q

'11

2Q

'11

3Q

'11

4Q

'11

1Q

'12

2Q

'12

3Q

'12

4Q

'12

1Q

'13

2Q

'13

3Q

'13

4Q

'13

1Q

'14

2Q

'14

3Q

'14

4Q

'14

1Q

'15

2Q

'15

3Q

'15

4Q

'15

1Q

'16

2Q

'16

3Q

'16

4Q

'16

1Q

'17

2Q

'17

3Q

'17

4Q

'17

42

Melco: Historic Revenue and Adjusted EBITDA

Melco’s Macau Mass GGR has already surpassed the previous peak level in 3Q’14 Melco: Last 12 months Total Net Revenue (US$ million)

Melco: Last 12 months Total Adjusted Property EBITDA margin

Melco: Last 12 months Total Adjusted Property EBITDA (US$ million)

Melco: Last 12 months Macau-only VIP & Mass GGR (US$ million)

Source: Company Filings

Notes:

1. “Adjusted Property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and other, share-based compensation, payments to the Philippine Parties, land

rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation, Corporate and Others expenses and other non-operating income and expenses.

2. Adjusted Property EBITDA margin is adjusted Property EBITDA divided by net revenue

(30)%

(20)%

(10)%

-

10%

20%

30%

40%

50%

-

1,000

2,000

3,000

4,000

5,000

6,000

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Net Revenue YoY% (Right-axis)

(40)%

(20)%

-

20%

40%

60%

80%

100%

-

200

400

600

800

1,000

1,200

1,400

1,600

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Adjusted Property EBITDA YoY% (Right-axis)

-

5%

10%

15%

20%

25%

30%

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

-

1,000

2,000

3,000

4,000

5,000

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Mass Gross Gaming Revenue VIP Gross Gaming Revenue

43

City of Dreams Macau Phase 3 Countdown to Morpheus

A new vision for design, architecture and luxury within City of Dreams, Macau

Approximately 780 luxury guestrooms, suites & villas

The Countdown brand will be in place until the opening of Morpheus expected in 2Q’18

Morpheus – City of Dreams’ Newest Flagship Hotel

Image: Latest Construction Update

The Count:Down Clock

44

THANK YOU

INVESTOR INFORMATION PACK - Melco Resorts

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